Pender Growth Fund Announces Annual Results and Provides Company Updates VANCOUVER, B.C. (TSXV: PTF) Pender Growth Fund Inc. (the “Company”) today announced its financial and operational results for the year ended December 31, 2022 Financial Highlights Net loss was $127,838,962 for the year ended December 31, 2022 (December 31, 2021 – Net income $152,096,772) primarily […]
The Pender Corporate Bond Fund returned -0.5%[1] in March. Although the period was a strong one for the high-grade part of the portfolio, a few idiosyncratic events in particular lines and widening spreads in lower-tier credit holdings led to a net negative result for the month. Highlights Most of the Fund’s investment grade holdings were […]
Highlights The Fund added back a position in Valvoline Inc. 4.25% 2030 (NYSE:VVV) that we had sold out of in February. This bond is expected to be called in Q1 2024 with the proceeds from the already-completed asset sale to Saudi (Aramco). We exited our position in Rogers Communications Inc. special mandatory redemption bonds, as […]
In March 2023, Pender was a proud sponsor of CFA Society Edmonton’s 45th Annual Forecast Dinner. It was fantastic to support the Society, host clients and hear valuable insights during the panel discussion, where moderator Todd Hirsch (economist and author) was joined by investment experts Catherine Rothrock (Government of Alberta), Scott Blair (CWB), and Justin […]
Highlights 2023 is seeing deals materialize from a more diverse range of sectors. We expect technology sector M&A to continue representing a leading share of deal flow over the next year. The relative slowdown in M&A activity this year is a likely consequence of the current macro environment, marked by higher inflation, interest rates and […]
Highlights The Fund’s positioning was very defensive to start the month and finished with more market exposure compared to the end of January. However, we remain positioned defensively as spreads are tighter than the historic average, with near-term risks for asset prices skewed to the downside in our view. We added to holdings that are […]
Highlights The Pender Corporate Bond Fund had a relatively strong performance amidst a market that saw larger price declines in both high yield and investment grade bond benchmarks. We added a position in the 2028 unsecured bonds of Brazilian payments processing specialist, StoneCo Ltd. An equity portfolio holding of Berkshire Hathaway Inc., the company’s bonds […]
Les investisseurs individuels ont enfin accès aux stratégies d’arbitrage sur fusion — une bonne chose, car celles-ci se distinguent par la constance de leur rendement positif, leur faible volatilité et la diversification qu’elles apportent aux portefeuilles de placement. Pourtant, jusqu’à tout récemment, seuls des [...]
Highlights Pender Value Fund returned 9.7%[1] in January, following a 4.7% gain in the fourth quarter. Technology holdings now represent the largest sector weight in the portfolio at 37.6% at the end of January, up from 29.3% at the end of June 2022. We see many high-quality tech companies trading at a discount of greater […]
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