Highlights The Fund’s positive performance was driven by proceeds from several SPAC liquidations and redemptions, tightening of some wide-spread merger arbitrage deals, and the closing of several merger deals. The Fund had its highest positioning in SPACs since inception to benefit from a wave of early liquidations or redemptions with much of that capital redeployed […]
In December, Pender and our employees contributed a combined $64,760 to food banks across Canada. In a virtual donation drive for the Greater Vancouver Food Bank (GVFB) employees raised over $17,355, with the firm matching each donation, as well as making an additional donation, bringing the total to $54,520 for the Vancouver Food Bank alone. […]
"When we’re relentlessly exposed to too much information, we just can’t cope. So, we reach for shortcuts to help us get through the day." Given how unreliable expert predictions are, why do we pay attention to them, asks Pender's Felix Narhi. Read his latest article in Globe Advisor. Click here to read
For the three months ended December 31, 2022, the Pender Bond Universe Fund generated a 0.8%[1] return, outperforming its benchmark by approximately 70bp. For the full year of 2022, the Fund returned -6.4%1, realizing a respectable 5.3% of relative outperformance compared to its benchmark. The Fund’s positive return over the last six months of the […]
Highlights The Fund added to loan exposures, participating in the TransDigm Group Incorporated (NYSE: TDG) new term loan, and added a position in Maxar Technologies Inc. (Nasdaq: MAXR) 2027 bond. We exited our position in Open Text Corp. (TSX: OTEX) unsecured bonds on strength. The Fund entered the commercial mortgage-backed securities (CMBS) market, buying a […]
En finances, la volatilité du prix signifie que le prix d’une action, d’une obligation ou de tout autre actif financier s’écarte notablement de son prix moyen pendant une période donnée. Techniquement parlant, cette définition tient toujours, mais au cours des 30 dernières années, la volatilité a pris un nouveau sens [...]
Highlights Positive contributors in December were Chinese property developer Country Garden Holdings Company Limited, Emergent BioSolutions Inc., and Carriage Services, Inc., while detractors included National CineMedia LLC, and rising government bond yields that drove investment grade bond prices lower. In December, we initiated a position in Bandwidth Inc., a maker of software for web applications […]
La recherche du moment opportun, un concept en vertu duquel les décisions de placement sont prises en fonction des mouvements boursiers anticipés, est une stratégie très séduisante – un peu à l’image des sirènes de la mythologie grecque qui se servaient de la beauté de leurs chants pour attirer et prendre aux [...]
Les « actifs alternatifs » ou « stratégies de placement alternatives » occupent une place de choix dans les médias financiers à l’heure actuelle. Mais de quoi s’agit-il en fait et comment ces actifs peuvent-ils offrir une longueur d’avance aux investisseurs? Traditionnellement, on entend par actif alternatif [...]
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