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 […]
“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 […]
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 […]
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 […]
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 […]
We’ve had an exciting start to the year. We started off with a big drawdown in energy markets and now, at the midpoint of the year, major indices are hitting highs and everything is fine. […]
After a wild ride in the first quarter, the big surprising macro news to hit markets during the second quarter was Brexit. Admittedly, we did not anticipate that the UK would vote to leave the […]
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 first quarter was volatile and strange. It was a wild, roller coaster-like experience. There have been very few periods over the last three decades which have seen a larger number of three standard deviation […]
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, […]
Roller Coasters and Small Cap Stocks That was an exciting first quarter. Markets started the year in a steep downturn that was far less thrilling and much more stressful than a roller coaster. The TSX […]
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 […]
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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 […]
Manager’s Commentary – Geoff Castle – July 2016
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 […]
Manager’s Quarterly Commentary – David Barr – Q2 2016
We’ve had an exciting start to the year. We started off with a big drawdown in energy markets and now, at the midpoint of the year, major indices are hitting highs and everything is fine. […]
Manager’s Quarterly Commentary – Felix Narhi – Q2 2016
After a wild ride in the first quarter, the big surprising macro news to hit markets during the second quarter was Brexit. Admittedly, we did not anticipate that the UK would vote to leave the […]
Manager’s Commentary – Geoff Castle – June 2016
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 […]
Manager’s Commentary – Geoff Castle – May 2016
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 […]
Manager’s Quarterly Commentary – Felix Narhi – Q1 2016
The first quarter was volatile and strange. It was a wild, roller coaster-like experience. There have been very few periods over the last three decades which have seen a larger number of three standard deviation […]
Manager’s Commentary – Geoff Castle – April 2016
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, […]
Manager’s Quarterly Commentary – David Barr – Q1 2016
Roller Coasters and Small Cap Stocks That was an exciting first quarter. Markets started the year in a steep downturn that was far less thrilling and much more stressful than a roller coaster. The TSX […]
Manager’s Commentary – Geoff Castle – March 2016
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 […]