The Pender Bond Universe Fund is an income fund with an investment grade focus. The objective of the Fund is to preserve capital and generate returns through current income and capital appreciation. The Fund invests primarily in investment grade fixed income securities. This, however, does not preclude the Fund from making equity investments when the Portfolio Manager deems the risk/reward trade-off to be in the investors’ favor.
| Class | 1 Mo. | 3 Mo. | 6 Mo. | 1 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | 15 Yr. | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| A | -2.3 | 0.9 | 2.0 | 6.1 | 6.7 | 3.2 | 3.6 | ||
| F | -2.3 | 1.1 | 2.3 | 6.8 | 7.3 | 3.8 | 4.1 | ||
| F (USD) | -2.4 | 1.1 | 2.6 | 8.4 | 8.4 | 7.2 |
| Class | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | YTD |
|---|---|---|---|---|---|---|---|---|---|---|
| A | 1.5 | -6.9 | 6.4 | 7.3 | 7.4 | 0.9 | ||||
| F | 2.0 | -6.4 | 6.9 | 8.0 | 8.0 | 1.1 | ||||
| F (USD) | 7.8 | 8.6 | 10.0 | 1.1 |
| Class | Aug'25 | Sep'25 | Oct'25 | Nov'25 | Dec'25 | Jan'26 | Feb'26 | Mar'26 | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| A | 0.02 | 0.03 | 0.03 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 1.85 |
| F | 0.03 | 0.03 | 0.03 | 0.02 | 0.02 | 0.03 | 0.02 | 0.03 | 2.13 |
| F (USD) | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 | 0.03 | 0.02 | 0.03 | 1.35 |
| Pender Corporate Bond Fund | 16.9 |
| McDonald's Corporation, 4.857%, 21-May-31 | 7.6 |
| United States Treasury, 3.500%, 15-Feb-33 | 6.5 |
| Waste Management of Canada Corporation, 2.600%, 23-Sep-26 | 6.3 |
| Loblaw Companies Limited, 4.488%, 11-Dec-28 | 3.7 |
| Government of Canada, 3.000%, 01-Dec-36 | 3.5 |
| Fairfax Financial Holdings Limited, 3.950%, 03-Mar-31 | 3.4 |
| AppLovin Corp., 5.375%, 01-Dec-31 | 3.1 |
| Verisign Inc, 2.700%, 15-Jun-31 | 3.0 |
| Government of Canada, 4.000%, 01-Dec-31 | 2.8 |
| Total Percentage of Top 10 Holdings | 56.80 |
| Total Net Assets of Fund | $205,271,379 |
| Code | Class | Description | MER | Trailer | Min. Investment Initial/[Subsequent] |
|---|---|---|---|---|---|
| PGF 1400 | A | Front End | 1.18 | 0.50 | $500/[$] |
| PGF 1410 | F | Fee Based | 0.64 | $500/[$] | |
| PGF 1411 | F (USD) | Fee Based | 0.68 | $500/[$] |
As at 31-12-2025. The management expense ratio (“MER”) is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions, performance fees and other portfolio transaction costs) and is expressed as an annualized percentage of average net assets for the period/year. The applicable taxes are calculated using the attribution percentage for each province based on unitholder residency.
The class F units of the Pender Bond Universe Fund were up 1.1%1 in the first quarter of 2026, relatively outperforming their benchmark by 0.9%. As rates moved higher in Canada and the US, High Grade was somewhat weaker over the period as were certain credit holdings including the Fund’s Esperion and Meritage Homes converts. […]
As published in Canadian Family Offices The fund’s manager, Emily Wheeler, outlines her investment strategy, plus her take on interest rates, commodities and the 2026 economy. Family offices face a familiar tension in today’s bond market: how to preserve wealth while still achieving meaningful returns amid uncertainty. Traditional fixed income strategies—once the core of a […]
The class F units of the Pender Bond Universe Fund were up 1.3% over the quarter and 8.0%1 for the year, making 2025 the Fund’s best year on record since inception in 2020. In Q4, the class F units outperformed their benchmark by 1.6% for the quarter and 5.4% on a full year basis. Strength […]
A Market Isn’t Always Just One Thing Forever In this episode, Laura Baker, Associate Portfolio Manager at Pender, sits down with Lead Portfolio Manager, Fixed Income Geoff Castle, Portfolio Manager Emily Wheeler and Associate Portfolio Manager Parul Garg to discuss the recent recognition of two of Pender’s fixed income funds with 2025 LSEG Lipper Fund […]
Class F units of the Pender Bond Universe Fund (the “Fund”) were up 4.7%1 over the quarter, outperforming their benchmark, the FTSE Canada Universe Bond Index, by 3.2%. All portions of the Fund pulled in the same direction this period with our high grade, individual credit lines and Pender Corporate Bond Fund holdings all higher […]
Although outperforming it’s benchmark[1] by 0.2%[2] in Q2, the Class F units of the Pender Bond Universe Fund were down 0.4% over the period. Exposure to Non-Investment Grade securities through our Pender Corporate Bond Fund holdings and several individual credits held, negatively impacted performance this quarter. The Fund’s High-Grade exposure was largely positive over the […]
The Class F units of the Pender Bond Universe Fund were up 2.2%[1] in the first quarter of 2025. The Fund outperformed its benchmark, FTSE/TMX Canada Universe Bond Index, by 0.2% over the period. Almost all of the Fund’s holdings contributed positively in Q1 as the environment for both rates and line-item credit positions was […]
Highlights Positive contributors to the Fund included TXNM Energy 5.75% ’54 convertible bonds via the combination of price appreciation and a competitive coupon, and OPKO Health Inc. 3.75% ’29 convertible bonds. The Fund added Duke Energy’s 4.125% ’26 convertible bonds. With US High Yield spreads significantly below average, we took a cautious disposition toward lower […]
Highlights Positive contributors included OPKO Health Inc. 3.75% 2029 convertible bonds and TXNM Energy Inc. 5.75% 2054 convertible bonds. We extended duration slightly this quarter from 4.74 at June 30 to 5.14 at quarter-end. The three-month return of the Class F units of the Bond Universe Fund was 4.3% to the end of September 2024. […]
Highlights Strength in Q2 was partially attributable to a rally in response to the Bank of Canada’s decision to reduce the overnight lending rate. Areas of focus over the quarter were defensive sectors including Utilities and Consumer Staples. The Fund is underweight in non-Investment Grade. After a slow start to the quarter, the Fund posted […]
Highlights A strong March characterized by strength in credit lifted the Fund into positive territory for the quarter ended March 31, 2024. Key contributors included Occidental Petroleum and OPKO Health. Currently the Fund has a 22% weight in non-investment grade holdings achieved though exposure to the Pender Corporate Bond Fund units along with select non-IG […]
Highlights The past quarter was characterized by a strong bond market reaction to the disinflationary trend. Longer dated, high grade bonds were the strongest contributors to performance. Favourable performers included Warner Brothers Discovery Inc. (2062), and US TIPS (2052). The Fund’s exposure to credit (via Pender Corporate Bond Fund) remains lower relative to historic weightings. […]
Highlights We reduced the Fund’s weight in several, shorter-dated, high-quality corporate issuers and government bonds and re-allocated proceeds to longer-dated holdings, including Warner Brothers Discover 5.391% ’62. The Fund’s position in Inflation-Linked Bonds was slightly higher at quarter end. Exposure to credit via Corporate Bond Fund holdings remains lower relative to historic weightings. Over the […]
Highlights Positive contributors were shorter-dated, higher-quality lines as well as the Fund’s exposure to credit through the Pender Corporate Bond Fund. With high-yield spreads remaining at approximately 4% at quarter-end and with indicators skewed to the likelihood of recession, the Fund’s exposure to credit remains towards the lowest since the Fund’s inception. --- For the […]
Highlights For the three months ended March 31, 2023, the Fund generated a 1.9% return.[1] Several high-quality, defensive, relatively longer-dated lines, such as Loblaw Companies Ltd., Verisign Inc. and Bell Canada Enterprises Inc. bolstered performance. There are signs suggesting the hiking cycle is nearing its peak. Should the rate hikes to date slow the economy […]
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 […]
For the three months ending July 31, the Fund generated a small but positive return of 0.1%[1], breaking the string of negative quarters that have resulted from the aggressive rate hiking cycle the Fed and other central banks have embarked upon to control inflation. While this outcome was somewhat less than benchmark returns, the key […]
In the quarter ended April 30, 2022, the Fund outperformed its benchmark. With the FTSE/TMX Canada Universe Bond Index down 7.0% over the past three months, the Pender Bond Universe Fund’s (PBUF) Class F return of negative 3.9%[1] showed relative strength over the period. Against a backdrop of rising yields along the curve in Canada […]
The return of the class F units of the Pender Bond Universe Fund for the three-month period ended January 31, 2022 was -0.5%[1]. For the full calendar year of 2021, the class F units were up 2.0%1 with average quarter-end duration of 4.6 years, decreasing somewhat into year-end to 4.03 years at December 31. When […]
What makes now a good time? Sarah Wildman sits down with Geoff Castle and Emily Wheeler to discuss the recently launched Pender Bond Universe Fund. They discuss the new Fund, introduce Emily and highlight her experience, and talk about the current credit market and where both managers see opportunities.
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