The Pender Alternative Arbitrage Fund aims to produce consistent and low volatility absolute returns by investing primarily in merger arbitrage opportunities. 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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Performance (%) – Apr. 30 2022 | 1 Mo. | 3 Mo. | 6 Mo. | 1 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | YTD | Since Inception |
---|---|---|---|---|---|---|---|---|---|
Class A | 0.0 | 0.4 | 0.8 | 2.5 | 0.2 | 3.1 | |||
Class F | 0.1 | 0.6 | 1.1 | 3.1 | 0.5 | 3.5 |
Class | Fund Codes | Description | MER* | Minimum Investment: Initial/[Subsequent] |
F | PGF 2110 | Fee Based | 2.92% | $5,000 / [$100] |
H | PGF 2140 | Front End – HNW | 3.70% | $100,000 / [$100] |
I | PGF 2150 | Fee Based – HNW | 2.53% | $100,000 / [$100] |
* MERs are as of 2022-12-31
Class | Fund Codes | Description | Management Fee | Admin Fee | Minimum Investment: Initial/[Subsequent] |
A (US$) | PGF 2101 | Front End | 1.80% | 0.50% | $5,000 / [$100] |
F (US$) | PGF 2111 | Fee Based | 0.80% | 0.50% | $5,000 / [$100] |
I (US$) | PGF 2151 | Fee Based – HNW | 0.65% | 0.50% | $100,000 / [$100] |
Asset Class: Alternative Merger Arbitrage |
Inception Date: September 8, 2021 |
Risk Rating: Low |
Valuation Frequency: Daily |
Distributions: Annually in December |
Performance Fee: 15% of the amount by which the total return of the class of units exceeds its high-water mark |
Portfolio Manager: Amar Pandya, CFA |
Pender Alternative Arbitrage Fund – March 31, 2023
Pender Alternative Arbitrage Fund – Profile Sheet – Class A
Pender Alternative Arbitrage Fund – Profile Sheet – Class F
For More Visit: Legal & Financial
HIGHLIGHTS April saw a return to a more normalized merger arbitrage market following a volatile March fraught with regulatory pushback and increased uncertainty due to the regional banking crisis. A benefit of the elevated volatility and regulatory risk was a widening of arbitrage spreads. We continue to see favourable conditions for deal activity in the small and mid-cap space with valuations dislocated there. The healthcare sector has seen a significant spike in activity this year, with deal volumes surpassing 2022 levels by nearly 50%. The Fund initiated positions in 13 new or previously announced merger deals during April, including several…
Standard Performance Data is subject to important disclosures set out in our Disclaimer
Amar Pandya is a Portfolio Manager at Pender. He joined the company in October 2017.
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