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 / [$500] F PGF 510 Fee Based 1.15% $5,000 / [$500] A (US$) PGF 501 Front End 1.95% US$5,000/ [US$500] F (US$) PGF 511 Fee Based 1.15% US$5,000/ [US$500] H PGF 540 Front End - HNW 1.65% $100,000 / [$1,000] I PGF 550 Fee Based - HNW 1.00% $100,000 / [$1,000] D PGF 560 Discount Brokerage 1.40% $5,000 / [$500] 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 – February 2019
The Pender Corporate Bond Fund returned 0.8% in February, amidst a positive backdrop of stronger market conditions. Leading the gains in the Fund were two “busted” convertible bond positions. These included our position in Zillow’s convertible debt which rallied on stronger earnings and outlook from the real estate data company. GoPro convertible bonds also performed well on good earnings and strength in the underlying share price. Further strength came from our position in Venator bonds as the company reported stronger than expected cash generation. Finally, our weight in closed-end US municipal bond funds continued to contribute to performance, with some of those positions now ahead over 8% year to date. Download the pdf Offsetting the strength above were some notable areas of weakness. Canadian rate reset preferred shares were weak in February, and we added more on the weakness. Other challenging positions included Dean Foods, which disappointed some analysts on…
Recent Commentaries
- Pender Corporate Bond Fund – Manager’s Commentary – January 2019
- Pender Corporate Bond Fund – Manager’s Monthly Commentary – December 2018
- Pender Corporate Bond Fund – Manager’s Commentary – Geoff Castle – November 2018
- Pender Corporate Bond Fund – Manager’s Commentary – Geoff Castle – October 2018
- Pender Corporate Bond Fund – Manager’s Commentary – Geoff Castle – September 2018
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.
