“Behavioral edge” is just another way of saying “temperament”. Temperament refers to a habitual way a person behaves in each situation. For example, one person may be easy-going and relaxed while another is more likely to be impatient and assertive. Temperament is the unsung hero of investing success. Gaining insight about our innate emotional temperament and learning how to work with it gives an edge in investing.

Dear Unitholders, The Pender Alternative Arbitrage Fund was up 0.9%[1] in February 2024. The Fund’s benchmark, the HFRI ED: Merger Arbitrage Index (USD) returned -0.2% during the same period. M&A Market Update Through mid-March Global M&A Activity totaled $630 billion, a 42% increase from last year as M&A activity continues to recover.[2] North America is […]

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 February […]

We asked the amazing women at Pender what this year’s theme #InspireInclusion means to them. Here’s what they said:

Highlights: Positive contributors included convertible notes from Esperion Therapeutics, Inc. and Bandwidth Inc., and from our position in Lucid Group. A few weak spots included our position in the credit of SSR Mining Inc due to operational challenges at that company's Copler mine in Turkey. However, we believe the credit coverage of the 2039 notes […]

As published in Finance et Investissement on 6 March 2024 (in French), and Conseiller on 25 March, 2024. There is a wide subset of different variables that can affect a business and lead it into distress. If these various factors were arranged within a pyramid structure, at the base, would be macroeconomic—the economic cycle, global/national growth, inflation, central […]