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.
Class | Fund Codes | Description | MER* | Minimum Investment: Initial/[Subsequent] |
A | PGF 500 | Front End | 2.06% | $5,000 / [$100] |
F | PGF 510 | Fee Based | 1.19% | $5,000 / [$100] |
H | PGF 540 | Front End – HNW | 1.73% | $100,000 / [$100] |
I | PGF 550 | Fee Based – HNW | 1.03% | $100,000 / [$100] |
U | PGF 518 | Fee Based | 1.16% | $5,000 / [$100] |
A (US$) | PGF 501 | Front End | 2.08% | US$5,000/ [US$100] |
F (US$) | PGF 511 | Fee Based | 1.19% | US$5,000/ [US$100] |
H (US$) | PGF 541 | Front End – HNW | 1.75% | US$100,000 / [$100] |
I (US$) | PGF 551 | Fee Based – HNW | 1.04% | US$100,000 / [$100] |
*As at 2022-06-30
Asset Class: Fixed Income Securities |
Inception Date: June 1, 2009 |
Valuation Frequency: Daily |
Eligibility: Canada-wide, Registered Plans |
Distributions: DRIP monthly, cash optional |
Benchmark: FTSE TMX Canada Bond Universe |
Portfolio Manager: Geoff Castle |
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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…
Standard Performance Data is subject to important disclosures set out in our Disclaimer
Mr. Castle is the Portfolio Manager of the Pender Corporate Bond Fund and the Pender Bond Universe 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.
Parul Garg is the Associate Portfolio Manager of the Pender Corporate Bond Fund. She began her investment career in 2009 and has been the fixed income analyst on the Fund since 2015.
Emily Wheeler joined Pender in October 2019 and is a Portfolio Manager working on the Pender Corporate Bond Fund and the Pender Bond Universe Fund.
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