The Pender Corporate Bond Fund returned -3.0%[1] in April, a sobering result within the context of a turbulent market. Credit spreads reset significantly wider and yield curves steepened during the month. Performance Discussion Our single largest impact was in the Spirit Aviation Holdings, Inc. capital structure. Spirit’s bonds and reorganized equity fell approximately 10% and […]

Fund Performance In the first quarter of 2025, our Fund declined -11.7%[1], mirroring the performance of US small cap markets as measured by the Russell 2000 Index (CAD), which fell -9.4%. In contrast, the S&P/TSX Composite Index gained 1.5%, and the S&P/TSX Small Cap Index rose 1.0%. This divergence between US and Canadian markets reflects […]

“Trade wars are good, and easy to win.” – Trump (Tweet, March 2, 2018) The Fund returned -3.9%[1] in Q1, driven by underperformance of our equity positions Trump's 'Liberation Day' shattered market stability, replacing order with chaos and short-termism Asset Allocation: 54.6% in equities / 45.4% in fixed income, liquid alternatives, cash Dear fellow unitholders, […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were 0.13% and -0.27%[1] respectively in March 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.41%[2]. M&A Market Update Global M&A activity surged in the final month of Q1 before stalling due to the mounting trade war with $885 […]

Dear Co-investors, We sincerely thank you for partnering with us in the Pender Credit Opportunities Fund. We are truly grateful for the trust you have placed in us by allocating your capital to this strategy. The Fund is focused on identifying and investing in securities of financially challenged businesses that are trading below our assessment […]

The Class F units of the Pender Bond Universe Fund were up 2.2%[1] in the first quarter of 2025. The Fund outperformed its benchmark, FTSE/TMX Canada Universe Bond Index, by 0.2% over the period. Almost all of the Fund’s holdings contributed positively in Q1 as the environment for both rates and line-item credit positions was […]