Corporate Bond Fund – Featured
January 11, 2022
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Fixed Income – February 2023
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 unsecured bonds of Brazilian payments processing specialist, StoneCo Ltd. An equity portfolio holding of Berkshire Hathaway Inc., the company’s bonds have traded down into the 60s to yield more than 12% to a 2028 maturity. The Fund continues to maintain weightings in relatively short-term investment grade issuers. We expect that the rapid move in interest rates will create additional stress in some quarters and we…
