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 […]
The Pender Corporate Bond Fund enjoyed a profitable July, returning 1.5%[1]. The good result was due to a number of holding-specific catalyst events that allowed the Fund to outperform benchmarks. One key contributor for the period was our stake in the capital structure of Esperion Therapeutics Inc. Management’s successful efforts in extending the cholesterol-lowering drug […]
Dear Co-investors, Thank you for your continued partnership in the Pender Credit Opportunities Fund. The past quarter was highly dynamic, marked by unexpected tariff proposals, rising capital costs, and increased market volatility. While the Fund is mark-to-market and subject to short-term fluctuations, we see volatility as a source of opportunity—not risk. In this letter, we […]
Although outperforming it’s benchmark[1] by 0.2%[2] in Q2, the Class F units of the Pender Bond Universe Fund were down 0.4% over the period. Exposure to Non-Investment Grade securities through our Pender Corporate Bond Fund holdings and several individual credits held, negatively impacted performance this quarter. The Fund’s High-Grade exposure was largely positive over the […]
The Pender Corporate Bond Fund returned 1.8%[1] in June amid market conditions that were generally favorable. The biggest driver of performance in June was our position in entities exposed to platinum, including our holding of convertible bonds in South-African platinum metals group miner, Sibanye Stillwater Limited, and our position in abrdn Physical Platinum Shares, which […]
The Pender Corporate Bond Fund returned -0.4%[1] in May. This performance was the result of a few significantly lower marks in distressed credits, offsetting a broadly positive movement across most of the Fund’s holdings. Performance Discussion The Fund’s loss in the period resulted from significant movements in holdings of Wolfspeed, Inc., New Fortress Energy Inc. […]
The Pender Corporate Bond Fund returned -3.0%[1] in April, a sobering result within the context of a turbulent market. Credit spreads reset significantly wider and yield curves steepened during the month. Performance Discussion Our single largest impact was in the Spirit Aviation Holdings, Inc. capital structure. Spirit’s bonds and reorganized equity fell approximately 10% and […]
Dear Co-investors, We sincerely thank you for partnering with us in the Pender Credit Opportunities Fund. We are truly grateful for the trust you have placed in us by allocating your capital to this strategy. The Fund is focused on identifying and investing in securities of financially challenged businesses that are trading below our assessment […]
The Class F units of the Pender Bond Universe Fund were up 2.2%[1] in the first quarter of 2025. The Fund outperformed its benchmark, FTSE/TMX Canada Universe Bond Index, by 0.2% over the period. Almost all of the Fund’s holdings contributed positively in Q1 as the environment for both rates and line-item credit positions was […]
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