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Pender Corporate Bond
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Fund Sponsor: PenderFund Capital Management
Portfolio Manager: PenderFund Capital Management
Fund Type: Open-Ended

Asset Class: High Yield Fixed Income
5-Star Rating:
RRSP Eligible: Yes

Inception Date: June, 2009
Total Assets: $38.22Million  
Sales Fee Type: Front End
Mgmt Expense Ratio (MER): 1.95%
Closed: No

Min. Invest (initial): $5,000.00
Subsequent: $500.00
Min. Invest (initial RRSP): $5,000.00
Subsequent RRSP: $100.00
Restricted: No


Statistics


As of January 22, 2018

Current Price: $12.12
Daily Change $: $0.02
1 day: 0.14%
7 day: 0.03%
Month-to-Date: 1.63%
30 day: 1.73%
Year-to-Date: 1.63%

Returns as of December 31, 2017
Fund Group Avg Index*
1 month 0.39% 0.10% 0.10%
3 month 0.99% 0.59% 0.58%
6 month 2.15% 1.64% 1.64%
1 year 7.01% 5.30% 5.07%
3 year 6.22% 4.12% 3.86%
5 year 4.54% 3.81% 3.52%
10 year n/a 5.12% 4.73%
15 year n/a 5.29% 4.97%
20 year n/a 4.07% 4.18%
Since Inception 6.30% n/a n/a
3 year risk 5.18 5.89 4.05
3 year beta 0.94 1.04 1.00
* Index refers to Globe High Yield Fixed Income Peer Index

Top Holdings as of Dec 29, 2017
Just Energy Group Inc 6.500% 29-Jul-2019       4.08%
Verisign Inc 4.625% 01-May-2023       4.03%
W&T Offshore Inc 9.000% 15-May-2020       3.32%
Moduslink Global Solutions Inc 5.250% 01       3.31%
Halyard Health Inc 6.250% 15-Oct-2022       3.01%
Aimia Inc       2.89%
Keyw Holding Corp 2.500% 15-Jul-2019       2.75%
Nav Canada       2.73%
Inotek Pharmaceuticals Corp 5.750% 01-Au       2.59%
Twitter Inc 1.000% 15-Sep-2021       2.44%
Extras

Fund Report
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Charting
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PDF Fund Profile
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Fund Codes & Fees
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Fund Price History
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Distribution Report (18 Months Up To January 22, 2018)

Frequency of Income Distributions:  Monthly
Frequency of Capital Gain Distributions:  Annually

Date Income
Dividend
Capital
Gain
Total 
(Current Period)
Trailing 12-
Months Total
Reinvestment
Price
Jul 29, 2016 0.0343   0.0343 0.4466 10.677
Aug 31, 2016 0.0504   0.0504 0.4455 10.917
Sep 30, 2016 0.0298   0.0298 0.4126 10.933
Oct 31, 2016 0.0490   0.0490 0.3999 11.188
Nov 30, 2016 0.0319   0.0319 0.4029 11.239
Dec 23, 2016 0.0186   0.0186 0.4014 11.436
Jan 31, 2017 0.0485   0.0485 0.4020 11.551
Feb 28, 2017 0.0183   0.0183 0.3970 11.619
Mar 31, 2017 0.0294   0.0294 0.3917 11.788
Apr 28, 2017 0.0321   0.0321 0.3953 11.785
May 31, 2017 0.0275   0.0275 0.3974 11.811
Jun 30, 2017 0.0168   0.0168 0.3865 11.828
Jul 31, 2017 0.0188   0.0188 0.3711 11.863
Aug 31, 2017 0.0300   0.0300 0.3506 11.826
Sep 29, 2017 0.0212   0.0212 0.3420 11.894
Oct 31, 2017 0.0414   0.0414 0.3344 11.915
Nov 30, 2017 0.0320   0.0320 0.3345 11.891
Dec 22, 2017 0.0158   0.0158 0.3318 11.911

Investment Objectives
The Fund invests 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 Portfolio Advisor deems the risk/reward trade off to be in the investors favour. The Funds objective is to preserve capital and generate returns through current income and capital appreciation.

Portfolio Composition
as of Dec 29, 2017

Sector Weightings
as of Dec 29, 2017

Bond 90.01% 1-5 years maturity 33.22%
Stock 7.95% 5-10 years maturity 19.51%
Cash and Short Term Securities 3.16% 10-20 years maturity 3.95%
Other -1.12% Less than 1 year maturity 2.16%
More than 20 years maturity 2.03%
Unknown 0.02%

Portfolio Manager(s)

Geoff Castle Manager
PenderFund Capital Management
Start Date: September, 2015
Fund Return: 10.08%
Geoff Castle is the Portfolio Manager of the Pender Corporate Bond Fund. He is an experienced investor with over 15 years of fund management experience in both public mutual funds and proprietary investment fund management for ultra-high net worth individuals. Mr. Castle's background includes more than five years of industry experience in trade credit and general corporate management. As a fixed income manager, his focus has been on seeking enhanced yield opportunities in situations where substantial margins of safety exist. In particular he has earned strong fixed income returns for clients in the recent low interest rate environment by focussing on "non-conforming" situations where yield opportunities existed despite otherwise attractive credit fundamentals. Mr. Castle holds a Bachelor of Arts degree from UBC and an MBA from the Richard Ivey School of Business at the University of Western Ontario. He is a member of the CFA Institute.
Also manages: Pender Corporate Bond Class D, Pender Corporate Bond Class I, Pender Corporate Bond F, Pender Strategic Gro and Inc Fd A, Pender Strategic Gro and Inc Fd D