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 […]

Highlights: • Positive contributors to the Fund were Cineworld Group PLC and Federal National Mortgage Association (Fannie Mae). Detractors included Canadian rate-reset preferred shares due to negative price momentum, and Emergent BioSolutions, which we have […]

Highlights: Positive contributors included First Majestic Silver Corp., which rallied from multi-year lows, and our holdings of Liberty TripAdvisor Holdings, Inc. notes, which attracted bids due to their attractive double-digit yield to a 2025 put […]

HIGHLIGHTS  Positive contributors included: Paratek Pharmaceuticals, Inc. to be acquired leading to a gain of more than 10% in that position; OPKO Health Inc. on the FDA’s approval of the company’s NGENLA growth hormone therapy; […]

HIGHLIGHTS  Overall, a choppy month from a combination of wider credit spreads, higher sovereign rates and uncertainty surrounding the U.S. debt ceiling. Positive contributors were Cineworld Group PLC, Paratek Pharmaceuticals Inc, and Emergent BioSolutions Inc […]

HIGHLIGHTS  The strongest contributors to the Fund were Paratek Pharmaceuticals Inc., Emergent BioSolutions Inc., Esperion Therapeutics Inc., and Bausch Health. Decliners in the Fund included McDermott International Inc., PHI Group Inc., and American Tire Distributors […]

The Pender Corporate Bond Fund returned -0.5%[1] in March. Although the period was a strong one for the high-grade part of the portfolio, a few idiosyncratic events in particular lines and widening spreads in lower-tier […]

HIGHLIGHTS  The Pender Corporate Bond Fund had a relatively strong performance amidst a market that saw larger price declines in both high yield and investment grade bond benchmarks. We added a position in the 2028 […]

Highlights Most of the holdings of the Pender Corporate Bond Fund rose as lower benchmark yields coincided with narrowing spreads for corporate bonds. Significant performers included positions in discounted convertible bonds as holdings in Eventbrite […]

Highlights Positive contributors in December were Chinese property developer Country Garden Holdings Company Limited, Emergent BioSolutions Inc., and Carriage Services, Inc., while detractors included National CineMedia LLC, and rising government bond yields that drove investment […]

HIGHLIGHTS We expect a further easing of inflation pressures as consumers and companies digest the impact of significantly higher rates. We find the prices of relatively strong corporate credits in the three to seven-year tenors […]

Highlights During October there were some bright spots and some challenges, the latter from lower prices across the investment-grade bond complex reacting to a higher yield curve. Bright spots included our positions in McDermott International, […]

Highlights: The Fund has thus far held above the summer lows, all the while seeing much improved forward-looking returns available in credit markets. The four factors to identify good entry points are: price, positioning, flows […]

The Pender Corporate Bond Fund continued its rebound from the summer’s lows, returning 0.4[1] in August. Download PDF The Fund’s return was bolstered by strong line-item performance in some high conviction credits including Intercept Pharmaceuticals, […]

The Pender Corporate Bond Fund emerged from July with a positive return of 1.9%[1]. The compressed spring of lower bond prices unwound a bit in the month as a potential slowdown in inflation provided the […]

The Pender Corporate Bond Fund emerged from June, a volatile month, down 3.2%[1]. Although the result was hardly what we had hoped for, the month did seem to show signs of slowing inflation which may […]

The Pender Corporate Bond Fund finished a volatile May with a NAV total return of approximately -0.7%[1]. Lower bond prices in the portfolio more than offset the growing level of current income in the Fund […]

The Pender Corporate Bond Fund returned -1.6%1 in April. In a tough market, the Fund continued its streak of outperforming its benchmark and category. Download PDF In a market without many bright spots, we benefitted […]

The Pender Corporate Bond Fund returned -0.4%[1] in March. While we never celebrate losses, it is worth noting that the Fund’s monthly loss was less than a third of that of the high yield index […]