All Insights

We asked the amazing women at Pender what this year’s theme #InspireInclusion means to them. Here’s what they said:

Highlights: Positive contributors included convertible notes from Esperion Therapeutics, Inc. and Bandwidth Inc., and from our position in Lucid Group. A few weak spots included our position in the credit of SSR Mining Inc due to operational challenges at that company's Copler mine in Turkey. However, we believe the credit coverage of the 2039 notes […]

As published in Finance et Investissement on 6 March 2024 (in French), and Conseiller on 25 March, 2024. There is a wide subset of different variables that can affect a business and lead it into distress. If these various factors were arranged within a pyramid structure, at the base, would be macroeconomic—the economic cycle, global/national growth, inflation, central […]

Question: In a fast-changing world of high-tech and geopolitical challenges, can you explain what having a “moat” means today? How can a small investor know if a company has a sustainable competitive advantage? — Cassandra Answer: Sustainable value creation has two dimensions: the magnitude of returns in excess of the cost of capital, and how long […]

Highlights After a positive end to 2023 which saw several key deals held by the Fund close, January had muted activity due to seasonality. The Fund initiated positions in 15 new merger deals. Six deals held within the Fund closed. There are signs of renewed interest in smaller cap companies. Dear Unitholders, The Pender Alternative […]

Pender Growth Fund Inc. (the “Company”) announces that it has provided the TSX Venture Exchange (the "TSXV") with its Notice of Intention to make a Normal Course Issuer Bid (the "NCIB") through the facilities of the TSXV, subject to TSXV acceptance. The Company is proposing to put a new NCIB in place upon the expiry […]

Highlights A major theme in January was the reopening of the primary market in North American liquid credit, following limited issuance in late 2023. The Pender Alternative Absolute Return Fund selectively participated in new issues in both investment grade and high yield markets. We focused on high-yield bonds with all-in yields of 7% or more, […]

Highlights: Through December and January, the Fund initiated a position in the bonds of Sibanye Stillwater Ltd. which is the largest worldwide pure-play company in the mining and refining of platinum group metals. January saw a selloff in Canadian investment grade bonds and limited gains in high yield indices. Esperion Therapeutics Inc. was the Fund’s […]

As seen in the Globe & Mail on February 2, 2024 (for subscribers only) David Barr talk to Brenda Bouw at The Globe and Mail's Globe Advisor on seeking out growth stocks in a volatile market; his style, the impact of higher interest rates, what he's buying and what he's selling. "One of the key reasons we focus on the small-cap […]