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Market Insights It can become somewhat unsettling when it seems everything is working. We normally live in a world of mean reversion and while winning streaks can be fun, they often are followed by a rough patch. That has to be what many investors are feeling these days. Since the ‘Liberation Day’ selloff in April, […]

Class F units of the Pender Bond Universe Fund (the “Fund”) were up 4.7%1 over the quarter, outperforming their benchmark, the FTSE Canada Universe Bond Index, by 3.2%. All portions of the Fund pulled in the same direction this period with our high grade, individual credit lines and Pender Corporate Bond Fund holdings all higher […]

The Pender Corporate Bond Fund had a historic September, gaining 4.8%1, as a number of drivers led to the Fund’s best one-month performance since inception. Precious metals holdings again led the Fund’s returns in September, as eight of our holdings in the sector delivered double-digit gains. Our convertible notes in platinum group metals miner, Sibanye […]

It can become somewhat unsettling when it seems everything is working. We normally live in a world of mean reversion and while winning streaks can be fun, they often are followed by a rough patch. That has to be what many investors are feeling these days. Since the ‘Liberation Day’ selloff in April, the worst […]

Vancouver, British Columbia – October 1, 2025 – PenderFund Capital Management Ltd. (“Pender”) announced today that the ongoing Canada Post labour disruption will impact Pender’s delivery of meeting materials to its unitholders in respect of the special meetings of certain classes of its mutual funds (“Funds”), scheduled to be held in a virtual only meeting […]

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

Recap of August Global equities delivered robust results in the month despite the ongoing macroeconomic uncertainty. Small- and mid-cap stocks performed well, with the Russell 2000 gaining over 7% and value indices broadly outperforming large-cap growth. Outside North America, developed international equities, as measured by the FTSE Developed ex-US Index, rose 3.3%, supported by strength […]

Dave Barr joined Merella Fernandez on BNN Bloomberg's The Close today to talk about the Canadian small cap universe. Dave touched on how Canadian small caps compare to US small caps at the moment and whether small caps would benefit from rate cuts. When asked about key themes for Pender in the small cap space, […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.0%1 in August, bringing year to date returns to 1.0%. August was an encouraging month for risk assets, the catalyst being Jerome Powell’s speech at Jackson Hole with more than half of the 7% monthly return of the Russell 2000 Index coming on August 22, the […]