Commentaires

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were down -0.5% and -1.0%1  respectively in March 2026 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.5%2. M&A Market Update Global M&A activity accelerated into the end of the first quarter, with total announced deal value reaching approximately $1.2 […]

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 […]

Chers porteurs et porteuses de parts, Le Fonds alternatif à rendement absolu Pender a affiché un rendement de 1,8 %1 en mars pour établir son cumul annuel à 3,1 %. La guerre déclenchée par les États-Unis et Israël contre l’Iran et l’augmentation des taux de rendement causée par la peur de l’inflation ont été les événements dominants sur le marché. Par ailleurs, le mois a été négatif pour les actifs risqués, y compris pour les marchés du crédit, en raison notamment de la hausse modeste des

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 […]

Le début des hostilités dans le golfe persique, à la fin de février, préfigurait un mois compliqué pour le Fonds d’obligations de sociétés Pender qui a terminé mars en baisse de -2,2 %1. Le marché a réagi aux frappes lancées par les États-Unis contre l’Iran en élargissant les écarts par rapport aux titres de crédit des sociétés et en poussant les taux de rendement de référence vers le sommet de la courbe, réaction qui a eu des conséquences sur les actifs du Fonds. En