Liquid Alternative Fixed Income
The Pender Alternative Absolute Return Fund is a flexible, high yield focused alternative credit strategy that aims to produce positive absolute returns at all stages of the economic cycle. This low-risk strategy can be used to provide diversification benefits to clients with low correlation to traditional equity and fixed income investments.
As at December 31, 2025. The management expense ratio ("MER") is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions, performance fees and other portfolio transaction costs) and is expressed as an annualized percentage of average net assets for the period/year. The applicable taxes are calculated using the attribution percentage for each province based on unitholder residency.
| Current Yield | 7.55% |
| Yield to Maturity | 7.63% |
| Term to Maturity (years) | 5.53 |
| Modified Duration (years) | 1.86 |
| Class | 1 Mo. | 3 Mo. | 6 Mo. | 1 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | 15 Yr. | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| A | 0.7% | 0.4% | 0.9% | 1.7% | 4.0% | 4.9% | |||
| A (USD) | 0.7% | 0.6% | 1.2% | 2.8% | 4.8% | 6.0% | |||
| F | 0.8% | 0.7% | 1.4% | 2.7% | 4.9% | 5.6% | |||
| F (USD) | 0.8% | 0.8% | 1.5% | 3.4% | 5.5% | 6.8% |
| Class | Dec'25 | Jan'26 | Feb'26 | Mar'26 | Apr'26 | May'26 | Jun'26 | Jul'26 | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| A | $0.03 | $0.07 | $0.04 | $0.06 | $0.05 | $0.05 | $0.05 | $0.05 | $3.60 |
| A (USD) | $0.03 | $0.07 | $0.04 | $0.06 | $0.05 | $0.05 | $0.05 | $0.04 | $3.40 |
| F | $0.03 | $0.08 | $0.05 | $0.06 | $0.06 | $0.05 | $0.06 | $0.05 | $4.05 |
| F (USD) | $0.04 | $0.08 | $0.05 | $0.05 | $0.06 | $0.05 | $0.06 | $0.06 | $3.73 |
| # | Security Name | Fund (%) |
|---|---|---|
| 1 | United States Treasury, 0.00%, 03-Nov-26 | 9.1 |
| 2 | Government of Canada, 2.25%, 01-Feb-28 | 7.5 |
| 3 | Sunoco LP, 6.00%, 22-Jun-28 | 6.9 |
| 4 | Hilton USA Trust, Class 'F', Series '16-HHV', 4.33%, 05-Nov-38 | 6.4 |
| 5 | SPDR Bloomberg High Yield Bond ETF | -5.3 |
| 6 | iShares iBoxx High Yield Corporate Bond ETF | -5.9 |
| 7 | Invesco QQQ Trust, Series '1' | -5.9 |
| 8 | iShares Broad USD High Yield Corporate Bond ETF | -6.4 |
| 9 | iShares Russell 2000 ETF | -7.1 |
| 10 | Vanguard S&P 500 ETF | -8.8 |
| Total Percentage of Top 10 Holdings | -9.50 | |
| Total Net Assets of Fund | $657,526,152 | |
| Code | Class | Description | MER | Trailer | Min. Investment Initial/[Subsequent] |
|---|---|---|---|---|---|
| PGF 2040 | A | Front End - HNW | 2.20 | 0.85 | $500/[$] |
| PGF 2041 | A (USD) | Front End - HNW | 2.26 | 0.85 | $500/[$] |
| PGF 2050 | F | Fee Based | 1.25 | $500/[$] | |
| PGF 2051 | F (USD) | Fee Based | 1.27 | $500/[$] |
As at 31-12-2025. The management expense ratio (“MER”) is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions, performance fees and other portfolio transaction costs) and is expressed as an annualized percentage of average net assets for the period/year. The applicable taxes are calculated using the attribution percentage for each province based on unitholder residency.
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 […]
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 […]
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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