As published in the AIMA Journal on September 23, 2024 Synergy—the combination of two or more elements to produce a combined effect greater than the sum of their individual parts—has given the world Lennon and McCartney, fish ‘n’ chips, and Dolce & Gabbana. In the realm of investing in stressed and distressed credit, investors have […]
Parul Garg, Pender’s distressed credit expert in default securities, reorganizations and recapitalizations, discusses the impending catalysts for generating meaningful alpha in distressed debt in the next 3-to-5 years, and how a public credit strategy complements investing in private credits. She explains the various approaches to creating value and managing risk in both the Pender Credit […]
Highlights Market returns were driven by a combination of positive carry, narrowing spreads and lower base government bond yields. Short positions in credit were detractors on the portfolio. Contributors to the Fund included a position in Legends Hospitality 5% 2026 bonds, and from several new issues in Canadian and US high-yield markets at particularly attractive […]
VANCOUVER, B.C., September 10, 2024 - PenderFund Capital Management Ltd. (“Pender”) is marking the three-year anniversary of the launch of its Liquid Alternative suite of funds. These funds provide clients with access to diversification beyond traditional asset classes and complement Pender’s fixed income, equity and balanced fund line-up. Launched in 2021, our liquid alternative funds […]
Highlights Key performance contributors included convertible bonds in Revance Therapeutics Inc., OPKO Health Inc., and Cineplex Inc. Key detractor was Stem Inc. We added weight to several lines of existing credits including Crowdstrike Holdings Inc, which we consider an extremely strong credit, and to our existing holdings of Canadian real return bonds. The Pender Corporate […]
Our beautiful beaches are a vital part of our community. We wanted to help keep them clean and pristine so we organized a Beach Cleanup Day when lots of Pender people met up to clean up! We really wanted to enjoy a day out with colleagues in the summer sun, but we wanted to do something […]
As published in the Financial Post on August 25, 2024 British pop band Dead or Alive had a massive hit in the mid-80s with their song “You Spin Me Round (Like a Record)” on their “Youthquake” album. It’s a catchy little number. Over on the other side of the pond, in the investment world, something […]
Pender Growth Fund Inc. (the “Company”) today announced its financial and operational results for the three months and six months ended June 30, 2024. Financial Highlights (Unaudited) Net income was $22,533,335 for the three months ended June 30, 2024 (June 30, 2023 – $41,217) due to positive investment performance in the quarter. Net income per […]
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 […]
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