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 Top contributors included Spirit Airlines 8% notes, the convertible notes of Equinox Gold and Sibanye Stillwater, and Canadian Real Return bonds. Detractors included Jervois Global bonds due the announcement of a Chapter 11 earlier in the month. New positions in the Fund include newly issued convertible bonds from B2Gold Corporation and additions to our […]
Highlights Strong performance in December; top contributors included the preferred shares issued by Fannie Mae and Freddie Mac which tripled in value during 2024, a term loan in American Tire Distributors Inc, and the convertible bonds of Revance Therapeutics Inc. Detractors this month were rate sensitive holdings including longer duration TIPS, Cardlytics Inc, and MP […]
Highlights Positive contributors included preferred shares in Fannie Mae and Freddie Mac which, in the wake of the US election, gained over 100%, after which we sold down the position. Gains also came from the successful debt restructuring of Spirit Airlines Inc, Porch Group Inc secured notes, and American Tire Distributors Inc. Detractors included STEM […]
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