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 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 […]
Dear Unitholders, The Pender Alternative Absolute Return Fund returned -0.3%1 in October, bringing year-to-date returns to 0.7%. October was a choppier month for markets, with weakness early in the month, a bounce in the middle and a weaker tone late in the month following a hawkish turn from the Fed. The high yield market had […]
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 […]
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 […]
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 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 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 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 […]
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