Commentaries

In July, the Fund returned 2.5%1, ahead of the S&P/TSX Composite at 1.2% and the Russell 2000, which declined -4.1%, in an eventful month for Canadian and international markets. Canadian markets saw significant divergence in July, characterized by a rotation into value stocks and energy, while growth-oriented segments and broader small-cap indices faced headwinds. Market […]

The Pender Corporate Bond Fund dipped just slightly below breakeven in July (monthly return was -0.02%1) within the context of a negative fixed income environment that was afflicted by rising benchmark yields across the curve. The relative strength the Fund experienced was due, in large part, to our positioning in the oil and gas sector, […]

At various points during July, it started to feel like markets were finally going to break. After months of defying negative headlines and ominous signals, this seemed to be the window for the correction many had been waiting for. Yet, it never really played out that way. As usual the bond market caught on to this […]

Market Update June 2026 was defined by a stark divergence between resilient global indices and localized volatility, driven by a shifting geopolitical landscape and a turn in the AI narrative. The month brought a meaningful "broadening" as investors rotated away from dominant mega-cap tech names and toward more defensive and cyclical sectors, with focus shifting […]

Market Update The first half of the year had a little of everything. We have all come to expect the unexpected under President Trump but the events that have unfolded caught even the most cynical off guard. Heading into 2026, one of the consensus calls was that the FOMC would cut interest rates. They were […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were -0.1% and -1.1%1 respectively in June 2026 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.7%2. M&A Market Update Global M&A activity accelerated through June, capping a record first half of 2026. $2.83 trillion of transactions were announced during […]

Dear Co-investors, Thank you for your continued partnership in the Pender Credit Opportunities Fund. In the second quarter of 2026, the Fund appreciated 11.6% net of fees, aided by impactful contributions from Wolfspeed, Inc., Evolent Health, Inc., and Fluence Energy, Inc. We are also approaching an exciting milestone: our three-year track record of managing Funds […]

The Pender Alternative Special Situations Fund returned -3.4%1 in June, compared to the S&P/TSX Composite, which rose 0.5% during the month. In what seems to be the theme of the year, volatility continued to impact equity markets. Artificial intelligence (AI) stocks saw continued periods of volatility over the month, as large capex numbers keep raising […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.3% in June, bringing year to date return to 1.0%1. Credit markets hit resistance levels in June as high yield spreads touched 263bp, the lowest levels since January 2025 before widening modestly to close the month at 275bp Govt OAS, 1bp higher than the end of […]