Momentum is a wonderful thing, and that was seen in abundance in 2025, with global equity markets experiencing their third straight year of strong performance. Of course it wasn’t all smooth sailing, as we now know that nothing with the current leadership in Washington will be easy. That was made abundantly clear in early April […]
We are pleased to welcome back Duncan Stewart, Director of TMT Research at Deloitte Canada, for Pender Ventures’ annual Technology, Media, and Telecommunications (TMT) update. Hosted by Maria Pacella, Managing Partner at Pender Ventures, this wide-ranging conversation explores Deloitte’s 2026 TMT Predictions and what they mean for investors, operators, and policymakers. Duncan shares insights on […]
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were down -0.5% and -0.6% respectively1 in November 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.3%2. Portfolio Update November was another active month for the Fund, reflecting the continued momentum in the M&A market and a steady cadence […]
Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.7%1 in November, bringing year to date returns to 1.7%. Market volatility picked up in November, driven by high issuance and concern around the business models of certain segments of the AI industry. A strong final week supported by US Thanksgiving and limited investor engagement allowed […]
As we find ourselves in December, with the holiday season upon us, the question naturally arises: Do you believe in the Santa Rally? This seasonal phenomenon, where equities tend to rise in the run-up to Christmas, is one of the market’s most enduring traditions. Across geographies and market cycles, the pattern persists: according to recent […]
In November, the S&P/TSX Composite Index advanced, reaching a new record high. In commodity markets, gold prices rose, and silver also hit an all-time high, making Materials one of the month’s strongest-performing sectors, alongside Consumer Staples. A major development during the month was Prime Minister Mark Carney’s first federal budget, which outlined new spending aimed […]
Inside the fund’s first year: lessons, opportunity sets, and 2026 themes Celebrating one year of the Pender US Small/Mid Cap Equity Fund. In this episode, Laura Baker sits down with Aman Budhwar to reflect on the Fund’s first year, the investment framework behind its early consistency, and how Aman is navigating opportunity and risk across […]
Market Environment The first 10 months of the year were exceptionally resilient for US equities, but the market took a pause in November. Even with a solid set of earnings and revenue beats, the momentum did not carry through, and the broader US market advanced only 0.2% during the month. This was somewhat surprising given […]
When a chief executive steps down, markets react quickly. Shares jump (or fall). Commentators debate whether the change signals renewal or crisis. Investors begin assessing the next “star” who might reignite growth. But leadership transitions rarely hinge on a leader’s charisma alone. Over time, the companies that endure are not built on stars ... but systems. Consider the West Coast’s […]
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