Special Meeting for certain mutual fund unitholders to be held on November 21, 2025 - Click here to learn more
Justin is the Portfolio Manager of the Pender Alternative Absolute Return Fund. He joined Pender in August 2021.
Justin most recently worked as a Senior Portfolio Manager at one of Canada’s largest pension fund managers. During his four-year tenure, he was responsible for managing a high-yield focused credit strategy, generating returns for the underlying pension funds. Justin has also spent 11 years at a highly regarded Canadian investment firm. He worked in progressive roles as a member of the firm’s fixed income team. His investment research contributed to the Absolute Return and High Yield Bond strategies at the firm.
Justin’s investment approach is centered around his quick response to market dynamics, taking advantage of opportunities and reacting to increased risk. The key is intelligent security selection across capital structures and markets, supported by active investing, as experienced and applied through multiple market cycles. He has demonstrated the patience and discipline to hold a high quality but out-of-favour security, while constantly re-evaluating his investment thesis in response to new information. Justin is focused on uncovering the best risk-adjusted opportunities in every market cycle and dynamically adjusts portfolio positioning for market environments to protect and grow capital. He utilizes strategies such as distressed credit investing, event-driven trading, capital structure arbitrage, and actively works with management teams to help shape positive outcomes for the securities held.
Justin graduated with a BA in Honours History from Western University and an MBA in Finance from Washington State University. He earned his Chartered Financial Analyst designation in 2012.
Having lived in Victoria for four years, Justin relocated back to his home city of Vancouver with his wife and two children. He is an outdoor enthusiast, who enjoys skiing and playing golf whenever he can.
Highlights • The Fund benefited from volatility in credit markets with a bias to protecting capital. • The Fund’s exposure to event-driven positions was significantly reduced. The Pender Alternative Absolute Return Fund finished August with a return of 1.2%, bringing year-to-date returns to 5.2% . Following two months of decreasing risk premiums and volatility, both […]
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 […]
Highlights: Positive contributors included First Majestic Silver Corp., which rallied from multi-year lows, and our holdings of Liberty TripAdvisor Holdings, Inc. notes, which attracted bids due to their attractive double-digit yield to a 2025 put date. Positive performance was offset by several investment grade securities, which were influenced by higher risk-free rates. Line-item credit weakness […]
Highlights The Fund added to event-driven holdings, most notably the 5.75% 2026 notes issued by PDC Energy Inc. (Nasdaq: PDCE) which is in the process of being acquired by Chevron Corp. (NYSE:CVX). New issue activity picked up and we participated in several transactions, most notably Northland Power Inc.’s (TSX: NPI) inaugural hybrid issue which priced […]
Highlights With improved valuations, the Fund added to long credit positions, while also topping up short positions in equity index ETFs. We believe that the divergence between credit and equities, which has been widening since March, will eventually mean revert, as credit conditions are typically a leading indicator of economic activity and asset prices. The […]
Highlights Several of our shorter duration holdings experienced solid gains in April, including secured bonds of Greystar Real Estate Partners LLC (private) and Life Time Group Holdings Inc. (NYSE: LTH). In banks, our focus was on AT1 securities issued by the two largest Canadian banks trading prices of 75% of par or lower. We established […]
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