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, […]
Market Insights Many consider the month of January as a good leading indicator of how the year will play out. Well, if this year is going to follow that pattern, we had better all buckle up, as it could be quite the ride. January finished with a whimper as markets fell on the last trading […]
Market Update Momentum is a wonderful thing, and that was seen in abundance in 2025, with global equity markets experiencing their third straight year of strong performance. Of course it wasn’t all smooth sailing, as we now know that nothing with the current leadership in Washington will be easy. That was made abundantly clear in […]
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 […]
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.2% respectively1 in December 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 1.3%2. For the full year of 2025 the Funds were up 5.0% and 5.9% respectively while the HFRI ED: Merger Arbitrage Index (USD) returned 10.3%. […]
Market Insights Momentum is a wonderful thing, and that was seen in abundance in 2025, with global equity markets experiencing their third straight year of strong performance. Of course it wasn’t all smooth sailing, as we now know that nothing with the current leadership in Washington will be easy. That was made abundantly clear in […]
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were down -0.5% and -0.6% respectively1 in November 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.3%2. Portfolio Update November was another active month for the Fund, reflecting the continued momentum in the M&A market and a steady cadence […]
Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.7%1 in November, bringing year to date returns to 1.7%. Market volatility picked up in November, driven by high issuance and concern around the business models of certain segments of the AI industry. A strong final week supported by US Thanksgiving and limited investor engagement allowed […]
Market Insights To say 2025 has been an odd year is an understatement. After a series of years with strong returns, everyone began January with muted expectations. Valuations were high and the prospects for earnings growth were low. However, optimists were quick to remind you that President Trump in his first term would often use […]
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