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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Since Inception returns are from June 2009. All returns greater than a year are annual compounded returns.

  • Performance (%) - June 30, 20251 Mo.3 Mo.6 Mo.1 Yr.2 Yr.3 Yr.5 Yr.10 Yr.15 Yr.YTDSince InceptionInception Date
    A1.7-1.9-0.27.89.87.67.05.95.3-0.25.92009-06-01
    F1.8-1.70.28.710.88.58.06.86.20.26.72009-06-01
    Annual Performance (%)20172018201920202021202220232024YTD
    A7.05.54.76.29.4-6.66.615.8-0.2
    F7.86.55.67.010.3-5.77.616.90.2
    Distributions Per Unit ($)Nov'24Dec'24Jan'25Feb'25Mar'25Apr'25May'25Jun'25Since Inception
    A0.030.030.070.030.050.060.050.057.82
    F0.040.030.090.040.060.070.060.069.34

    Standard Performance Data is subject to important disclosures set out in our Disclaimer.

  • Performance (%) - 2025-06-301 Mo.3 Mo.6 Mo.1 Yr.2 Yr.3 Yr.5 Yr.10 Yr.15 Yr.YTDSince InceptionInception Date
    A (USD)2.0-0.61.38.910.27.87.56.41.35.42013-08-30
    F (USD)2.1-0.41.79.911.28.78.47.21.76.22013-08-30
    Annual Performance (%)20172018201920202021202220232024YTD
    A (USD)8.55.06.18.69.5-7.57.414.81.3
    F (USD)9.45.96.99.510.4-6.78.415.81.7
    Distributions Per Unit ($)2024-11-292024-12-312025-01-312025-02-282025-03-312025-04-302025-05-302025-06-30Since Inception
    A (USD)0.030.030.060.030.040.050.040.054.51
    F (USD)0.040.030.080.040.050.060.050.055.51

    Standard Performance Data is subject to important disclosures set out in our Disclaimer.

  • Asset Allocation(%)
    US Corporate Bonds37.0
    Canadian Corporate Bonds17.6
    Foreign Corporate Bonds15.5
    Government Bonds9.6
    Term Loans7.1
    Other Assets6.5
    US Equities4.1
    Cash2.6
    Sector Allocation(%)
    Energy17.5
    Information Technology12.9
    Financial Services10.3
    Materials9.9
    Government Bonds9.6
    Health Care7.3
    Other Sectors6.8
    Industrials6.7
    Utilities4.9
    Consumer Discretionary4.8
    Communication Services3.6
    Consumer Staples3.1
    Cash2.6
    Currency Allocation(%)
    USD77.8
    CAD21.4
    Other0.8
    Top 10 HoldingsFund (%)
    First Majestic Silver Corp., 0.375%, 15-Jan-272.1
    Aberdeen Physical Platinum ETF 2.0
    Waste Management Of Canada, 2.600%, 23-Sep-261.8
    United States Treasury, 4.625%, 15-Feb-351.7
    Fair Isaac Corp., 4.000%, 15-Jun-281.7
    VeriSign, Inc., 4.750%, 15-Jul-271.6
    BlueNord ASA, 12.000%, 10-Jul-851.6
    Esperion Therapeutics, Inc., 5.750%, 15-June-301.5
    Tenaz Energy Corp., 12.000%, 14-Nov-291.5
    United States Treasury, Inflation Indexed, 0.125%, 15-Feb-521.5
    Total Percentage of Top 10 Holdings17.00%
    Total Net Assets of Fund$2,605,648,435
  • Class Code DescriptionMER1TrailerMin. Investment: Initial/[Subsequent]
    APGF 500Front End2.07%0.80%$500/[$]
    A (USD)PGF 501Front End2.05%0.80%$500/[$]
    FPGF 510Fee Based1.19%$500/[$]
    F (USD)PGF 511Fee Based1.19%$500/[$]
    UPGF 518Fee Based1.16%$500/[$]
    HPGF 540Front End - HNW1.73%0.65%$100,000/[$]
    H (USD)PGF 541Front End - HNW1.75%0.65%$100,000/[$]
    IPGF 550Fee Based - HNW1.03%$100,000/[$]
    I (USD)PGF 551Fee Based - HNW1.04%$100,000/[$]

    1 As at 31-12-2024. The management expense ratio (“MER”) is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions and other portfolio transaction costs) and is expressed as an annualized percentage of average net assets for the period/year. The applicable taxes are calculated using the attribution percentage for each province based on unitholder residency.

    Asset Class: Fixed Income Securities
    Inception Date: June 1, 2009
    Valuation Frequency: Daily
    Distributions: DRIP Monthly, Cash Optional
    Benchmark: Blended Benchmark (75% ICE BofA, 25% FTSE/TMX CAD)
    Portfolio Manager: Geoff Castle

  • Know Your Product

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    Annual (POS)

  • The Latest

    Fixed Income – June 2025

    The Pender Corporate Bond Fund returned 1.8%[1] in June amid market conditions that were generally favorable. Download the PDF.  The biggest driver of performance in June was our position in entities exposed to platinum, including our holding of convertible bonds in South-African platinum metals group miner, Sibanye Stillwater Limited, and our position in abrdn Physical Platinum Shares, which gained over 25%. Although we trimmed these lines somewhat, we continue to believe that platinum is significantly undervalued, and that new metal supply requires prices significantly beyond current levels. Another key performing line was our position in Wolfspeed Inc.’s capital structure, as…

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  • The Latest

    Profiles in Credit – The Annual Sit Down – Geoff Castle and Callum Thomas

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