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Pender Corporate Bond Class I
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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, 2014
Total Assets: n/a
Sales Fee Type: No Load
Mgmt Expense Ratio (MER): 1.00%
Closed: No

Min. Invest (initial): $100,000.00
Subsequent: $1,000.00
Min. Invest (initial RRSP): $100,000.00
Subsequent RRSP: $1,000.00
Restricted: Yes
( Min. Investment $100,000)


Statistics


As of January 22, 2018

Current Price: $10.42
Daily Change $: $0.02
1 day: 0.15%
7 day: 0.05%
Month-to-Date: 1.70%
30 day: 1.80%
Year-to-Date: 1.70%

Returns as of December 31, 2017
Fund Group Avg Index*
1 month 0.45% 0.10% 0.10%
3 month 1.21% 0.59% 0.58%
6 month 2.58% 1.64% 1.64%
1 year 8.03% 5.30% 5.07%
3 year 7.28% 4.12% 3.86%
5 year n/a 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 n/a n/a n/a
3 year risk 5.16 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:  None
Frequency of Capital Gain Distributions:  None

Date Income
Dividend
Capital
Gain
Total 
(Current Period)
Trailing 12-
Months Total
Reinvestment
Price
Jul 29, 2016 0.0366   0.0366 0.4673 9.172
Aug 31, 2016 0.0521   0.0521 0.4708 9.379
Sep 30, 2016 0.0330   0.0330 0.4410 9.393
Oct 31, 2016 0.0492   0.0492 0.4301 9.608
Nov 30, 2016 0.0370   0.0370 0.4346 9.646
Dec 23, 2016 0.0177   0.0177 0.4310 9.822
Jan 31, 2017 0.0554   0.0554 0.4352 9.917
Feb 28, 2017 0.0227   0.0227 0.4318 9.977
Mar 31, 2017 0.0344   0.0344 0.4291 10.127
Apr 28, 2017 0.0350   0.0350 0.4332 10.125
May 31, 2017 0.0321   0.0321 0.4364 10.146
Jun 30, 2017 0.0228   0.0228 0.4282 10.161
Jul 31, 2017 0.0240   0.0240 0.4156 10.194
Aug 31, 2017 0.0339   0.0339 0.3974 10.160
Sep 29, 2017 0.0257   0.0257 0.3901 10.215
Oct 31, 2017 0.0444   0.0444 0.3853 10.232
Nov 30, 2017 0.0338   0.0338 0.3821 10.213
Dec 22, 2017 0.0177   0.0177 0.3821 10.232

Investment Objectives
The Fund is an income fund that is both conservatively managed to preserve capital, as well as opportunistic to generate returns. The Fund is focused on key credit characteristics - coverage, seniority and duration. It is driven by bottom up fundamental analysis, the Fund seeks to use its nimble size to invest in opportunities large or index based funds cannot. This advantage could provide investors with an attractive cash yield, while maintaining positions in attractively valued securities that provide a margin-of-safety for investors.

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: 11.16%
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, Pender Corporate Bond Class D, Pender Corporate Bond F, Pender Strategic Gro and Inc Fd A, Pender Strategic Gro and Inc Fd D