Highlights Cash and T-bill holdings have been reduced by about 20% of net asset value to improve portfolio yield. Additions to loan holdings, with current yields from mid-7% to mid-8%, include high quality businesses like […]
Highlights: Positive contributors included convertible notes from Esperion Therapeutics, Inc. and Bandwidth Inc., and from our position in Lucid Group. A few weak spots included our position in the credit of SSR Mining Inc due […]
Highlights After a positive end to 2023 which saw several key deals held by the Fund close, January had muted activity due to seasonality. The Fund initiated positions in 15 new merger deals. Six deals […]
Highlights A major theme in January was the reopening of the primary market in North American liquid credit, following limited issuance in late 2023. The Pender Alternative Absolute Return Fund selectively participated in new issues […]
Highlights: Through December and January, the Fund initiated a position in the bonds of Sibanye Stillwater Ltd. which is the largest worldwide pure-play company in the mining and refining of platinum group metals. January saw […]
Highlights Positive performance in the Fund during the quarter was driven by by D2L Inc. (TSX: DTOL), Dye & Durham Ltd. (TSX: DND) and KKR and Co L.P (NYSE: KKR), Detractors included Baidu Inc. (Nasdaq: […]
“The main reason investors struggle with how to react to bad news is that they really haven’t figured out why they own the stocks they own.” – Bill Nygren Highlights Solid quarter caps off positive […]
Highlights The strong performance into year-end is indicative of a strengthening small cap market. A more stable interest rate environment and improved business strategies among small caps, we believe, will lead to increased M&A by […]
Highlights There was a high level of activity in the Fund during December with several merger deals closing by year-end. This allowed the Fund to harvest returns and redeploy the capital in new opportunities. Nineteen […]
Highlights Top contributors to the Fund were Computer Modeling Group Ltd. (TSX: CMG), a technology company in the oil and gas industry and Aecon Group Inc. (TSX: ARE), which provides construction and infrastructure development services […]
Highlights The past quarter was characterized by a strong bond market reaction to the disinflationary trend. Longer dated, high grade bonds were the strongest contributors to performance. Favourable performers included Warner Brothers Discovery Inc. (2062), […]
Highlights One of the drivers of market performance in December was strong inflows for risk assets combined with limited new issue supply in credit markets. Despite our generally defensive positioning there are some areas of […]
Highlights: December’s outperformance was driven by some deeply discounted and distressed lines including the preferred shares of Fannie Mae and Freddie Mac which rallied more than 30%. We added to our position in McDermott International […]
Highlights November was a strong month driven by the closing of several deals including many of the largest positions in the Fund. There were 19 merger deals held within the Fund that closed during the […]
Highlights In November we significantly added to our US Treasury Bill holdings as well as high-quality term loans. Our purchases included loans backed by Hilton Worldwide Holdings Inc. (NYSE: HLT), TransDigm Group Inc. (NYSE: TDG) […]
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Alternative Absolute Return – February 2024
Highlights Cash and T-bill holdings have been reduced by about 20% of net asset value to improve portfolio yield. Additions to loan holdings, with current yields from mid-7% to mid-8%, include high quality businesses like […]
Fixed Income – February 2024
Highlights: Positive contributors included convertible notes from Esperion Therapeutics, Inc. and Bandwidth Inc., and from our position in Lucid Group. A few weak spots included our position in the credit of SSR Mining Inc due […]
Alternative Arbitrage Fund – January 2024
Highlights After a positive end to 2023 which saw several key deals held by the Fund close, January had muted activity due to seasonality. The Fund initiated positions in 15 new merger deals. Six deals […]
Alternative Absolute Return – January 2024
Highlights A major theme in January was the reopening of the primary market in North American liquid credit, following limited issuance in late 2023. The Pender Alternative Absolute Return Fund selectively participated in new issues […]
Fixed Income – January 2024
Highlights: Through December and January, the Fund initiated a position in the bonds of Sibanye Stillwater Ltd. which is the largest worldwide pure-play company in the mining and refining of platinum group metals. January saw […]
Value Fund – Q4 2023
Highlights Positive performance in the Fund during the quarter was driven by by D2L Inc. (TSX: DTOL), Dye & Durham Ltd. (TSX: DND) and KKR and Co L.P (NYSE: KKR), Detractors included Baidu Inc. (Nasdaq: […]
Pender Strategic Growth and Income Fund – Q4 2023
“The main reason investors struggle with how to react to bad news is that they really haven’t figured out why they own the stocks they own.” – Bill Nygren Highlights Solid quarter caps off positive […]
Small Cap Equity – Q4 2023
Highlights The strong performance into year-end is indicative of a strengthening small cap market. A more stable interest rate environment and improved business strategies among small caps, we believe, will lead to increased M&A by […]
Alternative Arbitrage Fund – December 2023
Highlights There was a high level of activity in the Fund during December with several merger deals closing by year-end. This allowed the Fund to harvest returns and redeploy the capital in new opportunities. Nineteen […]
Small/Mid Cap Dividend – Q4 2023
Highlights Top contributors to the Fund were Computer Modeling Group Ltd. (TSX: CMG), a technology company in the oil and gas industry and Aecon Group Inc. (TSX: ARE), which provides construction and infrastructure development services […]
Bond Universe – Q4 2023
Highlights The past quarter was characterized by a strong bond market reaction to the disinflationary trend. Longer dated, high grade bonds were the strongest contributors to performance. Favourable performers included Warner Brothers Discovery Inc. (2062), […]
Alternative Absolute Return – December 2023
Highlights One of the drivers of market performance in December was strong inflows for risk assets combined with limited new issue supply in credit markets. Despite our generally defensive positioning there are some areas of […]
Fixed Income – December 2023
Highlights: December’s outperformance was driven by some deeply discounted and distressed lines including the preferred shares of Fannie Mae and Freddie Mac which rallied more than 30%. We added to our position in McDermott International […]
Alternative Arbitrage Fund – November 2023
Highlights November was a strong month driven by the closing of several deals including many of the largest positions in the Fund. There were 19 merger deals held within the Fund that closed during the […]
Alternative Absolute Return – November 2023
Highlights In November we significantly added to our US Treasury Bill holdings as well as high-quality term loans. Our purchases included loans backed by Hilton Worldwide Holdings Inc. (NYSE: HLT), TransDigm Group Inc. (NYSE: TDG) […]