Highlights The Fund added back a position in Valvoline Inc. 4.25% 2030 (NYSE:VVV) that we had sold out of in February. This bond is expected to be called in Q1 2024 with the proceeds from the already-completed asset sale to Saudi (Aramco). We exited our position in Rogers Communications Inc. special mandatory redemption bonds, as […]
In March 2023, Pender was a proud sponsor of CFA Society Edmonton’s 45th Annual Forecast Dinner. It was fantastic to support the Society, host clients and hear valuable insights during the panel discussion, where moderator Todd Hirsch (economist and author) was joined by investment experts Catherine Rothrock (Government of Alberta), Scott Blair (CWB), and Justin […]
Highlights 2023 is seeing deals materialize from a more diverse range of sectors. We expect technology sector M&A to continue representing a leading share of deal flow over the next year. The relative slowdown in M&A activity this year is a likely consequence of the current macro environment, marked by higher inflation, interest rates and […]
Highlights The Fund’s positioning was very defensive to start the month and finished with more market exposure compared to the end of January. However, we remain positioned defensively as spreads are tighter than the historic average, with near-term risks for asset prices skewed to the downside in our view. We added to holdings that are […]
Highlights The Pender Corporate Bond Fund had a relatively strong performance amidst a market that saw larger price declines in both high yield and investment grade bond benchmarks. We added a position in the 2028 unsecured bonds of Brazilian payments processing specialist, StoneCo Ltd. An equity portfolio holding of Berkshire Hathaway Inc., the company’s bonds […]
How investors can benefit from merger arbitrage strategies Merger arbitrage strategies are finally available to individual investors—and that’s a good thing because they can offer consistent positive returns, lower volatility and add diversification to an investment portfolio. Yet until recently these investment strategies could only be accessed by accredited investors such as pension funds, family […]
Highlights Pender Value Fund returned 9.7%[1] in January, following a 4.7% gain in the fourth quarter. Technology holdings now represent the largest sector weight in the portfolio at 37.6% at the end of January, up from 29.3% at the end of June 2022. We see many high-quality tech companies trading at a discount of greater […]
PenderFund is delighted to have sponsored the CFA Society Vancouver’s 45th Annual Dinner on February 9, 2023. We are longstanding supporters of the CFA, and 17 of our team members have earned their Chartered Financial Analyst designations or have completed one or more levels. It was a privilege to hear Amber Kanwar, Margaret Franklin and […]
Highlights After a busy December where we had positioned the Fund to take advantage of the wave of year-end SPAC liquidations, January was an active month as we redeployed proceeds from those liquidations into new deals. The Fund initiated positions in 12 new or previously announced merger deals, with eight merger deals held within the […]
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