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Fixed Income – Manager’s Commentary – October 2021
The Pender Corporate Bond Fund returned 0.3%[1] in October. The Fund’s progress came amidst a sharp upward move in rates that has seen the 5 year Government of Canada bond yield almost double since early […]
Balanced Funds – Manager’s Commentary – Q3 2021
Dear unitholders, The Pender Strategic Growth & Income Fund (PSGIF) was down 1.8%[1] and the Pender Enhanced Income Fund (PEIF) was down 1.5%[1] for the quarter. On a year-to-date basis, PSGIF was up 16.3%[1], while PEIF […]
Fixed Income – Manager’s Commentary – September 2021
The Pender Corporate Bond Fund returned 0.9%[1] in September. The gain came amidst somewhat turbulent markets that saw sovereign rates rise amidst fears of inflation and Fed tapering. Download PDF The Fund’s September return was […]
Fixed Income – Manager’s Commentary – August 2021
The Pender Corporate Bond Fund returned 0.7%[1] in August in a mixed market environment in which credit spreads tightened in the face of somewhat higher sovereign yields. Download PDF The Fund’s return was bolstered by […]
Fixed Income – Manager’s Commentary – July 2021
The Pender Corporate Bond Fund netted -0.2%[1] in July, as idiosyncratic factors outweighed an otherwise positive fixed income market. Download PDF The Fund encountered softness led by energy services player FTSI, an issue sometimes prone […]
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 – May 2021
The Pender Corporate Bond Fund gained 0.9%[1] in May, a respectable advance within the context of a fairly tepid period for high yield and a somewhat more positive high-grade market. Leading the way for 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 […]
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 […]
Pender 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 […]
Pender 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 […]