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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Tuesday March 26, 2024 | 10:30 AM – 11:30 AM PT (1:30 PM – 2:30 PM ET) | Virtual
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 | 1.76% | US$100,000 / [$100] |
I (US$) | PGF 551 | Fee Based – HNW | 1.04% | US$100,000 / [$100] |
*As at 2023-06-30. 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: Positive contributors included convertible notes from Esperion Therapeutics, Inc. and Bandwidth Inc., and from our position in Lucid Group. A few weak spots included our position in the credit of SSR Mining Inc due to operational challenges at that company's Copler mine in Turkey. However, we believe the credit coverage of the 2039 notes is not significantly affected and we added to our position. Two new positions were added to the portfolio: 2026 floating rate notes of Rivian Automotive Inc., priced to deliver approximately 13% yield to maturity; and Cineplex Inc.'s 2025 convertible bond to a 2029 maturity. The…
Standard Performance Data is subject to important disclosures set out in our Disclaimer
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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