Commentaries

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.1% and 0.3%1 in February 2026 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.4%2. M&A Market Update Global M&A continued to build on the momentum from last year with over $850 billion of deal activity announced in […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.9%1 in February, bringing year to date return to 1.3%. Credit markets were choppy in February as elevated issuance combined with credit concerns about private debt and software companies weighed on performance. The ICE BofA US High Yield Index finished the month with a spread of […]

Market Insights February might be remembered as the month the dreams of AI started to turn into a nightmare.  After a few years in which just mentioning AI in a press release would get you a multiple boost, that suddenly flipped. Fears of AI disrupting business models and destroying jobs across the entire economy took over. […]

In February, the Fund delivered a return of 1.2%. The portfolio once again benefited from its resource holdings, which helped offset a challenging month for technology companies. February was an eventful month, with AI disruption narratives continuing to drive significant drawdowns across software and IT services companies. The S&P 1500 Software and Services Index finished […]

Market Update February might be remembered as the month the dreams of AI started to turn into a nightmare.  After a few years in which just mentioning AI in a press release would get you a multiple boost, that suddenly flipped. Fears of AI disrupting business models and destroying jobs across the entire economy took over. […]

Market Environment – Energy Shocks and the AI Economy In February, markets faced several crosswinds. The US Supreme Court ruled against the use of the International Economic Emergency Powers Act to justify the April 2025 reciprocal tariffs, while tensions between the United States and Iran escalated into armed conflict, adding to geopolitical uncertainty. Against this […]

The Pender Corporate Bond Fund enjoyed a successful February, posting a total return of 2.2%1. The broader market context included strength in investment grade benchmarks, which advanced over 1%, and weaker high yield credit which delivered negative total returns on spread-widening. The Fund’s highest returning securities in February were convertible bond positions in the mining […]

February might be remembered as the month the dreams of AI started to turn into a nightmare.  After a few years in which just mentioning AI in a press release would get you a multiple boost, that suddenly flipped. Fears of AI disrupting business models and destroying jobs across the entire economy took over. This was […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were both up 0.3%1 in January 2026 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.1%2. M&A Market Update Global M&A opened 2026 with a strong start, with over $310 billion of announced global deal value in January. The tone […]