Highlights The Fund’s positive performance was driven by proceeds from several SPAC liquidations and redemptions, tightening of some wide-spread merger arbitrage deals, and the closing of several merger deals. The Fund had its highest positioning in SPACs since inception to benefit from a wave of early liquidations or redemptions with much of that capital redeployed […]
In December, Pender and our employees contributed a combined $64,760 to food banks across Canada. In a virtual donation drive for the Greater Vancouver Food Bank (GVFB) employees raised over $17,355, with the firm matching each donation, as well as making an additional donation, bringing the total to $54,520 for the Vancouver Food Bank alone. […]
"When we’re relentlessly exposed to too much information, we just can’t cope. So, we reach for shortcuts to help us get through the day." Given how unreliable expert predictions are, why do we pay attention to them, asks Pender's Felix Narhi. Read his latest article in Globe Advisor. Click here to read
For the three months ended December 31, 2022, the Pender Bond Universe Fund generated a 0.8%[1] return, outperforming its benchmark by approximately 70bp. For the full year of 2022, the Fund returned -6.4%1, realizing a respectable 5.3% of relative outperformance compared to its benchmark. The Fund’s positive return over the last six months of the […]
Highlights The Fund added to loan exposures, participating in the TransDigm Group Incorporated (NYSE: TDG) new term loan, and added a position in Maxar Technologies Inc. (Nasdaq: MAXR) 2027 bond. We exited our position in Open Text Corp. (TSX: OTEX) unsecured bonds on strength. The Fund entered the commercial mortgage-backed securities (CMBS) market, buying a […]
How investors can benefit from volatility In the investing world, price volatility is defined by how far the price of a stock, bond, or other financial asset may deviate from its mean price within a given period. That is still the technical definition but over the past 30 years, the general understanding of volatility has […]
Highlights Positive contributors in December were Chinese property developer Country Garden Holdings Company Limited, Emergent BioSolutions Inc., and Carriage Services, Inc., while detractors included National CineMedia LLC, and rising government bond yields that drove investment grade bond prices lower. In December, we initiated a position in Bandwidth Inc., a maker of software for web applications […]
Protecting capital and growing wealth can benefit from long-term thinking The concept of market timing—the idea that successful investing decisions can be based on predicting future market movements—is as seductive as the Sirens of Greek mythology who ensnared sailors with the sweetness of their songs. Students of Greek mythology will recall the sailors did not […]
Alternative asset strategies are gaining popularity among investors. Here are some reasons why they could be included in a diversified portfolio. Download the PDF What are alternative assets? The terms “alternative assets” or “alternative investment strategies” are having a moment in the financial media with many articles referring to them. But what exactly are they […]
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