Commentaries

Although outperforming it’s benchmark[1] by 0.2%[2] in Q2, the Class F units of the Pender Bond Universe Fund were down 0.4% over the period. Exposure to Non-Investment Grade securities through our Pender Corporate Bond Fund holdings and several individual credits held, negatively impacted performance this quarter. The Fund’s High-Grade exposure was largely positive over the […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned -0.3%[1] in June, bringing year to date returns to 0.8%. Markets continued to rally in June as seemingly any positive macro news event continued to drive asset prices higher despite some negative economic data points, concerns about fiscal stability in several developed economies and ongoing trade […]

Highlights Jabil Inc. (JBL) and Fluor Corporation (FLR) were top contributors while Euronet Worldwide Inc. (EEFT) was top detractor to performance in the month of June. Initiated a new position in Deckers Outdoor Corporation (DECK) The S&P MidCap 400 Index posted total returns of 3.6% for the month of June 2025, underperforming its large cap […]

Fund Performance In the second quarter, our Fund delivered a strong return of 11.0%[1], marking a significant rebound from the negative performance in the first quarter. The Fund outperformed both the Canadian and US markets, with the S&P/TSX Composite Index gaining 8.5% and the Russell 2000 Index (CAD) rising 2.7%. The muted performance of the […]

There are decades when nothing happens, and then there are months when decades happen. That is what June felt like. Every day it seemed like a new, more extreme headline was coming across the screen. Yet remarkably, equity markets continued their rebound from the April lows, to close the first half of the year at […]

The Pender Corporate Bond Fund returned 1.8%[1] in June amid market conditions that were generally favorable. The biggest driver of performance in June was our position in entities exposed to platinum, including our holding of convertible bonds in South-African platinum metals group miner, Sibanye Stillwater Limited, and our position in abrdn Physical Platinum Shares, which […]

There are decades when nothing happens, and then there are months when decades happen. That is what June felt like. Every day it seemed like a new, more extreme headline was coming across the screen. Yet remarkably, equity markets continued their rebound from the April lows, to close the first half of the year at […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 1.4% and 1.8%[1] respectively in May 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 3.04%[2]. Portfolio Update May was another strong month for the Fund, benefiting from tightening spreads and bumps in deals initiated in the Fund […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned -0.3%[1] in May, bringing year-to-date returns to 1.1%. Following on from the strong rebound in the second half of April, risk assets performed quite well in May with the S&P 500 generating its best monthly return in a year and a half. High yield credit spreads […]