Value Investor's Edge’s Post

What investments other than GICs protect buying power? When interest rates are falling, bonds better protect investors’ buying power over the long term compared to GICs. Emily Wheeler, portfolio manager of the Pender Bond Universe Fund, explains why bonds are a sensible diversifier of returns in Financial Post Investor. “Unlike bonds, GICs do not benefit from falling rates,” says Wheeler. “Over the past 42 years, the FTSE Canada Universe Bond Index has outperformed GICs in all but seven years.” Read the article in full here: https://lnkd.in/gBPs-Cvt Read Emily's latest PM commentary, learn more about Pender's approach to Fixed Income investing and and sign up for our latest updates on our Fixed Income information hub: https://bit.ly/3zTPJjN

Our weekly blog post unpacks the latest insights from Greg Peters, Co-CIO at PGIM Fixed Income, shedding light on key trends shaping the bond market. Discover why high interest rates and tight monetary policies present opportunities for savvy investors. https://bit.ly/3OJDASM

Storm Bond Fund posted a positive return of 0.8% in June and is up 4.8% YTD (institutional IC NOK share class: LU0840158496).   The portfolio management trio Morten Eivindssøn Astrup, Morten Venold and Gustaf Amlé comments in the monthly report: “The Nordic high-yield market continued to deliver solid returns in June, with the Storm Bond Fund returning +0.8%. This performance was primarily driven by coupon carry and some spread tightening. June was an active month in the Nordic primary market, with a total deal volume of NOK 29.5bn across 25 deals. We participated in a few primary deals during the month – where the most notable was Purmo Group. We continue our focus on thorough bottom-up fundamental credit analysis coupled with a disciplined risk management approach, targeting issuers with attractive implied valuations, sound balance sheets and solid interest coverage ratios. As a result, we have consistently high graded the portfolio, ensuring it’s well diversified across industries with quality Nordic issuers that are resilient to shifts in inflation and interest rate expectations. The current yield in the portfolio stands at 7.7% in NOK (incl. 5% cash), and we consider the risk/reward profile to be attractive, given that the portfolio’s weighted average credit metrics align with BB/BBB credits (updated per Q1’24 below). This, along with maintaining a prudent cash position between 5-10%, enables us to navigate unforeseen volatility and seize attractive investment opportunities.”   Read the full commentary inside the report.   The fund has hedged share classes in the following currencies: USD, EUR, CHF, GBP, SEK and NOK.   Morten Eivindssøn Astrup Morten Venold Marcus S. Mohr Tore Andersen Gustaf Amlé Dagfinn Sundal Berit Margrethe Ishaug   #nordics #economy #investing #interestrates #assetmanagement #mutualfunds #fixedincome #bonds #corporatebonds #highyield #team

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There is no doubt that fixed income markets have had a challenging start to the year. In this blog post, we highlight our Yield Enhanced U.S. Aggregate Bond Fund and why we believe it should be an integral part of core fixed income investors’ portfolios in the current market environment. #FixedIncome #AGGY

Storm Bond Fund posted a positive return of 0.6% in July and is up 5.4% YTD (institutional IC NOK share class: LU0840158496). The portfolio management trio Morten Eivindssøn Astrup, Morten Venold and Gustaf Amlé comments in the monthly report: “The Nordic high yield market delivered positive returns in July, with Storm Bond Fund up +0.6%, driven mainly by coupon carry. As expected, new bond issuance was subdued due to the summer holidays in the Nordic region. We continue to focus on our diligent bottom-up fundamental credit analysis complemented by a disciplined risk management approach. Our method targets issuers offering attractive implied valuations, bolstered by sound balance sheets and solid interest coverage ratios. As a result, we have consistently high graded the portfolio, ensuring it’s well diversified across industries with quality Nordic issuers that are resilient to shifts in inflation and interest rate expectations. The current yield in the portfolio stands at 7.6% in NOK (incl. 10% cash), and we consider the risk/reward profile to be attractive, given that the portfolio’s weighted average credit metrics align with BB/BBB credits. This, along with maintaining a prudent cash position between 5-10%, enables us to navigate unforeseen volatility and seize attractive investment opportunities.” Read the full commentary inside the report.   The fund has hedged share classes in the following currencies: USD, EUR, CHF, GBP, SEK and NOK.   Morten Eivindssøn Astrup Morten Venold Marcus S. Mohr Tore Andersen Gustaf Amlé Dagfinn Sundal Berit Margrethe Ishaug   #nordics #economy #investing #interestrates #assetmanagement #mutualfunds #fixedincome #bonds #corporatebonds #highyield #team

“Stressed and distressed securities underperforming can be a leading indicator for broad risk markets.” In his June commentary for the Pender Alternative Absolute Return Fund, portfolio manager Justin Jacobsen discusses the new issues that he participated in during the month. He also discusses where the portfolio is focused as we continue to patiently wait for a return of volatility. Read Justin's full commentary here: https://bit.ly/4cGjyme Be first to explore articles and commentaries by signing up to receive the latest updates through our Absolute Return information hub: https://bit.ly/3t6oQpD

EPFR data cited in a recent The Business Times article highlights the increasing interest in fixed-income funds as "collectively, US bond and exchange-traded funds attracted inflows of about US$159 billion in the first quarter". Read the full article >> https://hubs.ly/Q02vbgPB0

Storm Bond Fund posted a positive return of 0.5% in September and is up 6.6% YTD (institutional IC NOK share class: LU0840158496).   The portfolio management trio Morten Eivindssøn Astrup, Morten Venold and Gustaf Amlé comments in the monthly report: “The Nordic high-yield market continued to deliver solid returns in September, with Storm Bond Fund delivering a return of +0.5%, primarily driven by coupon carry. The primary issuance activity in the Nordics was high, with nearly NOK 30bn in HY transactions priced during the month.   We continue to focus on our diligent bottom-up fundamental credit analysis complemented by a disciplined risk management approach. Our method targets issuers offering attractive implied valuations, bolstered by sound balance sheets and solid interest coverage ratios. As a result, we have consistently high graded the portfolio, ensuring it’s well diversified across industries with quality Nordic issuers that are resilient to shifts in inflation and interest rate expectations. The current yield in the portfolio stands at 7.5% in NOK (incl. 9% cash), and we consider the risk/reward profile to be attractive, given that the portfolio’s weighted average credit metrics align with BB/BBB credits. This, along with maintaining a prudent cash position between 5-10%, enables us to navigate unforeseen volatility and seize attractive investment opportunities.”   Read the full commentary inside the report.   The fund has hedged share classes in the following currencies: USD, EUR, CHF, GBP, SEK and NOK.   Morten Eivindssøn Astrup Morten Venold Marcus S. Mohr Tore Andersen Gustaf Amlé Dagfinn Sundal Berit Margrethe Ishaug #nordics #economy #investing #interestrates #assetmanagement #mutualfunds #fixedincome #bonds #corporatebonds #highyield #team

Municipal bonds maintained their summer strength and posted a second-consecutive month of positive performance alongside rallying interest rates. While issuance remained elevated, demand accelerated alongside strong performance, and the asset class garnered positive mutual fund flows. We believe that some near-term caution is warranted, especially given the magnitude of the recent rally in interest rates and corresponding boost to performance. Our latest Municipal Market Update delves into these dynamics and explores where there may be opportunities in the municipal market. You can access the full insight here ->https://1blk.co/3Awe5Qy #bonds #markets #interestrates For Professional Investors Only