The Pender Corporate Bond Fund is an income fund that is both conservatively managed to preserve capital, as well as opportunistic to generate returns. The Fund is focused on key credit characteristics – coverage, seniority and duration. It is driven by bottom up fundamental analysis, the Fund seeks to use its nimble size to invest in opportunities large or index based funds cannot. This advantage could provide investors with an attractive cash yield, while maintaining positions in attractively valued securities that provide a margin-of-safety for investors.
Pender Corporate Bond Fund - Fact Sheet - CAD
Pender Corporate Bond Fund - Fund Facts - CAD (A Class)
Pender Corporate Bond Fund - Fund Facts - USD (A Class)
Pender Corporate Bond Fund - Fund Facts - CAD (D Class)
Pender Corporate Bond Fund - Fund Facts - CAD (F Class)
Pender Corporate Bond Fund - Fund Facts - USD (F Class)
Pender Corporate Bond Fund - Fund Facts - CAD (H Class)
Pender Corporate Bond Fund - Fund Facts - CAD (I Class)
Portfolio Manager's In Depth Evaluation
Geoff CastlePortfolio Manager
- Geoff Castle
Mr. Castle is the Portfolio Manager of the Pender Corporate Bond Fund. He is an experienced investor with over 14 years of fund management experience in both public mutual funds and proprietary investment fund management for ultra-high net worth individuals. In addition, Mr. Castle’s background includes more than five years of industry experience in trade credit and general corporate management.
As a fixed income manager, his focus has been on seeking enhanced yield opportunities in situations where substantial margins of safety exist. In particular he has earned strong fixed income returns for clients in the recent low interest rate environment by focussing on “non-conforming” situations where yield opportunities existed despite otherwise attractive credit fundamentals.
Mr. Castle’s philosophy in the current low yield environment involves controlling risk through careful consideration of credit duration and fixed charge coverage, and the fair valuation of each security class on an as-liquidated basis. Beyond this analytical discipline, he draws from strong industry-specific experience he has acquired from his years as a management consultant, as well as from his participation on corporate boards and advisory boards. Mr. Castle holds a Bachelor of Arts degree from UBC (1989) and a Master of Business Administration from the Richard Ivey School of Business at the University of Western Ontario (1996).
In 1996 he joined global top-tier strategy consulting firm, Bain & Co where he spent four years advising clients on issues relating to mergers and acquisitions, strategic cost analysis, and capital expenditure optimization. Bain clients included Fortune Global 500 firms in the consumer durables, retail and transportation sectors. In 2000, he was recruited to AIC Limited where he spent nearly seven years as a senior analyst and portfolio manager on a variety of mutual fund portfolios, including situations that involved portfolio manager transitions. In 2003 he became co-manager of three international investment portfolios including the AIC Global Balanced fund which expanded by more than five-fold over his tenure and, in 2004, was the second highest returning fund out of 400 funds in this category in Canada.
Upon returning to Vancouver, Mr. Castle worked at McElvaine Investment Management and was subsequently recruited to Powerex Corp., where he focused on evaluating the creditworthiness of counterparties in the North American energy industry and was active in reviewing credit provisions of high value, long-term custom energy trading contracts. Recently, Mr. Castle spent four years at the family office of a Vancouver-based high net worth individual where he managed fixed income investments and other asset classes.
He sits on the board of directors of Amerigo Resources Ltd, a publicly traded resource recovery company based in Vancouver and is a member of the board of advisors of Vancouver-based Vonigo Software Ltd. He is a member of the CFA Institute and in 2013 and 2014 was industry mentor to the UBC team in the Institute’s Investment Research Challenge, with those teams each reaching the top 16 teams in North America.
- Geoff Castle