Commentaries

Highlights Brookfield Business Partners (NYSE: BBU) and Fidelity National Financial, Inc. (NYSE: FNF) were top contributors while Fluor Corporation (NYSE: FLR) was once again a detractor to performance. Initiated a new position in Euronet Worldwide, Inc. (NYSE: EEFT) and Monolithic Power Systems, Inc. (NYSE: MPWR). The S&P MidCap 400 Index posted total returns of -4.35% […]

Dear Unitholders, The Pender Alternative Absolute Return Fund finished February with a return of 0.9%, bringing year to date return to 0.7%[1]. Credit markets produced positive returns in February as lower government bond yields offset widening credit spreads. The ICE BofA US High Yield Index returned 0.65% in February as spreads finished the month at […]

The Pender Corporate Bond Fund returned 0.9%[1] in February, which was a positive month for the bond market overall. Top contributors to the month’s return included a few distressed lines, including the bonds of Spirit Airlines, Inc. which rallied on a bid for the restructuring airline from competitor Frontier Airlines. Also performing were some key […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were up 0.6% and 0.9%[1] respectively in January 2025. The HFRI ED: Merger Arbitrage Index (USD) returned 0.6%[2]. Portfolio Update M&A markets are off to a bang in 2025, driving an active month with the Fund initiating positions in 13 new […]

Highlights Genpact Ltd. (NYSE: G) and Webster Financial Corporation (NYSE: WBS) were top contributors while Harmonic Inc. (Nasdaq: HLIT) and Fluor Corporation (NYSE: FLR) were detractors to performance. Initiated a new position in Tidewater, Inc. (NYSE: TDW). The S&P MidCap 400 Index posted total returns of 3.85% for January 2025, outperforming its large cap peer […]

Dear Unitholders,  The Pender Alternative Absolute Return Fund finished January with a return of -0.1% [1].  Markets rebounded in January following a soft end to 2024. High yield spreads tightened 24bp in January to finish the month at 268bp Govt OAS, after hitting a multi-decade low of 259bp on January 22. The HFRI Credit Index, […]

Highlights Top contributors included Spirit Airlines 8% notes, the convertible notes of Equinox Gold and Sibanye Stillwater, and Canadian Real Return bonds. Detractors included Jervois Global bonds due the announcement of a Chapter 11 earlier in the month. New positions in the Fund include newly issued convertible bonds from B2Gold Corporation and additions to our […]

Fund Performance The Pender Value Fund continued to perform well, returning 12.6% in the fourth quarter and bringing 2024 returns to 55.9%[1]. The performance in the quarter outpaced the S&P/TSX Composite Index which gained 3.8%, as well as the S&P/TSX Small Cap Index which gained 0.7%. While broad small caps continued to trail large caps, […]

“The future ain't what it used to be” – Yogi Berra Highlights Fund returned 3.0% in Q4 and 20.6% for 2024; 5-year milestone crossed w/ top decile performance. Rotated tactical allocation to defensive undervalued equities: 5 equity additions and 5 exits. Higher defensive positioning: Record liquid alts, new healthcare equities, high cash levels Dear Fellow […]