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.
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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