Fixed Income Funds

Highlights Positive contributors included: Paratek Pharmaceuticals, Inc. to be acquired leading to a gain of more than 10% in that position; OPKO Health Inc. on the FDA’s approval of the company’s NGENLA growth hormone therapy; Carriage Services Inc. rallied over 5% on a takeover bid from a trade buyer; and Fannie Mae preferred shares also […]

Highlights Overall, a choppy month from a combination of wider credit spreads, higher sovereign rates and uncertainty surrounding the U.S. debt ceiling. Positive contributors were Cineworld Group PLC, Paratek Pharmaceuticals Inc, and Emergent BioSolutions Inc as catalysts emerged for these severely discounted bonds. Canadian rate-reset preferreds are at levels last seen in 2016. History suggests […]

Geoff Castle and Parul Garg host Sabrina Fox, Founder of Fox Legal Training. The group cover Sabrina’s road to her current position and starting her company, the benefits of “speaking legalese” as well as some cautionary tales and lessons learned. And before you jump to any conclusions, if you think that a discussion of legal covenants in credit might be […]

Parul Garg and Geoff Castle cover the complexities of stressed and distressed credit investing, the risks and rewards, the current opportunity and their history and experience in this area. Highlights: Capital priority for credit investors—a key advantage over equity investors.  What it really takes to be a great distressed credit investor.  Why distressed credit is […]

Highlights The strongest contributors to the Fund were Paratek Pharmaceuticals Inc., Emergent BioSolutions Inc., Esperion Therapeutics Inc., and Bausch Health. Decliners in the Fund included McDermott International Inc., PHI Group Inc., and American Tire Distributors Inc. In April, the Fund added a new position in DISH Network Corporation which is building out an ambitious 5G […]

Parul and Geoff cover the complexities of stressed and distressed credit investing, the risks and rewards, the current opportunity and their history and experience in this area.  Highlights: The opportunity set they are seeing and cyclicality.  Overvalued and undervalued sectors.  Where investing ideas come from.  The Four Ps: Pre-investment, Purchase, Pro-active credit management, Position exit.  […]

Parul and Geoff cover the complexities of this investment niche, the risks and rewards, the current opportunity and their history and experience in this area. Parul Garg and Geoff Castle have been investing in this part of credit markets since 2015 and see an opportunity emerging. The cycle created by the transition in monetary policy […]

Highlights For the three months ended March 31, 2023, the Fund generated a 1.9% return.[1] Several high-quality, defensive, relatively longer-dated lines, such as Loblaw Companies Ltd., Verisign Inc. and Bell Canada Enterprises Inc. bolstered performance. There are signs suggesting the hiking cycle is nearing its peak. Should the rate hikes to date slow the economy […]

The Pender Corporate Bond Fund returned -0.5%[1] in March. Although the period was a strong one for the high-grade part of the portfolio, a few idiosyncratic events in particular lines and widening spreads in lower-tier credit holdings led to a net negative result for the month. Highlights Most of the Fund’s investment grade holdings were […]