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The Pender Corporate Bond Fund enjoyed a successful February, posting a total return of 2.2%1. The broader market context included strength in investment grade benchmarks, which advanced over 1%, and weaker high yield credit which delivered negative total returns on spread-widening. The Fund’s highest returning securities in February were convertible bond positions in the mining […]

February might be remembered as the month the dreams of AI started to turn into a nightmare.  After a few years in which just mentioning AI in a press release would get you a multiple boost, that suddenly flipped. Fears of AI disrupting business models and destroying jobs across the entire economy took over. This was […]

In recognition of International Women’s Day on March 8, 2026, and the global theme Give to Gain, we’re highlighting perspectives from women across PenderFund. Shaped by experience, insight, and day-to-day contributions across the firm, these reflections speak to the value of sharing knowledge, supporting one another, and thinking with a long-term view. Together, they offer […]

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 […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.4%1 in January. Robust inflows into risk assets drove returns in January, with the first two weeks of the year being particularly strong. The ICE BofA US High Yield Index reached a spread of 264bp Govt OAS mid-month before widening to finish the month at 288bp […]

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 […]