Liquid Alternative Equity
The Pender Alternative Arbitrage Plus Fund aims to produce consistent and low volatility absolute returns by investing primarily in merger arbitrage opportunities. This low-risk strategy aims to enhance returns by using leverage and 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 | -0.1% | -0.7% | -1.6% | -2.1% | 2.2% | 1.8% | |||
| F | 0.0% | -0.4% | -1.1% | -1.2% | 3.3% | 3.1% |
| Class | Dec'22 | Dec'24 | Dec'25 | Since Inception | |
|---|---|---|---|---|---|
| A | $0.02 | $0.03 | $0.79 | $0.84 | |
| F | $0.02 | $0.00 | $0.72 | $0.74 |
| # | Security Name | Fund (%) |
|---|---|---|
| 1 | Crinetics Pharmaceuticals, Inc. | 4.8 |
| 2 | MAK Acquisition Corp. | 3.9 |
| 3 | Simulations Plus, Inc. | 3.4 |
| 4 | Andrew Peller Limited | 3.3 |
| 5 | Laurentian Bank of Canada | 3.2 |
| 6 | Bel Fuse Inc. | 3.1 |
| 7 | Drugs Made In America Acquisition II Corp. | 2.9 |
| 8 | Artius II Acquisition Inc. | 2.8 |
| 9 | DT Cloud Star Acquisition Corporation | 2.8 |
| 10 | First Capital Real Estate Investment Trust | 2.8 |
| 11 | Patrick Industries, Inc. | -0.9 |
| 12 | The Brink's Company | -0.9 |
| 13 | Transocean Ltd. | -0.9 |
| 14 | First Financial Bancorp. | -1.0 |
| 15 | Global Net Lease, Inc. | -1.2 |
| 16 | iShares Bitcoin Trust ETF | -1.7 |
| 17 | Bel Fuse Inc. | -3.8 |
| 18 | Canadian Treasury Bill, 0.000%, 09-Sep-2026 | -8.9 |
| 19 | United States Treasury Bill, 0.000%, 03-Dec-2026 | -14.4 |
| 20 | United States Treasury Bill, 0.000%, 03-Sep-2026 | -18.6 |
| Total Percentage of Top 10 Holdings | 33.00 | |
| Total Net Assets of Fund | $33,510,194 | |
| Code | Class | Description | MER | Trailer | Min. Investment Initial/[Subsequent] |
|---|---|---|---|---|---|
| PGF 2200 | A | Front End | 3.77 | 0.85 | $500/[$] |
| PGF 2250 | F | Fee Based | 2.50 | $500/[$] |
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 was up 0.9%[1] in February 2024. The Fund’s benchmark, the HFRI ED: Merger Arbitrage Index (USD) returned -0.2% during the same period. M&A Market Update Through mid-March Global M&A Activity totaled $630 billion, a 42% increase from last year as M&A activity continues to recover.[2] North America is […]
Highlights After a positive end to 2023 which saw several key deals held by the Fund close, January had muted activity due to seasonality. The Fund initiated positions in 15 new merger deals. Six deals held within the Fund closed. There are signs of renewed interest in smaller cap companies. Dear Unitholders, The Pender Alternative […]
Highlights There was a high level of activity in the Fund during December with several merger deals closing by year-end. This allowed the Fund to harvest returns and redeploy the capital in new opportunities. Nineteen merger deals held within the Fund closed in December and the Fund initiated positions in 19 new deals. There was […]
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