“A rolling loan gathers no loss”. Geoff Castle hosts Winnie Cisar, Global Head of Strategy for CreditSights for a follow up to their May 2022 chat. Geoff and Winnie jump right into discussing how to navigate credit markets in the current climate. There’s a lot to cover as they touch on the latest remarks from […]

Highlights: • Positive contributors to the Fund were Cineworld Group PLC and Federal National Mortgage Association (Fannie Mae). Detractors included Canadian rate-reset preferred shares due to negative price momentum, and Emergent BioSolutions, which we have added to on price weakness. • New positions include Nuveen Quality Municipal Income Fund (NAD US Equity), a closed-end fund […]

Pender Growth Fund Inc. (the “Company”) today announced its financial and operational results for the three months and six months ended June 30, 2023. Financial Highlights (Unaudited) Net income was $41,217 for the three months ended June 30, 2023 (June 30, 2022 – Net loss $58,521,457). Investment performance was neutral in the quarter. Net income […]

Highlights: July was an active month for the Fund as we continued to harvest returns from closed merger deals and reinvest that capital in new mergers. Merger arbitrage spreads continued to remain at wide levels in July following an expansion of spreads in June with some key catalysts on larger merger deals resulting in a […]

Highlights The broad-based rally provided an opportunity to sell liquid high-yield positions at prices that we viewed as fully valued. There were several positive developments within our Event Driven book including Black Knight Inc. (NYSE: BKI), Arconic Corp. (NYSE: ARNC), and PDC Energy Inc. (NASDAQ: PDCE) We are watching commercial real estate where defaults mount […]

Capital allocation is the most fundamental responsibility of senior management.  A company flush with cash has several options when it comes to deploying capital. It can return some of it to stakeholders through stock buybacks, raising dividends or reducing debt. It can also invest in the business through increased capex, or investments into research & development and working capital or it can engage in M&A. Mergers & acquisitions are the largest use of capital. yet it is widely accepted that over two-thirds of mergers fail despite their goal […]