Dear Investor Since its inception, the Fund has achieved a net return of 29.6%, outperforming our benchmark[1] return of 14.8%. As of the end of 2024, the Fund's net IRR stands at 20.6%. The investment period concluded in July 2024. On October 1, 2024, we distributed 26% of committed capital to investors, followed by an […]
Highlights Positive contributors to the Fund included TXNM Energy 5.75% ’54 convertible bonds via the combination of price appreciation and a competitive coupon, and OPKO Health Inc. 3.75% ’29 convertible bonds. The Fund added Duke Energy’s 4.125% ’26 convertible bonds. With US High Yield spreads significantly below average, we took a cautious disposition toward lower […]
Highlights Strong performance in December; top contributors included the preferred shares issued by Fannie Mae and Freddie Mac which tripled in value during 2024, a term loan in American Tire Distributors Inc, and the convertible bonds of Revance Therapeutics Inc. Detractors this month were rate sensitive holdings including longer duration TIPS, Cardlytics Inc, and MP […]
Highlights Positive contributors included preferred shares in Fannie Mae and Freddie Mac which, in the wake of the US election, gained over 100%, after which we sold down the position. Gains also came from the successful debt restructuring of Spirit Airlines Inc, Porch Group Inc secured notes, and American Tire Distributors Inc. Detractors included STEM […]
Market cycles, manias, and opportunities. Geoff and Callum revisit the big themes in 2024 and tally which of their 2023 calls went right. They look ahead to 2025 and beyond and discuss the current market cycle, and where opportunities are in Treasuries, commodities and the commercialization of space. A must-listen for professional and regular investors […]
As published in the Institutional Investor on November 22, 2024 Warren Buffett said that he and the late Charlie Munger, “prefer a lumpy 15 percent to a smooth 12 percent return.” But not every investor is, or can be, a Buffett. On the contrary, many retail — and many institutional — investors are highly sensitive […]
Highlights Key positive contributors included the secured bonds of Spirit Airlines Inc., Lucid Group Inc., and the preferreds of Fannie Mae and Freddie Mac. Detractors included American Tire Distributors Inc., a small portfolio weight, which filed a surprise Chapter 11. New positions included: Fair Isaac Corp., which provides credit analytics and related software services, and […]
Dear Investor, Since its inception, the Pender Credit Opportunities Fund (PCOF) has delivered a return of 26.7%, net of all fees and expenses, with a Net IRR of 22.2%. The investment period concluded in July 2024, and on October 1 we distributed 26% of committed capital back to investors, derived from realized investments. Although we […]
Nothing lasts forever, and that includes rising inflation. Now, after a couple of years of ever-rising interest rates to tamp down inflation, headline inflation is easing. The latest July report came in at 2.5%, the lowest reading since March 2021 and Fed watchers expect another 25-basis point cut in interest rates at the Bank of […]
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