Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.2% respectively1 in December 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 1.3%2. For the full year of 2025 the Funds were up 5.0% and 5.9% respectively while the HFRI ED: Merger Arbitrage Index (USD) returned 10.3%. […]
Market Insights 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 […]
Pender Focus At Pender, our equity team focuses on identifying opportunities at the intersection of sector and capital cycles, structural change, and market inefficiencies. Our core themes include Enterprise Software, AI, the Energy Transition, and the evolving geopolitical environment — with this paper exploring Defense as a key expression of today’s geopolitical shift, supported by […]
As we begin 2026, it is worth reflecting on the forces that shaped markets over the past year. Resilience emerged as the defining theme, with equities largely shrugging off ongoing geopolitical and economic uncertainty. In many ways, 2025 felt like a long ski day with constantly changing conditions — smooth, packed powder one run, followed […]
Market Environment As we begin 2026, US equity markets appear to be at an inflection point. 2025 was shaped by a resilient economy, evolving policy dynamics, and rapid technological innovation, offset against elevated valuations and geopolitical uncertainty. The bull market that began in late 2022 is now entering its fourth year, during which large-cap equities […]
I was at the movie theatre recently, and before the feature even began, a trailer caught my attention: the new film adaptation of Wuthering Heights. It reminded me of a recurring phenomenon in both the creative arts and in markets – familiar stories are repackaged as something fresh. Classic adaptations often arrive with equal parts excitement and skepticism. The new Wuthering Heights film is no different. The marketing promises a timeless love story. […]
Les parts de catégorie F du Fonds univers obligataire Pender ont affiché un gain de 1,3 % au cours du trimestre et de 8,0 %1 pour l’année, inscrivant 2025 en tête du palmarès des rendements annuels du Fonds depuis sa création en 2020. Au T4, les parts de catégorie F ont pris les devants sur l’indice de référence par une marge de 1,6 % pendant le trimestre et de 5,4 % pour l’année.
The Pender Corporate Bond Fund recorded a positive result in December, returning 0.3%1. The period was characterized by positive credit returns offsetting the effect of rising benchmark interest rates. For the full year 2025, the Fund returned 13.4%, a happy outcome driven primarily by security selection as opposed to benchmark performance, which was markedly lower. […]
Over the holidays, I indulge in one of life’s simplest luxuries: time. Time to slow down, disconnect, and, most importantly, read. That usually means fiction; psychological thrillers, fantasy, page-turners, escapism. Reading for joy, and joy alone. This season, though, my holiday reading delivered a lesson I was not expecting — one that felt uncomfortably familiar to anyone who has spent time in the investing world. I […]
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