Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were both up 0.3%1 in January 2026 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.1%2. M&A Market Update Global M&A opened 2026 with a strong start, with over $310 billion of announced global deal value in January. The tone […]
January was characterized by a sharp shift in investor sentiment, particularly toward growth-oriented sectors. As markets reassessed expectations around artificial intelligence, concerns that AI could materially disrupt traditional software business models resurfaced and weighed heavily on software equities. This narrative assumes that enterprises will increasingly rely on internally developed AI tools rather than purchasing software […]
The Pender Alternative Special Situations Fund returned 12.5%1 in January, outperforming the S&P/TSX Composite, which rose 0.8% during the month. The Fund was well positioned to benefit from strength across the materials complex, where both traditional metals exposure and higher-value critical materials companies contributed meaningfully to performance. In addition, defense remains a core investment theme, […]
In January, the Fund delivered a return of 7.7%, representing a positive start to the year. The Fund outperformed both Canadian and US equity markets, with the S&P/TSX Composite Index gaining 0.8% and the Russell 2000 Index (CAD) rising 4.6%. The muted performance of the TSX was partly driven by declines in commodity prices, particularly […]
Market Environment – AI from Narrative to Numbers At the start of 2026, investors entered the year with a mix of optimism and uncertainty. While outlooks were published and geopolitical risks remained elevated, one theme continued to shape market narratives and investor focus: artificial intelligence. As the “Magnificent Seven” report earnings, AI-related themes were increasingly […]
Market Insights Many consider the month of January as a good leading indicator of how the year will play out. Well, if this year is going to follow that pattern, we had better all buckle up, as it could be quite the ride. January finished with a whimper as markets fell on the last trading […]
The Pender Corporate Bond Fund had a good start to the year, delivering a 2.1%1 return in January, which was significantly ahead of investment grade and high yield benchmark returns over the same period. The month saw strength from a diversified group of holdings. Leading the way for us was our position in convertible notes […]
Many consider the month of January as a good leading indicator of how the year will play out. Well, if this year is going to follow that pattern, we had better all buckle up, as it could be quite the ride. January finished with a whimper as markets fell on the last trading day to […]
Market Update Momentum is a wonderful thing, and that was seen in abundance in 2025, with global equity markets experiencing their third straight year of strong performance. Of course it wasn’t all smooth sailing, as we now know that nothing with the current leadership in Washington will be easy. That was made abundantly clear in […]
« * » indique les champs nécessaires
