The Pender Corporate Bond Fund emerged from February with a gain of 1.5%[1], which was ahead of benchmark measures. Driving the difference was the Fund’s avoidance of losses in long duration instruments, which were impacted […]
Having passed the one-year mark since the Fund’s inception at the end of January 2020, we are now in a position to report the first full year investment return of the Pender Bond Universe Fund. […]
The Pender Corporate Bond Fund enjoyed a strong January, gaining 2.8%[1], significantly ahead of benchmark measures. Driving the difference was a robust bid within the deeper value segments of the credit market, as well as […]
The Pender Corporate Bond Fund capped off the year with a strong December, gaining 2.6%[1]. Despite a rather tumultuous period early in the pandemic, the full year turned out fairly well, ending with a total […]
The Pender Corporate Bond Fund enjoyed a very strong November, gaining 4.6%[1] on the happy confluence of some important tailwinds. A number of important vaccine breakthroughs, combined with a resolution of U.S. election uncertainty, were […]
The Pender Corporate Bond Fund experienced a modest loss of -0.3% in October, ending a series of strong months that saw the Fund substantially recover from its March drawdown. The decline occurred within the context […]
The Pender Corporate Bond Fund gained 0.5%[1] in September, continuing the positive trend that the Fund began after March 2020. The Fund’s performance came amidst an environment of modestly declining risk-free interest rates and a more challenging high yield market that […]
The Pender Corporate Bond Fund gained 1.5%[1] in August, continuing the positive trend that the Fund began at the March 2020 lows. The Fund’s performance came amidst an environment of modestly rising risk-free interest rates […]
In the late summer of 2020, we look at the market for investment grade bonds and we are astounded. The Government of Canada yield curve is as low as a snake’s belly. There isn’t as […]
The Pender Corporate Bond Fund gained 2.4%[1] in July, continuing the positive trend that the Fund began after the March 2020 lows. The positive performance was within the context of improving overall credit market conditions […]
The Pender Corporate Bond Fund (PCBF) continued its rebound in June, gaining 2.9%[1] in the month. The PCBF’s sister Fund, the Pender Bond Universe Fund, returned 1.6%1 in June, closing at a new high for […]
The Pender Corporate Bond Fund gained 3.6%[1] in May, continuing to rebound from the COVID-related drawdown. North American credit markets continued to be well bid as both the Bank of Canada and the US Federal […]
In April, the Pender Corporate Bond Fund continued a rebound of unit values that began in the latter part of March. We have a lot of work left to do to recover from the drawdown […]
While managing the portfolio is our main focus, we want to start by saying that we hope you and your families are staying healthy in the crisis we find ourselves in. The Pender Corporate Bond […]
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 […]
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Fixed Income – Manager’s Commentary – February 2021
The Pender Corporate Bond Fund emerged from February with a gain of 1.5%[1], which was ahead of benchmark measures. Driving the difference was the Fund’s avoidance of losses in long duration instruments, which were impacted […]
The Pender Bond Universe Fund – Year One
Having passed the one-year mark since the Fund’s inception at the end of January 2020, we are now in a position to report the first full year investment return of the Pender Bond Universe Fund. […]
Fixed Income – Manager’s Commentary – January 2021
The Pender Corporate Bond Fund enjoyed a strong January, gaining 2.8%[1], significantly ahead of benchmark measures. Driving the difference was a robust bid within the deeper value segments of the credit market, as well as […]
Fixed Income – Manager’s Commentary – December 2020
The Pender Corporate Bond Fund capped off the year with a strong December, gaining 2.6%[1]. Despite a rather tumultuous period early in the pandemic, the full year turned out fairly well, ending with a total […]
Fixed Income – Manager’s Commentary – November 2020
The Pender Corporate Bond Fund enjoyed a very strong November, gaining 4.6%[1] on the happy confluence of some important tailwinds. A number of important vaccine breakthroughs, combined with a resolution of U.S. election uncertainty, were […]
Pender Fixed Income – Manager’s Commentary – October 2020
The Pender Corporate Bond Fund experienced a modest loss of -0.3% in October, ending a series of strong months that saw the Fund substantially recover from its March drawdown. The decline occurred within the context […]
Fixed Income – Manager’s Commentary – September 2020
The Pender Corporate Bond Fund gained 0.5%[1] in September, continuing the positive trend that the Fund began after March 2020. The Fund’s performance came amidst an environment of modestly declining risk-free interest rates and a more challenging high yield market that […]
Fixed Income – Manager’s Commentary – August 2020
The Pender Corporate Bond Fund gained 1.5%[1] in August, continuing the positive trend that the Fund began at the March 2020 lows. The Fund’s performance came amidst an environment of modestly rising risk-free interest rates […]
In The Beginning – About The Pender Bond Universe Fund – Aug 2020
In the late summer of 2020, we look at the market for investment grade bonds and we are astounded. The Government of Canada yield curve is as low as a snake’s belly. There isn’t as […]
Fixed Income – Manager’s Commentary – July 2020
The Pender Corporate Bond Fund gained 2.4%[1] in July, continuing the positive trend that the Fund began after the March 2020 lows. The positive performance was within the context of improving overall credit market conditions […]
Fixed Income – Manager’s Commentary – June 2020
The Pender Corporate Bond Fund (PCBF) continued its rebound in June, gaining 2.9%[1] in the month. The PCBF’s sister Fund, the Pender Bond Universe Fund, returned 1.6%1 in June, closing at a new high for […]
Fixed Income – Manager’s Commentary – May 2020
The Pender Corporate Bond Fund gained 3.6%[1] in May, continuing to rebound from the COVID-related drawdown. North American credit markets continued to be well bid as both the Bank of Canada and the US Federal […]
Fixed Income – Manager’s Commentary – April 2020
In April, the Pender Corporate Bond Fund continued a rebound of unit values that began in the latter part of March. We have a lot of work left to do to recover from the drawdown […]
Pender Fixed Income – Manager’s Commentary – March 2020
While managing the portfolio is our main focus, we want to start by saying that we hope you and your families are staying healthy in the crisis we find ourselves in. The Pender Corporate Bond […]
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 […]