All Insights

Highlights: Positive contributors included First Majestic Silver Corp., which rallied from multi-year lows, and our holdings of Liberty TripAdvisor Holdings, Inc. notes, which attracted bids due to their attractive double-digit yield to a 2025 put date. Positive performance was offset by several investment grade securities, which were influenced by higher risk-free rates. Line-item credit weakness […]

Highlights June was a good month for the Fund as it harvested returns from several closed merger deals, which we added to at wider spreads in May. The Fund took advantage of recent volatility to bring net exposure to nearly 100%, the highest level this year. The Fund initiated positions in seven new or previously […]

Highlights Within the Fund’s equity holdings, strong positive contributions came from Onex Corp. (TSX: ONEX), ARC Resources Ltd. (TSX: ARX), and Burford Capital Ltd. (NYSE: BUR). Detractors included Brookfield Corporation (TSX: BN), Texas Pacific Land Corporation (NYSE: TPL), as well as Fiera Capital Corp (TSX: FSZ). However, Brookfield and Texas Pacific Land have both contributed […]

Highlights Sylogist Inc (TSX: SYZ) is the largest holding in the Fund and was a top contributor in the quarter. We have been active with the company over the last few months and have successfully negotiated a nomination agreement that allows us to appoint a director to their board. Burford Capital Inc (NYSE: BUR) was […]

Highlights It was the first month of outperformance for small caps relative to large caps since February. Sylogist Inc. (TSX: SYZ) was a top contributor in the quarter. We are focused on reviewing our holdings regarding their ability to service existing debt, in addition to their maturity profile and the risks of refinancing their debt. […]

This year, many staff within the Pender organization participated in the Junior Achievement (JA) Company Program, an opportunity that provides students with the business knowledge to organize and successfully create a company. Guided by the leadership and business acumen of Pender staff, twelve students successfully designed, marketed, and organized a business of their own within […]

Highlights The Fund added to event-driven holdings, most notably the 5.75% 2026 notes issued by PDC Energy Inc. (Nasdaq: PDCE) which is in the process of being acquired by Chevron Corp. (NYSE:CVX). New issue activity picked up and we participated in several transactions, most notably Northland Power Inc.’s (TSX: NPI) inaugural hybrid issue which priced […]

Highlights Positive contributors were shorter-dated, higher-quality lines as well as the Fund’s exposure to credit through the Pender Corporate Bond Fund. With high-yield spreads remaining at approximately 4% at quarter-end and with indicators skewed to the likelihood of recession, the Fund’s exposure to credit remains towards the lowest since the Fund’s inception. --- For the […]

Highlights Positive contributors included: Paratek Pharmaceuticals, Inc. to be acquired leading to a gain of more than 10% in that position; OPKO Health Inc. on the FDA’s approval of the company’s NGENLA growth hormone therapy; Carriage Services Inc. rallied over 5% on a takeover bid from a trade buyer; and Fannie Mae preferred shares also […]