Pender Alternative Absolute Return Fund
The Pender Alternative Absolute Return Fund is a flexible, high yield focused alternative credit strategy that aims to produce positive absolute returns at all stages of the economic cycle. This low-risk strategy can be used to provide diversification benefits to clients with low correlation to traditional equity and fixed income investments.
Since Inception returns are from September 2021. All returns greater than a year are annual compounded returns.
| Performance (%) - November 29, 2024 | 1 Mo. | 3 Mo. | 6 Mo. | 1 Yr. | 2 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | 15 Yr. | YTD | Since Inception | Inception Date | A | -0.5 | 0.7 | 0.9 | 4.4 | 6.3 | 6.1 | 4.7 | 6.0 | 2021-09-01 | F | -0.5 | 0.9 | 1.3 | 5.2 | 7.1 | 6.8 | 5.5 | 6.7 | 2021-09-01 |
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| Annual Performance (%) | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | YTD | A | 5.7 | 6.6 | 4.7 | F | 6.3 | 7.5 | 5.5 |
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| Distributions Per Unit ($) | Apr'24 | May'24 | Jun'24 | Jul'24 | Aug'24 | Sep'24 | Oct'24 | Nov'24 | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| A | 0.05 | 0.06 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 2.32 |
| F | 0.06 | 0.07 | 0.05 | 0.06 | 0.06 | 0.06 | 0.06 | 0.06 | 2.53 |
Standard Performance Data is subject to important disclosures set out in our Disclaimer.
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Asset Allocation Long (%) Short (%) US Corporate Bonds 52.4 -17.7 Canadian Corporate Bonds 52.1 -4.9 Cash 19.6 Government Bonds 15.2 -4.2 Term Loans 12.8 Foreign Corporate Bonds 2.2 Canadian Equities 0.8 -0.5 Equity ETF -15.7 Credit ETF -12.1 Sector Allocation Long (%) Short (%) Energy 35.1 -3.0 Cash 19.6 Consumer Discretionary 19.6 -4.8 Financial Services 18.8 -2.6 Industrials 16.6 -0.3 Real Estate 16.5 -3.5 Government Bonds 15.2 -4.2 Communication Services 5.2 -5.0 Utilities 4.7 Materials 2.8 -3.6 Banks 1.0 -0.3 Equity ETF -15.7 Credit ETF -12.1 Currency Allocation Long (%) Short (%) USD 89.1 -52.5 CAD 46.4 -2.6 Cash 19.6 Top 10 Holdings Fund (%) United States Treasury, 0.00%, 17-Dec-24 12.3 XHR LP, 6.38%, 15-Aug-25 11.4 Blue Racer Midstream, LLC, 6.63%, 15-Jul-26 4.8 Hilton USA Trust, Class 'F', Series '16?HHV', 4.33%, 05-Nov-38 4.6 ATS Corporation, 6.50%, 21-Aug-32 3.9 iShares Russell 2000 ETF -4.3 Invesco QQQ Trust, Series '1' -4.3 iShares iBoxx $ High Yield Corporate Bond ETF -5.9 SPDR Bloomberg Barclays High Yield Bond ETF -6.2 SPDR S&P 500 ETF Trust -7.0 Total Percentage of Top 10 Holdings 9.30% Total Net Assets of Fund $561,888,800 -
Class Fund Codes Description MER* before performance fee MER* Minimum Investment: Initial/[Subsequent] A PGF 2000 Front End 2.30% 2.80% $5,000 / [$100] A (US$) PGF 2001 Front End 2.30% 2.83% $5,000 / [$100] F PGF 2010 Fee Based 1.30% 1.93% $5,000 / [$100] F (US$) PGF 2011 Fee Based 1.30% 1.90% $5,000 / [$100] H PGF 2040 Front End – HNW 2.00% 2.59% $100,000 / [$100] H (US$) PGF 2041 Front End – HNW 2.00% 2.41% $100,000 / [$100] I PGF 2050 Fee Based – HNW 1.15% 1.78% $100,000 / [$100] I (US$) PGF 2151 Fee Based – HNW 1.15% 1.71% $100,000 / [$100] *As at 2024-06-30. The management expense ratio (“MER”) is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions and other portfolio transaction costs) and is expressed as an annualized percentage of average net assets for the period/year. The applicable taxes are calculated using the attribution percentage for each province based on unitholder residency.
Asset Class: Alternative Merger Arbitrage Inception Date: August 25th, 2021 Risk Rating: Low Valuation Frequency: Daily Distributions: Monthly Performance Fee: 15% of the amount by which the total return of units exceeds a 3% hurdle rate Portfolio Manager: Justin Jacobsen, CFA -
Know Your Product
Pender Alternative Absolute Return Fund- 30 September 2024
Resources
Monthly
- Pender Alternative Absolute Return Fund – Fund Profile – CA – Class A
- Pender Alternative Absolute Return Fund – Fund Profile – CA – Class F
- Pender Alternative Absolute Return Fund – Fund Profile – CA – Class I
Annual (POS)
- Pender Alternative Absolute Return Fund – Fund Facts- CAD – Class A
- Pender Alternative Absolute Return Fund – Fund Facts- USD – Class A
- Pender Alternative Absolute Return Fund – Fund Facts- CAD – Class AF
- Pender Alternative Absolute Return Fund – Fund Facts- CAD – Class F
- Pender Alternative Absolute Return Fund – Fund Facts- USD- Class F
- Pender Alternative Absolute Return Fund – Fund Facts- CAD – Class H
- Pender Alternative Absolute Return Fund – Fund Facts- USD – Class H
- Pender Alternative Absolute Return Fund – Fund Facts- CAD – Class I
- Pender Alternative Absolute Return Fund – Fund Facts- USD – Class I
For More Visit: Legal & Financial
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The Latest
Alternative Absolute Return – 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 new post 2007 lows in October. Selling activity included positions in Canadian bank low reset Limited Recourse Capital Notes (“LRCNs”) issued in Canadian dollars in 2021 which we had accumulated in 2023 at $75 and below. In October, we sold out of the bulk of our holdings at a profit. The reduction in credit spreads and risk premiums provided few trading opportunities with the collapse…
Justin Jacobsen
Portfolio Manager
Justin is the Portfolio Manager of the Pender Alternative Absolute Return Fund. He joined Pender in August 2021.
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