Commentaries

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 […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.2% respectively1 in December 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 1.3%2. For the full year of 2025 the Funds were up 5.0% and 5.9% respectively    while the HFRI ED: Merger Arbitrage Index (USD) returned 10.3%. […]

Market Insights 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 […]

As we begin 2026, it is worth reflecting on the forces that shaped markets over the past year. Resilience emerged as the defining theme, with equities largely shrugging off ongoing geopolitical and economic uncertainty. In many ways, 2025 felt like a long ski day with constantly changing conditions — smooth, packed powder one run, followed […]

Market Environment As we begin 2026, US equity markets appear to be at an inflection point. 2025 was shaped by a resilient economy, evolving policy dynamics, and rapid technological innovation, offset against elevated valuations and geopolitical uncertainty. The bull market that began in late 2022 is now entering its fourth year, during which large-cap equities […]