Highlights • The Fund benefited from volatility in credit markets with a bias to protecting capital. • The Fund’s exposure to event-driven positions was significantly reduced. The Pender Alternative Absolute Return Fund finished August with a return of 1.2%, bringing year-to-date returns to 5.2% . Following two months of decreasing risk premiums and volatility, both […]
“A rolling loan gathers no loss”. Geoff Castle hosts Winnie Cisar, Global Head of Strategy for CreditSights for a follow up to their May 2022 chat. Geoff and Winnie jump right into discussing how to navigate credit markets in the current climate. There’s a lot to cover as they touch on the latest remarks from […]
Highlights: • Positive contributors to the Fund were Cineworld Group PLC and Federal National Mortgage Association (Fannie Mae). Detractors included Canadian rate-reset preferred shares due to negative price momentum, and Emergent BioSolutions, which we have added to on price weakness. • New positions include Nuveen Quality Municipal Income Fund (NAD US Equity), a closed-end fund […]
Pender Growth Fund Inc. (the “Company”) today announced its financial and operational results for the three months and six months ended June 30, 2023. Financial Highlights (Unaudited) Net income was $41,217 for the three months ended June 30, 2023 (June 30, 2022 – Net loss $58,521,457). Investment performance was neutral in the quarter. Net income […]
Highlights: July was an active month for the Fund as we continued to harvest returns from closed merger deals and reinvest that capital in new mergers. Merger arbitrage spreads continued to remain at wide levels in July following an expansion of spreads in June with some key catalysts on larger merger deals resulting in a […]
Highlights The broad-based rally provided an opportunity to sell liquid high-yield positions at prices that we viewed as fully valued. There were several positive developments within our Event Driven book including Black Knight Inc. (NYSE: BKI), Arconic Corp. (NYSE: ARNC), and PDC Energy Inc. (NASDAQ: PDCE) We are watching commercial real estate where defaults mount […]
La répartition de l’actif constitue la responsabilité la plus fondamentale des cadres d’entreprise. Une société bien nantie dispose de nombreuses options pour mettre son capital à profit. Elle peut choisir de rendre une portion de ce capital à ses actionnaires au moyen de rachats d’actions, d’augmentations des [...]
Highlights: Positive contributors included First Majestic Silver Corp., which rallied from multi-year lows, and our holdings of Liberty TripAdvisor Holdings, Inc. notes, which attracted bids due to their attractive double-digit yield to a 2025 put date. Positive performance was offset by several investment grade securities, which were influenced by higher risk-free rates. Line-item credit weakness […]
Highlights June was a good month for the Fund as it harvested returns from several closed merger deals, which we added to at wider spreads in May. The Fund took advantage of recent volatility to bring net exposure to nearly 100%, the highest level this year. The Fund initiated positions in seven new or previously […]
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