Highlights There was a significant bounce in most asset classes, as dip buyers emerged following significant repricing from mid-August to mid-October Large macro moves have created pockets of dislocation within credit markets, especially between Investment Grade and High Yield credits We believe that a large driver of the divergence between investment grade and high yield […]
Highlights During October there were some bright spots and some challenges, the latter from lower prices across the investment-grade bond complex reacting to a higher yield curve. Bright spots included our positions in McDermott International, Ltd., PetSmart, Inc. The Fund’s flexible mandate opens up opportunities across a variety of security types (term loans, straight bonds, […]
VANCOUVER, B.C. (TSXV: PTF) Pender Growth Fund Inc. (the “Company”) today announces that it has entered into a lock-up agreement (the "Lock-Up Agreement") with HUK 121 Limited (the "Offeror") pursuant to which the Company has agreed to tender its 6,886,981 Subordinated Voting Shares of Inscape Corporation (the "Inscape Shares") to the Offeror's proposed take-over bid […]
Highlights Policymakers in most parts of the world have raised rates this year with the count and pace continuing to mount. The US Bond Market has had a -0.3% annualized return over the last five years, the first negative five-year return in US bond market history. Global bond markets have been even worse. Against this […]
Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) was down 1.1% in September, bringing year-to-date performance to 1.1% with one-year performance of 2.9%[1]. Download PDF M&A Market Update M&A activity stalled in Q3 with a steep 55% decline in deal activity vs. the record M&A boom of last year. After eight consecutive quarters with over […]
Fellow unit holders, The Pender Small Cap Opportunities Fund returned -12.5% in September, bringing returns so far this year to -34.8%[1]. This was a challenging period for the Fund, which was up against a difficult market environment, particularly for the small/micro-cap and technology companies that we own in the Fund. In Canada, the broad-based S&P/TSX […]
Highlights: September proved to be another challenging month for markets. It was the third worst month for the high-yield market since 2008. Early September presented the Fund with some good relative value trading opportunities. If there were a significant spread-widening event for large, well-capitalized Canadian banks, we expect to be buyers on weakness. It was […]
Highlights: The Fund has thus far held above the summer lows, all the while seeing much improved forward-looking returns available in credit markets. The four factors to identify good entry points are: price, positioning, flows and sentiment…we believe those factors are looking very positive, especially for the higher quality strata of the bond market. We […]
VANCOUVER, B.C. PenderFund Capital Management Ltd. (“Pender”) is pleased to announce one-year updates on our actively managed liquid alternative mutual funds, as well as the launch of the Pender Alternative Arbitrage Plus Fund. The Pender Alternative Absolute Return Fund (“PAARF”) is a flexible, high-yield-focused alternative credit strategy that aims to produce positive absolute returns at […]
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