Highlights Key positive contributors included the secured bonds of Spirit Airlines Inc., Lucid Group Inc., and the preferreds of Fannie Mae and Freddie Mac. Detractors included American Tire Distributors Inc., a small portfolio weight, which […]
Download PDF Dear Investor Since its inception, the Pender Credit Opportunities Fund (PCOF) has delivered a return of 26.7%, net of all fees and expenses, with a Net IRR of 22.2%. The investment period concluded […]
Highlights Positive contributors included OPKO Health Inc. 3.75% 2029 convertible bonds and TXNM Energy Inc. 5.75% 2054 convertible bonds. We extended duration slightly this quarter from 4.74 at June 30 to 5.14 at quarter-end. The […]
Highlights September was a positive month for the Fund, with contributions from Hughes Satellite Systems first lien bond as well as precious metal securities. In the long run, our guess is that North America is […]
Highlights Key performance contributors included convertible bonds in Revance Therapeutics Inc., OPKO Health Inc., and Cineplex Inc. Key detractor was Stem Inc. We added weight to several lines of existing credits including Crowdstrike Holdings Inc, […]
Highlights Key contributors included Desktop Metal Inc. convertible bonds, Emergent BioSolutions 2028 notes, Lucid Group and OPKO Health convertible bonds. New positions included: Spirit Airlines 2025 secured notes, 5.75% convertible notes of PNM Resources, and […]
Download PDF Dear Investor We sincerely appreciate your continued support of Pender Credit Opportunities Fund I (PCOF I). Since its launch, the Fund has delivered an impressive return of 19.8%, net of all fees and […]
Highlights Strength in Q2 was partially attributable to a rally in response to the Bank of Canada’s decision to reduce the overnight lending rate. Areas of focus over the quarter were defensive sectors including Utilities […]
Highlights Performance drivers included our positions McDermott International Ltd and Hughes Satellite Systems Corp. Detractors included issuers active in producing materials for clean energy industries, including platinum group miner Sibanye Stillwater and rare earths processor […]
Highlights The Fund enjoyed one of its best performing months in May. Key contributors were Novavax convertible bonds, Fannie Mae preferred shares, Lucid Group Inc., Emergent BioSolutions, and OPKO Health Inc., along with numerous Canadian […]
Highlights: Higher risk-free rates offset line-item strength in the portfolio. Positive performance in areas including cinemas helped our positions. We continue to look beyond a single macro idea to other options to generate returns. We […]
Download the PDF Dear Investor We deeply appreciate your ongoing support of Pender Credit Opportunities Fund I (PCOF I). Since its inception, the Fund has delivered positive performance of 13.4% net of all fees and […]
Highlights A strong March characterized by strength in credit lifted the Fund into positive territory for the quarter ended March 31, 2024. Key contributors included Occidental Petroleum and OPKO Health. Currently the Fund has a […]
Highlights Large positive moves came from some deeply discounted bonds including Esperion’s 2025 notes, Lucid Group’s 2026 convertible bonds, and 2028 bonds of Emergent BioSolutions. Convertible bonds in Equinox Gold (2029) and OPKO Health (2029) […]
Highlights: Positive contributors included convertible notes from Esperion Therapeutics, Inc. and Bandwidth Inc., and from our position in Lucid Group. A few weak spots included our position in the credit of SSR Mining Inc due […]
Highlights: Through December and January, the Fund initiated a position in the bonds of Sibanye Stillwater Ltd. which is the largest worldwide pure-play company in the mining and refining of platinum group metals. January saw […]
Highlights The past quarter was characterized by a strong bond market reaction to the disinflationary trend. Longer dated, high grade bonds were the strongest contributors to performance. Favourable performers included Warner Brothers Discovery Inc. (2062), […]
Highlights: December’s outperformance was driven by some deeply discounted and distressed lines including the preferred shares of Fannie Mae and Freddie Mac which rallied more than 30%. We added to our position in McDermott International […]
Highlights: November saw a major turn in bond market direction leading to positive returns throughout the fixed income markets. Investment grade securities staged a huge turnaround and there were some very strong returns amongst higher […]
Highlights: October was a volatile month characterized by sharply lower risk asset prices combined with higher risk-free rates across the curve. We are generally constructive on the bond market heading into the end of the […]
Highlights We reduced the Fund’s weight in several, shorter-dated, high-quality corporate issuers and government bonds and re-allocated proceeds to longer-dated holdings, including Warner Brothers Discover 5.391% ’62. The Fund’s position in Inflation-Linked Bonds was slightly […]
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Fixed Income – October 2024
Highlights Key positive contributors included the secured bonds of Spirit Airlines Inc., Lucid Group Inc., and the preferreds of Fannie Mae and Freddie Mac. Detractors included American Tire Distributors Inc., a small portfolio weight, which […]
Pender Credit Opportunities Fund – Manager’s Commentary – Q3 2024
Download PDF Dear Investor Since its inception, the Pender Credit Opportunities Fund (PCOF) has delivered a return of 26.7%, net of all fees and expenses, with a Net IRR of 22.2%. The investment period concluded […]
Bond Universe – Q3 2024
Highlights Positive contributors included OPKO Health Inc. 3.75% 2029 convertible bonds and TXNM Energy Inc. 5.75% 2054 convertible bonds. We extended duration slightly this quarter from 4.74 at June 30 to 5.14 at quarter-end. The […]
Fixed Income – September 2024
Highlights September was a positive month for the Fund, with contributions from Hughes Satellite Systems first lien bond as well as precious metal securities. In the long run, our guess is that North America is […]
Corporate Bond Fund – August 2024
Highlights Key performance contributors included convertible bonds in Revance Therapeutics Inc., OPKO Health Inc., and Cineplex Inc. Key detractor was Stem Inc. We added weight to several lines of existing credits including Crowdstrike Holdings Inc, […]
Fixed Income – July 2024
Highlights Key contributors included Desktop Metal Inc. convertible bonds, Emergent BioSolutions 2028 notes, Lucid Group and OPKO Health convertible bonds. New positions included: Spirit Airlines 2025 secured notes, 5.75% convertible notes of PNM Resources, and […]
Pender Credit Opportunities Fund – Manager’s Commentary – Q2 2024
Download PDF Dear Investor We sincerely appreciate your continued support of Pender Credit Opportunities Fund I (PCOF I). Since its launch, the Fund has delivered an impressive return of 19.8%, net of all fees and […]
Bond Universe – Q2 2024
Highlights Strength in Q2 was partially attributable to a rally in response to the Bank of Canada’s decision to reduce the overnight lending rate. Areas of focus over the quarter were defensive sectors including Utilities […]
Fixed Income – June 2024
Highlights Performance drivers included our positions McDermott International Ltd and Hughes Satellite Systems Corp. Detractors included issuers active in producing materials for clean energy industries, including platinum group miner Sibanye Stillwater and rare earths processor […]
Fixed Income – May 2024
Highlights The Fund enjoyed one of its best performing months in May. Key contributors were Novavax convertible bonds, Fannie Mae preferred shares, Lucid Group Inc., Emergent BioSolutions, and OPKO Health Inc., along with numerous Canadian […]
Fixed Income – April 2024
Highlights: Higher risk-free rates offset line-item strength in the portfolio. Positive performance in areas including cinemas helped our positions. We continue to look beyond a single macro idea to other options to generate returns. We […]
Pender Credit Opportunities – April 2024
Download the PDF Dear Investor We deeply appreciate your ongoing support of Pender Credit Opportunities Fund I (PCOF I). Since its inception, the Fund has delivered positive performance of 13.4% net of all fees and […]
Bond Universe – Q1 2024
Highlights A strong March characterized by strength in credit lifted the Fund into positive territory for the quarter ended March 31, 2024. Key contributors included Occidental Petroleum and OPKO Health. Currently the Fund has a […]
Fixed Income – March 2024
Highlights Large positive moves came from some deeply discounted bonds including Esperion’s 2025 notes, Lucid Group’s 2026 convertible bonds, and 2028 bonds of Emergent BioSolutions. Convertible bonds in Equinox Gold (2029) and OPKO Health (2029) […]
Fixed Income – February 2024
Highlights: Positive contributors included convertible notes from Esperion Therapeutics, Inc. and Bandwidth Inc., and from our position in Lucid Group. A few weak spots included our position in the credit of SSR Mining Inc due […]
Fixed Income – January 2024
Highlights: Through December and January, the Fund initiated a position in the bonds of Sibanye Stillwater Ltd. which is the largest worldwide pure-play company in the mining and refining of platinum group metals. January saw […]
Bond Universe – Q4 2023
Highlights The past quarter was characterized by a strong bond market reaction to the disinflationary trend. Longer dated, high grade bonds were the strongest contributors to performance. Favourable performers included Warner Brothers Discovery Inc. (2062), […]
Fixed Income – December 2023
Highlights: December’s outperformance was driven by some deeply discounted and distressed lines including the preferred shares of Fannie Mae and Freddie Mac which rallied more than 30%. We added to our position in McDermott International […]
Fixed Income – November 2023
Highlights: November saw a major turn in bond market direction leading to positive returns throughout the fixed income markets. Investment grade securities staged a huge turnaround and there were some very strong returns amongst higher […]
Fixed Income – October 2023
Highlights: October was a volatile month characterized by sharply lower risk asset prices combined with higher risk-free rates across the curve. We are generally constructive on the bond market heading into the end of the […]
Bond Universe – Q3 2023
Highlights We reduced the Fund’s weight in several, shorter-dated, high-quality corporate issuers and government bonds and re-allocated proceeds to longer-dated holdings, including Warner Brothers Discover 5.391% ’62. The Fund’s position in Inflation-Linked Bonds was slightly […]