Dispersion, Discipline, and Downside Protection in an Overcrowded Market In a market dominated by mega-cap concentration and AI-driven narratives, this episode explores the overlooked opportunity set within US small and mid cap equities. Portfolio Manager, Aman Budhwar spoke with Associate Client Portfolio Manager, Laura Baker on his disciplined, bottom-up investment framework, focused on sustainable competitive […]
The equity market rally that closed out the month of March continued through April. This rally has baffled many and is becoming a notable example of what is referred to as the ‘pain trade’. Given recent headlines, many investors had gone defensive. Yet against all odds markets finished the month near all-time highs. With the […]
VANCOUVER, B.C., April 30, 2026 - PenderFund Capital Management Ltd. (“Pender”) is pleased to announce the launch of the Pender Alternative Multi-Strategy Growth Fund, a diversified liquid alternative equity fund designed to provide investors with centralized access to Pender’s best equity ideas in a single solution. Managed by Greg Taylor, CFA, Chief Investment Officer at […]
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were down -0.5% and -1.0%1 respectively in March 2026 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.5%2. M&A Market Update Global M&A activity accelerated into the end of the first quarter, with total announced deal value reaching approximately $1.2 […]
The market thinks software is breaking. We think it is being tested. It has been a hard time to be a value investor. Growth stocks have meaningfully outperformed value for decades, and investors have increasingly questioned whether value investing works at all. That is a remarkable place to find ourselves. Value investing is the foundation of modern finance, built on […]
The Pender Alternative Special Situations Fund returned 5.8%1 in Q1, ahead of the S&P/TSX Composite, which rose 4.0% during the quarter. Q1 was defined by a sharp transition from early-year optimism to volatility dominating market narratives, as geopolitical conflict intersected with ongoing AI uncertainty and escalating trade wars, driving frequent policy adjustments. Volatility indices experienced […]
The Fund returned 2.1%1 in Q1 against one of the more disorienting macro backdrops in recent memory. The Iran conflict escalated into a full-scale confrontation, and the effective blockade of the Strait of Hormuz sent shockwaves well beyond oil markets, disrupting fertilizer supply, broader commodity chains, and global trade flows in ways that are still […]
On Sunday, April 19, PenderFund’s team took part in Vancouver’s annual 10K Sun Run, joining Canada’s largest start line and an incredible community of runners across the city. The event took place on a warm, sunny day, with a fantastic atmosphere from the very beginning through to the finish. It was a great opportunity for […]
Dear Unitholders, The Pender Alternative Absolute Return Fund returned 1.8%1 in March, bringing year to date returns to 3.1%. The United States and Israel launching a war against Iran was the dominant market event, with inflation concerns pushing yields higher. Risk premiums also re-rated modestly higher, resulting in a negative month for risk assets including […]
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