Dear Co-investors, Thank you for your continued partnership in the Pender Credit Opportunities Fund. In the second quarter of 2026, the Fund appreciated 11.6% net of fees, aided by impactful contributions from Wolfspeed, Inc., Evolent Health, Inc., and Fluence Energy, Inc. We are also approaching an exciting milestone: our three-year track record of managing Funds […]
The class F units of the Pender Bond Universe Fund were up 1%1 in the second quarter of 2026, relatively underperforming their benchmark by 1%. Most Investment Grade (IG) holdings contributed positively over the period with standout performance from Pender Corporate Bond Fund units held and certain non-IG lines such as Meritage Homes and Opko […]
The Pender Corporate Bond Fund ended the month of June down -0.7%1, a result driven primarily by individual line-items which offset the generally positive price environment in the bond market over the period. The most significant area of weakness for the Fund in June was oil and gas issuers, including equity-sensitive convertible lines in Borr […]
The Pender Corporate Bond Fund enjoyed solid performance in May, delivering a total return of 2.1%1. This return was within the context of generally strong bond market conditions as benchmark yields retreated from recent highs and credit spreads were largely unchanged. Leading the way for the Fund again in May was our position in the […]
The Pender Corporate Bond Fund enjoyed a positive month in April, returning 1.5%1 for the period. This return was within the context of generally strong credit market conditions as expanding global growth and expectations for a relatively quick end to the Iran conflict buoyed prices. Leading the way for the Fund was our position in […]
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 […]
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