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 (%) - March 31, 2025 | 1 Mo. | 3 Mo. | 6 Mo. | 1 Yr. | 2 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | 15 Yr. | YTD | Since Inception | Inception Date | A | 1.1 | 1.8 | 3.8 | 5.7 | 6.2 | 6.3 | 1.8 | 6.3 | 2021-09-01 | F | 1.2 | 2.0 | 4.2 | 6.6 | 7.1 | 7.2 | 2.0 | 7.1 | 2021-09-01 |
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| Annual Performance (%) | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | YTD | A | 5.7 | 6.6 | 6.2 | 1.8 | F | 6.3 | 7.5 | 7.1 | 2.0 |
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| Distributions Per Unit ($) | Aug'24 | Sep'24 | Oct'24 | Nov'24 | Dec'24 | Jan'25 | Feb'25 | Mar'25 | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| A | 0.05 | 0.05 | 0.05 | 0.05 | 0.42 | 0.04 | 0.04 | 0.04 | 2.85 |
| F | 0.06 | 0.06 | 0.06 | 0.06 | 0.43 | 0.05 | 0.04 | 0.04 | 3.11 |
Standard Performance Data is subject to important disclosures set out in our Disclaimer.
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Asset Allocation Long (%) Short (%) Canadian Corporate Bonds 57.7 -4.7 Government Bonds 32.2 -3.6 US Corporate Bonds 31.1 -16.1 Cash 12.8 Term Loans 9.9 Foreign Corporate Bonds 3.9 Canadian Equities 1.9 -0.4 Equity ETF -13.5 Credit ETF -11.2 Sector Allocation Long (%) Short (%) Energy 36.8 -2.3 Government Bonds 32.2 -3.6 Financial Services 27.9 -3.0 Industrials 17.6 -0.9 Cash 12.8 Consumer Discretionary 7.0 -3.8 Communication Services 4.4 -3.9 Materials 4.1 -4.1 Utilities 3.8 Banks 1.5 Real Estate 0.6 -3.2 Equity ETF -13.5 Credit ETF -11.2 Currency Allocation Long (%) Short (%) CAD 75.2 -4.6 USD 61.5 -44.9 Cash 12.8 Top 10 Holdings Fund (%) Government of Canada, 3.50%, 01-Aug-25 7.2 Government of Canada, 3.75%, 01-May-25 7.2 Canadian Treasury, 0.00%, 24-Apr-25 7.2 Hilton USA Trust, Class 'F', Series '16?HHV', 4.33%, 05-Nov-38 5.7 Canadian Treasury, 0.00%, 04-Jun-25 4.3 Blue Racer Midstream, LLC, 6.63%, 15-Jul-26 4.2 Tamarack Valley Energy Ltd., 7.25%, 10-May-27 4.1 iShares iBoxx $ High Yield Corporate Bond ETF -4.5 SPDR Bloomberg Barclays High Yield Bond ETF -5.1 SPDR S&P 500 ETF Trust -5.8 Total Percentage of Top 10 Holdings 24.50% Total Net Assets of Fund $695,614,100 -
Class Code Description MER1 Before Performance Fee Trailer Performance Fee2 Min. Investment: Initial/[Subsequent] A PGF 2000 Front End 2.51% 1.00% 15% / 3% hurdle $5,000/[$100] A (USD) PGF 2001 Front End 2.58% 1.00% 15% / 3% hurdle $5,000/[$100] F PGF 2010 Fee Based 1.41% 15% / 3% hurdle $5,000/[$100] F (USD) PGF 2011 Fee Based 1.40% 15% / 3% hurdle $5,000/[$100] H PGF 2040 Front End – HNW 2.21% 0.85% 15% / 3% hurdle $100,000/[$100] H (USD) PGF 2041 Front End – HNW 2.10% 0.85% 15% / 3% hurdle $100,000/[$100] I PGF 2050 Fee Based – HNW 1.24% 15% / 3% hurdle $100,000/[$100] I (USD) PGF 2051 Fee Based – HNW 1.22% 15% / 3% hurdle $100,000/[$100] 1 As at 31-12-2024. 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.
2 15% of the amount by which the total return of the class of units exceeds a 3% hurdle rate
Asset Class: Alternative Absolute Return Inception Date: September 1, 2021 Valuation Frequency: Daily Distributions: DRIP Monthly, Cash Optional Benchmark: HFRI Credit Index (USD) 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, Associate Portfolio Manager: Stephen Kramer, CFA -
Know Your Product
Pender Alternative Absolute Return Fund- December 31, 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
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 replaced by concern about the potential impact of tariffs on the global economy. The ICE BofA US High Yield Index returned -1.1% in March, driven by wider spreads, which finished the month at 355bp Option Adjusted Spread (OAS) compared to government bonds, 68bp wider on the month. The HFRI Credit Index, the Fund’s benchmark, returned -0.4% in March, bringing year to date returns to 1.4%.…
Justin Jacobsen
Portfolio Manager
Justin is the Portfolio Manager of the Pender Alternative Absolute Return Fund. He joined Pender in August 2021.
Stephen Kramer
Associate Portfolio Manager
Stephen Kramer joined Pender in October 2024 as an Associate Portfolio Manager.
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