The Pender Corporate Bond Fund had a positive result of 1.2%[1] in December, and a total return of 5.6%1 for the full year, 2019. Credit markets ended the year buoyantly with the exception of longer […]

The Pender Corporate Bond Fund returned -0.5% in November, the somewhat lower unit value resulting from lower marks in several distressed or wide-spread credit lines. We hold a portion of the Fund in distressed credits […]

The Pender Corporate Bond Fund returned -0.3% in October. Despite strong equity markets during the month, investor nervousness in credit markets was apparent, with spreads in the lower ranges of the credit rating scale blowing […]

The Pender Corporate Bond Fund returned 1.0%1 in September with broad-based gains amid positive credit market conditions and higher long-term risk-free rates. Significant gains in the portfolio included our position in Avadel convertible notes, which […]

The Pender Corporate Bond Fund returned -0.6% in August, a relatively volatile period for the Fund, as two discrete events impacted the NAV. This volatility occurred against a backdrop of declines in many risk capital […]

The Pender Corporate Bond Fund returned 0.6% in July, a month that was characterized by a strong credit bid that anticipated the Federal Reserve’s rate cut announcement and then disappointment on the actual cut announcement […]

The Pender Corporate Bond Fund returned 0.9% in June, a result which reflected the broadly benign market conditions. For the half year ending June 30, the Fund returned 4.0% Strength in June came from our […]

The Pender Corporate Bond Fund had a small loss of -0.2% in May. In the broader context, high yield was weaker and government bonds were stronger. Strength in May came from our holdings in AAA […]

The Pender Corporate Bond Fund returned 1.1% in April, not a particularly remarkable result within the context of a very well-bid credit market, but nevertheless welcome as a steady progression of unitholder value. Leading the […]

The Pender Corporate Bond Fund returned 0.4% in March, amidst a backdrop of generally strong performance of corporate credit, particularly in the higher quality bands. Leading the gains in the Fund was our position in […]

The Pender Corporate Bond Fund returned 0.8% in February, amidst a positive backdrop of stronger market conditions. Leading the gains in the Fund were two “busted” convertible bond positions. These included our position in Zillow’s […]

The Pender Corporate Bond Fund returned 1.1% in January, and, in so doing, recovered fully from the small drawdown we experienced in the last part of 2018. Leading the gains in the Fund was our […]

The Pender Corporate Bond Fund returned -0.1% in December and 6.5% for the full year 2018*. The Fund’s slight decline in December was the result of a decrease in the value of high yield positions, […]

The Pender Corporate Bond Fund was flat in November, returning precisely 0.0%. The neutral overall portfolio return was, in large measure, the result of gains in the AAA government bonds (as yields fell in the […]

The Pender Corporate Bond Fund returned -0.4%1 in October. During the month the Fund faced several headwinds, including rising risk-free rates, a widening spread environment across all bands of corporate credit, and also particular weakness […]

The Pender Corporate Bond Fund returned -0.1%1 in September. While increasing investor risk appetites were positive for credit in general, rising yields across the curve in both Canada and the United States were enough to […]

The Pender Corporate Bond Fund returned 0.5% in August, a result slightly above the run-rate securities yield. Strong performers for the Fund in August included Aimia preferred shares, which rallied on the sale of that […]

The Pender Corporate Bond Fund returned 0.3% in July, a result fairly close to the underlying run-rate yield of the securities held. Strong performers for the Fund in July included our position in bonds and […]

The Pender Corporate Bond Fund returned 0.7% in June. A good result given the emergence of some headwinds in credit as spreads widened somewhat in the latter part of the month. Strong performers for the […]

The Pender Corporate Bond Fund returned 0.8% in May, delivering steady progression amidst a somewhat turbulent market picture. Strong performers for the Fund in May included our position in debt units of Gran Colombia Gold, […]

The Pender Corporate Bond Fund returned 0.6% in April, a reasonably good result given the continuing upward bias of the trend in interest rates. Strong performers for the Fund in April included our position in […]

The Pender Corporate Bond Fund returned 1.2% in March, a good result within difficult market conditions. Strong performers for the Fund in March included our position in convertible notes of Amyris, which rallied more than […]

The Pender Corporate Bond Fund returned 0.5% in February, not a large gain but, within the context of generally weak market conditions, an acceptable result.  Strong performers for the Fund in February included our position […]

The Pender Corporate Bond Fund returned 2.2% in January, a very strong result which was aided by a few key catalyst events that allowed us to overcome somewhat difficult credit market conditions. Strong performers for […]

The Pender Corporate Bond Fund returned 0.5% in December and 7.8% for 2017. While there are always a few missed opportunities, we are generally pleased with how the year turned out.  The Fund enjoyed another […]

The Pender Corporate Bond Fund returned 0.1% in November, a result lower than the potential run-rate return we see in the portfolio but, within the context of a choppy market, not altogether disappointing.

The Pender Corporate Bond Fund returned 0.6% in October, a fairly good result consistent with the Fund’s more cautious recent positioning. The monthly return was approximately equal to coupons received with a small portion of […]

The Pender Corporate Bond Fund returned 0.8% in September, a decent result given that the bond market showed broad-based weakness. The Fund’s short duration and positioning in discounted credits allowed us to make money in […]

The Pender Corporate Bond Fund had a flat result in August, neither losing nor gaining materially in overall net asset value. A group of bonds that declined in price offset the coupon income we received […]

The Pender Corporate Bond Fund returned 0.5% in July, a reasonable result in a market that saw significant drawdowns in the benchmark credit indices.  Driving the performance of the Fund in July was strong appreciation […]

The Pender Corporate Bond Fund returned 0.3% in June, a reasonably good result given generally weak performance of credit markets. Helping this performance was our position in the convertible notes of EnerNOC Inc, which jumped […]

The Pender Corporate Bond Fund returned 0.5% in May. Leading this performance was our position in the distressed credit of Global Brokerage Inc, which surprised creditors positively with a $56M non-core asset disposition. We saw […]

The Pender Corporate Bond Fund returned 0.3% in April. Although certain credits gained, others were weaker in the month and the net effect of winners and losers was this very modest total. Winners included demand-side […]

The Pender Corporate Bond Fund returned 1.8% in March. This was a good result, especially given the general weakness in credit markets during the period. The Fund benefited from strength in a number of discounted […]

The Pender Corporate Bond Fund returned 0.8% in February. We view this  return as reasonable for the period, given the lower credit spread environment, combined with our own more cautious risk positioning. Our February returns […]

The Pender Corporate Bond Fund returned 1.3% in January. This was a good, if unspectacular, result. Driving our returns in January was the increase in price of a number of discounted bonds, combined with our […]

The Pender Corporate Bond Fund returned 2.2% in December and 23.7% for the full year 2016. This was a very good result, well ahead of our benchmark and, frankly, ahead of our own expectations. During […]

The Pender Corporate Bond Fund returned 0.8% in November. This was a reasonably good result, given the state of the bond market in general. During the month, yields on longer-dated bonds rose significantly, continuing a […]

The Pender Corporate Bond Fund returned 2.9% in October, a very good result. Driving the strong performance during the month were a couple of key events: first was Sandridge Energy’s October 7 emergence from bankruptcy […]

The Pender Corporate Bond Fund returned 0.5% in September which was a positive, if unexciting, result. For the quarter, which included strong returns in July and August, the Fund returned 4.8%. During the month, the […]

The Pender Corporate Bond Fund had a strong month, returning 2.8% in August. The month saw strength from a variety of different credits as bonds purchased at discounts moved towards par. In general, we see […]

The Pender Corporate Bond Fund returned 1.5% in July. This month was characterized by a change in leadership by sector as commodity credit was quite weak with the pullback in crude oil prices while consumer […]

The Pender Corporate Bond Fund returned 1.5% in June.  This period was relatively turbulent in credit markets and our daily NAV was a bit bumpier than we would have liked, with the days immediately preceding […]

The Pender Corporate Bond Fund returned 2.1% in May. This good result, well ahead of our benchmarks, was driven by broad-based strength in the portfolio. Of particular impact was the gain in our holding of […]

The Pender Corporate Bond Fund achieved a return of 4.8% in the month of April. This very good result was the consequence of strong capital appreciation in a number of holdings. The most notable move, […]

March was a positive month for the Pender Corporate Bond Fund, with the value of the portfolio rising 3.1%*. For the first quarter, which included a significant sell-off and rebound in high yield credit, the […]

The Pender Corporate Bond Fund returned 0.4% in February, with that rather unremarkable result belying the considerable mid-month volatility that took place. After a steep drop in the first ten days, the Fund rallied more […]

The Pender Corporate Bond Fund ended the month of January with a decline of 0.78%*. While this performance was better than most funds in the category, the negative performance was nevertheless disappointing, coming on the […]

Monthly Update The Pender Corporate Bond Fund returned -1.6%* in December. Price declines were fairly broad-based across the Fund but particularly impacted longer-duration and lower-rated securities. Most of the price movement took place in the […]

In challenging circumstances, the Pender Corporate Bond Fund was off 2.7%* through the month of November. The month was generally weak across the board in high yield markets, a product of tax-loss selling combined with […]

The Pender Corporate Bond Fund returned 0.2%* in October. Performance was assisted by strong returns in a number of new holdings including the basket of credit closed end funds acquired in September, as well as […]

Fund Repositioning Upon assuming in-house management of the Pender Corporate Bond Fund in early September, we acted quickly to make a few important changes to the composition of the Fund. We sold a number of […]