Fellow unit holders, The Pender Value Fund was down 5.2%[1] in November, while the S&P/TSX Composite Index dropped 1.6% and the S&P/TSX Small Cap Index dropped 3.6%. In the US, major indices also lost ground […]
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of November with a NAV of $10.18 per unit[1]. Download PDF M&A activity continues to set records, topping $5 trillion in global deal activity […]
The Pender Corporate Bond Fund returned 0.5%[1] in November. The positive result was achieved in the face of a rather weak high yield credit market that may have been affected by tapering talk and COVID-19 […]
Performance Attribution The return of the Class F units of the Pender Bond Universe Fund over the three-month period ended October 31, 2021 was negative 0.9%[1]. The Fund’s benchmark, the FTSE/TMX Canada Universe Bond Index, […]
Fellow unit holders, October was a strong month for equity markets as the appetite for risk returned after a bout of volatility in September. The Pender Small Cap Opportunities Fund participated nicely in the rally […]
Dear Unitholders, The Pender Alternative Absolute Return Fund closed October with a unit price of $9.96 and distributions of $0.04.[1] Download PDF It was a challenging month in credit markets as the iBoxx Liquid High […]
Fellow unit holders, In the month of October, an appetite for risk returned to equity markets and the Pender Value Fund posted a gain of 2.4%[1] in the month. This result trailed large cap indices […]
Dear Unitholders, The Pender Alternative Arbitrage Fund ended the month of October with a NAV of $10.10 per unit[1]. Download PDF M&A is red-hot with a record level of global deal activity through the first […]
The Pender Corporate Bond Fund returned 0.3%[1] in October. The Fund’s progress came amidst a sharp upward move in rates that has seen the 5 year Government of Canada bond yield almost double since early […]
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) was down 1.8%[1] and the Pender Enhanced Income Fund (PEIF) was down 1.5%[1] for the quarter. On a year-to-date basis, PSGIF was up 16.3%[1], while PEIF […]
Dear Unitholders, The Pender Alternative Absolute Return Fund ended its first month with a NAV of $9.99[1] per unit and distributions of $0.12[1] per unit. Download PDF The high yield market was dragged modestly lower […]
Fellow unit holders, September is a seasonally weak month for stock markets and this year was no different. Major indices ended with losses in September – the S&P 500 Index (in Canadian dollars) had a […]
The Pender Corporate Bond Fund returned 0.9%[1] in September. The gain came amidst somewhat turbulent markets that saw sovereign rates rise amidst fears of inflation and Fed tapering. Download PDF The Fund’s September return was […]
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) was relatively flat in August, posting a -0.10%[1] return for the month, while the Pender Enhanced Income Fund was down 0.20%[1]. This monthly performance trailed […]
Fellow unit holders, Over the past year, we have enjoyed the benefits of running concentrated portfolios, as many of our key holdings have performed well in the stock market. August was the opposite of that. […]
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Value Fund – Manager’s Commentary – November 2021
Fellow unit holders, The Pender Value Fund was down 5.2%[1] in November, while the S&P/TSX Composite Index dropped 1.6% and the S&P/TSX Small Cap Index dropped 3.6%. In the US, major indices also lost ground […]
Alternative Arbitrage – Manager’s Commentary – November 2021
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of November with a NAV of $10.18 per unit[1]. Download PDF M&A activity continues to set records, topping $5 trillion in global deal activity […]
Fixed Income – Manager’s Commentary – November 2021
The Pender Corporate Bond Fund returned 0.5%[1] in November. The positive result was achieved in the face of a rather weak high yield credit market that may have been affected by tapering talk and COVID-19 […]
Bond Universe Fund – Manager’s Commentary – October 2021
Performance Attribution The return of the Class F units of the Pender Bond Universe Fund over the three-month period ended October 31, 2021 was negative 0.9%[1]. The Fund’s benchmark, the FTSE/TMX Canada Universe Bond Index, […]
Small Cap Equity – Manager’s Commentary – October 2021
Fellow unit holders, October was a strong month for equity markets as the appetite for risk returned after a bout of volatility in September. The Pender Small Cap Opportunities Fund participated nicely in the rally […]
Alternative Absolute Return – Manager’s Commentary – October 2021
Dear Unitholders, The Pender Alternative Absolute Return Fund closed October with a unit price of $9.96 and distributions of $0.04.[1] Download PDF It was a challenging month in credit markets as the iBoxx Liquid High […]
Pender Value Fund – Manager’s Commentary – October 2021
Fellow unit holders, In the month of October, an appetite for risk returned to equity markets and the Pender Value Fund posted a gain of 2.4%[1] in the month. This result trailed large cap indices […]
Alternative Arbitrage – Manager’s Commentary – October 2021
Dear Unitholders, The Pender Alternative Arbitrage Fund ended the month of October with a NAV of $10.10 per unit[1]. Download PDF M&A is red-hot with a record level of global deal activity through the first […]
Fixed Income – Manager’s Commentary – October 2021
The Pender Corporate Bond Fund returned 0.3%[1] in October. The Fund’s progress came amidst a sharp upward move in rates that has seen the 5 year Government of Canada bond yield almost double since early […]
Balanced Funds – Manager’s Commentary – Q3 2021
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) was down 1.8%[1] and the Pender Enhanced Income Fund (PEIF) was down 1.5%[1] for the quarter. On a year-to-date basis, PSGIF was up 16.3%[1], while PEIF […]
Alternative Absolute Return – Manager’s Commentary – September 2021
Dear Unitholders, The Pender Alternative Absolute Return Fund ended its first month with a NAV of $9.99[1] per unit and distributions of $0.12[1] per unit. Download PDF The high yield market was dragged modestly lower […]
Small Cap Equity – Manager’s Commentary – September 2021
Fellow unit holders, September is a seasonally weak month for stock markets and this year was no different. Major indices ended with losses in September – the S&P 500 Index (in Canadian dollars) had a […]
Fixed Income – Manager’s Commentary – September 2021
The Pender Corporate Bond Fund returned 0.9%[1] in September. The gain came amidst somewhat turbulent markets that saw sovereign rates rise amidst fears of inflation and Fed tapering. Download PDF The Fund’s September return was […]
Balanced Funds – Manager’s Commentary – August 2021
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) was relatively flat in August, posting a -0.10%[1] return for the month, while the Pender Enhanced Income Fund was down 0.20%[1]. This monthly performance trailed […]
Small Cap Equity – Manager’s Commentary – August 2021
Fellow unit holders, Over the past year, we have enjoyed the benefits of running concentrated portfolios, as many of our key holdings have performed well in the stock market. August was the opposite of that. […]