Fixed Income Funds

“…don’t underestimate how smart the market is.” In this episode of Profiles in Credit, Geoff Castle reconnects with Dave Thomas, Principal and Co-Head of Training at The Marquee Group, one of Canada’s leading training organizations for financial analysts and investment bankers. Former classmates at Ivey Business School, Geoff and Dave discuss the art and science of […]

For the three months ending July 31, the Fund generated a small but positive return of 0.1%[1], breaking the string of negative quarters that have resulted from the aggressive rate hiking cycle the Fed and other central banks have embarked upon to control inflation. While this outcome was somewhat less than benchmark returns, the key […]

The Pender Corporate Bond Fund emerged from July with a positive return of 1.9%[1]. The compressed spring of lower bond prices unwound a bit in the month as a potential slowdown in inflation provided the occasion for a celebratory rally. That inflation slowdown also had positive implications for our sister Fund, the Pender Bond Universe […]

The Pender Corporate Bond Fund emerged from June, a volatile month, down 3.2%[1]. Although the result was hardly what we had hoped for, the month did seem to show signs of slowing inflation which may be an important potential catalyst for reversing the current market weakness. Download PDF There were not many portfolio bright spots […]

The Pender Corporate Bond Fund finished a volatile May with a NAV total return of approximately -0.7%[1]. Lower bond prices in the portfolio more than offset the growing level of current income in the Fund that has reached its highest level since the spring of 2020. Download PDF There were several bright spots in the […]

“Sometimes you’re good and sometimes you’re lucky.” Geoff Castle chats with Winnie Cisar, Global Head of Strategy at CreditSights Inc. Together they discuss Winnie’s background, her foray into investment banking and the series of career steps that led her to CreditSights, especially her many experiences at Wells Fargo.  Winnie looks back on her time as […]

In the quarter ended April 30, 2022, the Fund outperformed its benchmark. With the FTSE/TMX Canada Universe Bond Index down 7.0% over the past three months, the Pender Bond Universe Fund’s (PBUF) Class F return of negative 3.9%[1] showed relative strength over the period. Against a backdrop of rising yields along the curve in Canada […]

The Pender Corporate Bond Fund returned -1.6%1 in April. In a tough market, the Fund continued its streak of outperforming its benchmark and category. Download PDF In a market without many bright spots, we benefitted from a few. Continued optimism around the prospective end of the conservatorship of the Government-Sponsored Enterprises (GSEs) led to further […]

The Pender Corporate Bond Fund returned -0.4%[1] in March. While we never celebrate losses, it is worth noting that the Fund’s monthly loss was less than a third of that of the high yield index for the same period and over two percentage points above the Canadian bond universe. In short, it was a volatile […]