Commentaries

Highlights Key positive contributors included the secured bonds of Spirit Airlines Inc., Lucid Group Inc., and the preferreds of Fannie Mae and Freddie Mac. Detractors included American Tire Distributors Inc., a small portfolio weight, which filed a surprise Chapter 11. New positions included: Fair Isaac Corp., which provides credit analytics and related software services, and […]

"Luck is random, but the ability to capitalize on luck isn't necessarily random.” - Mari Kuraishi Highlights Fund returned 7.8%, with notable contributions from small cap equity and real-estate holdings First Fed reduction in borrowing costs since March 2020, increasing appetite for risk assets Added two new equities: Services provider Calian Group Ltd. and real […]

Highlights The Fund has gained 38.4% year-to-date. Top contributor this quarter was Kraken Robotics Inc., (TSXV: PNG), a marine technology company. Thinkific Labs Inc. (TSX:THNC) was a detractor this quarter subsequent to their SIB as the market waits for business fundamentals to improve. Fund Performance The Pender Value Fund continued to perform well in the […]

Dear Investor, Since its inception, the Pender Credit Opportunities Fund (PCOF) has delivered a return of 26.7%, net of all fees and expenses, with a Net IRR of 22.2%. The investment period concluded in July 2024, and on October 1 we distributed 26% of committed capital back to investors, derived from realized investments. Although we […]

Highlights With the global rate cut cycle now well underway we have been actively reducing our exposure to broadly syndicated loans. The Fund closed out a small, long position bond issued by a stressed US office REIT. It now has two positions in securities issued by office REITs, both of which are modest short positions. […]

Highlights Ten new merger deals were initiated in the Fund and six deals held within the Fund closed. We are currently seeing the highest level of potential “deals in the works” for small and mid-cap North American companies since launching the Fund. The Fund continues to be fully invested given the volume of quality merger […]

Highlights Positive contributors included OPKO Health Inc. 3.75% 2029 convertible bonds and TXNM Energy Inc. 5.75% 2054 convertible bonds. We extended duration slightly this quarter from 4.74 at June 30 to 5.14 at quarter-end. The three-month return of the Class F units of the Bond Universe Fund was 4.3% to the end of September 2024. […]

Highlights September was a positive month for the Fund, with contributions from Hughes Satellite Systems first lien bond as well as precious metal securities. In the long run, our guess is that North America is ultimately headed back to some form of yield curve control, along the lines of what we currently see in Japan […]

Highlights Many positive contributors in the quarter, such as Kraken Technologies Limited, TerraVest Industries Inc., Altius Renewable Royalties Corp, Dye & Durham Ltd. and BlackLine Systems, Inc.. Thinkific was a key detractor in the quarter. We are finding attractive opportunities in companies in the early stages of their growth cycles in areas of the market […]