Commentaries

One phrase that I feel is true more often than not is, “markets will do what makes the most people wrong". This August seems to have captured that phrase perfectly. During what is normally one of the quietest and most volatile parts of the calendar, anyone who stepped to the sidelines missed one of the […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were 0.0%1  in July 2026 while the HFRI ED: Merger Arbitrage Index (USD) returned -0.4%2. M&A Market Update Global M&A activity remained near record levels through July despite some moderation from the exceptional pace of May and June. Approximately $3.19 trillion […]

Market Update July continued the themes of a summer of uncertainties, as global events continue to shape the macroeconomic backdrop, creating new opportunities as well as risks for investors. As the month came to a close, investors remained cautious as US-Iran tensions escalated, and once again shipping through the Strait of Hormuz came to an […]

The Pender Alternative Special Situations Fund returned -6.4%1 in July, compared to the S&P/TSX Composite, which rose 1.2% during the month. Fund Specific Updates July was a challenging month for the Fund, as our holdings in two of our key thematics (space/defense and critical minerals) underperformed. MDA Space Ltd. (MDA), Telesat Corp. (TSAT) and Kraken […]

The Pender Global Small/Mid Cap Equity Fund returned 0.1%1 in a challenging month for international investing. The MSCI World SMID Cap Gross Total Return USD Index (CAD) returned -2.1% in July, with emerging market (EM) small caps suffering a steeper 7.0% drop. Small-cap equities faced broad selling pressure globally during the month, underperforming their large-cap […]

Market Insights At various points during July, it started to feel like markets were finally going to break. After months of defying negative headlines and ominous signals, this seemed to be the window for the correction many had been waiting for. Yet, it never really played out that way. As usual the bond market caught […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.8%1 in July, bringing year to date return to 1.8%. Credit markets were softer in July despite a sharp rally to close the month, impacted by both higher government bond yields and modestly wider spreads. High volumes of supply, much of which used to fund the […]

While the summer months are typically quieter for markets, July was dominated by earnings releases from several of the Magnificent Seven. As expected, artificial intelligence (AI) remained a central theme, with capital expenditure (capex) guidance and management commentary driving much of the market’s reaction. Amazon, Alphabet, Microsoft and Meta continued to invest heavily in the […]

In July, the Fund returned 2.5%1, ahead of the S&P/TSX Composite at 1.2% and the Russell 2000, which declined -4.1%, in an eventful month for Canadian and international markets. Canadian markets saw significant divergence in July, characterized by a rotation into value stocks and energy, while growth-oriented segments and broader small-cap indices faced headwinds. Market […]