Commentaries

Dear Unitholders, The Pender Alternative Absolute Return Fund returned -0.5%1 in October bringing year to date return to 1.4%. Wider credit spreads were somewhat mitigated by falling interest rates, but credit markets were highly bifurcated, with high yield investors crowding into issuers that were perceived to be high quality, while other issuers saw spreads blow out […]

Most are glad to see October in the rear-view mirror. It was one of the trickier months for investors this decade. One of my favourite market sayings is that “the market will do what makes the most people wrong.” October was a perfect example of that as it seemed that almost everything that had been […]

The Pender Corporate Bond Fund had a total return of -1.1%1 in October. The monthly loss was driven by several specific exposures within the Fund, while broader investment grade and high yield benchmarks experienced positive results in the period. The risk in being different from the crowd is that occasionally you can stand out in […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were 0.1% and 0.0%1 in September 2026 while the HFRI ED: Merger Arbitrage Index (USD) returned –0.5%2. M&A Market Update Global M&A activity remained well ahead of last year through September, although momentum slowed during the third quarter. According to LSEG, […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.3%1 in September bringing year to date return to 1.8%. A historic spike in interest rates resulted in the US high yield market recording its worst monthly return in four years. Market returns were driven by a combination of sharply higher treasury rates as well as wider […]

Dear Co-investors, Thank you for your continued partnership in the Pender Credit Opportunities Fund. In the third quarter of 2026, the Fund returned -5.4%1 net of fees versus the benchmark return: -2.5%2 Pender Credit Opportunities Fund Class F returned 5.6% YTD compared to the benchmark return of 0% YTD. The Fund’s Yield to Maturity is […]

The Pender Alternative Special Situations Fund returned -4.0%1 in September, compared to the S&P/TSX Composite, which fell -2.6% during the month. September was a challenging month for equities, as continued inflation pushed central banks to begin tightening. With price pressures still running above target, both the US Federal Reserve and the European Central Bank raised […]

Volatility remained the dominant theme as markets moved into the fall. Renewed inflation concerns and ongoing tensions in the Middle East weighed on sentiment for another month, with no sign of easing. What set September apart from recent months was the strain that began to show in the bond market. Global government bond yields rose […]

September was another challenging month for global equity markets. Concerns about inflation, alongside ongoing tensions in the Middle East, weighed on sentiment. US Treasury yields rose to multi-year highs across the curve, and the 30-year yield reached its highest level since 2002. The Pender Global Small/Mid Cap Equity Fund returned -4.9% in September, compared with […]