Commentaires

The Pender Alternative Special Situations Fund returned 5.8%1 in Q1, ahead of the S&P/TSX Composite, which rose 4.0% during the quarter. Q1 was defined by a sharp transition from early-year optimism to volatility dominating market narratives, as geopolitical conflict intersected with ongoing AI uncertainty and escalating trade wars, driving frequent policy adjustments. Volatility indices experienced […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned 1.8%1 in March, bringing year to date returns to 3.1%. The United States and Israel launching a war against Iran was the dominant market event, with inflation concerns pushing yields higher. Risk premiums also re-rated modestly higher, resulting in a negative month for risk assets including […]

Markets were volatile this quarter, with small-cap technology in Canada bearing the brunt of the pressure. The S&P/TSX Info-T had one of its worst starts in recent history, driven by intensifying fears of AI-driven disruption and the so-called "SaaS-Pocalypse," even as the S&P/TSX Composite Index reached historic highs near 34,5001. While negative software sentiment may […]

The first quarter of 2026 was marked by significant volatility that continues to reverberate across global markets. The backdrop has been characterized by pronounced dispersion across equity sectors and individual stocks. The global economy entered 2026 following a 2025 "soft landing" supported by AI spending and fiscal stimulus, but Q1 brought heightened geopolitical risks alongside […]

The class F units of the Pender Bond Universe Fund were up 1.1%1 in the first quarter of 2026, relatively outperforming their benchmark by 0.9%. As rates moved higher in Canada and the US, High Grade was somewhat weaker over the period as were certain credit holdings including the Fund’s Esperion and Meritage Homes converts. […]

Market Environment – (More) Energy Shocks and the Prevalence of the US Economy March delivered a blunt reminder that geopolitics can reprice markets faster than fundamentals. The optimism that carried US small and mid-caps to outperformance in the early weeks of 2026 gave way to a more difficult backdrop as instability in the Middle East […]

Market Insights For the last year global equity markets have largely done a good job of overlooking adversity. From trade wars to AI disruption, stocks have been able to climb the proverbial ‘wall of worry’ to record levels. However, as tensions with Iran evolved into a full-on conflict, it became too much to ignore and markets fell. March […]

The late February initiation of hostilities in the Persian Gulf augured in a challenging month for the Pender Corporate Bond Fund, which ended March down -2.2%1. The market reacted to the US-led Iran bombing campaign by widening spreads in corporate credit and pushing benchmark yields higher across the curve, effects which impacted Fund holdings. A […]

For the last year global equity markets have largely done a good job of overlooking adversity. From trade wars to AI disruption, stocks have been able to climb the proverbial ‘wall of worry’ to record levels. However, as tensions with Iran evolved into a full-on conflict, it became too much to ignore and markets fell. March was a […]