Pender Liquid Alternative Funds

Highlights Ten new merger deals were initiated in the Fund and six deals held within the Fund closed. We are currently seeing the highest level of potential “deals in the works” for small and mid-cap North American companies since launching the Fund. The Fund continues to be fully invested given the volume of quality merger […]

  Highlights The Fund has increased exposure to SPACs through participation in new issuances adding exposure to existing SPACs.   Equity markets corrected in early August before subsequently recovering. The Fund took advantage of widening spreads by adding to key positions.  The Fund initiated positions in 14 new merger deals with 12 deals held within the […]

Highlights Market returns were driven by a combination of positive carry, narrowing spreads and lower base government bond yields. Short positions in credit were detractors on the portfolio. Contributors to the Fund included a position in Legends Hospitality 5% 2026 bonds, and from several new issues in Canadian and US high-yield markets at particularly attractive […]

Highlights July was another positive month for Fund as several of the larger holdings closed allowing us to harvest and redeploy capital. Key deals included: Apartment Income REIT, Vericity Inc, National Western Life Insurance Co, Everbridge Inc and Argonaut Gold Inc. Performance also benefitted from buoyant equity markets, robust deal activity and outperformance of small […]

Highlights We have put capital to work in new issues in the Canadian dollar high-yield market as some higher quality issues have come to market at meaningfully wider spreads than similar issues in the US high yield market In July, our position in the Austin Fairmont CMBS issue was redeemed, realizing a holding period return […]

Highlights Key deals held in the Fund closed in June, including Indigo Books & Music Inc., Shockwave Medical Inc., Model N Inc., and Secure Energy Services. The Fund initiated positions in 13 new merger deals with 11 deals closing. SPAC exposure.is likely to increase in the short-term. Dear Unitholders, The Pender Alternative Arbitrage Fund was […]

Highlights The Fund participated in new issues from Saturn Oil & Gas Inc (TSX: SOIL) and G. Cooper Equipment Rentals (private). Currently, the Fund is focused on shorter duration and event-driven positions with good carry and minimal downside. The Pender Alternative Absolute Return Fund finished June with a return of 0.0% bringing year to date […]

Highlights The Fund initiated positions in 17 new merger deals. Several key deals closed after achieving their final approvals. These included: Tricon Residential Inc, Carrols Restaurant Group, TrueContext Corp and MDF Commerce Inc. Our SPAC exposure will see a pickup during the summer due to SPAC expirations which should drive an increase in redemptions and […]

Highlights Despite historically expensive valuations at the start of the month, risk assets performed well. The Fund benefitted from several individual long positions where catalysts played out consistent with or even quicker than our initial investment thesis in May. The Fund added to two positions in May where we expect a combination of attractive carry […]