Market Update June 2026 was defined by a stark divergence between resilient global indices and localized volatility, driven by a shifting geopolitical landscape and a turn in the AI narrative. The month brought a meaningful "broadening" as investors rotated away from dominant mega-cap tech names and toward more defensive and cyclical sectors, with focus shifting […]
Market Update The first half of the year had a little of everything. We have all come to expect the unexpected under President Trump but the events that have unfolded caught even the most cynical off guard. Heading into 2026, one of the consensus calls was that the FOMC would cut interest rates. They were […]
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were -0.1% and -1.1%1 respectively in June 2026 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.7%2. M&A Market Update Global M&A activity accelerated through June, capping a record first half of 2026. $2.83 trillion of transactions were announced during […]
A small rule change is giving retail investors outsized influence over market volatility. Working through market commentaries recently, the same word kept coming up: volatility. Generally speaking, that's usually in reference to oil, inflation, rates... the standard. But I came across an article in Barron's that introduced a new name to the list of volatility […]
Dear Co-investors, Thank you for your continued partnership in the Pender Credit Opportunities Fund. In the second quarter of 2026, the Fund appreciated 11.6% net of fees, aided by impactful contributions from Wolfspeed, Inc., Evolent Health, Inc., and Fluence Energy, Inc. We are also approaching an exciting milestone: our three-year track record of managing Funds […]
Several members of the Pender team had the opportunity to participate in the 6th Annual Greater Vancouver Food Bank Charity Golf Tournament in Coquitlam, joining community partners and supporters to raise funds for an organization that plays such an important role across the Lower Mainland. The event raised an impressive $46,000 in support of the […]
The Pender Alternative Special Situations Fund returned -3.4%1 in June, compared to the S&P/TSX Composite, which rose 0.5% during the month. In what seems to be the theme of the year, volatility continued to impact equity markets. Artificial intelligence (AI) stocks saw continued periods of volatility over the month, as large capex numbers keep raising […]
Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.3% in June, bringing year to date return to 1.0%1. Credit markets hit resistance levels in June as high yield spreads touched 263bp, the lowest levels since January 2025 before widening modestly to close the month at 275bp Govt OAS, 1bp higher than the end of […]
The second quarter of 2026 saw geopolitical headlines and shifting views on technology impacting equity valuations globally. The war in the Middle East began to de-escalate by quarter-end, with Brent crude falling back to more normalized levels after peaking near US$120/barrel in April, though the full market impact is still being assessed. 1 Portfolio weights […]
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