" In finance textbooks, "risk" is defined as short-term volatility. In the real world, risk is earning low returns, which is often caused by trying to avoid short-term volatility." - Morgan Housel Dear Unitholders, The Pender Strategic Growth & Income Fund (PSGIF) returned 7.1% in the first quarter of 2024. The one year return was […]

Highlights The Fund generated excess returns mainly driven by company-specific performance. Rotation into high quality growth companies is now complete. The Fund exited several smaller positions and created new positions in a Canadian SaaS firm and select U.S.-based companies in the cannabis sector. Fund Performance What a way to start the year! Our Fund had […]

As published in the Financial Post on 26 April 2024 Question: Some of my security investments have increased in value in both my registered and non-registered accounts. I’m having a hard time knowing when to sell. Can you recommend a checklist of criteria to help me in making a sell or hold decision? – Myles Answer: For an investor, making a sell decision […]

Highlights Fund holding, Everbridge Inc (NASDAQ: EVBG, a critical event management enterprise software company) announced they had entered into an agreement to be acquired by private equity firm Thoma Bravo. The Fund initiated positions in 10 new merger deals with 9 deals held within the Fund closing. Dear Unitholders, The Pender Alternative Arbitrage Fund was […]

Highlights Cash and T-bill holdings have been reduced by about 20% of net asset value to improve portfolio yield. Additions to loan holdings, with current yields from mid-7% to mid-8%, include high quality businesses like Hilton Worldwide Holdings Inc. (NYSE: HLT) and Transdigm Group Inc. (NYSE: TDG). The Pender Alternative Absolute Return Fund finished March […]

Highlights A strong March characterized by strength in credit lifted the Fund into positive territory for the quarter ended March 31, 2024. Key contributors included Occidental Petroleum and OPKO Health. Currently the Fund has a 22% weight in non-investment grade holdings achieved though exposure to the Pender Corporate Bond Fund units along with select non-IG […]