PenderFund Capital Management, an investment management firm, released its “Credit Opportunities Fund” Q3 2026 investor letter. The Fund returned -5.4% net of fees in the third quarter of 2026, underperforming the ICE BofA US High Yield Index, which fell 2.5%, while remaining up 5.6% year-to-date. Manager Parul Garg discussed surging U.S. Treasury yields, higher oil prices, increased bond issuance, and uncertainty surrounding the U.S. midterm elections. Higher rates create a short-term drag...
