Highlights The Fund enjoyed one of its best performing months in May. Key contributors were Novavax convertible bonds, Fannie Mae preferred shares, Lucid Group Inc., Emergent BioSolutions, and OPKO Health Inc., along with numerous Canadian preferred shares. Two detractors were EchoStar Corp and American Tire Distributors Holdings Inc. The Pender Corporate Bond Fund enjoyed one […]
As published in Finance et Investissement on 3 June 2024 (in French). Can SPACs, those beleaguered blank-cheque companies whose recent history is as volatile and unpredictable as the emotional health of a certain former president of the United States, be staging a comeback? The SPAC sector, which raises money through public exchange listings and then acquires […]
Expertise and experience, transparency and liquidity. In this episode, we delve into the complex world of public stressed and distressed credit investing. Join Parul Garg for a discussion on investing in stressed and distressed credits in public markets, as held in the Pender Credit Opportunities Fund and in the Pender Corporate Bond Fund. Parul provides […]
Pender Growth Fund Inc. (the “Company”) today announced its financial and operational results for the three months ended March 31, 2024. Financial Highlights Net income was $12,262,927 for the three months ended March 31, 2024 (March 31, 2023 – Net loss $3,293,058) due to positive investment performance in the quarter. Net income per Class C […]
As seen in the Globe & Mail on May 16, 2024 (for subscribers only) In the professional sphere, investment risk is defined in technical terms with mathematical ratios, such as standard deviation, Sharpe Ratio, Beta, R-Squared and so forth. These can be useful tools. In addition, each type of asset class has its own peculiar risks. […]
Highlights After a euphoric March, April poured cold water on the euphoria halting the market’s year-to-date rise. Global M&A at the end of April was up 31% from last year. In Canada, technology sector leads deal volumes followed by the energy & power and financials sectors. We believe valuations for many small cap companies owned […]
Award-winning Morgan Housel discusses risk, data traps, and how to be happier with PenderFund’s Amar Pandya presented by the CFA Society Vancouver “Risk is what you don’t see.”- Morgan Housel The biggest risks come from unknown, unpredictable events that, not only did nobody see coming, but were impossible to see coming, said Housel. He gave […]
Highlights: Higher risk-free rates offset line-item strength in the portfolio. Positive performance in areas including cinemas helped our positions. We continue to look beyond a single macro idea to other options to generate returns. We initiated positions in the convertible bonds of Revance Therapeutics Inc. and the secured bonds of Porch Group Inc. After an […]
Highlights The Fund added to some higher quality, high yield positions in April. Following a market rebound, we raised cash in the later part of the month. We closed our short position in Charter Communication’s unsecured bonds, and our capital structure trade in CSC Holdings LLC, a subsidiary of Altice USA. The Pender Alternative Absolute […]
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