Fixed Income
The Pender Corporate Bond Fund is an income fund that is both conservatively managed to preserve capital, as well as opportunistic to generate returns. The Fund is focused on key credit characteristics – coverage, seniority and duration. It is driven by bottom up fundamental analysis, the Fund seeks to use its nimble size to invest in opportunities large or index based funds cannot. This advantage could provide investors with an attractive cash yield, while maintaining positions in attractively valued securities that provide a margin-of-safety for investors.
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As at December 31, 2025. The management expense ratio ("MER") is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions, performance fees and other portfolio transaction costs) and is expressed as an annualized percentage of average net assets for the period/year. The applicable taxes are calculated using the attribution percentage for each province based on unitholder residency.
| Current Yield | 5.07% |
| Yield to Maturity | 6.16% |
| Term to Maturity (years) | 4.51 |
| Modified Duration (years) | 3.36 |
| Class | 1 Mo. | 3 Mo. | 6 Mo. | 1 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | 15 Yr. | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| A | -0.1% | 1.2% | 2.6% | 16.1% | 12.2% | 6.8% | 7.4% | 5.8% | 6.5% |
| A (USD) | 0.3% | 1.1% | 2.8% | 17.5% | 12.9% | 7.0% | 8.0% | 6.3% | |
| U | -0.7% | 3.8% | 5.4% | 19.0% | 15.4% | 9.8% | 8.8% | ||
| F | 0.0% | 1.4% | 2.9% | 16.9% | 13.3% | 7.9% | 8.4% | 7.2% | |
| F (USD) | 0.4% | 1.3% | 3.1% | 18.4% | 13.9% | 8.1% | 8.5% |
| Class | Dec'25 | Jan'26 | Feb'26 | Mar'26 | Apr'26 | May'26 | Jun'26 | Jul'26 | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| A | $0.32 | $0.06 | $0.04 | $0.03 | $0.05 | $0.05 | $0.06 | $0.05 | $8.69 |
| A (USD) | $0.39 | $0.05 | $0.03 | $0.03 | $0.04 | $0.05 | $0.05 | $0.05 | $5.40 |
| U | $0.08 | $0.06 | $0.04 | $0.03 | $0.05 | $0.05 | $0.06 | $0.05 | $3.62 |
| F | $0.35 | $0.06 | $0.04 | $0.03 | $0.05 | $0.05 | $0.06 | $0.05 | $6.69 |
| F (USD) | $0.33 | $0.06 | $0.04 | $0.03 | $0.05 | $0.05 | $0.06 | $0.05 | $3.90 |
| # | Security Name | Fund (%) |
|---|---|---|
| 1 | Northern Oil and Gas Inc., 3.625%, 15-Apr-29 | 1.8 |
| 2 | Crescent Energy Co., 2.750%, 15-Mar-31 | 1.7 |
| 3 | Rivian Holdings, LLC, 10.000%, 15-Jan-31 | 1.6 |
| 4 | United States Treasury, Inflation Indexed, 1.75%, 15-Jan-28 | 1.5 |
| 5 | Euronet Worldwide, Inc., 0.625%, 1-Oct-30 | 1.5 |
| 6 | CrowdStrike Holdings, Inc., 3.000%, 15-Feb-29 | 1.5 |
| 7 | Adecoagro S.A., 7.500%, 29-Jul-32 | 1.5 |
| 8 | Esperion Therapeutics, Inc., 5.750%, 15-June-30 | 1.4 |
| 9 | Trulieve Cannabis Corp., 10.500%, 17-Dec-30 | 1.4 |
| 10 | McDermott International, Ltd., Term Loan, 31-Dec-27 | 1.4 |
| Total Percentage of Top 10 Holdings | 15.30 | |
| Total Net Assets of Fund | $5,053,546,809 | |
| Code | Class | Description | MER | Trailer | Min. Investment Initial/[Subsequent] |
|---|---|---|---|---|---|
| PGF 500 | A | Front End | 2.04 | 0.65 | $500/[$] |
| PGF 501 | A (USD) | Front End | 2.04 | 0.65 | $500/[$] |
| PGF 518 | U | Fee Based | 1.15 | $500/[$] | |
| PGF 550 | F | Fee Based | 1.03 | $500/[$] | |
| PGF 551 | F (USD) | Fee Based | 1.04 | $500/[$] |
As at 31-12-2025. The management expense ratio (“MER”) is calculated based on expenses charged to the fund inclusive of applicable taxes including GST and HST (excluding commissions, performance fees and other portfolio transaction costs) and is expressed as an annualized percentage of average net assets for the period/year. The applicable taxes are calculated using the attribution percentage for each province based on unitholder residency.
Highlights: Positive contributors included First Majestic Silver Corp., which rallied from multi-year lows, and our holdings of Liberty TripAdvisor Holdings, Inc. notes, which attracted bids due to their attractive double-digit yield to a 2025 put date. Positive performance was offset by several investment grade securities, which were influenced by higher risk-free rates. Line-item credit weakness […]
Only available in EnglishHighlights 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 […]
Only available in EnglishHighlights 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 […]
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