January 11, 2022

Bond Universe Fund – Featured

Written by Evan Warburton

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Bond Universe – Manager’s Commentary – April 2022

In the quarter ended April 30, 2022, the Fund outperformed its benchmark. With the FTSE/TMX Canada Universe Bond Index down 7.0% over the past three months, the Pender Bond Universe Fund’s (PBUF) Class F return of negative 3.9%[1] showed relative strength over the period. Against a backdrop of rising yields along the curve in Canada and the US, Q1 2022 came in as the worst quarterly total return on record for US Investment Grade[2]. The relative outperformance of the Fund compared to its benchmark over this period was achieved through a combination of tight relative duration and exposure to the…

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