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 […]

The Pender Corporate Bond Fund had a strong month, returning 2.8% in August. The month saw strength from a variety of different credits as bonds purchased at discounts moved towards par. In general, we see […]

The Pender Corporate Bond Fund returned 1.5% in July. This month was characterized by a change in leadership by sector as commodity credit was quite weak with the pullback in crude oil prices while consumer […]

The Pender Corporate Bond Fund returned 1.5% in June.  This period was relatively turbulent in credit markets and our daily NAV was a bit bumpier than we would have liked, with the days immediately preceding […]

The Pender Corporate Bond Fund returned 2.1% in May. This good result, well ahead of our benchmarks, was driven by broad-based strength in the portfolio. Of particular impact was the gain in our holding of […]