January 11, 2022

Corporate Bond Fund – Featured

Written by Evan Warburton

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Fixed Income – Manager’s Commentary – May 2022

The Pender Corporate Bond Fund finished a volatile May with a NAV total return of approximately -0.7%[1]. Lower bond prices in the portfolio more than offset the growing level of current income in the Fund that has reached its highest level since the spring of 2020. Download PDF There were several bright spots in the Fund during the period as credit positions in Treehouse Foods, Inc. (NYSE:THS) and Chemtrade Logistics Income Fund (TSX:CHE.UN) rallied on fundamental strength as those issuers reported positive earnings. Other holdings posting gains included Cenovus Energy Inc. (TSX:CVE) preferred shares, as that company’s announcement of further…

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