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High Yield Fixed Income

FundGrade A Click for more information on Fundata’s FundGrade

FundGrade A

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FundGrade A+® Rating Recipient

FundGrade A+® Rating Recipient

2023, 2022, 2021, 2019, 2018

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NAVPS
(04-15-2024)
$12.20
Change
-$0.07 (-0.58%)

As at March 31, 2024

As at March 31, 2024

Period
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Legend

Pender Corporate Bond Fund Class A

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Fund Returns

Inception Return (June 01, 2009): 5.59%

Fund Returns
Row Heading Return Annualized Return
1 Mth 3 Mth 6 Mth YTD 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 10 Yr
Fund 2.73% 0.25% -0.63% 3.74% 9.36% 2.68% 2.45% 8.30% 4.27% 4.20% 4.60% 6.87% 5.30% 4.68%
Benchmark 0.83% 4.14% 9.32% 4.14% 11.08% 7.29% 2.94% 4.89% 3.41% 3.99% 3.87% 5.46% 5.00% 5.66%
Category Average 1.03% 7.25% 7.25% 1.56% 7.53% 1.83% 0.64% 4.83% 2.38% 2.44% 2.46% 3.43% 2.65% 2.59%
Category Rank 4 / 300 27 / 300 73 / 298 27 / 300 90 / 294 112 / 288 71 / 281 37 / 274 42 / 266 40 / 242 28 / 229 10 / 201 14 / 190 18 / 173
Quartile Ranking 1 1 1 1 2 2 2 1 1 1 1 1 1 1

Monthly Return

Monthly Return
Return % Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar
Fund 0.44% -0.49% 1.09% 0.48% 0.04% -0.59% -0.63% 1.93% 3.06% 0.25% 0.73% 2.73%
Benchmark 1.23% -1.13% -0.73% 1.08% 2.51% -1.32% 1.59% 2.42% 0.89% 1.39% 1.87% 0.83%

Best Monthly Return Since Inception

7.98% (July 2009)

Worst Monthly Return Since Inception

-12.20% (March 2020)

Calendar Return (%)

Calendar Return
Return % 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Fund 0.64% -8.71% 22.69% 7.01% 5.54% 4.74% 6.23% 9.37% -6.56% 6.62%
Benchmark 8.91% 14.93% 10.80% 2.96% 5.36% 7.98% 6.14% 0.50% -6.92% 10.36%
Category Average 2.69% -2.71% 9.58% 5.34% -2.63% 9.49% 5.35% 3.21% -10.00% 8.59%
Quartile Ranking 4 4 1 1 1 4 2 1 1 4
Category Rank 163/ 172 180/ 183 4/ 200 27/ 228 11/ 240 246/ 265 82/ 273 20/ 275 51/ 285 254/ 294

Best Calendar Return (Last 10 years)

22.69% (2016)

Worst Calendar Return (Last 10 years)

-8.71% (2015)

Asset Allocation

Asset Allocation
Name Percent
Foreign Corporate Bonds 55.74
Canadian Corporate Bonds 9.45
Foreign Government Bonds 9.40
Cash and Equivalents 7.37
US Equity 6.50
Other 11.54

Sector Allocation

Sector Allocation
Name Percent
Fixed Income 79.21
Cash and Cash Equivalent 7.37
Consumer Goods 2.64
Financial Services 2.63
Consumer Services 1.31
Other 6.84

Geographic Allocation

Geographic Allocation
Name Percent
North America 95.25
Latin America 2.71
Europe 0.95
Multi-National 0.67
Asia 0.42

Top Holdings

Top Holdings
Name Percent
Esperion Therapeutics Inc 4.00% 15-Nov-2025 2.93
OPKO Health Inc 3.75% 15-Jan-2029 2.32
VeriSign, Inc 4.75% 13-Apr-2024 2.25
First Majestic Silver Corp 0.38% 15-Jan-2027 2.08
Liberty Tripadvisor Holdgs Inc 0.50% 30-Jun-2051 2.03
Waste Management Canada Corp 2.60% 23-Jul-2026 2.00
Rivian Holdings LLC 11.49% 15-Oct-2026 1.98
Lucid Group Inc 1.25% 15-Dec-2026 1.91
Emergent BioSolutions Inc 3.88% 15-Aug-2028 1.82
Petroleum Geo Services AS 13.50% 31-Mar-2027 1.74

Equity Style

Equity style data not available

Fixed Income Style

Average Duration: S. Average Credit Quality: .
Period: 

Risk vs Return (3 Yr)

Pender Corporate Bond Fund Class A

Median

Other - High Yield Fixed Income

3 Yr Annualized

Standard Deviation 4.26% 7.45% 6.05%
Beta 0.37% 0.72% 0.39%
Alpha 0.01% 0.02% 0.03%
Rsquared 0.37% 0.47% 0.20%
Sharpe -0.02% 0.34% 0.56%
Sortino -0.16% 0.24% 0.38%
Treynor 0.00% 0.04% 0.09%
Tax Efficiency 19.27% 61.67% 66.38%
Volatility Volatility rating is 1 on a scale of 1 to 10 Volatility rating is 2 on a scale of 1 to 10 Volatility rating is 2 on a scale of 1 to 10

Risk Rating

Rating 1 out of ten

Annualized Key Ratio Period Comparison

Key Ratio
Key Ratio 1 Yr 3 Yr 5 Yr 10 Yr
Standard Deviation 4.30% 4.26% 7.45% 6.05%
Beta 0.22% 0.37% 0.72% 0.39%
Alpha 0.07% 0.01% 0.02% 0.03%
Rsquared 0.05% 0.37% 0.47% 0.20%
Sharpe 1.00% -0.02% 0.34% 0.56%
Sortino 4.21% -0.16% 0.24% 0.38%
Treynor 0.20% 0.00% 0.04% 0.09%
Tax Efficiency 83.83% 19.27% 61.67% 66.38%

Fund Details

Start Date June 01, 2009
Instrument Type Mutual Fund
Share Class Commission Based Advice
Legal Status Trust
Sales Status Open
Currency CAD
Distribution Frequency Monthly
Assets ($mil) $1,571

Fund Codes

FundServ Code Load Code Sales Status
PGF500

Investment Objectives

The objective of the Fund is to preserve capital and generate returns through current income and capital appreciation. The Fund invests primarily in investment and non-investment grade fixed income securities issued by North American corporations. This, however, does not preclude the Fund from making equity investments when the Manager deems the risk/reward trade-off to be in the investors’ favour.

Investment Strategy

The Fund employs a value-based fundamental research process. The Manager believes that private and public securities are priced inefficiently and, as a result, the price of any given security only occasionally coincides with its intrinsic value. The Manager attempts to identify and exploit these inaccuracies using internal analyses. Those businesses whose securities the Manager believes to be undervalued will be considered as investment candidates.

Portfolio Manager(s)

Name Start Date
Geoff Castle 09-01-2015
Emily Wheeler 10-01-2019
Parul Garg 03-26-2020

Management and Organization

Fund Manager PenderFund Capital Management Ltd.
Advisor PenderFund Capital Management Ltd.
Custodian CIBC Mellon Trust Company
Registrar CIBC Mellon Trust Company
Distributor -
Auditor KPMG LLP

Investment Minimums

RSP Eligible Yes
PAC Allowed Yes
PAC Initial Investment 5,000
PAC Subsequent 100
SWP Allowed Yes
SWP Min Balance 5,000
SWP Min Withdrawal 100

Fees

MER 2.07%
Management Fee 1.40%
Load Front Fee Only
FE Max 0.00%
DSC Max -
LL Max -
Trailer Fee Max (FE) 0.80%
Trailer Fee Max (DSC) -
Trailer Fee Max (NL) -
Trailer Fee Max (LL) -

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