Dear Investor, We sincerely appreciate your continued support of Pender Credit Opportunities Fund I (PCOF I). Since its launch, the Fund has delivered an impressive return of 19.8%, net of all fees and expenses, outperforming both the High Yield Market (ICE BofA US High Yield TR USD returned 8.9%) and the CCC index (ICE BofA […]
As published in BPM on 15 July, 2024. Benjamin Graham, the “father of value investing” and author of the classic The Intelligent Investor, wrote: “Successful investing is about managing risk, not avoiding it.” Few strategies capture this idea better than stressed and distressed debt. These assets offer investors attractive risk/return propositions but there is no […]
Highlights Strength in Q2 was partially attributable to a rally in response to the Bank of Canada’s decision to reduce the overnight lending rate. Areas of focus over the quarter were defensive sectors including Utilities and Consumer Staples. The Fund is underweight in non-Investment Grade. After a slow start to the quarter, the Fund posted […]
Highlights Performance drivers included our positions McDermott International Ltd and Hughes Satellite Systems Corp. Detractors included issuers active in producing materials for clean energy industries, including platinum group miner Sibanye Stillwater and rare earths processor MP Materials. We view the sector as a long-term growth industry and continue to build positions here. Portfolio additions included […]
A unique value proposition – what we do and what we don’t do. In this discussion, Parul Garg sheds light on the risk and rewards of investing in stressed and distressed credits in public markets and how the portfolio management team leverages a nimble approach to capitalize on unique opportunities often overlooked by larger funds. […]
As published in the Financial Post on 23 June 2024. Credit spreads serve as a premium offered to investors to offset the risks associated with bankruptcy. This quarter, high-yield credit spreads hit a decade-low of 3.05%. Narrower spreads reflect reduced demand for compensation against credit risk, indicating the market's confidence in low credit risk ahead. […]
Highlights The Fund enjoyed one of its best performing months in May. Key contributors were Novavax convertible bonds, Fannie Mae preferred shares, Lucid Group Inc., Emergent BioSolutions, and OPKO Health Inc., along with numerous Canadian preferred shares. Two detractors were EchoStar Corp and American Tire Distributors Holdings Inc. The Pender Corporate Bond Fund enjoyed one […]
Expertise and experience, transparency and liquidity. In this episode, we delve into the complex world of public stressed and distressed credit investing. Join Parul Garg for a discussion on investing in stressed and distressed credits in public markets, as held in the Pender Credit Opportunities Fund and in the Pender Corporate Bond Fund. Parul provides […]
Highlights: Higher risk-free rates offset line-item strength in the portfolio. Positive performance in areas including cinemas helped our positions. We continue to look beyond a single macro idea to other options to generate returns. We initiated positions in the convertible bonds of Revance Therapeutics Inc. and the secured bonds of Porch Group Inc. After an […]
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