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 […]

The Pender Corporate Bond Fund had a good start to the year, delivering a 2.1%1 return in January, which was significantly ahead of investment grade and high yield benchmark returns over the same period. The month saw strength from a diversified group of holdings. Leading the way for us was our position in convertible notes […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.5%1 in December, bringing year to date returns to 2.2%. The bid for risk in late November continued into December with equity indices, excluding Nasdaq hitting new all-time highs. The high yield market produced another positive month with the ICE BofA Index seeing spreads compress by […]