For the three months ended December 31, 2022, the Pender Bond Universe Fund generated a 0.8%[1] return, outperforming its benchmark by approximately 70bp. For the full year of 2022, the Fund returned -6.4%1, realizing a respectable 5.3% of relative outperformance compared to its benchmark. The Fund’s positive return over the last six months of the […]

Highlights The Fund added to loan exposures, participating in the TransDigm Group Incorporated (NYSE: TDG) new term loan, and added a position in Maxar Technologies Inc. (Nasdaq: MAXR) 2027 bond. We exited our position in Open Text Corp. (TSX: OTEX) unsecured bonds on strength. The Fund entered the commercial mortgage-backed securities (CMBS) market, buying a […]

Highlights Positive contributors in December were Chinese property developer Country Garden Holdings Company Limited, Emergent BioSolutions Inc., and Carriage Services, Inc., while detractors included National CineMedia LLC, and rising government bond yields that drove investment grade bond prices lower. In December, we initiated a position in Bandwidth Inc., a maker of software for web applications […]

CIO and Portfolio Manager, Felix Narhi penned an article on what makes a contrarian investor a contrarian investor for Benefits and Pensions Monitor. Felix shared his thoughts on the attributes and thought processes that are considered contrarian and what are the common pitfalls to avoid. Article can be accessed on page 30 of the magazine. […]

Actionable insights from a sea of economic and market data. Geoff Castle catches up with Callum Thomas, founder and head of research of Topdown Charts for their annual podcast. Geoff and Callum reflect on 2022 and look ahead to 2023. Geoff and Callum revisit their prior conversation and discuss how their understanding of the market has evolved over the year […]

Dear Unitholders, The Pender Alternative Arbitrage Fund (PAAF) was up 0.3% in November, bringing year-to-date performance to 2.8% and one-year performance of 3.1%[1]. M&A Market Update Global M&A activity totalled $3.3 trillion through the first 11 months of 2022. This was the second highest deal total on record despite being down 36% from last year’s […]