Commentaries

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were 0.4% and 0.7%1  respectively in May 2026 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.2%2. M&A Market Update M&A activity remained robust through May despite ongoing geopolitical uncertainty, tariff negotiations and concerns about economic growth. According to LSEG […]

Market Update The month of May felt an awful lot like April, and it’s not just the weather. April was a positive month that saw equity markets recover most, if not all, of the March losses stemming from the US-Iran war concerns. Turning the calendar over to May, many market observers were calling for more of a pause. The […]

Market Insights The month of May felt an awful lot like April, and it’s not just the weather. April was a positive month that saw equity markets recover most, if not all, of the March losses stemming from the US-Iran war concerns. Turning the calendar over to May, many market observers were calling for more […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned -0.4%1 in May, bringing year to date return to 0.7%. Euphoric market conditions continued in May, as ever-increasing AI spending was celebrated by investors. Fixed income continued to lag as an uptick in US inflation and the ongoing disruption to energy markets proved to be a […]

The Pender Alternative Special Situations Fund returned 1.1%1 in May, compared to the S&P/TSX Composite, which rose 2.5% during the month. Like most months this year, May brought heightened volatility driven by inflation concerns and geopolitical uncertainty. Heading into the month, there were concerns that equity markets were due for a pause. However, once again […]

As we move into June, the macro backdrop remains dynamic. Inflation stays front and center, shaped by several converging forces: ongoing conflict in the Middle East and supply disruptions tied to the Strait of Hormuz, the lingering effects of tariffs, AI-driven demand, and a broadening global growth recovery. Despite these factors, markets have continued to […]

As we find ourselves in the summer months, markets have not obliged the well-respected summer slowdown, instead greeting us with wave upon wave of volatility. Today's environment is characterized by a significant and widening bifurcation, driven by an unprecedented surge in demand for AI infrastructure and a similar acceleration in national security spending internationally. Nothing […]

Market Update The month of May felt an awful lot like April, and it’s not just the weather. April was a positive month that saw equity markets recover most, if not all, of the March losses stemming from the US-Iran war concerns. Turning the calendar over to May, many market observers were calling for more of a pause. The […]

In May, the Fund returned 3.7%, ahead of the TSX at 2.5%. The S&P 1500 Software & Services Index was the standout of the month, up 14%, led by a handful of outperformers, well ahead of both the S&P 500 (+5%) and the TSX (+2.5%), marking its second consecutive month of positive returns. Even so, […]