Highlights DigitalBridge Group Inc. (DBRG) and Fluor Corporation (FLR) were top contributors while Fidelity National Financial Inc. (FNF) was a top detractor to performance. Initiated a new position in Modine Manufacturing Company (MOD) The S&P MidCap 400 Index posted total returns of 5.4% for the month of April 2025, underperforming its large cap peer, the […]
So Now What? Markets continued their surge off the April lows with one of the highest monthly returns in years, and the strongest May this century. The panic that hit investors a few weeks ago around tariffs and trade wars seems a long time ago and has been replaced with a mini FOMO market, as […]
The Pender Corporate Bond Fund returned -0.4%[1] in May. This performance was the result of a few significantly lower marks in distressed credits, offsetting a broadly positive movement across most of the Fund’s holdings. Performance Discussion The Fund’s loss in the period resulted from significant movements in holdings of Wolfspeed, Inc., New Fortress Energy Inc. […]
Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 1.0% and 1.5%[1] respectively in April 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.22%[2]. Portfolio Update In what was one of the most volatile months in markets since the inception of the Fund, the strategy performed […]
Pender Growth Fund Inc. (the “Company”) today announced its financial and operational results for the three months ended March 31, 2025. Financial Highlights Net loss was $6,787,305 for the three months ended March 31, 2025 (March 31, 2024 – net income $12,262,927) due to negative investment performance during the year. Net loss per Class C […]
PenderFund Capital Management Ltd. (“Pender”) is pleased to announce that Greg Taylor, CFA, has joined Pender as our Chief Investment Officer effective today. Greg brings over two decades of investment experience to Pender. Since 2017, he has served as CIO and Portfolio Manager at a Toronto-based asset management firm. Prior to that Greg was a […]
Dear Unitholders, The Pender Alternative Absolute Return Fund returned -0.6% in April, bringing year to date returns to 1.4%[1]. Wild swings in risk assets and market tone induced by US President Trump’s “Liberation Day” announcement created opportunities for the Fund to both add on weakness and sell into strength. The ICE BofA US High Yield […]
Highlights Verisign, Inc. (VRSN) and Dollar Tree, Inc. (DLTR) were top contributors while Tidewater Inc (TDW) was top detractor to performance. Initiated a new position in Addus HomeCare Corporation (ADUS). The S&P MidCap 400 Index posted total returns of -2.25% for the month of April 2025, underperforming its large cap peer, the S&P 500 Index […]
The Pender Corporate Bond Fund returned -3.0%[1] in April, a sobering result within the context of a turbulent market. Credit spreads reset significantly wider and yield curves steepened during the month. Performance Discussion Our single largest impact was in the Spirit Aviation Holdings, Inc. capital structure. Spirit’s bonds and reorganized equity fell approximately 10% and […]
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