Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.4% and 0.7%[1] respectively in June 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 2.7%[2]. Portfolio Update June was another positive month for the Fund, benefiting from tightening spreads in several key deals held within the Fund. […]

Dear Co-investors, Thank you for your continued partnership in the Pender Credit Opportunities Fund. The past quarter was highly dynamic, marked by unexpected tariff proposals, rising capital costs, and increased market volatility. While the Fund is mark-to-market and subject to short-term fluctuations, we see volatility as a source of opportunity—not risk. In this letter, we […]

Although outperforming it’s benchmark[1] by 0.2%[2] in Q2, the Class F units of the Pender Bond Universe Fund were down 0.4% over the period. Exposure to Non-Investment Grade securities through our Pender Corporate Bond Fund holdings and several individual credits held, negatively impacted performance this quarter. The Fund’s High-Grade exposure was largely positive over the […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned -0.3%[1] in June, bringing year to date returns to 0.8%. Markets continued to rally in June as seemingly any positive macro news event continued to drive asset prices higher despite some negative economic data points, concerns about fiscal stability in several developed economies and ongoing trade […]

Highlights Jabil Inc. (JBL) and Fluor Corporation (FLR) were top contributors while Euronet Worldwide Inc. (EEFT) was top detractor to performance in the month of June. Initiated a new position in Deckers Outdoor Corporation (DECK) The S&P MidCap 400 Index posted total returns of 3.6% for the month of June 2025, underperforming its large cap […]

Fund Performance In the second quarter, our Fund delivered a strong return of 11.0%[1], marking a significant rebound from the negative performance in the first quarter. The Fund outperformed both the Canadian and US markets, with the S&P/TSX Composite Index gaining 8.5% and the Russell 2000 Index (CAD) rising 2.7%. The muted performance of the […]