1.0Gestion de capital PenderFund ltéehttps://penderfund.com/frEvan Warburtonhttps://penderfund.com/fr/author/ewarburton/rich600338<blockquote class="wp-embedded-content" data-secret="Jf4YfQC5Nm"><a href="https://penderfund.com/fr/commentaries/pender-bond-universe-fund-q4-2023/">Pender Bond Universe Fund – Q4 2023</a></blockquote><iframe sandbox="allow-scripts" security="restricted" src="https://penderfund.com/fr/commentaries/pender-bond-universe-fund-q4-2023/embed/#?secret=Jf4YfQC5Nm" width="600" height="338" title="« Pender Bond Universe Fund – Q4 2023 » — PenderFund Capital Management" data-secret="Jf4YfQC5Nm" frameborder="0" marginwidth="0" marginheight="0" scrolling="no" class="wp-embedded-content"></iframe><script> /*! This file is auto-generated */ !function(d,l){"use strict";l.querySelector&&d.addEventListener&&"undefined"!=typeof URL&&(d.wp=d.wp||{},d.wp.receiveEmbedMessage||(d.wp.receiveEmbedMessage=function(e){var t=e.data;if((t||t.secret||t.message||t.value)&&!/[^a-zA-Z0-9]/.test(t.secret)){for(var s,r,n,a=l.querySelectorAll('iframe[data-secret="'+t.secret+'"]'),o=l.querySelectorAll('blockquote[data-secret="'+t.secret+'"]'),c=new RegExp("^https?:$","i"),i=0;i<o.length;i++)o[i].style.display="none";for(i=0;i<a.length;i++)s=a[i],e.source===s.contentWindow&&(s.removeAttribute("style"),"height"===t.message?(1e3<(r=parseInt(t.value,10))?r=1e3:~~r<200&&(r=200),s.height=r):"link"===t.message&&(r=new URL(s.getAttribute("src")),n=new URL(t.value),c.test(n.protocol))&&n.host===r.host&&l.activeElement===s&&(d.top.location.href=t.value))}},d.addEventListener("message",d.wp.receiveEmbedMessage,!1),l.addEventListener("DOMContentLoaded",function(){for(var e,t,s=l.querySelectorAll("iframe.wp-embedded-content"),r=0;r<s.length;r++)(t=(e=s[r]).getAttribute("data-secret"))||(t=Math.random().toString(36).substring(2,12),e.src+="#?secret="+t,e.setAttribute("data-secret",t)),e.contentWindow.postMessage({message:"ready",secret:t},"*")},!1)))}(window,document); //# sourceURL=https://penderfund.com/wp-includes/js/wp-embed.min.js </script>https://penderfund.com/wp-content/uploads/2025/09/PBUF.png850400Highlights The past quarter was characterized by a strong bond market reaction to the disinflationary trend. Longer dated, high grade bonds were the strongest contributors to performance. Favourable performers included Warner Brothers Discovery Inc. (2062), and US TIPS (2052). The Fund’s exposure to credit (via Pender Corporate Bond Fund) remains lower relative to historic weightings. […]