The Pender Corporate Bond Fund declined -0.7% in February, as coronavirus fears and falling commodity prices hit credit hard in the latter half of the month. North American high yield credit spreads spiked to more […]
The Pender Corporate Bond Fund had a modestly positive result in January, as an early year rally in wider spread credits faded towards the end of the period with investors focusing on the risks relating […]
The Pender Corporate Bond Fund had a positive result of 1.2%[1] in December, and a total return of 5.6%1 for the full year, 2019. Credit markets ended the year buoyantly with the exception of longer […]
The Pender Corporate Bond Fund returned -0.5% in November, the somewhat lower unit value resulting from lower marks in several distressed or wide-spread credit lines. We hold a portion of the Fund in distressed credits […]
The Pender Corporate Bond Fund returned -0.3% in October. Despite strong equity markets during the month, investor nervousness in credit markets was apparent, with spreads in the lower ranges of the credit rating scale blowing […]
The Pender Corporate Bond Fund returned 1.0%1 in September with broad-based gains amid positive credit market conditions and higher long-term risk-free rates. Significant gains in the portfolio included our position in Avadel convertible notes, which […]
The Pender Corporate Bond Fund returned -0.6% in August, a relatively volatile period for the Fund, as two discrete events impacted the NAV. This volatility occurred against a backdrop of declines in many risk capital […]
The Pender Corporate Bond Fund returned 0.6% in July, a month that was characterized by a strong credit bid that anticipated the Federal Reserve’s rate cut announcement and then disappointment on the actual cut announcement […]
The Pender Corporate Bond Fund returned 0.9% in June, a result which reflected the broadly benign market conditions. For the half year ending June 30, the Fund returned 4.0% Strength in June came from our […]
The Pender Corporate Bond Fund had a small loss of -0.2% in May. In the broader context, high yield was weaker and government bonds were stronger. Strength in May came from our holdings in AAA […]
The Pender Corporate Bond Fund returned 1.1% in April, not a particularly remarkable result within the context of a very well-bid credit market, but nevertheless welcome as a steady progression of unitholder value. Leading the […]
The Pender Corporate Bond Fund returned 0.4% in March, amidst a backdrop of generally strong performance of corporate credit, particularly in the higher quality bands. Leading the gains in the Fund was our position in […]
The Pender Corporate Bond Fund returned 0.8% in February, amidst a positive backdrop of stronger market conditions. Leading the gains in the Fund were two “busted” convertible bond positions. These included our position in Zillow’s […]
The Pender Corporate Bond Fund returned 1.1% in January, and, in so doing, recovered fully from the small drawdown we experienced in the last part of 2018. Leading the gains in the Fund was our […]
The Pender Corporate Bond Fund returned -0.1% in December and 6.5% for the full year 2018*. The Fund’s slight decline in December was the result of a decrease in the value of high yield positions, […]
The Pender Corporate Bond Fund was flat in November, returning precisely 0.0%. The neutral overall portfolio return was, in large measure, the result of gains in the AAA government bonds (as yields fell in the […]
The Pender Corporate Bond Fund returned -0.4%1 in October. During the month the Fund faced several headwinds, including rising risk-free rates, a widening spread environment across all bands of corporate credit, and also particular weakness […]
The Pender Corporate Bond Fund returned -0.1%1 in September. While increasing investor risk appetites were positive for credit in general, rising yields across the curve in both Canada and the United States were enough to […]
The Pender Corporate Bond Fund returned 0.5% in August, a result slightly above the run-rate securities yield. Strong performers for the Fund in August included Aimia preferred shares, which rallied on the sale of that […]
The Pender Corporate Bond Fund returned 0.3% in July, a result fairly close to the underlying run-rate yield of the securities held. Strong performers for the Fund in July included our position in bonds and […]
The Pender Corporate Bond Fund returned 0.7% in June. A good result given the emergence of some headwinds in credit as spreads widened somewhat in the latter part of the month. Strong performers for the […]
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Pender Fixed Income – Manager’s Commentary – February 2020
The Pender Corporate Bond Fund declined -0.7% in February, as coronavirus fears and falling commodity prices hit credit hard in the latter half of the month. North American high yield credit spreads spiked to more […]
Pender Corporate Bond Fund – Manager’s Commentary – January 2020
The Pender Corporate Bond Fund had a modestly positive result in January, as an early year rally in wider spread credits faded towards the end of the period with investors focusing on the risks relating […]
Pender Corporate Bond Fund – Manager’s Commentary – December 2019
The Pender Corporate Bond Fund had a positive result of 1.2%[1] in December, and a total return of 5.6%1 for the full year, 2019. Credit markets ended the year buoyantly with the exception of longer […]
Pender Corporate Bond Fund – Manager’s Commentary – November 2019
The Pender Corporate Bond Fund returned -0.5% in November, the somewhat lower unit value resulting from lower marks in several distressed or wide-spread credit lines. We hold a portion of the Fund in distressed credits […]
Pender Corporate Bond Fund – Manager’s Commentary – October 2019
The Pender Corporate Bond Fund returned -0.3% in October. Despite strong equity markets during the month, investor nervousness in credit markets was apparent, with spreads in the lower ranges of the credit rating scale blowing […]
Pender Corporate Bond Fund – Manager’s Commentary – September 2019
The Pender Corporate Bond Fund returned 1.0%1 in September with broad-based gains amid positive credit market conditions and higher long-term risk-free rates. Significant gains in the portfolio included our position in Avadel convertible notes, which […]
Pender Corporate Bond Fund – Manager’s Commentary – August 2019
The Pender Corporate Bond Fund returned -0.6% in August, a relatively volatile period for the Fund, as two discrete events impacted the NAV. This volatility occurred against a backdrop of declines in many risk capital […]
Pender Corporate Bond Fund – Manager’s Commentary – July 2019
The Pender Corporate Bond Fund returned 0.6% in July, a month that was characterized by a strong credit bid that anticipated the Federal Reserve’s rate cut announcement and then disappointment on the actual cut announcement […]
Pender Corporate Bond Fund – Manager’s Commentary – June 2019
The Pender Corporate Bond Fund returned 0.9% in June, a result which reflected the broadly benign market conditions. For the half year ending June 30, the Fund returned 4.0% Strength in June came from our […]
Pender Corporate Bond Fund – Manager’s Commentary – May 2019
The Pender Corporate Bond Fund had a small loss of -0.2% in May. In the broader context, high yield was weaker and government bonds were stronger. Strength in May came from our holdings in AAA […]
Pender Corporate Bond Fund – Manager’s Monthly Commentary – April 2019
The Pender Corporate Bond Fund returned 1.1% in April, not a particularly remarkable result within the context of a very well-bid credit market, but nevertheless welcome as a steady progression of unitholder value. Leading the […]
Pender Corporate Bond Fund – Manager’s Monthly Commentary – March 2019
The Pender Corporate Bond Fund returned 0.4% in March, amidst a backdrop of generally strong performance of corporate credit, particularly in the higher quality bands. Leading the gains in the Fund was our position in […]
Pender Corporate Bond Fund – Manager’s Commentary – February 2019
The Pender Corporate Bond Fund returned 0.8% in February, amidst a positive backdrop of stronger market conditions. Leading the gains in the Fund were two “busted” convertible bond positions. These included our position in Zillow’s […]
Pender Corporate Bond Fund – Manager’s Commentary – January 2019
The Pender Corporate Bond Fund returned 1.1% in January, and, in so doing, recovered fully from the small drawdown we experienced in the last part of 2018. Leading the gains in the Fund was our […]
Pender Corporate Bond Fund – Manager’s Monthly Commentary – December 2018
The Pender Corporate Bond Fund returned -0.1% in December and 6.5% for the full year 2018*. The Fund’s slight decline in December was the result of a decrease in the value of high yield positions, […]
Pender Corporate Bond Fund – Manager’s Commentary – Geoff Castle – November 2018
The Pender Corporate Bond Fund was flat in November, returning precisely 0.0%. The neutral overall portfolio return was, in large measure, the result of gains in the AAA government bonds (as yields fell in the […]
Pender Corporate Bond Fund – Manager’s Commentary – Geoff Castle – October 2018
The Pender Corporate Bond Fund returned -0.4%1 in October. During the month the Fund faced several headwinds, including rising risk-free rates, a widening spread environment across all bands of corporate credit, and also particular weakness […]
Pender Corporate Bond Fund – Manager’s Commentary – Geoff Castle – September 2018
The Pender Corporate Bond Fund returned -0.1%1 in September. While increasing investor risk appetites were positive for credit in general, rising yields across the curve in both Canada and the United States were enough to […]
Pender Corporate Bond Fund – Manager’s Commentary – Geoff Castle – August 2018
The Pender Corporate Bond Fund returned 0.5% in August, a result slightly above the run-rate securities yield. Strong performers for the Fund in August included Aimia preferred shares, which rallied on the sale of that […]
Pender Corporate Bond Fund – Manager’s Commentary – Geoff Castle – July 2018
The Pender Corporate Bond Fund returned 0.3% in July, a result fairly close to the underlying run-rate yield of the securities held. Strong performers for the Fund in July included our position in bonds and […]
Pender Corporate Bond Fund – Manager’s Commentary – June 2018
The Pender Corporate Bond Fund returned 0.7% in June. A good result given the emergence of some headwinds in credit as spreads widened somewhat in the latter part of the month. Strong performers for the […]