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Manager’s Commentary – Geoff Castle – January 2018
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 […]
Manager’s Quarterly Commentary – David Barr – Q4 2017
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 […]
Manager’s Commentary – Geoff Castle – December 2017
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 […]
CIO’s Quarterly Commentary – Felix Narhi – Q3 2017
“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. […]
Manager’s Commentary – Geoff Castle – November 2017
The Pender Corporate Bond Fund returned 0.1% in November, a result lower than the potential run-rate return we see in the portfolio but, within the context of a choppy market, not altogether disappointing.
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 […]