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.
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Class | Fund Codes | Description | MER* | Minimum Investment: Initial/[Subsequent] |
A | PGF 500 | Front End | 2.07% | $5,000 / [$100] |
F | PGF 510 | Fee Based | 1.19% | $5,000 / [$100] |
U | PGF 518 | Fee Based | 1.24% | $5,000 / [$100] |
H | PGF 540 | Front End – HNW | 1.73% | $100,000 / [$100] |
I | PGF 550 | Fee Based – HNW | 1.03% | $100,000 / [$100] |
A (US$) | PGF 501 | Front End | 2.05% | US$5,000/ [US$100] |
F (US$) | PGF 511 | Fee Based | 1.18% | US$5,000/ [US$100] |
H (US$) | PGF 541 | Front End – HNW | 1.75% | US$100,000 / [$100] |
I (US$) | PGF 551 | Fee Based – HNW | 1.04% | US$100,000 / [$100] |
*As at 2023-12-31. The management expense ratio (“MER”) is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions 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.
Asset Class: Fixed Income Securities |
Inception Date: June 1, 2009 |
Valuation Frequency: Daily |
Eligibility: Canada-wide, Registered Plans |
Distributions: DRIP monthly, cash optional |
Benchmark: FTSE TMX Canada Bond Universe |
Portfolio Manager: Geoff Castle |
For More Visit: Legal & Financial
Highlights Large positive moves came from some deeply discounted bonds including Esperion’s 2025 notes, Lucid Group’s 2026 convertible bonds, and 2028 bonds of Emergent BioSolutions. Convertible bonds in Equinox Gold (2029) and OPKO Health (2029) provided further gains. The wide valuation divergence between certain pockets in the credit markets and the tight spreads in the high-yield bond index highlight the potential benefits of an active investing approach. The Pender Corporate Bond Fund returned 2.8% in March[1], as the Fund benefited from numerous specific catalysts that drove very strong performance. Download the PDF. Some of the Fund’s deeply discounted bonds made…
Standard Performance Data is subject to important disclosures set out in our Disclaimer
Watch Geoff Castle appear alongside a panel of other leading industry experts, as they examine the challenges facing advisors and portfolio managers in the bond market.
For financial professionals only
This webinar was originally recorded Tuesday March 26, 2024
Mr. Castle is the Portfolio Manager of the Pender Corporate Bond Fund and the Pender Bond Universe Fund. He began his investing career in 2000 and has experience in both public mutual funds and proprietary investment fund management for ultra-high net worth individuals.
Parul Garg is the Associate Portfolio Manager of the Pender Corporate Bond Fund. She began her investment career in 2009 and has been the fixed income analyst on the Fund since 2015.
Emily Wheeler joined Pender in October 2019 and is a Portfolio Manager working on the Pender Corporate Bond Fund and the Pender Bond Universe Fund.
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