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.
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Standard Performance Data is subject to important disclosures set out in our Disclaimer.Performance (%) - June 28, 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 -0.1 1.5 3.7 7.5 8.5 3.7 6.5 2021-09-01 F 0.0 1.6 4.2 8.4 9.3 4.2 7.2 2021-09-01 Annual Performance (%) 2016 2017 2018 2019 2020 2021 2022 2023 YTD A 5.7 6.6 3.7 F 6.3 7.5 4.2 Distributions Per Unit ($) Nov'23 Dec'23 Jan'24 Feb'24 Mar'24 Apr'24 May'24 Jun'24 Since Inception A 0.04 0.31 0.10 0.05 0.04 0.05 0.06 0.05 2.07 F 0.07 0.32 0.11 0.06 0.05 0.06 0.07 0.05 2.23
Class | Fund Codes | Description | MER* before performance fee | MER* | Minimum Investment: Initial/[Subsequent] |
A | PGF 2000 | Front End | 2.54% | 3.67% | $5,000 / [$100] |
F | PGF 2010 | Fee Based | 1.42% | 2.61% | $5,000 / [$100] |
H | PGF 2040 | Front End – HNW | 2.17% | 3.25% | $100,000 / [$100] |
I | PGF 2050 | Fee Based – HNW | 1.22% | 2.74% | $100,000 / [$100] |
A (US$) | PGF 2001 | Front End | 2.42% | 6.57% | $5,000 / [$100] |
F (US$) | PGF 2011 | Fee Based | 1.37% | 2.49% | $5,000 / [$100] |
H (US$) | PGF 2041 | Front End – HNW | 2.10% | 6.88% | $100,000 / [$100] |
I (US$) | PGF 2051 | Fee Based – HNW | 1.21% | 2.97% | $100,000 / [$100] |
*As at 2023-12-31. 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 Absolute Return |
Inception Date: September 1, 2021 |
Risk Rating: Low |
Valuation Frequency: Daily |
Distributions: Monthly |
Performance Fee: 15% of the amount by which the total return of the class of units exceeds a 3% hurdle rate. |
Portfolio Manager: Justin Jacobsen, CFA |
Pender Alternative Absolute Return Fund – June 30, 2024
For More Visit: Legal & Financial
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 and minimal downside. The Pender Alternative Absolute Return Fund finished June with a return of 0.0% bringing year to date return to 4.2%[1]. Download the PDF. Volatility hit new cyclical lows in June, which is a challenging set up for the Fund as uncovering opportunities has become increasingly difficult as value in higher quality credit continues to erode. Spreads were broadly unchanged for the US…
in April 2024 Pender hosted a live webinar with Justin Jacobsen, who provided an update on the Fund and provided insight into the opportunities he is finding in the market.
If you missed this insightful live event, be sure to watch the replay.
For financial professionals only
Justin is the Portfolio Manager of the Pender Alternative Absolute Return Fund. He joined Pender in August 2021.
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