Commentaries

Market Environment – AI from Narrative to Numbers At the start of 2026, investors entered the year with a mix of optimism and uncertainty. While outlooks were published and geopolitical risks remained elevated, one theme continued to shape market narratives and investor focus: artificial intelligence. As the “Magnificent Seven” report earnings, AI-related themes were increasingly […]

Market Insights Many consider the month of January as a good leading indicator of how the year will play out. Well, if this year is going to follow that pattern, we had better all buckle up, as it could be quite the ride. January finished with a whimper as markets fell on the last trading […]

The Pender Corporate Bond Fund had a good start to the year, delivering a 2.1%1 return in January, which was significantly ahead of investment grade and high yield benchmark returns over the same period. The month saw strength from a diversified group of holdings. Leading the way for us was our position in convertible notes […]

Many consider the month of January as a good leading indicator of how the year will play out. Well, if this year is going to follow that pattern, we had better all buckle up, as it could be quite the ride. January finished with a whimper as markets fell on the last trading day to […]

Market Update Momentum is a wonderful thing, and that was seen in abundance in 2025, with global equity markets experiencing their third straight year of strong performance. Of course it wasn’t all smooth sailing, as we now know that nothing with the current leadership in Washington will be easy. That was made abundantly clear in […]

Dear Investors Thank you for your continued partnership in the Pender Credit Opportunities Fund. As of December 31st, 2025, the Fund was up 13.7%1 (net of all expenses and fees) for the year. Over the same period, the benchmark returned 7.3%. In this letter, we will review the key contributors and detractors and then share […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.5%1 in December, bringing year to date returns to 2.2%. The bid for risk in late November continued into December with equity indices, excluding Nasdaq hitting new all-time highs. The high yield market produced another positive month with the ICE BofA Index seeing spreads compress by […]

The Pender Partners Fund returned 2.1% in December, bringing YTD performance to +4.3%1. The Fund’s all-cap mandate provides flexibility to pursue mispriced opportunities across market segments and geographies. While broader market conditions appeared relatively stable, performance dispersion remained elevated, with returns driven by a narrow set of market leaders. In this environment, dispersion weighed on […]

As the curtain falls upon 2025, markets bow following their final act—with the assurance that, no matter how winding the plot, our revels now are ended. The year unfolded largely as optimists had hoped. Expectations were surpassed, resilience was tested and proven, and investors were broadly rewarded. Yet in such moments, the desire for an […]