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 (%) - June 28, 20241 Mo.3 Mo.6 Mo.1 Yr.2 Yr.3 Yr.5 Yr.10 Yr.15 Yr.YTDSince InceptionInception Date
    A1.13.47.311.97.53.04.75.08.87.35.72009-06-01
    F1.23.67.712.98.53.95.55.810.17.76.62009-06-01
    Annual Performance (%)20162017201820192020202120222023YTD
    A22.77.05.54.76.29.4-6.66.67.3
    F23.77.86.55.67.010.3-5.77.67.7
    Distributions Per Unit ($)Nov'23Dec'23Jan'24Feb'24Mar'24Apr'24May'24Jun'24Since Inception
    A0.030.030.040.030.040.050.040.047.28
    F0.040.030.050.040.050.060.050.058.68

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

  • Since Inception returns are from August 2013. All returns greater than a year are annual compounded returns.

    Performance (%) - 2024-06-281 Mo.3 Mo.6 Mo.1 Yr.2 Yr.3 Yr.5 Yr.10 Yr.15 Yr.YTDSince InceptionInception Date
    A (USD)1.13.36.811.67.22.65.05.36.85.12013-08-30
    F (USD)1.23.57.212.68.23.56.06.17.25.92013-08-30
    Annual Performance (%)20162017201820192020202120222023YTD
    A (USD)23.08.55.06.18.69.5-7.57.46.8
    F (USD)23.19.45.96.99.510.4-6.78.47.2
    Distributions Per Unit ($)2023-11-302023-12-292024-01-312024-02-292024-03-282024-04-302024-05-312024-06-28Since Inception
    A (USD)0.020.020.040.020.040.040.040.044.01
    F (USD)0.030.030.050.030.040.050.040.054.92

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

  • Asset Allocation(%)
    Us Corporate Bonds47.2
    Canadian Corporate Bonds20.1
    Goverment Bonds7.6
    Foreign Corporate Bonds6.7
    Term Loans5.9
    Us Equities4.8
    Canadian Equities4.3
    Closed End Funds2.4
    Cash0.9
    Foreign Equities0.1
    Sector Allocation(%)
    Energy15.2
    Materials11.4
    Health Care11.3
    Industrials10.1
    Financial Services8.7
    Communication Services8.0
    Information Technology7.8
    Consumer Discretionary7.6
    Government Bonds7.6
    Insurance3.1
    Utilities3.1
    Closed End Funds2.4
    Consumer Staple1.8
    Real Estate1.0
    Cash0.9
    Currency Allocation(%)
    Usd80.2
    Cad19.8
    Top 10 HoldingsFund (%)
    Esperion Therapeutics Inc. 4.000% 15-Nov-253.0
    First Majestic Silver Corp. 0.375% 15-Jan-272.5
    Rivian Holdings LLC 11.215% 15-Oct-262.3
    Lucid Group Inc. 1.250% 15-Dec-262.3
    OPKO Health Inc. 3.750% 15-Jan-292.1
    VeriSign Inc 4.750% 15-Jul-272.0
    Liberty Tripadvisor Holdings Inc. 0.500% 27-Mar-251.9
    Waste Management of Canada Corporation 2.600% 23-Sep-261.8
    Thomson Reuters Corporation 2.239% 14-May-251.7
    Trulieve Cannabis Corp. 8.000% 06-Oct-261.7
    Total Percentage of Top 10 Holdings21.30%
    Total Net Assets of Fund$1,704,894,000
  • ClassFund Codes DescriptionMER* Minimum Investment: Initial/[Subsequent]
    APGF 500Front End2.07%$5,000 / [$100]
    FPGF 510Fee Based1.19%$5,000 / [$100]
    UPGF 518Fee Based1.24%$5,000 / [$100]
    HPGF 540Front End – HNW1.73%$100,000 / [$100]
    IPGF 550Fee Based – HNW1.03%$100,000 / [$100]
    A (US$)PGF 501Front End2.05%US$5,000/ [US$100]
    F (US$)PGF 511Fee Based1.18%US$5,000/ [US$100]
    H (US$)PGF 541Front End – HNW1.75%US$100,000 / [$100]
    I (US$)PGF 551Fee Based – HNW1.04%US$100,000 / [$100]

    *As at 2023-12-31. 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 – June 2024

    Highlights Performance drivers included our positions McDermott International Ltd and Hughes Satellite Systems Corp. Detractors included issuers active in producing materials for clean energy industries, including platinum group miner Sibanye Stillwater and rare earths processor MP Materials. We view the sector as a long-term growth industry and continue to build positions here. Portfolio additions included a five-year loan facility to Conifex Timber Inc., a publicly listed sawmill business and the senior unsecured notes of Aris Mining Corp., operators of a high-grade gold mine in Colombia. Fund Manager's Commentary The Pender Corporate Bond Fund continued rolling in June, returning 1.2%[1], a…

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  • The Latest

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

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Watch the replay: Webinar featuring Geoff Castle

Watch Geoff Castle appear alongside a panel of other leading industry experts, as they examine the challenges facing advisors and portfolio managers in the bond market. 

  • Panel:
    Geoff Castle, Lead Portfolio Manager of Pender’s Fixed Income | PenderFund Capital Management
    Darcy Briggs, Senior Vice President & Portfolio Manager | Franklin Templeton Fixed Income
    Ben Chim, VP & Director, Portfolio Manager | TD Asset Management
  • Host:
    David Kitai, Senior Editor – Wealth Professional, Key Media | Moderator
  • CPD: This webinar has been approved for 1 CPD credit each from IAFE and FP Canada.

For financial professionals only

This webinar was originally recorded Tuesday March 26, 2024

Watch the replay
Geoff Castle

Geoff Castle

Portfolio Manager

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.

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Parul Garg

Parul Garg

Associate Portfolio Manager

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.

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Emily Wheeler

Emily Wheeler

Portfolio Manager

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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