Commentaries

Equity markets continued to advance in October, though gains moderated as investors assessed a busy earnings season amid ongoing macroeconomic uncertainty. The Canadian economy continues to lose momentum, weighed down by trade frictions with the United States. Inflation edged higher during the month, while labour market indicators showed further signs of cooling. In response, the […]

Market Environment October was a notable month for US markets. The period began with a government shutdown that surpassed the 35-day record set in 2019. While the shutdown has both direct and indirect implications for the broader US economy, the equity market reaction has been limited, with investors remaining focused on corporate earnings and monetary […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned -0.3%1 in October, bringing year-to-date returns to 0.7%. October was a choppier month for markets, with weakness early in the month, a bounce in the middle and a weaker tone late in the month following a hawkish turn from the Fed.  The high yield market had […]

The Pender Corporate Bond Fund posted a solid October, returning 2.2%1 within the context of a positive movement for high grade bonds and a neutral market for credit risk assets. The top Fund contributor in October was the successful workout of our position in Beyond Meat Inc., which is discussed in greater detail below. Other […]

Another month is in the books along with another move to all-time highs for many equity indices. The strength of this bull market really has been impressive, and the fact no one was calling for it makes it even more enjoyable. Like the Blue Jays, the year began with very low expectations, but all of […]

Dear Unitholders, The Pender Alternative Arbitrage Fund and the Pender Alternative Arbitrage Plus Fund were -0.3% and -0.5% respectively1 in September 2025 while the HFRI ED: Merger Arbitrage Index (USD) returned 0.8%2. Portfolio Update September was another active month for the Fund, characterized by steady deal flow and favourable conditions across both merger and SPAC […]

Dear Co-investors,  Thank you for your continued partnership in the Pender Credit Opportunities Fund. For the quarter the Fund returned 15.2%1, bringing the Fund’s since inception return to 6.8%. The Fund's benchmark2 returned 2.4% for the quarter and 7.1% YTD. We completed two workouts this quarter that meaningfully contributed to results. In this letter, we […]

Market Update It can become somewhat unsettling when it seems everything is working. We normally live in a world of mean reversion and while winning streaks can be fun, they often are followed by a rough patch. That has to be what many investors are feeling these days. Since the ‘Liberation Day’ selloff in April, […]

Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.0%1 in September, bringing year to date returns to 1.0%. September saw robust risk appetite met with record high yield issuance. The ICE BofA US High Yield Index returned 0.8%, despite giving up some gains in the last week of the month. Spreads tightened by only […]