The Pender Corporate Bond Fund returned 1.5% in June. This period was relatively turbulent in credit markets and our daily NAV was a bit bumpier than we would have liked, with the days immediately preceding […]
The Pender Corporate Bond Fund returned 2.1% in May. This good result, well ahead of our benchmarks, was driven by broad-based strength in the portfolio. Of particular impact was the gain in our holding of […]
The first quarter was volatile and strange. It was a wild, roller coaster-like experience. There have been very few periods over the last three decades which have seen a larger number of three standard deviation […]
The Pender Corporate Bond Fund achieved a return of 4.8% in the month of April. This very good result was the consequence of strong capital appreciation in a number of holdings. The most notable move, […]
Roller Coasters and Small Cap Stocks That was an exciting first quarter. Markets started the year in a steep downturn that was far less thrilling and much more stressful than a roller coaster. The TSX […]
March was a positive month for the Pender Corporate Bond Fund, with the value of the portfolio rising 3.1%*. For the first quarter, which included a significant sell-off and rebound in high yield credit, the […]
The Pender Corporate Bond Fund returned 0.4% in February, with that rather unremarkable result belying the considerable mid-month volatility that took place. After a steep drop in the first ten days, the Fund rallied more […]
2015 was a challenging year with not a lot of places to hide. Our performance was strong to start the year, supported by market appreciation in some of our key holdings. We were actively trimming […]
“The average long-term experience in investing is never surprising, but the short-term experience is always surprising.” – Charles Ellis Last year was a very challenging year and unfortunately, full of unpleasant surprises for most investors, […]
The Pender Corporate Bond Fund ended the month of January with a decline of 0.78%*. While this performance was better than most funds in the category, the negative performance was nevertheless disappointing, coming on the […]
Monthly Update The Pender Corporate Bond Fund returned -1.6%* in December. Price declines were fairly broad-based across the Fund but particularly impacted longer-duration and lower-rated securities. Most of the price movement took place in the […]
In challenging circumstances, the Pender Corporate Bond Fund was off 2.7%* through the month of November. The month was generally weak across the board in high yield markets, a product of tax-loss selling combined with […]
Class A units were down 3.7% during the quarter and were valued at $12.01 at September 30, 2015. Panera Bread, Strayer Education and Markel led the gainers for the quarter, while Platform Specialty Products and […]
We are business analysts. When we meet with fellow unitholders to talk about our investment process, we focus on our role as business analysts and how our private equity background complements this. The reason is […]
The Pender Corporate Bond Fund returned 0.2%* in October. Performance was assisted by strong returns in a number of new holdings including the basket of credit closed end funds acquired in September, as well as […]
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Manager’s Commentary – Geoff Castle – June 2016
The Pender Corporate Bond Fund returned 1.5% in June. This period was relatively turbulent in credit markets and our daily NAV was a bit bumpier than we would have liked, with the days immediately preceding […]
Manager’s Commentary – Geoff Castle – May 2016
The Pender Corporate Bond Fund returned 2.1% in May. This good result, well ahead of our benchmarks, was driven by broad-based strength in the portfolio. Of particular impact was the gain in our holding of […]
Manager’s Quarterly Commentary – Felix Narhi – Q1 2016
The first quarter was volatile and strange. It was a wild, roller coaster-like experience. There have been very few periods over the last three decades which have seen a larger number of three standard deviation […]
Manager’s Commentary – Geoff Castle – April 2016
The Pender Corporate Bond Fund achieved a return of 4.8% in the month of April. This very good result was the consequence of strong capital appreciation in a number of holdings. The most notable move, […]
Manager’s Quarterly Commentary – David Barr – Q1 2016
Roller Coasters and Small Cap Stocks That was an exciting first quarter. Markets started the year in a steep downturn that was far less thrilling and much more stressful than a roller coaster. The TSX […]
Manager’s Commentary – Geoff Castle – March 2016
March was a positive month for the Pender Corporate Bond Fund, with the value of the portfolio rising 3.1%*. For the first quarter, which included a significant sell-off and rebound in high yield credit, the […]
Manager’s Commentary – Geoff Castle – February 2016
The Pender Corporate Bond Fund returned 0.4% in February, with that rather unremarkable result belying the considerable mid-month volatility that took place. After a steep drop in the first ten days, the Fund rallied more […]
Manager’s Quarterly Commentary – David Barr – Q4 2015
2015 was a challenging year with not a lot of places to hide. Our performance was strong to start the year, supported by market appreciation in some of our key holdings. We were actively trimming […]
Manager’s Quarterly Commentary – Felix Narhi – Q4 2015
“The average long-term experience in investing is never surprising, but the short-term experience is always surprising.” – Charles Ellis Last year was a very challenging year and unfortunately, full of unpleasant surprises for most investors, […]
Manager’s Commentary – Geoff Castle – January 2016
The Pender Corporate Bond Fund ended the month of January with a decline of 0.78%*. While this performance was better than most funds in the category, the negative performance was nevertheless disappointing, coming on the […]
Manager’s Commentary – Geoff Castle – December 2015
Monthly Update The Pender Corporate Bond Fund returned -1.6%* in December. Price declines were fairly broad-based across the Fund but particularly impacted longer-duration and lower-rated securities. Most of the price movement took place in the […]
Manager’s Commentary – Geoff Castle – November 2015
In challenging circumstances, the Pender Corporate Bond Fund was off 2.7%* through the month of November. The month was generally weak across the board in high yield markets, a product of tax-loss selling combined with […]
Manager’s Quarterly Commentary – Felix Narhi – Q3 2015
Class A units were down 3.7% during the quarter and were valued at $12.01 at September 30, 2015. Panera Bread, Strayer Education and Markel led the gainers for the quarter, while Platform Specialty Products and […]
Manager’s Quarterly Commentary – David Barr – Q3 2015
We are business analysts. When we meet with fellow unitholders to talk about our investment process, we focus on our role as business analysts and how our private equity background complements this. The reason is […]
Manager’s Commentary – Geoff Castle – October 2015
The Pender Corporate Bond Fund returned 0.2%* in October. Performance was assisted by strong returns in a number of new holdings including the basket of credit closed end funds acquired in September, as well as […]