“We can ignore reality but we cannot ignore the consequences of ignoring reality”- Ayn Rand In this commentary we cover: The trick is not to learn to trust your gut feelings, but rather to discipline […]
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 […]
A lost decade in the past could be a great setup for the future 2018 was a “terrible, horrible, no good, very bad” year for the S&P/TSX Composite Index which rung in the New Year […]
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 […]
Fellow Unitholders, Happy New Year. Or should I say good riddance to 2018. Either way, it’s that time of year when we reflect on the previous year. What we can say is that last year […]
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 biggest factor affecting market returns over a short period of time are changes in investor moods. And moods don’t care about spreadsheets, reasoning, formulas, or metrics. They make fools out of those who try […]
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 […]
Fellow Unitholders, I started drafting this commentary soon after quarter end, but then we were immediately presented with some interesting volatility in equity markets, so I put my pen down and went bargain hunting. Now, […]
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 […]
In my October 2017 commentary I talked about expanding Pender’s Circle of Competence and mentioned the addition of Amar Pandya to our team and how he brings additional depth to our mid and large cap […]
“Investment success requires sticking with positions made uncomfortable by their variance with popular opinion.” – Howard Marks In this commentary we cover: Indices and lagging indicators vs. seeing the world as it really is The […]
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 […]
CIO’s Quarterly Commentary – Felix Narhi – Q4 2018
Written by Felix Narhi on .
“We can ignore reality but we cannot ignore the consequences of ignoring reality”- Ayn Rand In this commentary we cover: The trick is not to learn to trust your gut feelings, but rather to discipline […]
Pender Corporate Bond Fund – Manager’s Commentary – February 2019
Written by Geoff Castle on .
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 […]
Managers Commentary – Q4 2018 – Amar Pandya & David Barr
Written by Amar Pandya on .
A lost decade in the past could be a great setup for the future 2018 was a “terrible, horrible, no good, very bad” year for the S&P/TSX Composite Index which rung in the New Year […]
Pender Corporate Bond Fund – Manager’s Commentary – January 2019
Written by Geoff Castle on .
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 […]
Manager’s Commentary – David Barr – Q4 2018
Written by David Barr on .
Fellow Unitholders, Happy New Year. Or should I say good riddance to 2018. Either way, it’s that time of year when we reflect on the previous year. What we can say is that last year […]
Pender Corporate Bond Fund – Manager’s Monthly Commentary – December 2018
Written by Geoff Castle on .
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, […]
Manager’s Q3 Commentary – Felix Narhi
Written by Felix Narhi on .
“The biggest factor affecting market returns over a short period of time are changes in investor moods. And moods don’t care about spreadsheets, reasoning, formulas, or metrics. They make fools out of those who try […]
Pender Corporate Bond Fund – Manager’s Commentary – Geoff Castle – November 2018
Written by Geoff Castle on .
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 […]
Manager’s Quarterly Commentary – David Barr – Q3 2018
Written by David Barr on .
Fellow Unitholders, I started drafting this commentary soon after quarter end, but then we were immediately presented with some interesting volatility in equity markets, so I put my pen down and went bargain hunting. Now, […]
Pender Corporate Bond Fund – Manager’s Commentary – Geoff Castle – October 2018
Written by Geoff Castle on .
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 […]
Pender Corporate Bond Fund – Manager’s Commentary – Geoff Castle – September 2018
Written by Geoff Castle on .
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 […]
Manager’s Commentary – Q2 2018 – David Barr & Amar Pandya
Written by Amar Pandya on .
In my October 2017 commentary I talked about expanding Pender’s Circle of Competence and mentioned the addition of Amar Pandya to our team and how he brings additional depth to our mid and large cap […]
Manager’s 1st Half Commentary – Felix Narhi
Written by Felix Narhi on .
“Investment success requires sticking with positions made uncomfortable by their variance with popular opinion.” – Howard Marks In this commentary we cover: Indices and lagging indicators vs. seeing the world as it really is The […]
Pender Corporate Bond Fund – Manager’s Commentary – Geoff Castle – August 2018
Written by Geoff Castle on .
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 […]
Pender Corporate Bond Fund – Manager’s Commentary – Geoff Castle – July 2018
Written by Geoff Castle on .
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 […]