Commentaries

Highlights The US consumer is increasingly under pressure from a combination of higher inflation and lower job opportunities. While the market is fixated on a potential Fed rate cut, we have positioned the portfolio to benefit from opportunities over the medium to long term. The S&P MidCap 400 Index posted total returns of 3.6% for […]

Market Insights August lived up to its reputation for volatility, however this year the move was to the upside. There has been much for investors to be concerned with this year and that has kept many on the sidelines. That may still prove to be the correct positioning, but the ‘pain trade’ remains higher and […]

The Pender Corporate Bond Fund enjoyed a strong August, gaining 2.4%[1], within the context of a favorable return environment. August saw broad-based strength from our positions in the precious metals sector. Leading the way was our stake in Equinox Gold Corp. converts, which gained more than 20% on a strong earnings report and continuing upward movement in […]

August lived up to its reputation for volatility, however this year the move was to the upside. There has been much for investors to be concerned with this year and that has kept many on the sidelines. That may still prove to be the correct positioning, but the ‘pain trade’ remains higher and there is […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.6% and 0.9%[1] respectively in July 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 1.1%[2]. Portfolio Update July saw another positive month of performance in the Fund as several key holdings achieved all required regulatory approvals and […]

Highlights Modine Manufacturing Company (MOD) and Rambus Inc. (RMBS) were top contributors while Molina Healthcare Inc. (MOH) was a top detractor to performance in the month of July 2025.   The S&P MidCap 400 Index posted total returns of 1.6% for the month of July 2025, underperforming its large cap peer, the S&P 500 Index, […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.3%[1] in July, bringing year-to-date returns to 1.0%. Credit markets saw tighter spreads in July and positive absolute returns, but by late in the month there were signs of exhaustion as historically expensive spread levels were met with mixed earnings from cyclical market segments and significant […]

The Pender Corporate Bond Fund enjoyed a profitable July, returning 1.5%[1]. The good result was due to a number of holding-specific catalyst events that allowed the Fund to outperform benchmarks. One key contributor for the period was our stake in the capital structure of Esperion Therapeutics Inc. Management’s successful efforts in extending the cholesterol-lowering drug […]

Like a giant black hole from a summer blockbuster movie that pulls in everything around it, equity markets continue to drag cash off the sidelines. Global risk assets moved higher for the month of July as reasons to be bearish were overlooked and laughed off. But like all good things, they do come to an […]