Commentaries

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 Fund in June included our position in convertible notes of Global Eagle Entertainment. Global Eagle rallied over 10% on good […]

 “As to methods, there may be a million and then some, but principles are few. The man who grasps principles can successfully select his own methods. The man who tries methods, ignoring principles, is sure to have trouble.” – Ralph Waldo Emerson In this commentary we cover: Taking the capital out of capitalism – some […]

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, which rallied strongly on good earnings results and the company’s successful completion of an anti-dilutive exchange of old convertible notes […]

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 convertible notes of SunPower Corp, which rose multiple points on the company’s steps to acquire US-based manufacturing capacity, seen as […]

Increased Volatility and Continued Underperformance by Canadian Indices The Moment We’ve All Been Waiting For That was an interesting quarter. One thing didn’t change: Canada is out of favour. Canadian indices continued their lacklustre performance. What did change in the quarter was a dramatic spike in volatility and market turbulence. As a result, most major […]

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 20% on a positive earnings report and improved cash flow outlook. We also saw strength in our investment in KeyW […]

“Since 1871, the market has spent 40% of all years either rising or falling more than 20%. Roaring booms and crushing busts are perfectly normal.” – Morgan Housel Last year was a banner year in the US markets. Following the election of Trump, the S&P500 bolted out of the gates on initial optimism for deregulation […]

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 in the distressed General Obligation bonds of Puerto Rico which rallied on investors’ more positive view as the island’s recovery […]

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 Fund in January included our position in the heavily discounted convertible notes of Primero Mining, which rallied towards par […]

Who is the better hockey player? Wayne Gretzky or Sidney Crosby. Since the teams I usually cheer for have demonstrated a complete inability to compete for the Stanley Cup this year, I’m left to ponder more meaningful long-term questions about the game of hockey such as, is Sidney Crosby today better than Gretzky was in his day? […]

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 strong year of above benchmark returns with comparatively little volatility.

 “You cannot swim for new horizons until you have courage to lose sight of the shore.” ― William Faulkner To date, 2017 has been a much better year for the S&P500 than we had imagined. The flip side of an above average year, especially within an extended bull market, is that prospective returns will likely […]

As active managers we are trying to build a portfolio of companies within our strategies that can provide strong, long term, risk adjusted returns for our investors. One of our key tenets is to find companies that fall within our Circle of Competence. When we are looking to gain an analytical edge over our competition […]

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