Commentaries

Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.7%1 in November, bringing year to date returns to 1.7%. Market volatility picked up in November, driven by high issuance and concern around the business models of certain segments of the AI industry. A strong final week supported by US Thanksgiving and limited investor engagement allowed […]

As we find ourselves in December, with the holiday season upon us, the question naturally arises: Do you believe in the Santa Rally? This seasonal phenomenon, where equities tend to rise in the run-up to Christmas, is one of the market’s most enduring traditions. Across geographies and market cycles, the pattern persists: according to recent […]

In November, the S&P/TSX Composite Index advanced, reaching a new record high. In commodity markets, gold prices rose, and silver also hit an all-time high, making Materials one of the month’s strongest-performing sectors, alongside Consumer Staples. A major development during the month was Prime Minister Mark Carney’s first federal budget, which outlined new spending aimed […]

Market Environment The first 10 months of the year were exceptionally resilient for US equities, but the market took a pause in November. Even with a solid set of earnings and revenue beats, the momentum did not carry through, and the broader US market advanced only 0.2% during the month. This was somewhat surprising given […]

Market Insights To say 2025 has been an odd year is an understatement. After a series of years with strong returns, everyone began January with muted expectations. Valuations were high and the prospects for earnings growth were low. However, optimists were quick to remind you that President Trump in his first term would often use […]

The Pender Corporate Bond Fund enjoyed a profitable November, returning 1.1%1. The Fund outperformed peers for the period in a credit market that offered relatively muted returns. Leading the way for the Fund were our positions in precious metals, including convertible notes of miners Equinox Gold and Sibanye Stillwater, which rallied on underlying strength in […]

To say 2025 has been an odd year is an understatement. After a series of years with strong returns, everyone began January with muted expectations. Valuations were high and the prospects for earnings growth were low. However, optimists were quick to remind you that President Trump in his first term would often use the stock […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were 1.0% and 0.8% respectively1 in October 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.1%2. Portfolio Update October saw a flurry of M&A activity allowing the Fund to initiate positions in 18 new merger deals while 16 deals […]

The Pender Partners Fund gained 1.5% in October and 4.5% YTD. The Fund’s all-cap mandate provides the flexibility to capture opportunities across market segments and geographies. As of quarter end, the portfolio comprised of 35 holdings with a 44.8% exposure to US equities and 42.1% exposure to Canadian equities. Top holdings are within Industrials, Technology […]