Commentaries

The Pender Alternative Special Situations Fund returned -3.4%1 in June, compared to the S&P/TSX Composite, which rose 0.5% during the month. In what seems to be the theme of the year, volatility continued to impact equity markets. Artificial intelligence (AI) stocks saw continued periods of volatility over the month, as large capex numbers keep raising […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.3% in June, bringing year to date return to 1.0%1. Credit markets hit resistance levels in June as high yield spreads touched 263bp, the lowest levels since January 2025 before widening modestly to close the month at 275bp Govt OAS, 1bp higher than the end of […]

The second quarter of 2026 saw geopolitical headlines and shifting views on technology impacting equity valuations globally. The war in the Middle East began to de-escalate by quarter-end, with Brent crude falling back to more normalized levels after peaking near US$120/barrel in April, though the full market impact is still being assessed. 1 Portfolio weights […]

The class F units of the Pender Bond Universe Fund were up 1%1  in the second quarter of 2026, relatively underperforming their benchmark by 1%. Most Investment Grade (IG) holdings contributed positively over the period with standout performance from Pender Corporate Bond Fund units held and certain non-IG lines such as Meritage Homes and Opko […]

In Q2, the Fund returned 10.9%, ahead of the S&P/TSX Composite at 7.0%. This is despite a challenging month of June where the Fund returned -3.8%, and the S&P/TSX Composite was up 0.5%. 1 Portfolio weights remain predominantly Canadian, with ~78.7% in Canadian equities and ~12.5% in US equities. The levels of volatility we've grown […]

As we pass the halfway point of 2026, investors may be surprised to learn that the Russell 2000 has been the top-performing major index so far this year, outpacing the S&P 500 and far exceeding the mega-cap Magnificent 7. Small caps are beating large-cap peers by nearly 1,400 basis points YTD, the largest first-half gap […]

The Pender Corporate Bond Fund ended the month of June down -0.7%1, a result driven primarily by individual line-items which offset the generally positive price environment in the bond market over the period. The most significant area of weakness for the Fund in June was oil and gas issuers, including equity-sensitive convertible lines in Borr […]

Market Insights The first half of the year had a little of everything. We have all come to expect the unexpected under President Trump but the events that have unfolded caught even the most cynical off guard. Heading into 2026, one of the consensus calls was that the Federal Open Market Committee (FOMC) would cut […]

The first half of the year had a little of everything. We have all come to expect the unexpected under President Trump but the events that have unfolded caught even the most cynical off guard. Heading into 2026, one of the consensus calls was that the FOMC would cut interest rates. They were one of […]