Highlights At the end of the quarter, small caps were trading at a valuation of 14.5x forward P/E in the S&P 600 Index compared to 19.0x for the S&P 500 Index – a 4.5x discount. This is a far cry from the wide premium that small caps traded at for the decade prior to 2020. […]
Highlights Several of our shorter duration holdings experienced solid gains in April, including secured bonds of Greystar Real Estate Partners LLC (private) and Life Time Group Holdings Inc. (NYSE: LTH). In banks, our focus was on AT1 securities issued by the two largest Canadian banks trading prices of 75% of par or lower. We established […]
Highlights The Fund returned 2.6% in the first quarter. Over the last three years, performance has been strong at 17.3%1. One of the major areas of market concern during the quarter was the meltdown of Silicon Valley Bank. We do not own any U.S regional banks in the Fund, nor any banks for that matter. […]
Highlights A positive development during the month was banks returning to provide buyout debt financing. March was the peak month of SPAC maturities for 2023 with the industry now fully lapping the peak of the 2020/21 SPAC bubble by the typical two-year maturity date. As the size of the SPAC sector and the number of […]
Highlights Small-cap stocks have historically traded at a premium to large caps given their higher growth potential. However, we are now in a market when small caps trade at a significant discount to large caps. We are continuing to rotate our portfolio into higher quality companies where we see the best risk/reward profiles such as […]
High-net-worth investors seek strategies to protect and grow wealth in a tax-efficient manner. Pender Alternative Arbitrage Fund aims to generate positive and sustainable returns with low volatility. The Fund offers superior tax efficiency because most of the returns are taxed more favourably as capital gains, not interest income or dividends. Download the PDF What is […]
Let’s make a deal. PenderFund’s Amar Pandya leads the merger arbitrage strategy where he invests in more than 100 deals a year. Recent successful deals have included Twitter, Rogers and Freshii. Merger arb offers diversified returns with a low correlation to stocks and bonds and provides tax efficient returns. Learn more in Amar’s interview […]
Highlights For the three months ended March 31, 2023, the Fund generated a 1.9% return.[1] Several high-quality, defensive, relatively longer-dated lines, such as Loblaw Companies Ltd., Verisign Inc. and Bell Canada Enterprises Inc. bolstered performance. There are signs suggesting the hiking cycle is nearing its peak. Should the rate hikes to date slow the economy […]
Pender Growth Fund Announces Annual Results and Provides Company Updates VANCOUVER, B.C. (TSXV: PTF) Pender Growth Fund Inc. (the “Company”) today announced its financial and operational results for the year ended December 31, 2022 Financial Highlights Net loss was $127,838,962 for the year ended December 31, 2022 (December 31, 2021 – Net income $152,096,772) primarily […]
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