Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were 0.13% and -0.27%[1] respectively in March 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.41%[2]. Download the PDF. […]
Dear Unitholders, The Pender Alternative Absolute Return Fund finished March with a return of 1.2%, bringing year to date returns to 2.0%[1]. Risk assets performed poorly in March as euphoria surrounding Donald Trump’s inauguration was […]
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.4% and 0.6%[1] respectively in February 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.7%[2]. Download the […]
Dear Unitholders, The Pender Alternative Absolute Return Fund finished February with a return of 0.9%, bringing year to date return to 0.7%[1]. Credit markets produced positive returns in February as lower government bond yields offset […]
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.6% and 0.9%[1] respectively in January 2025. The HFRI ED: Merger Arbitrage Index (USD) returned 0.6%[2]. Download the PDF. […]
Dear Unitholders, The Pender Alternative Absolute Return Fund finished January with a return of -0.1%1. Markets rebounded in January following a soft end to 2024. High yield spreads tightened 24bp in January to finish the […]
Highlights There was a pickup in deal activity in December as pent-up demand going into the US election was released. We initiated positions in 16 new merger deals during the month, notably in several small-cap […]
Highlights The Fund generated a positive December and found opportunities in the new issue markets in both Canada and the US that included Wolf Midstream Canada LP (private) and Diebold Nixdorf Incorporated (NYSE: DBD). Our […]
Highlights The Fund initiated positions in 12 merger deals while 12 deals closed this month. Invested deals span a broad range of sectors including healthcare, industrials, materials, energy, financials and real estate with a mix […]
Highlights The riskiest segments of the high yield market performed the best in November, continuing a trend that started in July. We added to our holdings in Wolf Midstream Canada LP (private) in early December. […]
Highlights The Fund initiated positions in 10 new merger deals and 13 deals held within the Fund closed. Capital from closed deals was recycled into new and existing mergers trading at attractive spreads. The Fund […]
Highlights Credit markets had their second negative month of 2024 in October as government bond yields reversed all the decline of the summer months. Credit spreads continued to grind tighter, with high yield spreads hitting […]
Highlights With the global rate cut cycle now well underway we have been actively reducing our exposure to broadly syndicated loans. The Fund closed out a small, long position bond issued by a stressed US […]
Highlights Ten new merger deals were initiated in the Fund and six deals held within the Fund closed. We are currently seeing the highest level of potential “deals in the works” for small and mid-cap […]
Highlights The Fund has increased exposure to SPACs through participation in new issuances adding exposure to existing SPACs. Equity markets corrected in early August before subsequently recovering. The Fund took advantage of widening spreads […]
Highlights Market returns were driven by a combination of positive carry, narrowing spreads and lower base government bond yields. Short positions in credit were detractors on the portfolio. Contributors to the Fund included a position […]
Highlights July was another positive month for Fund as several of the larger holdings closed allowing us to harvest and redeploy capital. Key deals included: Apartment Income REIT, Vericity Inc, National Western Life Insurance Co, […]
Highlights We have put capital to work in new issues in the Canadian dollar high-yield market as some higher quality issues have come to market at meaningfully wider spreads than similar issues in the US […]
Highlights Key deals held in the Fund closed in June, including Indigo Books & Music Inc., Shockwave Medical Inc., Model N Inc., and Secure Energy Services. The Fund initiated positions in 13 new merger deals […]
Highlights The Fund participated in new issues from Saturn Oil & Gas Inc (TSX: SOIL) and G. Cooper Equipment Rentals (private). Currently, the Fund is focused on shorter duration and event-driven positions with good carry […]
Highlights The Fund initiated positions in 17 new merger deals. Several key deals closed after achieving their final approvals. These included: Tricon Residential Inc, Carrols Restaurant Group, TrueContext Corp and MDF Commerce Inc. Our SPAC […]
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Pender Alternative Arbitrage Fund – March 2025
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were 0.13% and -0.27%[1] respectively in March 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.41%[2]. Download the PDF. […]
Pender Alternative Absolute Return Fund – March 2025
Dear Unitholders, The Pender Alternative Absolute Return Fund finished March with a return of 1.2%, bringing year to date returns to 2.0%[1]. Risk assets performed poorly in March as euphoria surrounding Donald Trump’s inauguration was […]
Pender Alternative Arbitrage Fund – February 2025
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.4% and 0.6%[1] respectively in February 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.7%[2]. Download the […]
Pender Alternative Absolute Return Fund – February 2025
Dear Unitholders, The Pender Alternative Absolute Return Fund finished February with a return of 0.9%, bringing year to date return to 0.7%[1]. Credit markets produced positive returns in February as lower government bond yields offset […]
Pender Alternative Arbitrage Fund – January 2025
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.6% and 0.9%[1] respectively in January 2025. The HFRI ED: Merger Arbitrage Index (USD) returned 0.6%[2]. Download the PDF. […]
Pender Alternative Absolute Return Fund – January 2025
Dear Unitholders, The Pender Alternative Absolute Return Fund finished January with a return of -0.1%1. Markets rebounded in January following a soft end to 2024. High yield spreads tightened 24bp in January to finish the […]
Pender Alternative Arbitrage Fund – December 2024
Highlights There was a pickup in deal activity in December as pent-up demand going into the US election was released. We initiated positions in 16 new merger deals during the month, notably in several small-cap […]
Pender Alternative Absolute Return Fund – December 2024
Highlights The Fund generated a positive December and found opportunities in the new issue markets in both Canada and the US that included Wolf Midstream Canada LP (private) and Diebold Nixdorf Incorporated (NYSE: DBD). Our […]
Pender Alternative Arbitrage Fund – November 2024
Highlights The Fund initiated positions in 12 merger deals while 12 deals closed this month. Invested deals span a broad range of sectors including healthcare, industrials, materials, energy, financials and real estate with a mix […]
Pender Alternative Absolute Return Fund – November 2024
Highlights The riskiest segments of the high yield market performed the best in November, continuing a trend that started in July. We added to our holdings in Wolf Midstream Canada LP (private) in early December. […]
Pender Alternative Arbitrage Fund – October 2024
Highlights The Fund initiated positions in 10 new merger deals and 13 deals held within the Fund closed. Capital from closed deals was recycled into new and existing mergers trading at attractive spreads. The Fund […]
Pender Alternative Absolute Return Fund – October 2024
Highlights Credit markets had their second negative month of 2024 in October as government bond yields reversed all the decline of the summer months. Credit spreads continued to grind tighter, with high yield spreads hitting […]
Pender Alternative Absolute Return Fund – September 2024
Highlights With the global rate cut cycle now well underway we have been actively reducing our exposure to broadly syndicated loans. The Fund closed out a small, long position bond issued by a stressed US […]
Pender Alternative Arbitrage Fund – September 2024
Highlights Ten new merger deals were initiated in the Fund and six deals held within the Fund closed. We are currently seeing the highest level of potential “deals in the works” for small and mid-cap […]
Pender Alternative Arbitrage Fund – August 2024
Highlights The Fund has increased exposure to SPACs through participation in new issuances adding exposure to existing SPACs. Equity markets corrected in early August before subsequently recovering. The Fund took advantage of widening spreads […]
Pender Alternative Absolute Return Fund – August 2024
Highlights Market returns were driven by a combination of positive carry, narrowing spreads and lower base government bond yields. Short positions in credit were detractors on the portfolio. Contributors to the Fund included a position […]
Pender Alternative Arbitrage Fund – July 2024
Highlights July was another positive month for Fund as several of the larger holdings closed allowing us to harvest and redeploy capital. Key deals included: Apartment Income REIT, Vericity Inc, National Western Life Insurance Co, […]
Pender Alternative Absolute Return Fund – July 2024
Highlights We have put capital to work in new issues in the Canadian dollar high-yield market as some higher quality issues have come to market at meaningfully wider spreads than similar issues in the US […]
Alternative Arbitrage Fund – June 2024
Highlights Key deals held in the Fund closed in June, including Indigo Books & Music Inc., Shockwave Medical Inc., Model N Inc., and Secure Energy Services. The Fund initiated positions in 13 new merger deals […]
Alternative Absolute Return – June 2024
Highlights The Fund participated in new issues from Saturn Oil & Gas Inc (TSX: SOIL) and G. Cooper Equipment Rentals (private). Currently, the Fund is focused on shorter duration and event-driven positions with good carry […]
Alternative Arbitrage Fund – May 2024
Highlights The Fund initiated positions in 17 new merger deals. Several key deals closed after achieving their final approvals. These included: Tricon Residential Inc, Carrols Restaurant Group, TrueContext Corp and MDF Commerce Inc. Our SPAC […]