Articles by Geoff Castle

Fixed Income – August 2022

Written by Geoff Castle

The Pender Corporate Bond Fund continued its rebound from the summer’s lows, returning 0.4[1] in August. Download PDF The Fund’s return was bolstered by strong line-item performance in some high conviction credits including Intercept Pharmaceuticals, […]

September 9, 2022

Bond Universe – Q2 2022

Written by Geoff Castle

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 […]

August 15, 2022

Fixed Income – July 2022

Written by Geoff Castle

The Pender Corporate Bond Fund emerged from July with a positive return of 1.9%[1]. The compressed spring of lower bond prices unwound a bit in the month as a potential slowdown in inflation provided the […]

August 5, 2022

Balanced Funds – Q2 2022

Written by Geoff Castle

Dear Unitholders, The second quarter of 2022 was challenging for investors. Macro trends from the first quarter of the year continued and the headwinds intensified. The war in Ukraine, elevated commodity prices, and persistent and […]

July 22, 2022

Fixed Income – June 2022

Written by Geoff Castle

The Pender Corporate Bond Fund emerged from June, a volatile month, down 3.2%[1]. Although the result was hardly what we had hoped for, the month did seem to show signs of slowing inflation which may […]

July 8, 2022

Bond Universe – April 2022

Written by Geoff Castle

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 […]

May 12, 2022

Fixed Income – Manager’s Commentary – July 2021

Written by Geoff Castle

The Pender Corporate Bond Fund netted -0.2%[1] in July, as idiosyncratic factors outweighed an otherwise positive fixed income market. Download PDF The Fund encountered softness led by energy services player FTSI, an issue sometimes prone […]

August 6, 2021

Fixed Income – Manager’s Commentary – September 2020

Written by Geoff Castle

The Pender Corporate Bond Fund gained 0.5%[1] in September, continuing the positive trend that the Fund began after March 2020. The Fund’s performance came amidst an environment of modestly declining risk-free interest rates and a more challenging high yield market that […]

October 5, 2020

Manager’s Commentary – Geoff Castle – May 2017

Written by Geoff Castle

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 […]

June 5, 2017

Manager’s Commentary – Geoff Castle – December 2015

Written by Geoff Castle

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 […]

January 7, 2016