The Pender Corporate Bond Fund emerged from July with a positive return of 1.9%[1]. The compressed spring of lower bond prices unwound a bit in the month as a potential slowdown in inflation provided the […]
The Pender Corporate Bond Fund emerged from June, a volatile month, down 3.2%[1]. Although the result was hardly what we had hoped for, the month did seem to show signs of slowing inflation which may […]
The Pender Corporate Bond Fund finished a volatile May with a NAV total return of approximately -0.7%[1]. Lower bond prices in the portfolio more than offset the growing level of current income in the Fund […]
In the quarter ended April 30, 2022, the Fund outperformed its benchmark. With the FTSE/TMX Canada Universe Bond Index down 7.0% over the past three months, the Pender Bond Universe Fund’s (PBUF) Class F return […]
The Pender Corporate Bond Fund returned -1.6%1 in April. In a tough market, the Fund continued its streak of outperforming its benchmark and category. Download PDF In a market without many bright spots, we benefitted […]
The Pender Corporate Bond Fund returned -0.4%[1] in March. While we never celebrate losses, it is worth noting that the Fund’s monthly loss was less than a third of that of the high yield index […]
The Pender Corporate Bond Fund delivered a result of -0.5%[1] in February, a period of relatively strong performance in a market beset by numerous headwinds, one of which was a spread-widening in credit. Download PDF […]
The return of the class F units of the Pender Bond Universe Fund for the three-month period ended January 31, 2022 was -0.5%[1]. For the full calendar year of 2021, the class F units were […]
In the tumultuous opening month of 2022, the Pender Corporate Bond Fund declined -0.9%[1]. A result not in the direction we would have hoped but, still, relatively solid given the market context. January saw fairly […]
The Pender Corporate Bond Fund ended 2021 with an annual return, after all fees and costs, of 10.3%[1], including a gain of 0.5% in December. Our investment grade (IG) mandate, the Pender Bond Universe Fund, […]
The Pender Corporate Bond Fund returned 0.5%[1] in November. The positive result was achieved in the face of a rather weak high yield credit market that may have been affected by tapering talk and COVID-19 […]
Performance Attribution The return of the Class F units of the Pender Bond Universe Fund over the three-month period ended October 31, 2021 was negative 0.9%[1]. The Fund’s benchmark, the FTSE/TMX Canada Universe Bond Index, […]
The Pender Corporate Bond Fund returned 0.3%[1] in October. The Fund’s progress came amidst a sharp upward move in rates that has seen the 5 year Government of Canada bond yield almost double since early […]
The Pender Corporate Bond Fund returned 0.9%[1] in September. The gain came amidst somewhat turbulent markets that saw sovereign rates rise amidst fears of inflation and Fed tapering. Download PDF The Fund’s September return was […]
The Pender Corporate Bond Fund returned 0.7%[1] in August in a mixed market environment in which credit spreads tightened in the face of somewhat higher sovereign yields. Download PDF The Fund’s return was bolstered by […]
Performance Attribution The Pender Bond Universe Fund’s exposure to higher yielding credit served as the main contributor to outperformance YTD in 2021. The Fund’s benchmark, the FTSE/TMX Canada Universe Bond Index comprised of Investment Grade […]
The Pender Corporate Bond Fund netted -0.2%[1] in July, as idiosyncratic factors outweighed an otherwise positive fixed income market. Download PDF The Fund encountered softness led by energy services player FTSI, an issue sometimes prone […]
The Pender Corporate Bond Fund gained 0.6%[1] in June, a gain which was made within the context of strong credit markets. For the half year, the Fund returned 7.4%1 and its investment grade cousin, the […]
The Pender Corporate Bond Fund gained 0.9%[1] in May, a respectable advance within the context of a fairly tepid period for high yield and a somewhat more positive high-grade market. Leading the way for the […]
The Pender Corporate Bond Fund gained 0.5%[1] in April, a modest advance within the context of a positive high yield credit market and a neutral period for investment grade issues. Leading the way for the […]
The Pender Corporate Bond Fund earned 0.9% in March, a period in which high yield credit performed well but investment grade bonds continued to suffer from rising risk-free rates. Download pdf Strong credits for us […]
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Fixed Income – July 2022
The Pender Corporate Bond Fund emerged from July with a positive return of 1.9%[1]. The compressed spring of lower bond prices unwound a bit in the month as a potential slowdown in inflation provided the […]
Fixed Income – June 2022
The Pender Corporate Bond Fund emerged from June, a volatile month, down 3.2%[1]. Although the result was hardly what we had hoped for, the month did seem to show signs of slowing inflation which may […]
Fixed Income – Manager’s Commentary – May 2022
The Pender Corporate Bond Fund finished a volatile May with a NAV total return of approximately -0.7%[1]. Lower bond prices in the portfolio more than offset the growing level of current income in the Fund […]
Bond Universe – April 2022
In the quarter ended April 30, 2022, the Fund outperformed its benchmark. With the FTSE/TMX Canada Universe Bond Index down 7.0% over the past three months, the Pender Bond Universe Fund’s (PBUF) Class F return […]
Fixed Income – Manager’s Commentary – April 2022
The Pender Corporate Bond Fund returned -1.6%1 in April. In a tough market, the Fund continued its streak of outperforming its benchmark and category. Download PDF In a market without many bright spots, we benefitted […]
Fixed Income – Manager’s Commentary – March 2022
The Pender Corporate Bond Fund returned -0.4%[1] in March. While we never celebrate losses, it is worth noting that the Fund’s monthly loss was less than a third of that of the high yield index […]
Fixed Income – Manager’s Commentary – February 2022
The Pender Corporate Bond Fund delivered a result of -0.5%[1] in February, a period of relatively strong performance in a market beset by numerous headwinds, one of which was a spread-widening in credit. Download PDF […]
Bond Universe – Manager’s Commentary – January 2022
The return of the class F units of the Pender Bond Universe Fund for the three-month period ended January 31, 2022 was -0.5%[1]. For the full calendar year of 2021, the class F units were […]
Fixed Income – Manager’s Commentary – January 2022
In the tumultuous opening month of 2022, the Pender Corporate Bond Fund declined -0.9%[1]. A result not in the direction we would have hoped but, still, relatively solid given the market context. January saw fairly […]
Fixed Income – Manager’s Commentary – December 2021
The Pender Corporate Bond Fund ended 2021 with an annual return, after all fees and costs, of 10.3%[1], including a gain of 0.5% in December. Our investment grade (IG) mandate, the Pender Bond Universe Fund, […]
Fixed Income – Manager’s Commentary – November 2021
The Pender Corporate Bond Fund returned 0.5%[1] in November. The positive result was achieved in the face of a rather weak high yield credit market that may have been affected by tapering talk and COVID-19 […]
Bond Universe Fund – Manager’s Commentary – October 2021
Performance Attribution The return of the Class F units of the Pender Bond Universe Fund over the three-month period ended October 31, 2021 was negative 0.9%[1]. The Fund’s benchmark, the FTSE/TMX Canada Universe Bond Index, […]
Fixed Income – Manager’s Commentary – October 2021
The Pender Corporate Bond Fund returned 0.3%[1] in October. The Fund’s progress came amidst a sharp upward move in rates that has seen the 5 year Government of Canada bond yield almost double since early […]
Fixed Income – Manager’s Commentary – September 2021
The Pender Corporate Bond Fund returned 0.9%[1] in September. The gain came amidst somewhat turbulent markets that saw sovereign rates rise amidst fears of inflation and Fed tapering. Download PDF The Fund’s September return was […]
Fixed Income – Manager’s Commentary – August 2021
The Pender Corporate Bond Fund returned 0.7%[1] in August in a mixed market environment in which credit spreads tightened in the face of somewhat higher sovereign yields. Download PDF The Fund’s return was bolstered by […]
Bond Universe Fund – Manager’s Commentary – Q1 & Q2 2021
Performance Attribution The Pender Bond Universe Fund’s exposure to higher yielding credit served as the main contributor to outperformance YTD in 2021. The Fund’s benchmark, the FTSE/TMX Canada Universe Bond Index comprised of Investment Grade […]
Fixed Income – Manager’s Commentary – July 2021
The Pender Corporate Bond Fund netted -0.2%[1] in July, as idiosyncratic factors outweighed an otherwise positive fixed income market. Download PDF The Fund encountered softness led by energy services player FTSI, an issue sometimes prone […]
Fixed Income – Manager’s Commentary – June 2021
The Pender Corporate Bond Fund gained 0.6%[1] in June, a gain which was made within the context of strong credit markets. For the half year, the Fund returned 7.4%1 and its investment grade cousin, the […]
Fixed Income – Manager’s Commentary – May 2021
The Pender Corporate Bond Fund gained 0.9%[1] in May, a respectable advance within the context of a fairly tepid period for high yield and a somewhat more positive high-grade market. Leading the way for the […]
Fixed Income – Manager’s Commentary – April 2021
The Pender Corporate Bond Fund gained 0.5%[1] in April, a modest advance within the context of a positive high yield credit market and a neutral period for investment grade issues. Leading the way for the […]
Fixed Income – Manager’s Commentary – March 2021
The Pender Corporate Bond Fund earned 0.9% in March, a period in which high yield credit performed well but investment grade bonds continued to suffer from rising risk-free rates. Download pdf Strong credits for us […]