Commentaires

September was another challenging month for global equity markets. Concerns about inflation, alongside ongoing tensions in the Middle East, weighed on sentiment. US Treasury yields rose to multi-year highs across the curve, and the 30-year yield reached its highest level since 2002. The Pender Global Small/Mid Cap Equity Fund returned -4.9% in September, compared with […]

As rates moved higher in Q3, the class F units of the Bond Universe Fund were down 1.5%1, relatively outperforming their benchmark however by 1.5%2. This quarter saw the first US rate hike in over three years, with most of the move higher along the curve in Q3 taking place into quarter-end, post the Fed’s […]

En septembre, un thème s’est imposé : l’écart croissant entre les segments du marché qui génèrent les rendements et ceux qui sont laissés pour compte. La dispersion a été une caractéristique récurrente de 2026, mais elle s’est particulièrement accentuée à l’approche de l’automne. Au cours du mois, le Fonds d’actions américaines à petite/moyenne capitalisation Pender […]

In September, the Pender Small Cap Opportunities Fund returned 0.1%¹, outperforming the Russell 2000 Index, which declined 2.7%, and the Russell Microcap Index, which fell -1.6%. Small-cap equities faced a challenging backdrop during the month, as elevated interest rates, higher borrowing costs and continued market concentration in large-cap technology weighed on relative performance. Portfolio weights […]

Market Update Equity markets enjoyed a relatively calm end to summer, as August gave investors a reprieve from recent volatility and offered some time to relax. However, once the calendar turned to September and schools reopened, it seemed a switch was flipped. The first signs showed up in the US bond market. We believe stubborn […]

Le Fonds d’obligations de sociétés Pender a essuyé un revers de -1,3 %1 en septembre dans un contexte où les taux de rendement de référence ont fortement augmenté sur tous les grands marchés. Le prix des obligations sensibles à la durée, qui ne composent pas une part importante du portefeuille, a nettement baissé […]

Market Update Equity markets enjoyed a relatively calm end to summer, as August gave investors a reprieve from recent volatility and offered some time to relax. However, once the calendar turned to September and schools reopened, it seemed a switch was flipped. The first signs showed up in the US bond market. We believe stubborn […]

Equity markets enjoyed a relatively calm end to summer, as August gave investors a reprieve from recent volatility and offered some time to relax. However, once the calendar turned to September and schools reopened, it seemed a switch was flipped. The first signs showed up in the US bond market. We believe stubborn inflation, increasing […]

Chers porteurs et porteuses de parts, Le Fonds alternatif d’arbitrage Pender et le Fonds alternatif d’arbitrage plus Pender se sont avancés de 0,5 %1 en août 2026. Pendant ce temps, l’indice d’arbitrage sur fusion HFRI ED (en USD) a rapporté 1,9 %2. Mise à jour sur le marché des F&A À l’échelle mondiale, l’activité de F&A a poursuivi sur sa lancée en août […]