Commentaires

In November, the S&P/TSX Composite Index advanced, reaching a new record high. In commodity markets, gold prices rose, and silver also hit an all-time high, making Materials one of the month’s strongest-performing sectors, alongside Consumer Staples. A major development during the month was Prime Minister Mark Carney’s first federal budget, which outlined new spending aimed […]

Market Insights To say 2025 has been an odd year is an understatement. After a series of years with strong returns, everyone began January with muted expectations. Valuations were high and the prospects for earnings growth were low. However, optimists were quick to remind you that President Trump in his first term would often use […]

The Pender Corporate Bond Fund enjoyed a profitable November, returning 1.1%1. The Fund outperformed peers for the period in a credit market that offered relatively muted returns. Leading the way for the Fund were our positions in precious metals, including convertible notes of miners Equinox Gold and Sibanye Stillwater, which rallied on underlying strength in […]

To say 2025 has been an odd year is an understatement. After a series of years with strong returns, everyone began January with muted expectations. Valuations were high and the prospects for earnings growth were low. However, optimists were quick to remind you that President Trump in his first term would often use the stock […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were 1.0% and 0.8% respectively1 in October 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.1%2. Portfolio Update October saw a flurry of M&A activity allowing the Fund to initiate positions in 18 new merger deals while 16 deals […]

Equity markets continued to advance in October, though gains moderated as investors assessed a busy earnings season amid ongoing macroeconomic uncertainty. The Canadian economy continues to lose momentum, weighed down by trade frictions with the United States. Inflation edged higher during the month, while labour market indicators showed further signs of cooling. In response, the […]

Market Environment October was a notable month for US markets. The period began with a government shutdown that surpassed the 35-day record set in 2019. While the shutdown has both direct and indirect implications for the broader US economy, the equity market reaction has been limited, with investors remaining focused on corporate earnings and monetary […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned -0.3%1 in October, bringing year-to-date returns to 0.7%. October was a choppier month for markets, with weakness early in the month, a bounce in the middle and a weaker tone late in the month following a hawkish turn from the Fed.  The high yield market had […]

The Pender Corporate Bond Fund posted a solid October, returning 2.2%1 within the context of a positive movement for high grade bonds and a neutral market for credit risk assets. The top Fund contributor in October was the successful workout of our position in Beyond Meat Inc., which is discussed in greater detail below. Other […]