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.

Visit the Pender Fixed Income Hub for all of our latest news, information and articles.

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

  • Performance (%) - December 31, 20241 Mo.3 Mo.6 Mo.1 Yr.2 Yr.3 Yr.5 Yr.10 Yr.15 Yr.YTDSince InceptionInception Date
    A0.63.88.015.811.14.96.05.95.715.86.12009-06-01
    F0.74.08.516.912.15.86.96.86.516.96.92009-06-01
    Annual Performance (%)20172018201920202021202220232024YTD
    A7.05.54.76.29.4-6.66.615.815.8
    F7.86.55.67.010.3-5.77.616.916.9
    Distributions Per Unit ($)May'24Jun'24Jul'24Aug'24Sep'24Oct'24Nov'24Dec'24Since Inception
    A0.040.040.060.030.040.050.030.037.52
    F0.050.050.070.040.050.060.040.038.98

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

  • Performance (%) - 2024-12-311 Mo.3 Mo.6 Mo.1 Yr.2 Yr.3 Yr.5 Yr.10 Yr.15 Yr.YTDSince InceptionInception Date
    A (USD)0.32.87.514.811.04.56.36.214.85.52013-08-30
    F (USD)0.43.18.015.812.05.47.27.115.86.32013-08-30
    Annual Performance (%)20172018201920202021202220232024YTD
    A (USD)8.55.06.18.69.5-7.57.414.814.8
    F (USD)9.45.96.99.510.4-6.78.415.815.8
    Distributions Per Unit ($)2024-05-312024-06-282024-07-312024-08-302024-09-302024-10-312024-11-292024-12-31Since Inception
    A (USD)0.040.040.050.030.040.050.030.034.23
    F (USD)0.040.050.060.040.040.050.040.035.19

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

  • Asset Allocation(%)
    US Corporate Bonds51.4
    Canadian Corporate Bonds16.7
    Government Bonds9.8
    Foreign Corporate Bonds8.8
    Term Loans5.3
    Other Assets4.9
    Canadian Equities3.4
    Cash-0.3
    Sector Allocation(%)
    Energy12.9
    Information Technology12.3
    Materials10.5
    Government Bonds9.8
    Industrials9.7
    Health Care9.6
    Financial Services8.2
    Communication Services6.4
    Utilities6.0
    Consumer Discretionary5.9
    Other Sectors5.5
    Consumer Staples3.5
    Cash-0.3
    Currency Allocation(%)
    USD80.5
    CAD19.5
    Top 10 HoldingsFund (%)
    Lucid Group, Inc., 1.250%, 15-Dec-262.7
    First Majestic Silver Corp., 0.375%, 15-Jan-272.0
    Fair Isaac Corp., 4.000%, 15-Jun-282.0
    VeriSign, Inc., 4.750%, 15-Jul-272.0
    Spirit Loyalty Cayman Ltd., 0.000%, 20-Sep-252.0
    Rivian Holdings, LLC, 11.215%, 15-Oct-261.8
    Trulieve Cannabis Corp., 8.000%, 06-Oct-261.8
    Tenaz Energy Corp., 12.000%, 14-Nov-291.7
    Equinox Gold Corp., 4.750%, 10-Mar-251.6
    Waste Management of Canada Corporation, 2.600%, 23-Sep-261.6
    Total Percentage of Top 10 Holdings19.20%
    Total Net Assets of Fund$2,251,785,000
  • Class Fund Codes  Description MER*  Minimum Investment: Initial/[Subsequent]
    A PGF 500 Front End 2.07% $5,000 / [$100]
    F PGF 510 Fee Based 1.19% $5,000 / [$100]
    U PGF 518 Fee Based 1.16% $5,000 / [$100]
    H PGF 540 Front End – HNW 1.73% $100,000 / [$100]
    I PGF 550 Fee Based – HNW 1.03% $100,000 / [$100]
    A (US$) PGF 501 Front End 2.05% 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 2024-06-30. 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
    Eligibility: Canada-wide, Registered Plans
    Distributions: DRIP monthly, cash optional
    Benchmark: FTSE TMX Canada Bond Universe
    Portfolio Manager: Geoff Castle

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  • The Latest

    Fixed Income – December 2024

    Highlights Strong performance in December; top contributors included the preferred shares issued by Fannie Mae and Freddie Mac which tripled in value during 2024, a term loan in American Tire Distributors Inc, and the convertible bonds of Revance Therapeutics Inc. Detractors this month were rate sensitive holdings including longer duration TIPS, Cardlytics Inc, and MP Materials Corp. New positions include adding to the credits of regulated utilities, Duke Energy Corp convertible bonds, and Crowdstrike Holdings Inc 2029 notes. The Pender Corporate Bond Fund returned 0.7% in December[1], capping an excellent year in which the Fund delivered a total return of…

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  • The Latest

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

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Webinar Replay: Finding Value in Constantly Evolving Bond Markets with Geoff Castle

On September 26, we hosted a webinar with Geoff Castle, Lead Portfolio Manager of Fixed Income, alongside Parul Garg, Associate Portfolio Manager, and Emily Wheeler, Portfolio Manager. 

After successfully navigating one of the sharpest rate tightening cycles in history, the Pender fixed income team must now chart a course for a new market regime that features softer economies and central bank easing. How will these changes in the investing environment affect opportunities in credit markets, and which sectors and issuers offer the best risk/reward?

Watch the replay to hear Geoff, Parul, and Emily’s insights on where they’re currently finding value in today’s evolving bond markets.

For financial professionals only

This webinar was originally recorded Thursday September 26, 2024

Watch the replay
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