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, 2025 | 1 Mo. | 3 Mo. | 6 Mo. | 1 Yr. | 2 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | 15 Yr. | YTD | Since Inception | Inception Date | A | 1.7 | -1.9 | -0.2 | 7.8 | 9.8 | 7.6 | 7.0 | 5.9 | 5.3 | -0.2 | 5.9 | 2009-06-01 | F | 1.8 | -1.7 | 0.2 | 8.7 | 10.8 | 8.5 | 8.0 | 6.8 | 6.2 | 0.2 | 6.7 | 2009-06-01 |
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Annual Performance (%) | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | YTD | A | 7.0 | 5.5 | 4.7 | 6.2 | 9.4 | -6.6 | 6.6 | 15.8 | -0.2 | F | 7.8 | 6.5 | 5.6 | 7.0 | 10.3 | -5.7 | 7.6 | 16.9 | 0.2 |
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Distributions Per Unit ($) | Nov'24 | Dec'24 | Jan'25 | Feb'25 | Mar'25 | Apr'25 | May'25 | Jun'25 | Since Inception |
---|---|---|---|---|---|---|---|---|---|
A | 0.03 | 0.03 | 0.07 | 0.03 | 0.05 | 0.06 | 0.05 | 0.05 | 7.82 |
F | 0.04 | 0.03 | 0.09 | 0.04 | 0.06 | 0.07 | 0.06 | 0.06 | 9.34 |
Standard Performance Data is subject to important disclosures set out in our Disclaimer.
Performance (%) - 2025-06-30 | 1 Mo. | 3 Mo. | 6 Mo. | 1 Yr. | 2 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | 15 Yr. | YTD | Since Inception | Inception Date | A (USD) | 2.0 | -0.6 | 1.3 | 8.9 | 10.2 | 7.8 | 7.5 | 6.4 | 1.3 | 5.4 | 2013-08-30 | F (USD) | 2.1 | -0.4 | 1.7 | 9.9 | 11.2 | 8.7 | 8.4 | 7.2 | 1.7 | 6.2 | 2013-08-30 |
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Annual Performance (%) | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | YTD | A (USD) | 8.5 | 5.0 | 6.1 | 8.6 | 9.5 | -7.5 | 7.4 | 14.8 | 1.3 | F (USD) | 9.4 | 5.9 | 6.9 | 9.5 | 10.4 | -6.7 | 8.4 | 15.8 | 1.7 |
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Distributions Per Unit ($) | 2024-11-29 | 2024-12-31 | 2025-01-31 | 2025-02-28 | 2025-03-31 | 2025-04-30 | 2025-05-30 | 2025-06-30 | Since Inception |
---|---|---|---|---|---|---|---|---|---|
A (USD) | 0.03 | 0.03 | 0.06 | 0.03 | 0.04 | 0.05 | 0.04 | 0.05 | 4.51 |
F (USD) | 0.04 | 0.03 | 0.08 | 0.04 | 0.05 | 0.06 | 0.05 | 0.05 | 5.51 |
Standard Performance Data is subject to important disclosures set out in our Disclaimer.
Asset Allocation | (%) |
---|---|
US Corporate Bonds | 37.0 |
Canadian Corporate Bonds | 17.6 |
Foreign Corporate Bonds | 15.5 |
Government Bonds | 9.6 |
Term Loans | 7.1 |
Other Assets | 6.5 |
US Equities | 4.1 |
Cash | 2.6 |
Sector Allocation | (%) |
---|---|
Energy | 17.5 |
Information Technology | 12.9 |
Financial Services | 10.3 |
Materials | 9.9 |
Government Bonds | 9.6 |
Health Care | 7.3 |
Other Sectors | 6.8 |
Industrials | 6.7 |
Utilities | 4.9 |
Consumer Discretionary | 4.8 |
Communication Services | 3.6 |
Consumer Staples | 3.1 |
Cash | 2.6 |
Currency Allocation | (%) |
---|---|
USD | 77.8 |
CAD | 21.4 |
Other | 0.8 |
Top 10 Holdings | Fund (%) |
First Majestic Silver Corp., 0.375%, 15-Jan-27 | 2.1 |
Aberdeen Physical Platinum ETF | 2.0 |
Waste Management Of Canada, 2.600%, 23-Sep-26 | 1.8 |
United States Treasury, 4.625%, 15-Feb-35 | 1.7 |
Fair Isaac Corp., 4.000%, 15-Jun-28 | 1.7 |
VeriSign, Inc., 4.750%, 15-Jul-27 | 1.6 |
BlueNord ASA, 12.000%, 10-Jul-85 | 1.6 |
Esperion Therapeutics, Inc., 5.750%, 15-June-30 | 1.5 |
Tenaz Energy Corp., 12.000%, 14-Nov-29 | 1.5 |
United States Treasury, Inflation Indexed, 0.125%, 15-Feb-52 | 1.5 |
Total Percentage of Top 10 Holdings | 17.00% |
Total Net Assets of Fund | $2,605,648,435 |
Class | Code | Description | MER1 | Trailer | Min. Investment: Initial/[Subsequent] |
---|---|---|---|---|---|
A | PGF 500 | Front End | 2.07% | 0.80% | $500/[$] |
A (USD) | PGF 501 | Front End | 2.05% | 0.80% | $500/[$] |
F | PGF 510 | Fee Based | 1.19% | $500/[$] | |
F (USD) | PGF 511 | Fee Based | 1.19% | $500/[$] | |
U | PGF 518 | Fee Based | 1.16% | $500/[$] | |
H | PGF 540 | Front End - HNW | 1.73% | 0.65% | $100,000/[$] |
H (USD) | PGF 541 | Front End - HNW | 1.75% | 0.65% | $100,000/[$] |
I | PGF 550 | Fee Based - HNW | 1.03% | $100,000/[$] | |
I (USD) | PGF 551 | Fee Based - HNW | 1.04% | $100,000/[$] |
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 |
For More Visit: Legal & Financial
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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