Highlights A strong March characterized by strength in credit lifted the Fund into positive territory for the quarter ended March 31, 2024. Key contributors included Occidental Petroleum and OPKO Health. Currently the Fund has a 22% weight in non-investment grade holdings achieved though exposure to the Pender Corporate Bond Fund units along with select non-IG […]
Highlights Large positive moves came from some deeply discounted bonds including Esperion’s 2025 notes, Lucid Group’s 2026 convertible bonds, and 2028 bonds of Emergent BioSolutions. Convertible bonds in Equinox Gold (2029) and OPKO Health (2029) provided further gains. The wide valuation divergence between certain pockets in the credit markets and the tight spreads in the […]
Highlights: Positive contributors included convertible notes from Esperion Therapeutics, Inc. and Bandwidth Inc., and from our position in Lucid Group. A few weak spots included our position in the credit of SSR Mining Inc due to operational challenges at that company's Copler mine in Turkey. However, we believe the credit coverage of the 2039 notes […]
Highlights: Through December and January, the Fund initiated a position in the bonds of Sibanye Stillwater Ltd. which is the largest worldwide pure-play company in the mining and refining of platinum group metals. January saw a selloff in Canadian investment grade bonds and limited gains in high yield indices. Esperion Therapeutics Inc. was the Fund’s […]
Highlights The past quarter was characterized by a strong bond market reaction to the disinflationary trend. Longer dated, high grade bonds were the strongest contributors to performance. Favourable performers included Warner Brothers Discovery Inc. (2062), and US TIPS (2052). The Fund’s exposure to credit (via Pender Corporate Bond Fund) remains lower relative to historic weightings. […]
Highlights: December’s outperformance was driven by some deeply discounted and distressed lines including the preferred shares of Fannie Mae and Freddie Mac which rallied more than 30%. We added to our position in McDermott International Ltd. at deeply discounted prices. Select off-the-run and unrated bonds remain extremely attractive where the value of the issuing companies […]
Building puzzles. Geoff Castle hosts Callum Thomas, founder and head of research of Topdown Charts for their annual podcast. Geoff and Callum reflect on 2023 and review which of their December 2022 calls were right, and which were early. They look ahead to 2024 and really dive into a wide range of topics, both fixed […]
Highlights: November saw a major turn in bond market direction leading to positive returns throughout the fixed income markets. Investment grade securities staged a huge turnaround and there were some very strong returns amongst higher grade, long-duration securities. New positions include the deeply discounted notes of California-based Stem Inc., a software provider that enables renewable […]
Highlights: October was a volatile month characterized by sharply lower risk asset prices combined with higher risk-free rates across the curve. We are generally constructive on the bond market heading into the end of the year. In October we continued to find opportunity in discounted longer-tenor opportunities. The Pender Corporate Bond Fund emerged from a […]
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