Commentaries

Dear Investor Since its inception, the Fund has achieved a net return of 29.6%, outperforming our benchmark[1] return of 14.8%. As of the end of 2024, the Fund's net IRR stands at 20.6%. The investment period concluded in July 2024. On October 1, 2024, we distributed 26% of committed capital to investors, followed by an […]

Highlights Positive contributors to the Fund included Jabil Inc. (NYSE: JBL) and Antero Resources Corporation (NYSE: AR). Detractors to performance this month included Fluor Corporation (NYSE: FLR) and M/I Homes, Inc. (NYSE: MHO) . The Fund initiated a new position in Verisign Inc. (NYSE: VRSN) In a sign of things to come, the weeks since […]

Highlights Positive contributors to the Fund included TXNM Energy 5.75% ’54 convertible bonds via the combination of price appreciation and a competitive coupon, and OPKO Health Inc. 3.75% ’29 convertible bonds. The Fund added Duke Energy’s 4.125% ’26 convertible bonds. With US High Yield spreads significantly below average, we took a cautious disposition toward lower […]

Highlights The Fund generated a positive December and found opportunities in the new issue markets in both Canada and the US that included Wolf Midstream Canada LP (private) and Diebold Nixdorf Incorporated (NYSE: DBD). Our position in Neiman Marcus Group’s bond was called in late December which generated an IRR of more than 10% since […]

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 […]