Pender Corporate Bond Fund
The Pender Corporate Bond Fund is an income fund that is both conservatively managed to preserve capital, as well as opportunistic to generate returns. The Fund is focused on key credit characteristics - coverage, seniority and duration. It is driven by bottom up fundamental analysis, the Fund seeks to use its nimble size to invest in opportunities large or index based funds cannot. This advantage could provide investors with an attractive cash yield, while maintaining positions in attractively valued securities that provide a margin-of-safety for investors.
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Class Fund Codes Description MER (Capped) Minimum Investment: Initial/[Subsequent] A PGF 500 Front End 1.95% $5,000 / [$100] F PGF 510 Fee Based 1.15% $5,000 / [$100] A (US$) PGF 501 Front End 1.95% US$5,000/ [US$100] F (US$) PGF 511 Fee Based 1.15% US$5,000/ [US$100] H PGF 540 Front End - HNW 1.65% $100,000 / [$100] I PGF 550 Fee Based - HNW 1.00% $100,000 / [$100] D PGF 560 Discount Brokerage 1.40% $5,000 / [$100] Asset Class: Corporate Fixed Income Securities Inception Date: June 1, 2009 Valuation Frequency: Daily Eligibility: Canada-wide, Registered Plans & TFSA's Distributions: DRIP Monthly, Cash Optional Benchmark: FTSE TMX Canada Bond Universe Portfolio Manager: Geoff Castle, Portfolio Manager, PenderFund Capital Management -
Monthly
- Pender Corporate Bond Fund - Fact Sheet - CAD
- Pender Corporate Bond Fund - Fact Sheet - USD
- Pender Corporate Bond Fund - Fact Sheet - Class A
Annual (POS)
- Pender Corporate Bond Fund - Fund Facts - CAD (A Class)
- Pender Corporate Bond Fund - Fund Facts - USD (A Class)
- Pender Corporate Bond Fund - Fund Facts - CAD (D Class)
- Pender Corporate Bond Fund - Fund Facts - CAD (F Class)
- Pender Corporate Bond Fund - Fund Facts - USD (F Class)
- Pender Corporate Bond Fund - Fund Facts - CAD (H Class)
- Pender Corporate Bond Fund - Fund Facts - CAD (I Class)
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The Latest
Pender Corporate Bond Fund – Manager’s Commentary – October 2019
The Pender Corporate Bond Fund returned -0.3% in October. Despite strong equity markets during the month, investor nervousness in credit markets was apparent, with spreads in the lower ranges of the credit rating scale blowing out to year-to-date highs. Download the PDF An example of the risk-off effect on the Fund was a decline of over 6% in the 2023 notes of SunPower Corporation. SunPower, the North American leader in the distributed solar power business, published an earnings report that beat all estimates. The good news caused SunPower stock to rally, but not its credit, structural seniority notwithstanding. Other weakness was felt in some commodity-related credits, Paratek Pharmaceuticals and in Grupo Famsa USD bonds, where debt refinancing risks were in focus. We are watching all these lines carefully, but we remain broadly constructive, adding at lows. Offsetting the weakness, to a degree, was a rebound in the prices of rate…
Recent Commentaries
- Pender Corporate Bond Fund – Manager’s Commentary – September 2019
- Pender Corporate Bond Fund – Manager’s Commentary – August 2019
- Pender Corporate Bond Fund – Manager’s Commentary – July 2019
- Pender Corporate Bond Fund – Manager’s Commentary – June 2019
- Pender Corporate Bond Fund – Manager’s Commentary – May 2019
Geoff Castle
Portfolio Manager
Mr. Castle is the Portfolio Manager of the Pender Corporate Bond Fund. He began his investing career in 2000 and has experience in both public mutual funds and proprietary investment fund management for ultra-high net worth individuals.
Parul Garg
Associate Portfolio Manager
Ms. Garg joined Pender in December 2015. She is the Associate Portfolio Manager of the Pender Corporate Bond Fund.
