Commentaries

  Highlights The Fund has increased exposure to SPACs through participation in new issuances adding exposure to existing SPACs.   Equity markets corrected in early August before subsequently recovering. The Fund took advantage of widening spreads by adding to key positions.  The Fund initiated positions in 14 new merger deals with 12 deals held within the […]

Highlights Market returns were driven by a combination of positive carry, narrowing spreads and lower base government bond yields. Short positions in credit were detractors on the portfolio. Contributors to the Fund included a position in Legends Hospitality 5% 2026 bonds, and from several new issues in Canadian and US high-yield markets at particularly attractive […]

Highlights Key performance contributors included convertible bonds in Revance Therapeutics Inc., OPKO Health Inc., and Cineplex Inc. Key detractor was Stem Inc. We added weight to several lines of existing credits including Crowdstrike Holdings Inc, which we consider an extremely strong credit, and to our existing holdings of Canadian real return bonds. The Pender Corporate […]

Highlights July was another positive month for Fund as several of the larger holdings closed allowing us to harvest and redeploy capital. Key deals included: Apartment Income REIT, Vericity Inc, National Western Life Insurance Co, Everbridge Inc and Argonaut Gold Inc. Performance also benefitted from buoyant equity markets, robust deal activity and outperformance of small […]

Highlights We have put capital to work in new issues in the Canadian dollar high-yield market as some higher quality issues have come to market at meaningfully wider spreads than similar issues in the US high yield market In July, our position in the Austin Fairmont CMBS issue was redeemed, realizing a holding period return […]

Highlights Key contributors included Desktop Metal Inc. convertible bonds, Emergent BioSolutions 2028 notes, Lucid Group and OPKO Health convertible bonds. New positions included: Spirit Airlines 2025 secured notes, 5.75% convertible notes of PNM Resources, and 2027 notes of Energean PLC. The Pender Corporate Bond Fund enjoyed another profitable period in July, returning 2.6%[1]. Several specific […]

Highlights One of our largest holdings, Copperleaf Technologies Inc (TSX: CPLF) announced it was to be acquired for $12.00 per share. It was among our top three contributors for the quarter, along with Sylogist Ltd (TSX: SYZ). and TerraVest Industries Inc (TSX: TVK). Top detractors this quarter included Dye & Durham Ltd (TSX: DND), Chesswood […]

"The only difference between a salad and garbage is timing." - Andrew Lo, MIT Professor Highlights The Fund returned 1.4% in the second quarter of 2024, with notable contributions from Pender Corporate Bond Fund (fixed income) and Pender Small Cap Opportunities Fund (small caps). Modest defensive reallocation to specialized fund strategies (Pender Corporate Bond Fund […]

Dear Investor, We sincerely appreciate your continued support of Pender Credit Opportunities Fund I (PCOF I). Since its launch, the Fund has delivered an impressive return of 19.8%, net of all fees and expenses, outperforming both the High Yield Market (ICE BofA US High Yield TR USD returned 8.9%) and the CCC index (ICE BofA […]