The Pender Corporate Bond Fund returned -0.4%[1] in May. This performance was the result of a few significantly lower marks in distressed credits, offsetting a broadly positive movement across most of the Fund’s holdings. Download […]

The Pender Corporate Bond Fund returned -3.0%[1] in April, a sobering result within the context of a turbulent market. Credit spreads reset significantly wider and yield curves steepened during the month. Download the PDF.  Performance […]

The Pender Corporate Bond Fund returned -0.4% in March, which was a modest loss in the context of the credit market of that specific period. However, subsequent events, in particular the impact of the April […]

The Pender Corporate Bond Fund returned 0.9%[1] in February, which was a positive month for the bond market overall. Top contributors to the month’s return included a few distressed lines, including the bonds of Spirit […]

Highlights Top contributors included Spirit Airlines 8% notes, the convertible notes of Equinox Gold and Sibanye Stillwater, and Canadian Real Return bonds. Detractors included Jervois Global bonds due the announcement of a Chapter 11 earlier […]

Highlights Strong performance in December; top contributors included the preferred shares issued by Fannie Mae and Freddie Mac which tripled in value during 2024, a term loan in American Tire Distributors Inc, and the convertible […]

Highlights Positive contributors included preferred shares in Fannie Mae and Freddie Mac which, in the wake of the US election, gained over 100%, after which we sold down the position. Gains also came from the […]

Highlights Key positive contributors included the secured bonds of Spirit Airlines Inc., Lucid Group Inc., and the preferreds of Fannie Mae and Freddie Mac. Detractors included American Tire Distributors Inc., a small portfolio weight, which […]

Highlights September was a positive month for the Fund, with contributions from Hughes Satellite Systems first lien bond as well as precious metal securities. In the long run, our guess is that North America is […]

Highlights Key performance contributors included convertible bonds in Revance Therapeutics Inc., OPKO Health Inc., and Cineplex Inc. Key detractor was Stem Inc. We added weight to several lines of existing credits including Crowdstrike Holdings Inc, […]

Highlights Key contributors included Desktop Metal Inc. convertible bonds, Emergent BioSolutions 2028 notes, Lucid Group and OPKO Health convertible bonds. New positions included: Spirit Airlines 2025 secured notes, 5.75% convertible notes of PNM Resources, and […]

Highlights Performance drivers included our positions McDermott International Ltd and Hughes Satellite Systems Corp. Detractors included issuers active in producing materials for clean energy industries, including platinum group miner Sibanye Stillwater and rare earths processor […]

Highlights The Fund enjoyed one of its best performing months in May. Key contributors were Novavax convertible bonds, Fannie Mae preferred shares, Lucid Group Inc., Emergent BioSolutions, and OPKO Health Inc., along with numerous Canadian […]

Highlights: Higher risk-free rates offset line-item strength in the portfolio. Positive performance in areas including cinemas helped our positions. We continue to look beyond a single macro idea to other options to generate returns. We […]

Highlights Large positive moves came from some deeply discounted bonds including Esperion’s 2025 notes, Lucid Group’s 2026 convertible bonds, and 2028 bonds of Emergent BioSolutions. Convertible bonds in Equinox Gold (2029) and OPKO Health (2029) […]

Highlights: Positive contributors included convertible notes from Esperion Therapeutics, Inc. and Bandwidth Inc., and from our position in Lucid Group. A few weak spots included our position in the credit of SSR Mining Inc due […]

Highlights: Through December and January, the Fund initiated a position in the bonds of Sibanye Stillwater Ltd. which is the largest worldwide pure-play company in the mining and refining of platinum group metals. January saw […]

Highlights: December’s outperformance was driven by some deeply discounted and distressed lines including the preferred shares of Fannie Mae and Freddie Mac which rallied more than 30%. We added to our position in McDermott International […]

Highlights: November saw a major turn in bond market direction leading to positive returns throughout the fixed income markets. Investment grade securities staged a huge turnaround and there were some very strong returns amongst higher […]

Highlights: October was a volatile month characterized by sharply lower risk asset prices combined with higher risk-free rates across the curve. We are generally constructive on the bond market heading into the end of the […]

Highlights: The Fund had several pockets of strength in September, including energy-related securities, a pharma company, and U.S.-based marijuana companies. Higher risk-free rates caused most bonds within the Fund to fall in price. We have […]