The Class F units of the Pender Bond Universe Fund were up 2.2%[1] in the first quarter of 2025. The Fund outperformed its benchmark, FTSE/TMX Canada Universe Bond Index, by 0.2% over the period. Almost […]
Highlights Positive contributors to the Fund included TXNM Energy 5.75% ’54 convertible bonds via the combination of price appreciation and a competitive coupon, and OPKO Health Inc. 3.75% ’29 convertible bonds. The Fund added Duke […]
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 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 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 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 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 […]
Highlights Positive contributors were shorter-dated, higher-quality lines as well as the Fund’s exposure to credit through the Pender Corporate Bond Fund. With high-yield spreads remaining at approximately 4% at quarter-end and with indicators skewed to […]
Highlights For the three months ended March 31, 2023, the Fund generated a 1.9% return.[1] Several high-quality, defensive, relatively longer-dated lines, such as Loblaw Companies Ltd., Verisign Inc. and Bell Canada Enterprises Inc. bolstered performance. […]
For the three months ended December 31, 2022, the Pender Bond Universe Fund generated a 0.8%[1] return, outperforming its benchmark by approximately 70bp. For the full year of 2022, the Fund returned -6.4%1, realizing a […]
For the three months ending July 31, the Fund generated a small but positive return of 0.1%[1], breaking the string of negative quarters that have resulted from the aggressive rate hiking cycle the Fed and […]
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 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 […]
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, […]
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, […]
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 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 0.5%[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 […]
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. […]
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Pender Bond Universe Fund – Q1 2025
The Class F units of the Pender Bond Universe Fund were up 2.2%[1] in the first quarter of 2025. The Fund outperformed its benchmark, FTSE/TMX Canada Universe Bond Index, by 0.2% over the period. Almost […]
Pender Bond Universe Fund – Q4 2024
Highlights Positive contributors to the Fund included TXNM Energy 5.75% ’54 convertible bonds via the combination of price appreciation and a competitive coupon, and OPKO Health Inc. 3.75% ’29 convertible bonds. The Fund added Duke […]
Pender Bond Universe Fund – 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 […]
Pender Bond Universe Fund – 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 […]
Pender Bond Universe Fund – 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 […]
Pender Bond Universe Fund – 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), […]
Pender Bond Universe Fund – 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 […]
Bond Universe – Mar-Jun 2023
Highlights Positive contributors were shorter-dated, higher-quality lines as well as the Fund’s exposure to credit through the Pender Corporate Bond Fund. With high-yield spreads remaining at approximately 4% at quarter-end and with indicators skewed to […]
Bond Universe – Jan-Mar 2023
Highlights For the three months ended March 31, 2023, the Fund generated a 1.9% return.[1] Several high-quality, defensive, relatively longer-dated lines, such as Loblaw Companies Ltd., Verisign Inc. and Bell Canada Enterprises Inc. bolstered performance. […]
Bond Universe – Oct-Dec 2022
For the three months ended December 31, 2022, the Pender Bond Universe Fund generated a 0.8%[1] return, outperforming its benchmark by approximately 70bp. For the full year of 2022, the Fund returned -6.4%1, realizing a […]
Bond Universe – Q2 2022
For the three months ending July 31, the Fund generated a small but positive return of 0.1%[1], breaking the string of negative quarters that have resulted from the aggressive rate hiking cycle the Fed and […]
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 […]
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 – 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, […]
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, […]
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 – 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 – 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 […]
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. […]