PenderFund

Introducing a new six-part series on investing in distressed debt. Parul Garg and Geoff Castle have been investing in this part of credit markets since 2015 and see an opportunity emerging. The cycle created by the transition in monetary policy and the squeeze from higher interest rates now favours stressed and distressed credit investing. In this series, Parul and Geoff will cover the complexity of this investment niche, the risks and rewards, the current opportunity and their history and experience in this area.

In Part One they tackle:

• A road-tested investment strategy spins out from the Pender Corporate Bond Fund.
• How the team looks beyond just the balance sheet to determine true value and calculate the margin of safety.
• The stressed debt cascade and how to separate the signal from the noise.
• A lesser-known secret on timing and investing in credit markets.

Subtitle: Actionable insights from a sea of economic and market data.

Geoff and Callum reflect on 2022 and look ahead to 2023. Geoff and Callum revisit their prior conversation and discuss how their understanding of the market has evolved over the year and what 2023 may bring. As is tradition, Geoff and Callum also do a deep dive on a variety of topics with a focus on recession, the US dollar, precious metals and more. The podcast ends with a recommendation from Callum and his thoughts on ChatGPT.

In this episode of Profiles in Credit, Geoff Castle, Portfolio Manager of Pender Corporate Bond Fund, reconnects with Dave Thomas, Principal and Co-Head of Training at The Marquee Group, one of Canada's leading training organizations for financial analysts and investment bankers. Former classmates at Ivey Business School, Geoff and Dave discuss the art and science of financial modelling, why modelling is the most important shortcut to finding value, and where a financial model might find value today.

In this episode Rita Silvan, host, chats with Amar Pandya, Portfolio Manager of the Pender Alternative Arbitrage Fund and Justin Jacobsen, Portfolio Manager of the Pender Alternative Absolute Return Fund. Together the team looks at performance from the last quarter and discusses current market dynamics. Amar and Justin also share some insight into the opportunities that they believe may come up in the future. They shed some light into M&A activity and whether they believe the momentum is over. The team also discusses at length their current risk management tactics and how they are adjusting their strategy to respond to dynamic market conditions. The podcast closes with a reading recommendation from the team.

In this episode Rita Silvan, host, is joined by Geoff Castle, Portfolio Manager of the Pender Corporate Bond Fund (PCBF), and Parul Garg, Associate Portfolio Manager of the Fund. Together they look back at the last quarter and discuss in depth the challenges they faced. They also discuss the FED’s response to increasing volatility and share some insights into how the portfolio is being positioned, adjusted and assessed as market conditions change. Is there a silver lining? The podcast ends with an assessment of current and future opportunities and risks, and a reading recommendation from both Geoff and Parul.

In this special episode David Barr, CEO and Portfolio Manager is joined by Felix Narhi, Pender's Chief Investment Officer and Portfolio Manager, Maria Pacella, Managing Partner of Pender Ventures and Geoff Castle, Portfolio Manager. Together they celebrate episode 100 by looking back on the journey that has brought Pender to where it stands today. The group discusses the Pender way of doing things, growing the team and how processes and the business have evolved over the years. They also look back at some of their favorite moments from featured guests in our podcasts to major milestones for the firm. The podcast ends with a message from Dave to our listeners and the team.

In this episode, Melanie Moore, Vice President of Marketing revisits many of our podcasts to find the best book recommendations from our featured guests. From John Mihaljevic to Dylan Grice, the compilation provides recommendations for everyone, from knowledge seekers to seasoned investors. You will find direct links to all the books featured in this podcast in the shownotes below and don’t miss the Pender Investment Team’s own Summer Resources List. Enjoy your summer reading!

In this episode Geoff Scott, Senior Vice President, Investments, hosts Patricia Perez-Coutts, Portfolio Manager of the Pender Emerging Markets Impact Fund. Patricia talks about her childhood curiosity for foreign countries and formative experiences in investment banking on her journey to becoming a portfolio manager. Patricia also discusses her passion for emerging markets, the Pender Emerging Markets Impact Fund and her investment strategy. She also shares some thoughts on inflation, rising interest rates and her take on the economies in certain countries. The podcast ends with a book recommendation from Patricia

In this episode Maria Pacella, Managing Partner of Pender Ventures chats with Jill Earthy, CEO of InBC and Leah Nguyen, CIO of InBC. Jill and Leah discuss their career journeys, their entry into venture capital and the experiences that have inspired them to keep pushing boundaries. Leah and Jill also share life lessons for current and future women entrepreneurs and discuss missed opportunities as well as the mistakes they have made along the way. Other topics of interest center around DEI, sustainable development and the opportunities and challenges Leah and Jill see for BC when it comes to investing in Canadian companies. The podcast ends with book recommendations from Leah and Jill.