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.
UPCOMING WEBINAR
Tuesday, September 8, 2026
10am PST / 11am MST / 12pm CST / 1pm EST
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.
The Pender Corporate Bond Fund posted a solid October, returning 2.2%1 within the context of a positive movement for high grade bonds and a neutral market for credit risk assets. The top Fund contributor in October was the successful workout of our position in Beyond Meat Inc., which is discussed in greater detail below. Other […]
The Pender Corporate Bond Fund had a historic September, gaining 4.8%1, as a number of drivers led to the Fund’s best one-month performance since inception. Precious metals holdings again led the Fund’s returns in September, as eight of our holdings in the sector delivered double-digit gains. Our convertible notes in platinum group metals miner, Sibanye […]
The Pender Corporate Bond Fund enjoyed a strong August, gaining 2.4%[1], within the context of a favorable return environment. August saw broad-based strength from our positions in the precious metals sector. Leading the way was our stake in Equinox Gold Corp. converts, which gained more than 20% on a strong earnings report and continuing upward movement in […]
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