Highlights July was another positive month for Fund as several of the larger holdings closed allowing us to harvest and redeploy capital. Key deals included: Apartment Income REIT, Vericity Inc, National Western Life Insurance Co, Everbridge Inc and Argonaut Gold Inc. Performance also benefitted from buoyant equity markets, robust deal activity and outperformance of small […]
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 […]
Highlights Key contributors included Desktop Metal Inc. convertible bonds, Emergent BioSolutions 2028 notes, Lucid Group and OPKO Health convertible bonds. New positions included: Spirit Airlines 2025 secured notes, 5.75% convertible notes of PNM Resources, and 2027 notes of Energean PLC. The Pender Corporate Bond Fund enjoyed another profitable period in July, returning 2.6%[1]. Several specific […]
Highlights One of our largest holdings, Copperleaf Technologies Inc (TSX: CPLF) announced it was to be acquired for $12.00 per share. It was among our top three contributors for the quarter, along with Sylogist Ltd (TSX: SYZ). and TerraVest Industries Inc (TSX: TVK). Top detractors this quarter included Dye & Durham Ltd (TSX: DND), Chesswood […]
"The only difference between a salad and garbage is timing." - Andrew Lo, MIT Professor Highlights The Fund returned 1.4% in the second quarter of 2024, with notable contributions from Pender Corporate Bond Fund (fixed income) and Pender Small Cap Opportunities Fund (small caps). Modest defensive reallocation to specialized fund strategies (Pender Corporate Bond Fund […]
Dear Investor, We sincerely appreciate your continued support of Pender Credit Opportunities Fund I (PCOF I). Since its launch, the Fund has delivered an impressive return of 19.8%, net of all fees and expenses, outperforming both the High Yield Market (ICE BofA US High Yield TR USD returned 8.9%) and the CCC index (ICE BofA […]
Highlights Key deals held in the Fund closed in June, including Indigo Books & Music Inc., Shockwave Medical Inc., Model N Inc., and Secure Energy Services. The Fund initiated positions in 13 new merger deals with 11 deals closing. SPAC exposure.is likely to increase in the short-term. Dear Unitholders, The Pender Alternative Arbitrage Fund was […]
Highlights The Fund participated in new issues from Saturn Oil & Gas Inc (TSX: SOIL) and G. Cooper Equipment Rentals (private). Currently, the Fund is focused on shorter duration and event-driven positions with good carry and minimal downside. The Pender Alternative Absolute Return Fund finished June with a return of 0.0% bringing year to date […]
Highlights Strength in Q2 was partially attributable to a rally in response to the Bank of Canada’s decision to reduce the overnight lending rate. Areas of focus over the quarter were defensive sectors including Utilities and Consumer Staples. The Fund is underweight in non-Investment Grade. After a slow start to the quarter, the Fund posted […]
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