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Manager’s Commentary – Geoff Castle – May 2017
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 […]
Manager’s Commentary – Geoff Castle – April 2017
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 […]
Manager’s Quarterly Commentary – David Barr – Q1 2017
When talking to investors today, the questions we hear quite frequently revolve around one central theme – are markets expensive? We spend the majority of our time trying to figure out if an individual company […]
Manager’s Commentary – Geoff Castle – March 2017
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 […]
Manager’s Commentary – Geoff Castle – February 2017
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 […]
Manager’s Quarterly Commentary – Felix Narhi – Q4 2016
“Headlines, in a way, are what mislead you, because bad news is a headline, and gradual improvement is not.” – Bill Gates, Microsoft Co-Founder Last year served as another vivid reminder that the future is […]
Manager’s Quarterly Commentary – David Barr – Q4 2016
That was an interesting quarter to say the least. Our small cap positions were strong beneficiaries of the post US election rally. We would like to take credit for positioning the portfolio for this event […]
Manager’s Commentary – Geoff Castle – January 2017
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 […]
Manager’s Commentary – Geoff Castle – December 2016
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 […]
Manager’s Commentary – Geoff Castle – November 2016
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 […]
Manager’s Quarterly Commentary – Felix Narhi – Q3 2016
“Nothing is so painful to the human mind as a great and sudden change.” ― Mary Shelley Although we live in a world where change is constant, it seems to be getting increasingly unpredictable. In […]
Manager’s Commentary – Geoff Castle – October 2016
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 […]
Manager’s Quarterly Commentary – David Barr – Q3 2016
The winners keep on winning and the losers…. We had a strong quarter in our small and mid-cap universe as stock prices continued to rebound from the lows of Q1. As bottom-up stock pickers we […]
Manager’s Commentary – Geoff Castle – September 2016
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 […]
Manager’s Commentary – Geoff Castle – August 2016
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 […]