Dear Co-investors, Thank you for your continued partnership in the Pender Credit Opportunities Fund. In this quarter’s letter, we will share our perspective on the opportunistic themes we are seeing ahead and also provide a closer look on a few of the high conviction, individual credits we hold. Fund at a Glance Pender Credit Opportunities […]
The class F units of the Pender Bond Universe Fund were up 1.1%1 in the first quarter of 2026, relatively outperforming their benchmark by 0.9%. As rates moved higher in Canada and the US, High Grade was somewhat weaker over the period as were certain credit holdings including the Fund’s Esperion and Meritage Homes converts. […]
The late February initiation of hostilities in the Persian Gulf augured in a challenging month for the Pender Corporate Bond Fund, which ended March down -2.2%1. The market reacted to the US-led Iran bombing campaign by widening spreads in corporate credit and pushing benchmark yields higher across the curve, effects which impacted Fund holdings. A […]
As published in Canadian Family Offices The fund’s 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’s bond market: how to preserve wealth while still achieving meaningful returns amid uncertainty. Traditional fixed income strategies—once the core of a […]
The Pender Corporate Bond Fund enjoyed a successful February, posting a total return of 2.2%1. The broader market context included strength in investment grade benchmarks, which advanced over 1%, and weaker high yield credit which delivered negative total returns on spread-widening. The Fund’s highest returning securities in February were convertible bond positions in the mining […]
The Pender Corporate Bond Fund had a good start to the year, delivering a 2.1%1 return in January, which was significantly ahead of investment grade and high yield benchmark returns over the same period. The month saw strength from a diversified group of holdings. Leading the way for us was our position in convertible notes […]
Dear Investors Thank you for your continued partnership in the Pender Credit Opportunities Fund. As of December 31st, 2025, the Fund was up 13.7%1 (net of all expenses and fees) for the year. Over the same period, the benchmark returned 7.3%. In this letter, we will review the key contributors and detractors and then share […]
The class F units of the Pender Bond Universe Fund were up 1.3% over the quarter and 8.0%1 for the year, making 2025 the Fund’s best year on record since inception in 2020. In Q4, the class F units outperformed their benchmark by 1.6% for the quarter and 5.4% on a full year basis. Strength […]
The Pender Corporate Bond Fund recorded a positive result in December, returning 0.3%1. The period was characterized by positive credit returns offsetting the effect of rising benchmark interest rates. For the full year 2025, the Fund returned 13.4%, a happy outcome driven primarily by security selection as opposed to benchmark performance, which was markedly lower. […]
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