Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.9%1 in February, bringing year to date return to 1.3%. Credit markets were choppy in February as elevated issuance combined with credit concerns about private debt and software companies weighed on performance. The ICE BofA US High Yield Index finished the month with a spread of […]
Market Insights February might be remembered as the month the dreams of AI started to turn into a nightmare. After a few years in which just mentioning AI in a press release would get you a multiple boost, that suddenly flipped. Fears of AI disrupting business models and destroying jobs across the entire economy took over. […]
In February, the Fund delivered a return of 1.2%. The portfolio once again benefited from its resource holdings, which helped offset a challenging month for technology companies. February was an eventful month, with AI disruption narratives continuing to drive significant drawdowns across software and IT services companies. The S&P 1500 Software and Services Index finished […]
Market Update February might be remembered as the month the dreams of AI started to turn into a nightmare. After a few years in which just mentioning AI in a press release would get you a multiple boost, that suddenly flipped. Fears of AI disrupting business models and destroying jobs across the entire economy took over. […]
Valuation dispersion, software pessimism, and shifting capital flows may be setting the stage for a new cycle in small-cap investing. In this episode, Associate Client Portfolio Manager, Laura Baker speaks with CEO and Portfolio Manager, David Barr about small caps, the reset in software valuations, and how AI is reshaping both risk and opportunity. The […]
This week, Richa Nair represented Pender at the 17th Annual Alternative Investment Outlook Forum in Vancouver, hosted by CFA Society Vancouver in collaboration with CAIA Canada West and AIMA. Richa moderated a panel on Alternative Investment Trends, bringing together industry leaders to discuss developments shaping the alternatives landscape and the evolving role these strategies play […]
Market Environment – Energy Shocks and the AI Economy In February, markets faced several crosswinds. The US Supreme Court ruled against the use of the International Economic Emergency Powers Act to justify the April 2025 reciprocal tariffs, while tensions between the United States and Iran escalated into armed conflict, adding to geopolitical uncertainty. Against this […]
Building software for YMCAs, JCCs, and recreation centers, and reimagining member experiences through AI-powered automation. Lara Gilchrist, CEO at Traction Rec, joins Cheri Corbett, Partner at Pender Ventures to discuss management, payments and registrations of parks and recreation centers in the US. In the podcast Cheri and Lara talk about Traction Rec's spin out from […]
The Pender Corporate Bond Fund enjoyed a successful February, posting a total return of 2.2%1. The broader market context included strength in investment grade benchmarks, which advanced over 1%, and weaker high yield credit which delivered negative total returns on spread-widening. The Fund’s highest returning securities in February were convertible bond positions in the mining […]
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