Highlights Positive contributors included: Paratek Pharmaceuticals, Inc. to be acquired leading to a gain of more than 10% in that position; OPKO Health Inc. on the FDA’s approval of the company’s NGENLA growth hormone therapy; Carriage Services Inc. rallied over 5% on a takeover bid from a trade buyer; and Fannie Mae preferred shares also […]
VANCOUVER, B.C., – PenderFund Capital Management Ltd. (“Pender”) announces the following fund mergers, effective June 23, 2023: Pender Global Focused Fund (“PGFF”) merged into Pender Value Fund (“PVF), and Pender Strategic Growth and Income Fund (“PSGIF”) merged into Pender Enhanced Income Fund (“PEIF”). The mergers received the requisite unitholder approval on May 23, 2023. On […]
Highlights In response to the hostile regulatory environment for merger deals this year and particularly in May, spreads for mergers have widened considerably. Merger arbitrage spreads now offer increasingly appealing returns with average merger arbitrage spreads in North America increasing to double digits from last year[1]. As the SPAC sector shrinks, so has the SPAC […]
A team of 26 Pender employees, under the name 'Pender DoGooders' participated in the RBC 'Race for the Kids' at Queen Elizabeth Park in Vancouver, BC on Sunday, June 11, 2023, raising over $6,000 for the BC Children's Hospital Foundation in the process. As the only hospital in BC devoted exclusively to kids, BC Children’s […]
Highlights Overall, a choppy month from a combination of wider credit spreads, higher sovereign rates and uncertainty surrounding the U.S. debt ceiling. Positive contributors were Cineworld Group PLC, Paratek Pharmaceuticals Inc, and Emergent BioSolutions Inc as catalysts emerged for these severely discounted bonds. Canadian rate-reset preferreds are at levels last seen in 2016. History suggests […]
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 […]
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