Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of March 2022 with a NAV of $10.28 per unit[1]. M&A activity ended Q1 with over $1 trillion of global deal activity, down 21% from last year as the impact of rising inflation and geopolitical tensions may be causing some acquirers to hit the […]
Dear Unitholders, The Pender Alternative Absolute Return Fund finished March with a unit price of $10.01 and distributions of $0.05 per unit[1]. Download PDF March 2022 was a volatile month for markets with a dramatic pivot from “risk off” to “risk on” in the middle of the month. Risk assets were not deterred by the […]
VANCOUVER, B.C. (TSXV: PTF) Pender Growth Fund Inc. (the “Company”) today announced its financial and operational results for the year ended December 31, 2021. Financial Highlights Net income was $152,096,772 for the year ended December 31, 2021 (December 31, 2020 – $14,475,473) primarily the result of positive investment performance during the year. Shareholders’ equity per […]
The Pender Corporate Bond Fund returned -0.4%[1] in March. While we never celebrate losses, it is worth noting that the Fund’s monthly loss was less than a third of that of the high yield index for the same period and over two percentage points above the Canadian bond universe. In short, it was a volatile […]
Fellow unit holders, As investors continue to assess the financial risks related to the conflict between Russia and Ukraine, stock markets ended February on a mixed note. In the US, the S&P 500 Index (CAD) was down 3.3% but its small-cap peer, the Russell 2000 Index (CAD) was up 0.8%. In Canada, the S&P/TSX Composite […]
Dear Unitholders, The Pender Alternative Absolute Return Fund finished February with a unit price of $10.01 and distributions of $0.02 per unit[1]. Download PDF February 2022 was a volatile month for markets with the high-yield market putting up its second consecutive negative month and fifth negative month out of the last six. The ICE BofA […]
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) ended the month of February 2022 with a NAV of $10.18 per unit[1]. Despite equity market volatility, record inflation, rising rates and a geopolitical crisis, M&A activity shows no signs of slowing with over $740B of global deal activity in the first two months 2022, the second […]
The Pender Corporate Bond Fund delivered a result of -0.5%[1] in February, a period of relatively strong performance in a market beset by numerous headwinds, one of which was a spread-widening in credit. Download PDF Bright spots for the Fund included some positions in the precious metals sector, as both SSR Mining Inc. and First […]
The beautiful stories to be found in distressed credit. Geoff Castle interviews Stan Manoukian, founder of Independent Credit Research LLC. Together they discuss Stan’s background, his experiences with distressed debt and the motivation that led him to start his own firm. Stan also discusses in depth the lessons he has learned throughout his career and […]
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