Commentaries

Highlights Strong performance in December; top contributors included the preferred shares issued by Fannie Mae and Freddie Mac which tripled in value during 2024, a term loan in American Tire Distributors Inc, and the convertible bonds of Revance Therapeutics Inc. Detractors this month were rate sensitive holdings including longer duration TIPS, Cardlytics Inc, and MP […]

Highlights The Fund initiated positions in 12 merger deals while 12 deals closed this month. Invested deals span a broad range of sectors including healthcare, industrials, materials, energy, financials and real estate with a mix of strategic and financial acquirers. We expect to see several of these close before the calendar year-end. The Fund continues […]

We Are Live! This is a great time to be launching the Pender US Small/Mid Cap Equity Fund. The historical premium small- and mid-cap stocks traded at relative to large caps has turned into a discount following the strong run up in large caps over recent years. Given the outperformance of small- and mid-caps over […]

Highlights The riskiest segments of the high yield market performed the best in November, continuing a trend that started in July. We added to our holdings in Wolf Midstream Canada LP (private) in early December. At this time, we prefer the bonds of larger, higher quality issuers like Hilton (NYSE: HLT) with a much larger […]

Highlights Positive contributors included preferred shares in Fannie Mae and Freddie Mac which, in the wake of the US election, gained over 100%, after which we sold down the position. Gains also came from the successful debt restructuring of Spirit Airlines Inc, Porch Group Inc secured notes, and American Tire Distributors Inc. Detractors included STEM […]

Highlights The Fund initiated positions in 10 new merger deals and 13 deals held within the Fund closed. Capital from closed deals was recycled into new and existing mergers trading at attractive spreads. The Fund holds diverse exposure across sectors, geographies and deal types with a healthy mix of high quality financial and strategic acquisitions. […]

Highlights Credit markets had their second negative month of 2024 in October as government bond yields reversed all the decline of the summer months. Credit spreads continued to grind tighter, with high yield spreads hitting new post 2007 lows in October. Selling activity included positions in Canadian bank low reset Limited Recourse Capital Notes (“LRCNs”) […]

Highlights Key positive contributors included the secured bonds of Spirit Airlines Inc., Lucid Group Inc., and the preferreds of Fannie Mae and Freddie Mac. Detractors included American Tire Distributors Inc., a small portfolio weight, which filed a surprise Chapter 11. New positions included: Fair Isaac Corp., which provides credit analytics and related software services, and […]

"Luck is random, but the ability to capitalize on luck isn't necessarily random.” - Mari Kuraishi Highlights Fund returned 7.8%, with notable contributions from small cap equity and real-estate holdings First Fed reduction in borrowing costs since March 2020, increasing appetite for risk assets Added two new equities: Services provider Calian Group Ltd. and real […]