{"id":73030,"date":"2026-03-16T15:44:10","date_gmt":"2026-03-16T22:44:10","guid":{"rendered":"https:\/\/penderfund.com\/?p=73030"},"modified":"2026-03-20T15:55:17","modified_gmt":"2026-03-20T22:55:17","slug":"canadian-family-offices-portfolio-cutting-through-the-noise-with-the-pender-bond-universe-fund","status":"publish","type":"post","link":"https:\/\/penderfund.com\/fr\/articles\/canadian-family-offices-portfolio-cutting-through-the-noise-with-the-pender-bond-universe-fund\/","title":{"rendered":"Canadian Family Offices portfolio: Cutting through the noise with the Pender Bond Universe Fund"},"content":{"rendered":"

As published in Canadian Family Offices<\/a><\/p>\n

The fund\u2019s manager, Emily Wheeler, outlines her investment strategy, plus her take on interest rates, commodities and the 2026 economy.<\/p>\n

Family offices face a familiar tension in today\u2019s bond market: how to preserve wealth while still achieving meaningful returns amid uncertainty. Traditional fixed income strategies\u2014once the core of a portfolio\u2014have struggled to deliver both safety and opportunity during a time when central bank fluctuations and commodity surges alter investor sentiment overnight.<\/p>\n

Amid this volatility, one fund has quietly outperformed its peers by looking where others aren\u2019t. PenderFund Capital Management\u2019s Pender Bond Universe Fund has positioned itself to not only \u201cgo with the flow,\u201d but also properly navigate through market tumult. The fund\u2019s recent performance suggests that it\u2019s found a way to deliver consistent value.<\/p>\n

This is not your average bond fund. PenderFund Capital Management\u2019s Pender Bond Universe Fund had its best year on record in 2025 since its inception in 2020. The fund\u2019s class F units were up 1.3 per cent over the fourth quarter and eight per cent over the year, significantly outperforming its benchmark.<\/p>\n

Emily Wheeler, the fund\u2019s manager, says that while 2025 was a good year for the fund and its investors, she takes a long-term view on performance. She\u2019s more focused on cutting through the noise and delivering for clients on a consistent basis.<\/p>\n

Economy<\/p>\n

With the economy in 2025 and the start of 2026 being volatile, the fund is paying close attention to duration, says Wheeler. (Duration, often expressed as a number of years, refers to a bond\u2019s price sensitivity to interest rate changes\u2014rising rates lead bond prices to drop.)<\/p>\n

\u201cWe have some opposing factors at play at this moment,\u201d Wheeler says. The 2026 economic outlook is clouded by such issues as trade war turbulence, the potential for additional interest rate cuts, and a boom in certain commodities.<\/p>\n

\u201cSo, the fund is focusing on the three-to-five-year portion of the yield curve right now,\u201d rather than extending duration, and it\u2019s keeping a five-per-cent direct weighting in inflation-linked securities, she explains.<\/p>\n

What Emily\u2019s keeping an eye on\u00a0<\/strong><\/p>\n

The high price of silver and gold is noteworthy\u00a0in the context of duration\u00a0considerations, Wheeler adds.<\/p>\n

\u201cGold has\u00a0gone up 60\u00a0per cent,\u00a0and silver has gone up more than 140 per cent\u00a0[through 2025],\u201d she says. \u201cIt\u2019s\u00a0also significant that global PMI [purchasing\u00a0manager index] readings have been decent,\u00a0and\u00a0we\u2019ve\u00a0seen an upside breakout in\u00a0Japanese\u00a0long bond\u00a0yields after\u00a0years of rate suppression. These are all\u00a0reasons not to extend duration.<\/p>\n

\u201cOn the other hand,\u00a0there are factors that support extending duration. For example,\u00a0we\u2019re\u00a0seeing a term premium\u00a0that\u2019s\u00a0as high as it has been in a decade.\u00a0That\u2019s\u00a0the\u00a0extra compensation\u00a0that bond holders demand for\u00a0holding longer-term bonds.\u201d<\/p>\n

The Bank of Canada\u2019s key lending rate\u00a0remains\u00a0at 2.25 per cent, with the bank not committing to further cuts\u00a0in the near future, while the U.S. Federal Reserve cut\u00a0its rate to 3.75 in December and is under pressure to make further cuts.<\/p>\n

\u201cWe\u2019re in an interest rate cut environment\u00a0globally, with more cuts\u00a0likely\u00a0to come south of the border,\u201d Wheeler says. \u201cJob numbers have generally been weak,\u00a0too.\u201d<\/p>\n

Canada lost 25,000 jobs in January<\/a>\u00a02026, though the\u00a0unemployment rate ticked lower to 6.5 per cent.\u00a0In the\u00a0U.S.,\u00a0employment rose by 130,000<\/a> that same month, the unemployment rate ended the period\u00a0marginally\u00a0higher\u00a0versus\u00a0last year,\u00a0and the latest JOLTS (Job Openings and Labor Turnover Survey) report showed a drop in job openings, indicative of a weakening\u00a0labour\u00a0market.<\/p>\n

The fund\u2019s holdings, plus a few opportunities\u00a0<\/strong><\/p>\n

The\u00a0fund has made\u00a0some additions\u00a0to its portfolio for 2026.<\/p>\n

\u201cIn December 2025, we cycled out of our existing Trulieve Cannabis Corp.\u2019s eight per cent of 2026 first lien bonds and into the company\u2019s new first lien 10.5 per cent issue, which matures in 2030. The move is quite favourable from several perspectives,\u201d Wheeler says.<\/p>\n

\u201cThe company used some of its cash to pay off a\u00a0portion\u00a0of its debt.\u00a0So,\u00a0we get a higher coupon with lower leverage.\u201d<\/p>\n

She also notes that the U.S. government moved recently to reclassify marijuana as a lower-risk drug, which allows\u00a0Trulieve\u00a0to now\u00a0deduct U.S. business expenses\u2014a tax deduction worth US$100 million a year.\u00a0\u201cThey\u2019ve been given a bit of a tailwind by the reclassification,\u201d she says.<\/p>\n

The Pender\u00a0fund also\u00a0participated\u00a0in\u00a0a\u00a00.25\u00a0per cent\u00a0of\u00a02031 convertible bond issuance by Endeavour Silver, a mining company in active development of the\u00a0Pitarrilla\u00a0project in Mexico<\/a>, one of the world\u2019s largest\u00a0undeveloped silver deposits.<\/p>\n

\u201cWe like the fundamentals of the silver market, which has an\u00a0attractive supply-and-demand backdrop,\u201d Wheeler says.\u00a0\u201cSilver is highly conductive and,\u00a0with no comparable alternative, demand has been increasing from areas including nuclear energy production,\u00a0electric vehicle\u00a0manufacture and the data centre\u00a0infrastructure required for artificial intelligence.\u201d<\/p>\n

While gold is in high demand too, the fund sees silver as undervalued compared with gold on a historical basis, with the companies that mine the metal particularly undervalued versus the metal itself. The Endeavour bond\u2019s conversion feature also offers Pender a cheap option against the company\u2019s undervalued stock, she adds.<\/p>\n

\u201cWe\u2019ve also added a position in a convertible bond\u00a0of\u00a0Borr Drilling Ltd., a\u00a0Bermuda-based\u00a0company\u00a0that does shallow-water offshore\u00a0drilling,\u201d Wheeler adds. \u201cWe think their stock is cheap on a historical\u00a0basis, their debt is covered by the value of their rigs, and our position gives us some potential upside if the energy sector improves.\u201d<\/p>\n

On the\u00a0non-investment\u00a0grade\u00a0side\u00a0of the portfolio,\u00a0the\u00a0fund\u00a0continues\u00a0to look for\u00a0relatively inexpensive\u00a0areas of the market.<\/p>\n

\u201cWe turn over a lot of rocks, because the more we turn over, the more\u00a0opportunities we\u00a0hope to\u00a0find,\u201d Wheeler says.<\/p>\n

Despite solid returns in this area, the overall\u00a0non-investment\u00a0grade\u00a0portion\u00a0of the\u00a0fund\u00a0(23.3 per cent at the end of 2025)\u00a0hasn\u2019t\u00a0increased materially as the\u00a0fund itself has been growing.<\/p>\n

As has been the case for several years, the 2026 economy will likely generate a few surprises, bad or good.<\/p>\n

\"For instance, there is a push for lower interest rates and maybe some yield curve control in the United States. These are not the types of things we can control, however. What we can control is continuing to find areas of the market that are relatively undervalued.\" Emily Wheeler<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

As published in Canadian Family Offices The fund\u2019s manager, Emily Wheeler, outlines her investment strategy, plus her take on interest rates, commodities and the 2026 economy. Family offices face a familiar tension in today\u2019s bond market: how to preserve wealth while still achieving meaningful returns amid uncertainty. Traditional fixed income strategies\u2014once the core of a […]<\/p>\n","protected":false},"author":12,"featured_media":73031,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[106],"tags":[181],"fund-type":[42],"class_list":["post-73030","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-canadian-family-offices","fund-type-pender-bond-universe-fund"],"acf":[],"yoast_head":"\nCanadian Family Offices portfolio: Cutting through the noise with the Pender Bond Universe Fund - PenderFund Capital Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/penderfund.com\/fr\/articles\/canadian-family-offices-portfolio-cutting-through-the-noise-with-the-pender-bond-universe-fund\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Canadian Family Offices portfolio: Cutting through the noise with the Pender Bond Universe Fund\" \/>\n<meta property=\"og:description\" content=\"As published in Canadian Family Offices The fund\u2019s manager, Emily Wheeler, outlines her investment strategy, plus her take on interest rates, commodities and the 2026 economy. 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