The Pender Corporate Bond Fund returned 0.8% in May, delivering steady progression amidst a somewhat turbulent market picture. Strong performers for the Fund in May included our position in debt units of Gran Colombia Gold, […]
The Pender Corporate Bond Fund returned 0.6% in April, a reasonably good result given the continuing upward bias of the trend in interest rates. Strong performers for the Fund in April included our position in […]
The Pender Corporate Bond Fund returned 1.2% in March, a good result within difficult market conditions. Strong performers for the Fund in March included our position in convertible notes of Amyris, which rallied more than […]
The Pender Corporate Bond Fund returned 0.5% in February, not a large gain but, within the context of generally weak market conditions, an acceptable result. Strong performers for the Fund in February included our position […]
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 […]
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 […]
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.
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 […]
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 […]
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 […]
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 […]
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 […]
The Pender Corporate Bond Fund returned 0.5% in May. Leading this performance was our position in the distressed credit of Global Brokerage Inc, which surprised creditors positively with a $56M non-core asset disposition. We saw […]
The Pender Corporate Bond Fund returned 0.3% in April. Although certain credits gained, others were weaker in the month and the net effect of winners and losers was this very modest total. Winners included demand-side […]
The Pender Corporate Bond Fund returned 1.8% in March. This was a good result, especially given the general weakness in credit markets during the period. The Fund benefited from strength in a number of discounted […]
The Pender Corporate Bond Fund returned 0.8% in February. We view this return as reasonable for the period, given the lower credit spread environment, combined with our own more cautious risk positioning. Our February returns […]
The Pender Corporate Bond Fund returned 1.3% in January. This was a good, if unspectacular, result. Driving our returns in January was the increase in price of a number of discounted bonds, combined with our […]
The Pender Corporate Bond Fund returned 2.2% in December and 23.7% for the full year 2016. This was a very good result, well ahead of our benchmark and, frankly, ahead of our own expectations. During […]
The Pender Corporate Bond Fund returned 0.8% in November. This was a reasonably good result, given the state of the bond market in general. During the month, yields on longer-dated bonds rose significantly, continuing a […]
The Pender Corporate Bond Fund returned 2.9% in October, a very good result. Driving the strong performance during the month were a couple of key events: first was Sandridge Energy’s October 7 emergence from bankruptcy […]
The Pender Corporate Bond Fund returned 0.5% in September which was a positive, if unexciting, result. For the quarter, which included strong returns in July and August, the Fund returned 4.8%. During the month, the […]
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Pender Corporate Bond Fund – Manager’s Commentary – May 2018
The Pender Corporate Bond Fund returned 0.8% in May, delivering steady progression amidst a somewhat turbulent market picture. Strong performers for the Fund in May included our position in debt units of Gran Colombia Gold, […]
Manager’s Commentary – Geoff Castle – April 2018
The Pender Corporate Bond Fund returned 0.6% in April, a reasonably good result given the continuing upward bias of the trend in interest rates. Strong performers for the Fund in April included our position in […]
Manager’s Commentary – Geoff Castle – March 2018
The Pender Corporate Bond Fund returned 1.2% in March, a good result within difficult market conditions. Strong performers for the Fund in March included our position in convertible notes of Amyris, which rallied more than […]
Manager’s Commentary – Geoff Castle – February 2018
The Pender Corporate Bond Fund returned 0.5% in February, not a large gain but, within the context of generally weak market conditions, an acceptable result. Strong performers for the Fund in February included our position […]
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 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 […]
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 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 […]
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 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 […]
Manager’s Commentary – Geoff Castle – May 2017
The Pender Corporate Bond Fund returned 0.5% in May. Leading this performance was our position in the distressed credit of Global Brokerage Inc, which surprised creditors positively with a $56M non-core asset disposition. We saw […]
Manager’s Commentary – Geoff Castle – April 2017
The Pender Corporate Bond Fund returned 0.3% in April. Although certain credits gained, others were weaker in the month and the net effect of winners and losers was this very modest total. Winners included demand-side […]
Manager’s Commentary – Geoff Castle – March 2017
The Pender Corporate Bond Fund returned 1.8% in March. This was a good result, especially given the general weakness in credit markets during the period. The Fund benefited from strength in a number of discounted […]
Manager’s Commentary – Geoff Castle – February 2017
The Pender Corporate Bond Fund returned 0.8% in February. We view this return as reasonable for the period, given the lower credit spread environment, combined with our own more cautious risk positioning. Our February returns […]
Manager’s Commentary – Geoff Castle – January 2017
The Pender Corporate Bond Fund returned 1.3% in January. This was a good, if unspectacular, result. Driving our returns in January was the increase in price of a number of discounted bonds, combined with our […]
Manager’s Commentary – Geoff Castle – December 2016
The Pender Corporate Bond Fund returned 2.2% in December and 23.7% for the full year 2016. This was a very good result, well ahead of our benchmark and, frankly, ahead of our own expectations. During […]
Manager’s Commentary – Geoff Castle – November 2016
The Pender Corporate Bond Fund returned 0.8% in November. This was a reasonably good result, given the state of the bond market in general. During the month, yields on longer-dated bonds rose significantly, continuing a […]
Manager’s Commentary – Geoff Castle – October 2016
The Pender Corporate Bond Fund returned 2.9% in October, a very good result. Driving the strong performance during the month were a couple of key events: first was Sandridge Energy’s October 7 emergence from bankruptcy […]
Manager’s Commentary – Geoff Castle – September 2016
The Pender Corporate Bond Fund returned 0.5% in September which was a positive, if unexciting, result. For the quarter, which included strong returns in July and August, the Fund returned 4.8%. During the month, the […]