Dear Unitholders, The Pender Alternative Absolute Return Fund finished January with a return of -0.1% [1]. Markets rebounded in January following a soft end to 2024. High yield spreads tightened 24bp in January to finish the month at 268bp Govt OAS, after hitting a multi-decade low of 259bp on January 22. The HFRI Credit Index, […]
PenderFund Capital Management Ltd. (“Pender”) is pleased to announce that three of its funds were awarded a FundGrade A+ Award® at the Celebration of Excellence ceremony in Toronto on February 6, 2025. The Pender Bond Universe Fund, Pender Corporate Bond Fund and Pender Strategic Growth & Income Fund were all winners. This is […]
Highlights Top contributors included Spirit Airlines 8% notes, the convertible notes of Equinox Gold and Sibanye Stillwater, and Canadian Real Return bonds. Detractors included Jervois Global bonds due the announcement of a Chapter 11 earlier in the month. New positions in the Fund include newly issued convertible bonds from B2Gold Corporation and additions to our […]
Fund Performance The Pender Value Fund continued to perform well, returning 12.6% in the fourth quarter and bringing 2024 returns to 55.9%[1]. The performance in the quarter outpaced the S&P/TSX Composite Index which gained 3.8%, as well as the S&P/TSX Small Cap Index which gained 0.7%. While broad small caps continued to trail large caps, […]
Isaac Souweine hosts Brice Scheschuk, Managing Partner at Globalive Capital. Brice is an active private technology investor in Canada with firsthand founder experience as the co-founder of Wind Mobile (now Freedom Mobile) in 2008. In this podcast he talks to Isaac about his “play your own game” framework, a thought exercise for founders that shifts […]
“The future ain't what it used to be” – Yogi Berra Highlights Fund returned 3.0% in Q4 and 20.6% for 2024; 5-year milestone crossed w/ top decile performance. Rotated tactical allocation to defensive undervalued equities: 5 equity additions and 5 exits. Higher defensive positioning: Record liquid alts, new healthcare equities, high cash levels Dear Fellow […]
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