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 The Fund generated a positive December and found opportunities in the new issue markets in both Canada and the US that included Wolf Midstream Canada LP (private) and Diebold Nixdorf Incorporated (NYSE: DBD). Our position in Neiman Marcus Group’s bond was called in late December which generated an IRR of more than 10% since […]
Highlights The riskiest segments of the high yield market performed the best in November, continuing a trend that started in July. We added to our holdings in Wolf Midstream Canada LP (private) in early December. At this time, we prefer the bonds of larger, higher quality issuers like Hilton (NYSE: HLT) with a much larger […]
Highlights Credit markets had their second negative month of 2024 in October as government bond yields reversed all the decline of the summer months. Credit spreads continued to grind tighter, with high yield spreads hitting new post 2007 lows in October. Selling activity included positions in Canadian bank low reset Limited Recourse Capital Notes (“LRCNs”) […]
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