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 […]
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 […]
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 markets are moved by animal spirits, and not by reason.” – John Maynard Keynes The year started in the midst of one of the greatest bull markets in history. It has only strengthened 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 […]
We are well into summer now, our favourite time of year for taking a step back and reading about bigger picture topics that deepen our investing skill set. Halfway through the year we can assess […]
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 […]
All we want in life is no competition or an unfair advantage. At Pender we sometimes joke that all we want in life is either no competition or an unfair advantage. This is only partly […]
“The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility.)” – George Soros The Loonie – To Hedge or Not to Hedge […]
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 […]
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 […]
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 […]
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Manager’s Commentary – Geoff Castle – October 2017
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 […]
Manager’s Quarterly Commentary – David Barr – Q3 2017
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 […]
Manager’s Commentary – Geoff Castle – September 2017
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 […]
CIO’s Quarterly Commentary – Felix Narhi – Q2 2017
“The markets are moved by animal spirits, and not by reason.” – John Maynard Keynes The year started in the midst of one of the greatest bull markets in history. It has only strengthened in […]
Manager’s Commentary – Geoff Castle – August 2017
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 […]
Manager’s Quarterly Commentary – David Barr – Q2 2017
We are well into summer now, our favourite time of year for taking a step back and reading about bigger picture topics that deepen our investing skill set. Halfway through the year we can assess […]
Manager’s Commentary – Geoff Castle – July 2017
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 […]
Manager’s Commentary – Geoff Castle – June 2017
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 […]
CIO’s Quarterly Commentary – Felix Narhi – Q1 2017 – Part 2
All we want in life is no competition or an unfair advantage. At Pender we sometimes joke that all we want in life is either no competition or an unfair advantage. This is only partly […]
CIO’s Quarterly Commentary – Felix Narhi – Q1 2017 – Part 1
“The concept of a general equilibrium has no relevance to the real world (in other words, classical economics is an exercise in futility.)” – George Soros The Loonie – To Hedge or Not to Hedge […]
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 […]