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.
As at June 30, 2026. 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 | 4.83% |
| Yield to Maturity | 5.92% |
| Term to Maturity (years) | 4.40 |
| Modified Duration (years) | 3.35 |
| Class | 1 Mo. | 3 Mo. | 6 Mo. | 1 Yr. | 3 Yr. | 5 Yr. | 10 Yr. | 15 Yr. | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| A | 1.6% | 0.7% | 2.0% | 15.2% | 12.8% | 7.0% | 7.2% | 6.0% | 6.5% |
| A (USD) | 1.9% | 1.1% | 2.5% | 16.7% | 13.7% | 7.4% | 7.9% | 6.4% | |
| U | 0.9% | 1.5% | 3.8% | 17.9% | 15.2% | 9.7% | 8.9% | ||
| F | 1.6% | 0.9% | 2.3% | 16.0% | 13.9% | 8.1% | 8.3% | 7.3% | |
| F (USD) | 2.0% | 1.3% | 2.8% | 17.6% | 14.8% | 8.4% | 8.6% |
| Class | Jan'26 | Feb'26 | Mar'26 | Apr'26 | May'26 | Jun'26 | Jul'26 | Aug'26 | Since Inception |
|---|---|---|---|---|---|---|---|---|---|
| A | $0.06 | $0.04 | $0.03 | $0.05 | $0.05 | $0.06 | $0.05 | $0.03 | $8.72 |
| A (USD) | $0.05 | $0.03 | $0.03 | $0.04 | $0.05 | $0.05 | $0.05 | $0.03 | $5.43 |
| U | $0.06 | $0.04 | $0.03 | $0.05 | $0.05 | $0.06 | $0.05 | $0.04 | $3.66 |
| F | $0.06 | $0.04 | $0.03 | $0.05 | $0.05 | $0.06 | $0.05 | $0.03 | $6.72 |
| F (USD) | $0.06 | $0.04 | $0.03 | $0.05 | $0.05 | $0.06 | $0.05 | $0.03 | $3.93 |
| # | Security Name | Fund (%) |
|---|---|---|
| 1 | Northern Oil and Gas Inc., 3.625%, 15-Apr-29 | 2.0 |
| 2 | Crescent Energy Co., 2.750%, 15-Mar-31 | 1.8 |
| 3 | Euronet Worldwide, Inc., 0.625%, 1-Oct-30 | 1.7 |
| 4 | Rivian Holdings, LLC, 10.000%, 15-Jan-31 | 1.5 |
| 5 | McDermott International Ltd. | 1.5 |
| 6 | CrowdStrike Holdings, Inc., 3.000%, 15-Feb-29 | 1.4 |
| 7 | First Majestic Silver Corp., 0.375%, 15-Jan-27 | 1.3 |
| 8 | Trulieve Cannabis Corp., 10.500%, 17-Dec-30 | 1.3 |
| 9 | McDermott International Ltd., Term Loan, 31-Dec-27 | 1.3 |
| 10 | Total Play Telecomunicaciones, S.A.P.I. de C.V., 11.120%, 31-Dec-32 | 1.3 |
| Total Percentage of Top 10 Holdings | 15.10 | |
| Total Net Assets of Fund | $5,353,741,885 | |
| Code | Class | Description | MER | Trailer | Min. Investment Initial/[Subsequent] |
|---|---|---|---|---|---|
| PGF 500 | A | Front End | 1.74 | 0.65 | $500/[$] |
| PGF 501 | A (USD) | Front End | 1.75 | 0.65 | $500/[$] |
| PGF 518 | U | Fee Based | 1.00 | $500/[$] | |
| PGF 550 | F | Fee Based | 1.03 | $500/[$] | |
| PGF 551 | F (USD) | Fee Based | 1.04 | $500/[$] |
As at 30-06-2026. 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.
The Pender Corporate Bond Fund enjoyed solid performance in May, delivering a total return of 2.1%1. This return was within the context of generally strong bond market conditions as benchmark yields retreated from recent highs and credit spreads were largely unchanged. Leading the way for the Fund again in May was our position in the […]
The Pender Corporate Bond Fund enjoyed a positive month in April, returning 1.5%1 for the period. This return was within the context of generally strong credit market conditions as expanding global growth and expectations for a relatively quick end to the Iran conflict buoyed prices. Leading the way for the Fund was our position in […]
The late February initiation of hostilities in the Persian Gulf augured in a challenging month for the Pender Corporate Bond Fund, which ended March down -2.2%1. The market reacted to the US-led Iran bombing campaign by widening spreads in corporate credit and pushing benchmark yields higher across the curve, effects which impacted Fund holdings. A […]
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