HIGHLIGHTS Our equity exposure to energy companies led the way with Spartan Delta Corp. (TSX: SDE), ARC Resources Ltd. (TSX: ARX), and Texas Pacific Land Corporation (NYSE: TPL) among the top five contributors. Defense contractor […]
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 […]
Highlights Positive contributors in December were Chinese property developer Country Garden Holdings Company Limited, Emergent BioSolutions Inc., and Carriage Services, Inc., while detractors included National CineMedia LLC, and rising government bond yields that drove investment […]
HIGHLIGHTS We expect a further easing of inflation pressures as consumers and companies digest the impact of significantly higher rates. We find the prices of relatively strong corporate credits in the three to seven-year tenors […]
Highlights During October there were some bright spots and some challenges, the latter from lower prices across the investment-grade bond complex reacting to a higher yield curve. Bright spots included our positions in McDermott International, […]
Highlights Policymakers in most parts of the world have raised rates this year with the count and pace continuing to mount. The US Bond Market has had a -0.3% annualized return over the last five […]
Highlights: The Fund has thus far held above the summer lows, all the while seeing much improved forward-looking returns available in credit markets. The four factors to identify good entry points are: price, positioning, flows […]
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, […]
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 […]
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 […]
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 […]
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 […]
The Pender Corporate Bond Fund finished a volatile May with a NAV total return of approximately -0.7%[1]. Lower bond prices in the portfolio more than offset the growing level of current income in the Fund […]
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 […]
The Pender Corporate Bond Fund returned -1.6%1 in April. In a tough market, the Fund continued its streak of outperforming its benchmark and category. Download PDF In a market without many bright spots, we benefitted […]
The Pender Corporate Bond Fund returned -0.4%[1] in March. While we never celebrate losses, it is worth noting that the Fund’s monthly loss was less than a third of that of the high yield index […]
The Pender Corporate Bond Fund delivered a result of -0.5%[1] in February, a period of relatively strong performance in a market beset by numerous headwinds, one of which was a spread-widening in credit. Download PDF […]
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 […]
In the tumultuous opening month of 2022, the Pender Corporate Bond Fund declined -0.9%[1]. A result not in the direction we would have hoped but, still, relatively solid given the market context. January saw fairly […]
The Pender Corporate Bond Fund ended 2021 with an annual return, after all fees and costs, of 10.3%[1], including a gain of 0.5% in December. Our investment grade (IG) mandate, the Pender Bond Universe Fund, […]
The Pender Corporate Bond Fund returned 0.5%[1] in November. The positive result was achieved in the face of a rather weak high yield credit market that may have been affected by tapering talk and COVID-19 […]
Performance Attribution The return of the Class F units of the Pender Bond Universe Fund over the three-month period ended October 31, 2021 was negative 0.9%[1]. The Fund’s benchmark, the FTSE/TMX Canada Universe Bond Index, […]
The Pender Corporate Bond Fund returned 0.3%[1] in October. The Fund’s progress came amidst a sharp upward move in rates that has seen the 5 year Government of Canada bond yield almost double since early […]
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) was down 1.8%[1] and the Pender Enhanced Income Fund (PEIF) was down 1.5%[1] for the quarter. On a year-to-date basis, PSGIF was up 16.3%[1], while PEIF […]
The Pender Corporate Bond Fund returned 0.9%[1] in September. The gain came amidst somewhat turbulent markets that saw sovereign rates rise amidst fears of inflation and Fed tapering. Download PDF The Fund’s September return was […]
The Pender Corporate Bond Fund returned 0.7%[1] in August in a mixed market environment in which credit spreads tightened in the face of somewhat higher sovereign yields. Download PDF The Fund’s return was bolstered by […]
Performance Attribution The Pender Bond Universe Fund’s exposure to higher yielding credit served as the main contributor to outperformance YTD in 2021. The Fund’s benchmark, the FTSE/TMX Canada Universe Bond Index comprised of Investment Grade […]
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 […]
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) was up 6.2%[1] for the quarter, and the Pender Enhanced Income Fund (PEIF) was up 5.9%1. On a year-to-date (YTD) basis, PSGIF was up 18.4%1, […]
The Pender Corporate Bond Fund gained 0.6%[1] in June, a gain which was made within the context of strong credit markets. For the half year, the Fund returned 7.4%1 and its investment grade cousin, the […]
The Pender Corporate Bond Fund gained 0.9%[1] in May, a respectable advance within the context of a fairly tepid period for high yield and a somewhat more positive high-grade market. Leading the way for the […]
The Pender Corporate Bond Fund gained 0.5%[1] in April, a modest advance within the context of a positive high yield credit market and a neutral period for investment grade issues. Leading the way for the […]
The Pender Corporate Bond Fund earned 0.9% in March, a period in which high yield credit performed well but investment grade bonds continued to suffer from rising risk-free rates. Download pdf Strong credits for us […]
The Pender Corporate Bond Fund emerged from February with a gain of 1.5%[1], which was ahead of benchmark measures. Driving the difference was the Fund’s avoidance of losses in long duration instruments, which were impacted […]
The Pender Corporate Bond Fund enjoyed a strong January, gaining 2.8%[1], significantly ahead of benchmark measures. Driving the difference was a robust bid within the deeper value segments of the credit market, as well as […]
The Pender Corporate Bond Fund capped off the year with a strong December, gaining 2.6%[1]. Despite a rather tumultuous period early in the pandemic, the full year turned out fairly well, ending with a total […]
The Pender Corporate Bond Fund enjoyed a very strong November, gaining 4.6%[1] on the happy confluence of some important tailwinds. A number of important vaccine breakthroughs, combined with a resolution of U.S. election uncertainty, were […]
The Pender Corporate Bond Fund experienced a modest loss of -0.3% in October, ending a series of strong months that saw the Fund substantially recover from its March drawdown. The decline occurred within the context […]
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 […]
The Pender Corporate Bond Fund gained 1.5%[1] in August, continuing the positive trend that the Fund began at the March 2020 lows. The Fund’s performance came amidst an environment of modestly rising risk-free interest rates […]
In the late summer of 2020, we look at the market for investment grade bonds and we are astounded. The Government of Canada yield curve is as low as a snake’s belly. There isn’t as […]
The Pender Corporate Bond Fund gained 2.4%[1] in July, continuing the positive trend that the Fund began after the March 2020 lows. The positive performance was within the context of improving overall credit market conditions […]
The Pender Corporate Bond Fund (PCBF) continued its rebound in June, gaining 2.9%[1] in the month. The PCBF’s sister Fund, the Pender Bond Universe Fund, returned 1.6%1 in June, closing at a new high for […]
The Pender Corporate Bond Fund gained 3.6%[1] in May, continuing to rebound from the COVID-related drawdown. North American credit markets continued to be well bid as both the Bank of Canada and the US Federal […]
In April, the Pender Corporate Bond Fund continued a rebound of unit values that began in the latter part of March. We have a lot of work left to do to recover from the drawdown […]
While managing the portfolio is our main focus, we want to start by saying that we hope you and your families are staying healthy in the crisis we find ourselves in. The Pender Corporate Bond […]
The Pender Corporate Bond Fund declined -0.7% in February, as coronavirus fears and falling commodity prices hit credit hard in the latter half of the month. North American high yield credit spreads spiked to more […]
The Pender Corporate Bond Fund had a modestly positive result in January, as an early year rally in wider spread credits faded towards the end of the period with investors focusing on the risks relating […]
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.
There is no longer an “easy button” in fixed income whereby investors can earn relatively high real returns from invested instruments guaranteed by the government. While most investors still construct their portfolio with a mix […]
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 […]
During the week of October 4, 2016, Sandridge Energy emerged from its re-organization and the positions in both the Pender Corporate Bond Fund and the Pender Value Fund were converted to new Sandridge common equity […]
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 […]
Early in 2016, we are witness to a “hard assets” liquidation frenzy, the likes of which have not been seen for many years. The great commodities supercycle that was supposed to accompany the rise of […]
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 […]
Incoming Pender Corporate Bond Fund manager, Geoff Castle, brings a strong credit discipline to the Pender investment team. Here, we focus on sector exposures and the areas of opportunity he sees in the market.
Incoming Pender Corporate Bond Fund manager, Geoff Castle, brings a strong credit discipline to the Pender investment team. Here, we focus on how he is addressing the balance between credit quality, default risk and realizing […]
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 […]
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