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Alternative Arbitrage – February 2023
HIGHLIGHTS 2023 is seeing deals materialize from a more diverse range of sectors. We expect technology sector M&A to continue representing a leading share of deal flow over the next year. The relative slowdown in […]
Alternative Absolute Return – February 2023
HIGHLIGHTS The Fund’s positioning was very defensive to start the month and finished with more market exposure compared to the end of January. However, we remain positioned defensively as spreads are tighter than the historic […]
Alternative Arbitrage – January 2023
Highlights After a busy December where we had positioned the Fund to take advantage of the wave of year-end SPAC liquidations, January was an active month as we redeployed proceeds from those liquidations into new […]
Alternative Absolute Return – January 2023
HIGHLIGHTS January 2023 was the strongest start to the year for credit since 2019 and the second strongest year since 2009. We added or established positions on bonds issued by SECURE Energy Services Inc. (TSX: […]
Alternative Arbitrage – December 2022
HIGHLIGHTS The Fund’s positive performance was driven by proceeds from several SPAC liquidations and redemptions, tightening of some wide-spread merger arbitrage deals, and the closing of several merger deals. The Fund had its highest positioning […]
Alternative Absolute Return – December 2022
HIGHLIGHTS The Fund added to loan exposures, participating in the TransDigm Group Incorporated (NYSE: TDG) new term loan, and added a position in Maxar Technologies Inc. (Nasdaq: MAXR) 2027 bond. We exited our position in […]
Alternative Arbitrage – November 2022
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) was up 0.3% in November, bringing year-to-date performance to 2.8% and one-year performance of 3.1%[1]. Download PDF M&A Market Update Global M&A activity totalled $3.3 trillion through […]
Alternative Absolute Return – November 2022
Dear Unitholders, The Pender Alternative Absolute Return Fund finished November with a return of 0.3%[1], bringing year-to-date performance to 5.1%. November was one of the more difficult market environments for the Fund to navigate, as […]
Alternative Arbitrage – October 2022
Highlights The Fund initiated a position in the Twitter acquisition by Elon Musk. While this deal was a relatively bumpy ride, it’s also a great example of the contractual and legal strength of a definitive […]
Alternative Absolute Return – October 2022
Highlights There was a significant bounce in most asset classes, as dip buyers emerged following significant repricing from mid-August to mid-October Large macro moves have created pockets of dislocation within credit markets, especially between Investment […]
Alternative Arbitrage – September 2022
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) was down 1.1% in September, bringing year-to-date performance to 1.1% with one-year performance of 2.9%[1]. Download PDF M&A Market Update M&A activity stalled in Q3 with a […]
Alternative Absolute Return – September 2022
Highlights: September proved to be another challenging month for markets. It was the third worst month for the high-yield market since 2008. Early September presented the Fund with some good relative value trading opportunities. If […]
Alternative Arbitrage – August 2022
The Pender Alternative Arbitrage Fund (PAAF) marked one year since its inception on September 8, 2022 with performance of 4.3% since inception. The Fund was up 1.1% in August, bringing year to date performance to […]
Alternative Absolute Return – August 2022
The Fund has marked one year since its inception and we are happy to now report the performance of the Fund. The Pender Alternative Absolute Return Fund finished August with a return of 1.5% bringing […]
Alternative Arbitrage – July 2022
The Pender Alternative Arbitrage Fund (PAAF) ended the month of July 2022 with a NAV of $10.30 per unit[1]. Download PDF The first seven months of 2022 saw $2.3T of deals announced globally, the fourth […]
Alternative Absolute Return – July 2022
Dear Unitholders, The Pender Alternative Absolute Return Fund finished July with a unit price of $9.81 and distributions of $0.04 per unit[1]. Download PDF July 2022 saw a strong rebound across most asset classes following […]
Alternative Absolute Return – June 2022
Dear Unitholders, The Pender Alternative Absolute Return Fund finished June with a unit price of $9.70 and distributions of $0.03 per unit[1]. Download PDF June 2022 saw significant weakness in the high yield market as […]
Alternative Arbitrage – June 2022
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of June 2022 with a NAV of $10.27 per unit[1]. Download PDF The first half of 2022 closed off with $2.2T of global M&A […]
Alternative Arbitrage – Manager’s Commentary – May 2022
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of May 2022 with a NAV of $10.23 per unit[1]. M&A activity remains elevated with over $1.8T of deals announced globally at the end […]
Alternative Absolute Return – Manager’s Commentary – May 2022
Dear Unitholders, The Pender Alternative Absolute Return Fund finished May with a unit price of $9.86 and distributions of $0.06 per unit[1]. May 2022 brought a wild swing to markets with rates, credit and equities […]
Alternative Arbitrage – Manager’s Commentary – April 2022
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of April 2022 with a NAV of $10.23 per unit[1]. Download PDF After a slow-down last month, M&A activity is picking back up with […]