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 With the global rate cut cycle now well underway we have been actively reducing our exposure to broadly syndicated loans. The Fund closed out a small, long position bond issued by a stressed US office REIT. It now has two positions in securities issued by office REITs, both of which are modest short positions. […]
Highlights Market returns were driven by a combination of positive carry, narrowing spreads and lower base government bond yields. Short positions in credit were detractors on the portfolio. Contributors to the Fund included a position in Legends Hospitality 5% 2026 bonds, and from several new issues in Canadian and US high-yield markets at particularly attractive […]
Highlights We have put capital to work in new issues in the Canadian dollar high-yield market as some higher quality issues have come to market at meaningfully wider spreads than similar issues in the US high yield market In July, our position in the Austin Fairmont CMBS issue was redeemed, realizing a holding period return […]
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