Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were down -0.5% and -1.0%1  respectively in March 2026 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.5%2. M&A Market Update Global M&A activity accelerated into the end of the first quarter, with total announced deal value reaching approximately $1.2 […]

The Pender Alternative Special Situations Fund returned 5.8%1 in Q1, ahead of the S&P/TSX Composite, which rose 4.0% during the quarter. Q1 was defined by a sharp transition from early-year optimism to volatility dominating market narratives, as geopolitical conflict intersected with ongoing AI uncertainty and escalating trade wars, driving frequent policy adjustments. Volatility indices experienced […]

The Fund returned 2.1%1 in Q1 against one of the more disorienting macro backdrops in recent memory. The Iran conflict escalated into a full-scale confrontation, and the effective blockade of the Strait of Hormuz sent shockwaves well beyond oil markets, disrupting fertilizer supply, broader commodity chains, and global trade flows in ways that are still […]

On Sunday, April 19, PenderFund’s team took part in Vancouver’s annual 10K Sun Run, joining Canada’s largest start line and an incredible community of runners across the city. The event took place on a warm, sunny day, with a fantastic atmosphere from the very beginning through to the finish. It was a great opportunity for […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned 1.8%1 in March, bringing year to date returns to 3.1%. The United States and Israel launching a war against Iran was the dominant market event, with inflation concerns pushing yields higher. Risk premiums also re-rated modestly higher, resulting in a negative month for risk assets including […]

Dear Co-investors, Thank you for your continued partnership in the Pender Credit Opportunities Fund. In this quarter’s letter, we will share our perspective on the opportunistic themes we are seeing ahead and also provide a closer look on a few of the high conviction, individual credits we hold. Fund at a Glance (since inception) Pender […]