Highlights During October there were some bright spots and some challenges, the latter from lower prices across the investment-grade bond complex reacting to a higher yield curve. Bright spots included our positions in McDermott International, […]
Highlights Policymakers in most parts of the world have raised rates this year with the count and pace continuing to mount. The US Bond Market has had a -0.3% annualized return over the last five […]
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) was down 1.1% in September, bringing year-to-date performance to 1.1% with one-year performance of 2.9%[1]. Download PDF M&A Market Update M&A activity stalled in Q3 with a […]
Fellow unit holders, The Pender Small Cap Opportunities returned -12.5% in September, bringing returns so far this year to -34.8%[1]. This was a challenging period for the Fund, which was up against a difficult market […]
Highlights: September proved to be another challenging month for markets. It was the third worst month for the high-yield market since 2008. Early September presented the Fund with some good relative value trading opportunities. If […]
Highlights: The Fund has thus far held above the summer lows, all the while seeing much improved forward-looking returns available in credit markets. The four factors to identify good entry points are: price, positioning, flows […]
The Pender Alternative Arbitrage Fund (PAAF) marked one year since its inception on September 8, 2022 with performance of 4.3% since inception. The Fund was up 1.1% in August, bringing year to date performance to […]
The Fund has marked one year since its inception and we are happy to now report the performance of the Fund. The Pender Alternative Absolute Return Fund finished August with a return of 1.5% bringing […]
The Pender Corporate Bond Fund continued its rebound from the summer’s lows, returning 0.4[1] in August. Download PDF The Fund’s return was bolstered by strong line-item performance in some high conviction credits including Intercept Pharmaceuticals, […]
The Pender Alternative Arbitrage Fund (PAAF) ended the month of July 2022 with a NAV of $10.30 per unit[1]. Download PDF The first seven months of 2022 saw $2.3T of deals announced globally, the fourth […]
Fellow unit holders, In a reversal of the weak equity market performance in the first half of the year, markets posted a strong rebound in July. The macro environment was again in focus with a […]
Dear Unitholders, The Pender Alternative Absolute Return Fund finished July with a unit price of $9.81 and distributions of $0.04 per unit[1]. Download PDF July 2022 saw a strong rebound across most asset classes following […]
For the three months ending July 31, the Fund generated a small but positive return of 0.1%[1], breaking the string of negative quarters that have resulted from the aggressive rate hiking cycle the Fed and […]
The Pender Corporate Bond Fund emerged from July with a positive return of 1.9%[1]. The compressed spring of lower bond prices unwound a bit in the month as a potential slowdown in inflation provided the […]
Dear Unitholders, The second quarter of 2022 was challenging for investors. Macro trends from the first quarter of the year continued and the headwinds intensified. The war in Ukraine, elevated commodity prices, and persistent and […]
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Fixed Income – October 2022
Highlights During October there were some bright spots and some challenges, the latter from lower prices across the investment-grade bond complex reacting to a higher yield curve. Bright spots included our positions in McDermott International, […]
Balanced Funds – Q3 2022
Highlights Policymakers in most parts of the world have raised rates this year with the count and pace continuing to mount. The US Bond Market has had a -0.3% annualized return over the last five […]
Alternative Arbitrage – September 2022
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) was down 1.1% in September, bringing year-to-date performance to 1.1% with one-year performance of 2.9%[1]. Download PDF M&A Market Update M&A activity stalled in Q3 with a […]
Small Cap Equity – September 2022
Fellow unit holders, The Pender Small Cap Opportunities returned -12.5% in September, bringing returns so far this year to -34.8%[1]. This was a challenging period for the Fund, which was up against a difficult market […]
Alternative Absolute Return – September 2022
Highlights: September proved to be another challenging month for markets. It was the third worst month for the high-yield market since 2008. Early September presented the Fund with some good relative value trading opportunities. If […]
Fixed Income – September 2022
Highlights: The Fund has thus far held above the summer lows, all the while seeing much improved forward-looking returns available in credit markets. The four factors to identify good entry points are: price, positioning, flows […]
Alternative Arbitrage – August 2022
The Pender Alternative Arbitrage Fund (PAAF) marked one year since its inception on September 8, 2022 with performance of 4.3% since inception. The Fund was up 1.1% in August, bringing year to date performance to […]
Alternative Absolute Return – August 2022
The Fund has marked one year since its inception and we are happy to now report the performance of the Fund. The Pender Alternative Absolute Return Fund finished August with a return of 1.5% bringing […]
Fixed Income – August 2022
The Pender Corporate Bond Fund continued its rebound from the summer’s lows, returning 0.4[1] in August. Download PDF The Fund’s return was bolstered by strong line-item performance in some high conviction credits including Intercept Pharmaceuticals, […]
Alternative Arbitrage – July 2022
The Pender Alternative Arbitrage Fund (PAAF) ended the month of July 2022 with a NAV of $10.30 per unit[1]. Download PDF The first seven months of 2022 saw $2.3T of deals announced globally, the fourth […]
Small Cap Equity – July 2022
Fellow unit holders, In a reversal of the weak equity market performance in the first half of the year, markets posted a strong rebound in July. The macro environment was again in focus with a […]
Alternative Absolute Return – July 2022
Dear Unitholders, The Pender Alternative Absolute Return Fund finished July with a unit price of $9.81 and distributions of $0.04 per unit[1]. Download PDF July 2022 saw a strong rebound across most asset classes following […]
Bond Universe – Q2 2022
For the three months ending July 31, the Fund generated a small but positive return of 0.1%[1], breaking the string of negative quarters that have resulted from the aggressive rate hiking cycle the Fed and […]
Fixed Income – July 2022
The Pender Corporate Bond Fund emerged from July with a positive return of 1.9%[1]. The compressed spring of lower bond prices unwound a bit in the month as a potential slowdown in inflation provided the […]
Balanced Funds – Q2 2022
Dear Unitholders, The second quarter of 2022 was challenging for investors. Macro trends from the first quarter of the year continued and the headwinds intensified. The war in Ukraine, elevated commodity prices, and persistent and […]