Dear Unitholders, The Pender Alternative Absolute Return Fund returned -0.6% in April, bringing year to date returns to 1.4%[1]. Wild swings in risk assets and market tone induced by US President Trump’s “Liberation Day” announcement created opportunities for the Fund to both add on weakness and sell into strength. The ICE BofA US High Yield […]

Highlights Verisign, Inc. (VRSN) and Dollar Tree, Inc. (DLTR) were top contributors while Tidewater Inc (TDW) was top detractor to performance. Initiated a new position in Addus HomeCare Corporation (ADUS). The S&P MidCap 400 Index posted total returns of -2.25% for the month of April 2025, underperforming its large cap peer, the S&P 500 Index […]

The Pender Corporate Bond Fund returned -3.0%[1] in April, a sobering result within the context of a turbulent market. Credit spreads reset significantly wider and yield curves steepened during the month. Performance Discussion Our single largest impact was in the Spirit Aviation Holdings, Inc. capital structure. Spirit’s bonds and reorganized equity fell approximately 10% and […]

Fund Performance In the first quarter of 2025, our Fund declined -11.7%[1], mirroring the performance of US small cap markets as measured by the Russell 2000 Index (CAD), which fell -9.4%. In contrast, the S&P/TSX Composite Index gained 1.5%, and the S&P/TSX Small Cap Index rose 1.0%. This divergence between US and Canadian markets reflects […]

“Trade wars are good, and easy to win.” – Trump (Tweet, March 2, 2018) The Fund returned -3.9%[1] in Q1, driven by underperformance of our equity positions Trump's 'Liberation Day' shattered market stability, replacing order with chaos and short-termism Asset Allocation: 54.6% in equities / 45.4% in fixed income, liquid alternatives, cash Dear fellow unitholders, […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were 0.13% and -0.27%[1] respectively in March 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.41%[2]. M&A Market Update Global M&A activity surged in the final month of Q1 before stalling due to the mounting trade war with $885 […]