Highlights The Fund has increased exposure to SPACs through participation in new issuances adding exposure to existing SPACs. Equity markets corrected in early August before subsequently recovering. The Fund took advantage of widening spreads by adding to key positions. The Fund initiated positions in 14 new merger deals with 12 deals held within the […]
Parul Garg, Pender’s distressed credit expert in default securities, reorganizations and recapitalizations, discusses the impending catalysts for generating meaningful alpha in distressed debt in the next 3-to-5 years, and how a public credit strategy complements investing in private credits. She explains the various approaches to creating value and managing risk in both the Pender Credit […]
Highlights Market returns were driven by a combination of positive carry, narrowing spreads and lower base government bond yields. Short positions in credit were detractors on the portfolio. Contributors to the Fund included a position in Legends Hospitality 5% 2026 bonds, and from several new issues in Canadian and US high-yield markets at particularly attractive […]
VANCOUVER, B.C., September 10, 2024 - PenderFund Capital Management Ltd. (“Pender”) is marking the three-year anniversary of the launch of its Liquid Alternative suite of funds. These funds provide clients with access to diversification beyond traditional asset classes and complement Pender’s fixed income, equity and balanced fund line-up. Launched in 2021, our liquid alternative funds […]
Highlights Key performance contributors included convertible bonds in Revance Therapeutics Inc., OPKO Health Inc., and Cineplex Inc. Key detractor was Stem Inc. We added weight to several lines of existing credits including Crowdstrike Holdings Inc, which we consider an extremely strong credit, and to our existing holdings of Canadian real return bonds. The Pender Corporate […]
Pender Growth Fund Inc. (the “Company”) today announced its financial and operational results for the three months and six months ended June 30, 2024. Financial Highlights (Unaudited) Net income was $22,533,335 for the three months ended June 30, 2024 (June 30, 2023 – $41,217) due to positive investment performance in the quarter. Net income per […]
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