Pender Credit Opportunities Fund

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 […]

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 […]

A Market Isn’t Always Just One Thing Forever In this episode, Laura Baker, Associate Portfolio Manager at Pender, sits down with Lead Portfolio Manager, Fixed Income Geoff Castle, Portfolio Manager Emily Wheeler and Associate Portfolio Manager Parul Garg to discuss the recent recognition of two of Pender’s fixed income funds with 2025 LSEG Lipper Fund […]

Dear Co-investors,  Thank you for your continued partnership in the Pender Credit Opportunities Fund. For the quarter the Fund returned 15.2%1, bringing the Fund’s since inception return to 6.8%. The Fund's benchmark2 returned 2.4% for the quarter and 7.1% YTD. We completed two workouts this quarter that meaningfully contributed to results. In this letter, we […]

Dear Co-investors, Thank you for your continued partnership in the Pender Credit Opportunities Fund. The past quarter was highly dynamic, marked by unexpected tariff proposals, rising capital costs, and increased market volatility. While the Fund is mark-to-market and subject to short-term fluctuations, we see volatility as a source of opportunity—not risk. In this letter, we […]

Dear Co-investors, We sincerely thank you for partnering with us in the Pender Credit Opportunities Fund. We are truly grateful for the trust you have placed in us by allocating your capital to this strategy. The Fund is focused on identifying and investing in securities of financially challenged businesses that are trading below our assessment […]

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 […]

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 […]

Parul Garg, Pender’s distressed credit expert in default securities, reorganizations and recapitalizations, discusses the impending catalysts for generating meaningful alpha in distressed debt in the next 3-to-5 years, and how a public credit strategy complements investing in private credits. She explains the various approaches to creating value and managing risk in both the Pender Credit […]