Highlights: November saw a major turn in bond market direction leading to positive returns throughout the fixed income markets. Investment grade securities staged a huge turnaround and there were some very strong returns amongst higher […]
Highlights October was a tough month for markets as recessionary fears and higher bond yields pressured markets. In October, the Fund initiated positions in 23 new or previously announced mergers, while 20 merger deals held […]
Highlights Both widening credit spreads and higher government yields negatively impacted returns for the month. The Fund increased market exposure with the focus on high-quality, high yield bonds trading at attractive discounts to par. The […]
Highlights: October was a volatile month characterized by sharply lower risk asset prices combined with higher risk-free rates across the curve. We are generally constructive on the bond market heading into the end of the […]
“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.” – George Soros Highlights The Fund recorded positive performance […]
Dear Unitholders, Highlights The Fund initiated positions in 14 new or previously announced mergers while five merger deals held within the Fund closed during the month. At the end of September, the Fund had 41 […]
Highlights During the quarter, we added Aecon Group Inc. (TSX:ARE) and Thinkific Labs Inc. (TSX:THNC). Canadian equities stood at 52.7% at the end of the quarter, up from 50.3% at the end of December 2022. […]
Highlights We continue to focus on the fundamentals, rotating into high quality businesses. We initiated new positions in two companies during the quarter that we have been following for a long time but have finally […]
Highlights The top contributors included Computer Modeling Group, Saturn Oil & Gas, Spartan Delta, and NFI Group. Among the detractors were Chorus Aviation, and Trisura Group, despite posting strong quarterly earnings. The Fund took advantage […]
Highlights The primary driver of returns in September were higher interest rates, as 2024 rate cuts are being priced out in favour of a “higher for longer” for reality. The Fund continued to sell into […]
Highlights We reduced the Fund’s weight in several, shorter-dated, high-quality corporate issuers and government bonds and re-allocated proceeds to longer-dated holdings, including Warner Brothers Discover 5.391% ’62. The Fund’s position in Inflation-Linked Bonds was slightly […]
Highlights: The Fund had several pockets of strength in September, including energy-related securities, a pharma company, and U.S.-based marijuana companies. Higher risk-free rates caused most bonds within the Fund to fall in price. We have […]
Highlights The Fund initiated positions in 20 new or previously announced mergers, while nine merger deals held within the Fund closed during the month. Performance was impacted by a regulatory challenge to a merger deal […]
Highlights • The Fund benefited from volatility in credit markets with a bias to protecting capital. • The Fund’s exposure to event-driven positions was significantly reduced. The Pender Alternative Absolute Return Fund finished August with […]
Highlights: • Positive contributors to the Fund were Cineworld Group PLC and Federal National Mortgage Association (Fannie Mae). Detractors included Canadian rate-reset preferred shares due to negative price momentum, and Emergent BioSolutions, which we have […]
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Fixed Income – November 2023
Highlights: November saw a major turn in bond market direction leading to positive returns throughout the fixed income markets. Investment grade securities staged a huge turnaround and there were some very strong returns amongst higher […]
Alternative Arbitrage Fund – October 2023
Highlights October was a tough month for markets as recessionary fears and higher bond yields pressured markets. In October, the Fund initiated positions in 23 new or previously announced mergers, while 20 merger deals held […]
Alternative Absolute Return – October 2023
Highlights Both widening credit spreads and higher government yields negatively impacted returns for the month. The Fund increased market exposure with the focus on high-quality, high yield bonds trading at attractive discounts to par. The […]
Fixed Income – October 2023
Highlights: October was a volatile month characterized by sharply lower risk asset prices combined with higher risk-free rates across the curve. We are generally constructive on the bond market heading into the end of the […]
Pender Strategic Growth and Income Fund – Q3 2023
“It’s not whether you’re right or wrong that’s important, but how much money you make when you’re right and how much you lose when you’re wrong.” – George Soros Highlights The Fund recorded positive performance […]
Alternative Arbitrage Fund – September 2023
Dear Unitholders, Highlights The Fund initiated positions in 14 new or previously announced mergers while five merger deals held within the Fund closed during the month. At the end of September, the Fund had 41 […]
Value Fund – Q3 2023
Highlights During the quarter, we added Aecon Group Inc. (TSX:ARE) and Thinkific Labs Inc. (TSX:THNC). Canadian equities stood at 52.7% at the end of the quarter, up from 50.3% at the end of December 2022. […]
Small Cap Equity – Q3 2023
Highlights We continue to focus on the fundamentals, rotating into high quality businesses. We initiated new positions in two companies during the quarter that we have been following for a long time but have finally […]
Small/Mid Cap Dividend – Q3 2023
Highlights The top contributors included Computer Modeling Group, Saturn Oil & Gas, Spartan Delta, and NFI Group. Among the detractors were Chorus Aviation, and Trisura Group, despite posting strong quarterly earnings. The Fund took advantage […]
Alternative Absolute Return – September 2023
Highlights The primary driver of returns in September were higher interest rates, as 2024 rate cuts are being priced out in favour of a “higher for longer” for reality. The Fund continued to sell into […]
Bond Universe – Q3 2023
Highlights We reduced the Fund’s weight in several, shorter-dated, high-quality corporate issuers and government bonds and re-allocated proceeds to longer-dated holdings, including Warner Brothers Discover 5.391% ’62. The Fund’s position in Inflation-Linked Bonds was slightly […]
Fixed Income – September 2023
Highlights: The Fund had several pockets of strength in September, including energy-related securities, a pharma company, and U.S.-based marijuana companies. Higher risk-free rates caused most bonds within the Fund to fall in price. We have […]
Alternative Arbitrage Fund – August 2023
Highlights The Fund initiated positions in 20 new or previously announced mergers, while nine merger deals held within the Fund closed during the month. Performance was impacted by a regulatory challenge to a merger deal […]
Alternative Absolute Return – August 2023
Highlights • The Fund benefited from volatility in credit markets with a bias to protecting capital. • The Fund’s exposure to event-driven positions was significantly reduced. The Pender Alternative Absolute Return Fund finished August with […]
Fixed Income – August 2023
Highlights: • Positive contributors to the Fund were Cineworld Group PLC and Federal National Mortgage Association (Fannie Mae). Detractors included Canadian rate-reset preferred shares due to negative price momentum, and Emergent BioSolutions, which we have […]