Special Meeting for certain mutual fund unitholders to be held on November 21, 2025 - Click here to learn more
Geoff Castle is the Lead Portfolio Manager, Fixed Income, having managed the Pender Corporate Bond Fund since September 2015. He also manages the Pender Bond Universe Fund and Pender Credit Opportunities Fund.
Geoff’s career as a professional investor spans two decades and includes experience in both public mutual funds and proprietary investment fund management for ultra-high net worth individuals.
His area of expertise is in fundamental business analysis and valuation which he applies to credit markets to find enhanced yield or price appreciation opportunities in situations where substantial margins of safety exist.
Geoff’s philosophy involves controlling risk through careful consideration of credit duration and fixed charge coverage, and the fair valuation of each security class on an as-liquidated basis. Geoff also has been an active proponent of the use of objective, market- and fundamentals-derived risk measurement systems, which he believes are more useful than agency credit ratings.
Geoff holds a Bachelor of Arts degree from UBC and a Master of Business Administration from the Richard Ivey School of Business at the University of Western Ontario.
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 […]
Highlights Key positive contributors included the secured bonds of Spirit Airlines Inc., Lucid Group Inc., and the preferreds of Fannie Mae and Freddie Mac. Detractors included American Tire Distributors Inc., a small portfolio weight, which filed a surprise Chapter 11. New positions included: Fair Isaac Corp., which provides credit analytics and related software services, and […]
"Luck is random, but the ability to capitalize on luck isn't necessarily random.” - Mari Kuraishi Highlights Fund returned 7.8%, with notable contributions from small cap equity and real-estate holdings First Fed reduction in borrowing costs since March 2020, increasing appetite for risk assets Added two new equities: Services provider Calian Group Ltd. and real […]
Highlights September was a positive month for the Fund, with contributions from Hughes Satellite Systems first lien bond as well as precious metal securities. In the long run, our guess is that North America is ultimately headed back to some form of yield curve control, along the lines of what we currently see in Japan […]
Highlights Key performance contributors included convertible bonds in Revance Therapeutics Inc., OPKO Health Inc., and Cineplex Inc. Key detractor was Stem Inc. We added weight to several lines of existing credits including Crowdstrike Holdings Inc, which we consider an extremely strong credit, and to our existing holdings of Canadian real return bonds. The Pender Corporate […]
Highlights Key contributors included Desktop Metal Inc. convertible bonds, Emergent BioSolutions 2028 notes, Lucid Group and OPKO Health convertible bonds. New positions included: Spirit Airlines 2025 secured notes, 5.75% convertible notes of PNM Resources, and 2027 notes of Energean PLC. The Pender Corporate Bond Fund enjoyed another profitable period in July, returning 2.6%[1]. Several specific […]
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