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.
Highlights In response to the hostile regulatory environment for merger deals this year and particularly in May, spreads for mergers have widened considerably. Merger arbitrage spreads now offer increasingly appealing returns with average merger arbitrage spreads in North America increasing to double digits from last year[1]. As the SPAC sector shrinks, so has the SPAC […]
Only available in EnglishHighlights April saw a return to a more normalized merger arbitrage market following a volatile March fraught with regulatory pushback and increased uncertainty due to the regional banking crisis. A benefit of the elevated volatility and regulatory risk was a widening of arbitrage spreads. We continue to see favourable conditions for deal activity in the […]
Only available in EnglishHighlights A positive development during the month was banks returning to provide buyout debt financing. March was the peak month of SPAC maturities for 2023 with the industry now fully lapping the peak of the 2020/21 SPAC bubble by the typical two-year maturity date. As the size of the SPAC sector and the number of […]
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