Pender Liquid Alternative Funds

Dear Unitholders, The Pender Alternative Absolute Return Fund returned -0.3%[1] in June, bringing year to date returns to 0.8%. Markets continued to rally in June as seemingly any positive macro news event continued to drive asset prices higher despite some negative economic data points, concerns about fiscal stability in several developed economies and ongoing trade […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 1.4% and 1.8%[1] respectively in May 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 3.04%[2]. Portfolio Update May was another strong month for the Fund, benefiting from tightening spreads and bumps in deals initiated in the Fund […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned -0.3%[1] in May, bringing year-to-date returns to 1.1%. Following on from the strong rebound in the second half of April, risk assets performed quite well in May with the S&P 500 generating its best monthly return in a year and a half. High yield credit spreads […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 1.0% and 1.5%[1] respectively in April 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.22%[2]. Portfolio Update In what was one of the most volatile months in markets since the inception of the Fund, the strategy performed […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned -0.6% in April, bringing year to date returns to 1.4%[1]. Wild swings in risk assets and market tone induced by US President Trump’s “Liberation Day” announcement created opportunities for the Fund to both add on weakness and sell into strength. The ICE BofA US High Yield […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were 0.13% and -0.27%[1] respectively in March 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.41%[2]. M&A Market Update Global M&A activity surged in the final month of Q1 before stalling due to the mounting trade war with $885 […]

Dear Unitholders, The Pender Alternative Absolute Return Fund finished March with a return of 1.2%, bringing year to date returns to 2.0%[1]. Risk assets performed poorly in March as euphoria surrounding Donald Trump’s inauguration was replaced by concern about the potential impact of tariffs on the global economy. The ICE BofA US High Yield Index […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.4% and 0.6%[1] respectively in February 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.7%[2]. M&A Market Update Global M&A activity was over $617 billion in early March in-line with the same period last year[3]. In the […]

Dear Unitholders, The Pender Alternative Absolute Return Fund finished February with a return of 0.9%, bringing year to date return to 0.7%[1]. Credit markets produced positive returns in February as lower government bond yields offset widening credit spreads. The ICE BofA US High Yield Index returned 0.65% in February as spreads finished the month at […]