Highlights After a euphoric March, April poured cold water on the euphoria halting the market’s year-to-date rise. Global M&A at the end of April was up 31% from last year. In Canada, technology sector leads deal volumes followed by the energy & power and financials sectors. We believe valuations for many small cap companies owned […]
Highlights The Fund added to some higher quality, high yield positions in April. Following a market rebound, we raised cash in the later part of the month. We closed our short position in Charter Communication’s unsecured bonds, and our capital structure trade in CSC Holdings LLC, a subsidiary of Altice USA. The Pender Alternative Absolute […]
Highlights Fund holding, Everbridge Inc (NASDAQ: EVBG, a critical event management enterprise software company) announced they had entered into an agreement to be acquired by private equity firm Thoma Bravo. The Fund initiated positions in 10 new merger deals with 9 deals held within the Fund closing. Dear Unitholders, The Pender Alternative Arbitrage Fund was […]
Highlights Cash and T-bill holdings have been reduced by about 20% of net asset value to improve portfolio yield. Additions to loan holdings, with current yields from mid-7% to mid-8%, include high quality businesses like Hilton Worldwide Holdings Inc. (NYSE: HLT) and Transdigm Group Inc. (NYSE: TDG). The Pender Alternative Absolute Return Fund finished March […]
Dear Unitholders, The Pender Alternative Arbitrage Fund was up 0.9%[1] in February 2024. The Fund’s benchmark, the HFRI ED: Merger Arbitrage Index (USD) returned -0.2% during the same period. M&A Market Update Through mid-March Global M&A Activity totaled $630 billion, a 42% increase from last year as M&A activity continues to recover.[2] North America is […]
Highlights Cash and T-bill holdings have been reduced by about 20% of net asset value to improve portfolio yield. Additions to loan holdings, with current yields from mid-7% to mid-8%, include high quality businesses like Hilton Worldwide Holdings Inc. (NYSE: HLT) and Transdigm Group Inc. (NYSE: TDG). The Pender Alternative Absolute Return Fund finished February […]
As published in Finance et Investissement on 6 March 2024 (in French), and Conseiller on 25 March, 2024. There is a wide subset of different variables that can affect a business and lead it into distress. If these various factors were arranged within a pyramid structure, at the base, would be macroeconomic—the economic cycle, global/national growth, inflation, central […]
Highlights After a positive end to 2023 which saw several key deals held by the Fund close, January had muted activity due to seasonality. The Fund initiated positions in 15 new merger deals. Six deals held within the Fund closed. There are signs of renewed interest in smaller cap companies. Dear Unitholders, The Pender Alternative […]
Highlights A major theme in January was the reopening of the primary market in North American liquid credit, following limited issuance in late 2023. The Pender Alternative Absolute Return Fund selectively participated in new issues in both investment grade and high yield markets. We focused on high-yield bonds with all-in yields of 7% or more, […]
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