Pender Alternative Arbitrage Fund

Highlights The Fund initiated a position in the Twitter acquisition by Elon Musk. While this deal was a relatively bumpy ride, it’s also a great example of the contractual and legal strength of a definitive merger agreement. We believe we are now at the peak of the SPAC maturity cliff. Hundreds of SPACs, which were […]

Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) was down 1.1% in September, bringing year-to-date performance to 1.1% with one-year performance of 2.9%[1]. Download PDF M&A Market Update M&A activity stalled in Q3 with a steep 55% decline in deal activity vs. the record M&A boom of last year. After eight consecutive quarters with over […]

VANCOUVER, B.C. PenderFund Capital Management Ltd. (“Pender”) is pleased to announce one-year updates on our actively managed liquid alternative mutual funds, as well as the launch of the Pender Alternative Arbitrage Plus Fund. The Pender Alternative Absolute Return Fund (“PAARF”) is a flexible, high-yield-focused alternative credit strategy that aims to produce positive absolute returns at […]

The Pender Alternative Arbitrage Fund (PAAF) marked one year since its inception on September 8, 2022 with performance of 4.3% since inception. The Fund was up 1.1% in August, bringing year to date performance to 2.2%[1]. The Pender Alternative Arbitrage Fund was launched with the goal of providing investors with a low-risk, low-volatility, absolute return-focused […]

The Pender Alternative Arbitrage Fund (PAAF) ended the month of July 2022 with a NAV of $10.30 per unit[1]. Download PDF The first seven months of 2022 saw $2.3T of deals announced globally, the fourth highest year-to-date total on record2. M&A activity was down 62% in July, totalling $200.8B of deals announced, likely driven by […]

Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of June 2022 with a NAV of $10.27 per unit[1]. Download PDF The first half of 2022 closed off with $2.2T of global M&A activity continuing the two-year streak of >$1T in quarterly deals2. While down 21% from last year’s record pace, M&A activity […]

Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of May 2022 with a NAV of $10.23 per unit[1]. M&A activity remains elevated with over $1.8T of deals announced globally at the end of May, a total that has only been exceeded three times in history2. A total of $377B of merger deals […]

Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of April 2022 with a NAV of $10.23 per unit[1]. Download PDF After a slow-down last month, M&A activity is picking back up with the value of global deals rising 23% in April[2]. Global M&A totaled $1.4T at the end of April, down from […]

Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of March 2022 with a NAV of $10.28 per unit[1]. M&A activity ended Q1 with over $1 trillion of global deal activity, down 21% from last year as the impact of rising inflation and geopolitical tensions may be causing some acquirers to hit the […]