(As of 12/31/2025)

Pender Corporate Bond Fund Class A

(Multi-Sector Fixed Income)

FundGrade A+^® Rating recipient
For more information about FundGrade click here

2023
2022
2021
2019

Inception Return (6/1/2009)	6.43 %
YTD Return	12.33 %

NAVPS (1/29/2026)	$14.44
Change	($0.03) / -0.23 %

Growth of $10,000 (As of December 31, 2025)

MER	2.07 %
Assets ($mil)	$3,388.48
Rank (1Yr)	3/303
Std Dev (3Yr)	8.74 %
Volatility Ranking (3Yr)	2/10
RRSP Eligibility	Yes
Load	Back Fee Only
Max Front End	5.00 %
Max Back End	-
Sales Status	Open

Objective

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.

Fund Manager

PenderFund Capital Management Ltd.

Portfolio Manager

Geoff Castle, PenderFund Capital Management Ltd.

Parul Garg, PenderFund Capital Management Ltd.

Emily Wheeler, PenderFund Capital Management Ltd.

Sub-Advisor

Asset Allocation
(As of December 31, 2025)

Sector Allocation
(As of December 31, 2025)

Geographic Allocation
(As of December 31, 2025)

Top 10 Holdings

Name	Asset	Sector	Geographic	Percent
ESPERION THERAPEUTICS INC 5.75% 15-Jun-2030	Foreign Bonds	Fixed Income	United States	2.50%
ADECOAGRO SA 7.50% 29-Jul-2032	Foreign Bonds	Fixed Income	Latin America	2.15%
TRULIEVE CANNABIS CORP 10.50% 17-Dec-2030	Foreign Bonds	Fixed Income	United States	1.88%
Waste Management Canada Corp 2.60% 23-Jul-2026	Cash and Equivalents	Cash and Cash Equivalent	Canada	1.87%
Total Play Telecoms SAPI de CV 11.13% 31-Dec-2032	Foreign Bonds	Fixed Income	United States	1.76%
MCDERMOTT INTL/LEALAND FINANCE	Foreign Bonds	Fixed Income	Other European	1.71%
Equinox Gold Corp	Canadian Equity	Basic Materials	Canada	1.70%
BLUENORD ASA 12.00% 10-Jul-2085	Foreign Bonds	Fixed Income	Other	1.54%
RIVIAN HOLDINGS LLC/RIVIAN LLC/RIVIAN AUTOMOTIVE L 10.00% 15-Jan-2031	Foreign Bonds	Fixed Income	United States	1.50%
VeriSign, Inc 4.75% 29-Jun-2025	Cash and Equivalents	Cash and Cash Equivalent	United States	1.50%

Performance Data (As of December 31, 2025)

	Return (%)				Annualized Return (%)
Return	1 Mth	3 Mth	6 Mth	YTD	1 Yr	3 Yr	5 Yr	10 Yr
Fund	0.27	3.53	12.54	12.33	12.33	11.53	7.23	8.14
Benchmark	-1.47	-1.01	2.46	4.31	4.31	6.41	0.68	2.35
Quartile Ranking	1	1	1	1	1	1	1	1

Calendar Return (%)	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Fund	12.33	15.84	6.62	-6.56	9.37	6.23	4.74	5.54	7.01	22.69
Benchmark	4.31	9.76	5.25	-10.27	-4.31	7.35	4.01	6.50	1.23	1.29
Quartile Ranking	1	1	3	1	1	2	4	1	1	1

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