Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.0%1 in September, bringing year to date returns to 1.0%. September saw robust risk appetite met with record high yield issuance. The ICE BofA US High Yield Index returned 0.8%, despite giving up some gains in the last week of the month. Spreads tightened by only […]
August was a very active month for the Fund, marked by a burst of new deal activity as well as increased attractiveness in several existing deals that progressed into the final stages of closing. During the month, the Fund initiated positions in 30 new or existing deals while nine deals held within the Fund closed. At the end of August 2025, the Fund held 49 active investments in small cap deals under $2 billion, 36 of
Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.0%1 in August, bringing year to date returns to 1.0%. August was an encouraging month for risk assets, the catalyst being Jerome Powell’s speech at Jackson Hole with more than half of the 7% monthly return of the Russell 2000 Index coming on August 22, the […]
Market Insights August lived up to its reputation for volatility, however this year the move was to the upside. There has been much for investors to be concerned with this year and that has kept many on the sidelines. That may still prove to be the correct positioning, but the ‘pain trade’ remains higher and […]
VANCOUVER, B.C., August 29, 2025 – PenderFund Capital Management Ltd. (“Pender”) is pleased to announce that as of August 28, 2025 Purpose Investments Inc. (“Purpose”) has assigned the management and trusteeship of Purpose Select Equity Fund to Pender, whereupon it has been renamed Pender Alternative Select Equity Fund (the “Fund”). This transition was approved by unitholders […]
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.6% and 0.9%[1] respectively in July 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 1.1%[2]. Portfolio Update July saw another positive month of performance in the Fund as several key holdings achieved all required regulatory approvals and […]
Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.3%[1] in July, bringing year-to-date returns to 1.0%. Credit markets saw tighter spreads in July and positive absolute returns, but by late in the month there were signs of exhaustion as historically expensive spread levels were met with mixed earnings from cyclical market segments and significant […]
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.4% and 0.7%[1] respectively in June 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 2.7%[2]. Portfolio Update June was another positive month for the Fund, benefiting from tightening spreads in several key deals held within the Fund. […]
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 […]
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