Liquid Alternative Equity
The Pender Alternative Arbitrage Fund aims to produce consistent and low volatility absolute returns by investing primarily in merger arbitrage opportunities. 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.
| Class | 1 Mo. | 3 Mo. | 6 Mo. | 1 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | 15 Yr. | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| A | -0.2% | 0.0% | -0.7% | -0.7% | 2.5% | 2.6% | |||
| F | 0.0% | 0.2% | -0.3% | 0.1% | 3.2% | 3.2% | |||
| F (USD) | 0.0% | 0.5% | 0.3% | 1.3% | 4.1% | 3.7% |
| Class | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | Since Inception |
|---|---|---|---|---|---|---|
| A | $0.02 | $0.17 | $0.57 | $0.41 | $1.05 | $2.21 |
| F | $0.02 | $0.23 | $0.57 | $0.12 | $0.99 | $1.92 |
| I (USD) | $0.40 | $0.64 | $0.33 | $1.37 |
| # | Security Name | Fund (%) |
|---|---|---|
| 1 | MAK Acquisition Corp. | 4.4 |
| 2 | Green Dot Corporation | 1.9 |
| 3 | Bel Fuse Inc. | 1.9 |
| 4 | Drugs Made In America Acquisition II Corp. | 1.8 |
| 5 | Andrew Peller Limited | 1.7 |
| 6 | Crinetics Pharmaceuticals, Inc. | 1.7 |
| 7 | Sizzle Acquisition Corp. II | 1.7 |
| 8 | Laurentian Bank of Canada | 1.6 |
| 9 | First Capital Real Estate Investment Trust | 1.5 |
| 10 | Artius II Acquisition Inc. | 1.5 |
| 11 | Elemental Royalty Corporation | -0.4 |
| 12 | ON Semiconductor Corporation | -0.4 |
| 13 | The Brink's Company | -0.5 |
| 14 | Patrick Industries, Inc. | -0.5 |
| 15 | Banner Corporation | -0.5 |
| 16 | First Financial Bancorp. | -0.5 |
| 17 | Global Net Lease, Inc. | -0.6 |
| 18 | Transocean Ltd. | -0.7 |
| 19 | iShares Bitcoin Trust ETF | -1.1 |
| 20 | Bel Fuse Inc. | -2.3 |
| Total Percentage of Top 10 Holdings | 19.70 | |
| Total Net Assets of Fund | $8,243,384 | |
| Code | Class | Description | MER | Trailer | Min. Investment Initial/[Subsequent] |
|---|---|---|---|---|---|
| PGF 2140 | A | Front End - HNW | 2.97 | 0.85 | $500/[$] |
| PGF 2150 | F | Fee Based | 2.58 | $500/[$] | |
| PGF 2151 | F (USD) | Fee Based | 3.50 | $500/[$] |
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 Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were -0.3% and -0.5% respectively1 in September 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.8%2. Portfolio Update September was another active month for the Fund, characterized by steady deal flow and favourable conditions across both merger and SPAC […]
August was a very active month for the Fund, marked by a burst of new deal activity as well as increased attractiveness in several existing deals that progressed into the final stages of closing. During the month, the Fund initiated positions in 30 new or existing deals while nine deals held within the Fund closed. At the end of August 2025, the Fund held 49 active investments in small cap deals under $2 billion, 36 of
Only available in EnglishDear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.6% and 0.9%[1] respectively in July 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 1.1%[2]. Portfolio Update July saw another positive month of performance in the Fund as several key holdings achieved all required regulatory approvals and […]
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