Commentaries

The Pender Corporate Bond Fund enjoyed solid performance in May, delivering a total return of 2.1%1. This return was within the context of generally strong bond market conditions as benchmark yields retreated from recent highs and credit spreads were largely unchanged. Leading the way for the Fund again in May was our position in the […]

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 conditions that […]

Market Update The equity market rally that closed out the month of March continued through April. This rally has baffled many and is becoming a notable example of what is referred to as the ‘pain trade’. Given recent headlines, many investors had gone defensive. Yet, against all odds, markets finished the month near all-time highs. […]

The Pender Alternative Special Situations Fund returned 9.2%1 in April, compared to the S&P/TSX Composite, which returned 3.8% during the month. Markets remained highly volatile in April as investors continued to navigate the aftereffects of the sharp geopolitical and macroeconomic repricing that defined the first quarter. While energy markets partially stabilized following the fragile ceasefire […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned -2.0%1 in April, bringing year to date return to 1.1%. The exceptionally strong bid for risk despite the ongoing and worsening disruption to global energy markets was a difficult set up for the Fund. Credit markets tapped out early in April even as equities continued to […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were -0.1% and 0.0%1 respectively in April 2026 while the HFRI ED: Merger Arbitrage Index (USD) returned 2.3%2. M&A Market Update Global M&A activity continued at its near historic record pace with over $1.8 trillion of global deal activity through the […]

The Pender Global Small/Mid Cap Equity Fund returned 6.3%1 in April. Following a pullback of 9.10% from its January high through late March, the S&P 500 rebounded to post a gain of 7.9% for the month and briefly touched new all-time highs. The recovery was driven by three converging events: a partial de-escalation of geopolitical […]

Market Environment – Navigating a Volatile April April 2026 has been a pivotal month as the US stock market continued to experience heightened volatility driven by a combination of geopolitical risks and shifting expectations for Federal Reserve policy. The ongoing conflict in the Middle East continued to impact oil markets, resulting in volatile price spikes, […]

Market Insights The equity market rally that closed out the month of March continued through April. This rally has baffled many and is becoming a notable example of what is referred to as the ‘pain trade’. Given recent headlines, many investors had gone defensive. Yet against all odds markets finished the month near all-time highs. […]