Commentaries

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 […]

As rates moved higher in Q3, the class F units of the Bond Universe Fund were down 1.5%1, relatively outperforming their benchmark however by 1.5%2. This quarter saw the first US rate hike in over three years, with most of the move higher along the curve in Q3 taking place into quarter-end, post the Fed’s […]

In September, one theme was difficult to ignore: the growing divergence between the areas of the market driving returns and those being left behind. Dispersion has been a recurring feature of 2026, but it became particularly pronounced heading into the fall. For the month, the Pender US Small/Mid Cap Equity Fund declined 2.0%, roughly in […]

In September, the Pender Small Cap Opportunities Fund returned 0.1%¹, outperforming the Russell 2000 Index, which declined 2.7%, and the Russell Microcap Index, which fell -1.6%. Small-cap equities faced a challenging backdrop during the month, as elevated interest rates, higher borrowing costs and continued market concentration in large-cap technology weighed on relative performance. Portfolio weights […]

Market Update Equity markets enjoyed a relatively calm end to summer, as August gave investors a reprieve from recent volatility and offered some time to relax. However, once the calendar turned to September and schools reopened, it seemed a switch was flipped. The first signs showed up in the US bond market. We believe stubborn […]

The Pender Corporate Bond Fund had a drawdown of -1.3%1 in September within the context of an aggressive rise in benchmark yields in every major market. Duration-sensitive bonds, which do not form a particularly large portion of the portfolio, experienced significant price declines. Our holding in the longer dated 2052 US TIPS was down over […]