{"id":71537,"date":"2025-11-17T14:22:23","date_gmt":"2025-11-17T22:22:23","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=71537"},"modified":"2025-11-17T14:22:23","modified_gmt":"2025-11-17T22:22:23","slug":"pender-alternative-select-equity-fund-october-2025","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-select-equity-fund-october-2025\/","title":{"rendered":"Pender Alternative Select Equity Fund - October 2025"},"content":{"rendered":"

Perspectives de march\u00e9<\/h3>\n

Un autre mois derri\u00e8re nous et une autre ascension vers des sommets in\u00e9gal\u00e9s pour bon nombre d\u2019indices boursiers. L\u2019ampleur de ce march\u00e9 haussier a vraiment de quoi impressionner, et le fait que personne ne s\u2019y attendait le rend d\u2019autant plus agr\u00e9able. Comme pour les Blue Jays, les attentes en d\u00e9but d\u2019ann\u00e9e \u00e9taient faibles, mais elles ont toutes \u00e9t\u00e9 surpass\u00e9es, m\u00eame s\u2019il n\u2019y aura pas de parade en fin de compte.<\/p>\n

Les investisseurs ont pris l\u2019habitude d\u2019envisager de la volatilit\u00e9 \u00e0 l\u2019automne, lorsque les esprits se tournent vers la nouvelle ann\u00e9e qui s\u2019en vient. Toutefois, la saisonnalit\u00e9 n\u2019a pas fait des siennes cette fois-ci. Apr\u00e8s avoir navigu\u00e9 le passage dangereux d\u2019ao\u00fbt \u00e0 octobre, il semble acceptable de pr\u00e9voir un \u00e9lan soutenu \u00e0 la hausse jusqu\u2019\u00e0 la fin de l\u2019ann\u00e9e.<\/p>\n

Plusieurs se soucient cependant des b\u00e9n\u00e9fices. Les valorisations se situent \u00e0 des niveaux historiquement hauts, aussi pour que les march\u00e9s continuent leur ascension, les b\u00e9n\u00e9fices auraient \u00e0 cro\u00eetre davantage. Devant l\u2019incertitude entourant les tarifs et les guerres commerciales, il est de plus en plus difficile d\u2019\u00e9mettre des pr\u00e9visions \u00e0 cet \u00e9gard. Si on ajoute \u00e0 ceci la faiblesse du march\u00e9 immobilier r\u00e9sidentiel, les inqui\u00e9tudes suscit\u00e9es par le cr\u00e9dit priv\u00e9 et les difficult\u00e9s \u00e9prouv\u00e9es par le consommateur au bas de l\u2019\u00e9chelle, les risques semblent se multiplier. Cependant, forts du soutien accord\u00e9 \u00e0 l\u2019IA et de la sant\u00e9 des bilans financiers des entreprises, les march\u00e9s continuent leur marche.<\/p>\n

En octobre, ce sont les zones dites \u00ab\u2009s\u00e9curitaires\u2009\u00bb du march\u00e9 qui ont moins bien tir\u00e9 leur \u00e9pingle du jeu. De leur c\u00f4t\u00e9, l\u2019or et l\u2019argent profitent d\u2019une des meilleures ann\u00e9es \u00e0 vie. Il reste que rien ne monte en fl\u00e8che sans redescendre, et la gravit\u00e9 a rattrap\u00e9 certaines de ces marchandises et a caus\u00e9 de la volatilit\u00e9 au milieu du mois. Ce th\u00e8me est loin d\u2019\u00eatre r\u00e9volu cependant, mais une r\u00e9initialisation \u00e9tait n\u00e9cessaire. Peut-\u00eatre cela a-t-il du sens. Si tout va rondement, pourquoi se munir d\u2019une police d\u2019assurance?<\/p>\n

Alors, qu\u2019est-ce qui pourrait venir mettre des b\u00e2tons dans les roues \u00e0 cette remont\u00e9e? La saison des b\u00e9n\u00e9fices s\u2019ach\u00e8ve au-devant des pr\u00e9visions, minimisant ainsi ce risque. En outre, les banques centrales restent favorables aux march\u00e9s puisqu\u2019elles ont instaur\u00e9 une nouvelle s\u00e9rie de baisses de taux avec la possibilit\u00e9 d\u2019en voir d\u2019autres \u00e0 venir. Pour rendre les choses plus int\u00e9ressantes, la paralysie du gouvernement am\u00e9ricain emp\u00eache la publication de donn\u00e9es \u00e9conomiques \u00e0 court terme. Du c\u00f4t\u00e9 du commerce, les tensions semblent diminuer entre Trump et la Chine, et des ententes ont \u00e9t\u00e9 conclues avec d\u2019autres pays. Le Canada demeure, il semblerait, le dernier souffre-douleur : peut-\u00eatre \u00e9tait-ce une bonne id\u00e9e d\u2019avoir laiss\u00e9 gagner les Dodgers pour \u00e9viter d\u2019empirer les choses?<\/p>\n

Tout un lot de bonnes nouvelles a d\u00e9j\u00e0 \u00e9t\u00e9 pris en compte par les march\u00e9s et la complaisance qui y r\u00e8gne est une source valide d\u2019inqui\u00e9tude. Vous n\u2019entendez jamais le son de la balle qui vous tue, ainsi le plus grand risque qui nous guette maintenant en est probablement un qui est inconnu pour l\u2019instant. Beaucoup de liquidit\u00e9s demeurent sur la ligne de touche, pr\u00eates \u00e0 bondir d\u00e8s que le march\u00e9 fl\u00e9chira quelque peu, ce qui devrait limiter les d\u00e9g\u00e2ts. Les investisseurs jouissent d\u2019une excellente l\u2019ann\u00e9e, \u00e0 la surprise de plusieurs. N\u00e9anmoins, il reste encore deux mois pour terminer l\u2019ann\u00e9e et nous savons comment il a \u00e9t\u00e9 difficile de retirer les deux derniers joueurs \u00e0 la neuvi\u00e8me manche.\u00a0<\/strong><\/p>\n

Mise \u00e0 jour sur le Fonds<\/h3>\n

The Pender Alternative Select Equity Fund was higher by 2.09%1<\/sup><\/a> for October and is now up 33.03% for the year. \u00a0The S&P\/TSX Composite Index returned 1.0% for the month and 25.1% year-to-date. One of the larger themes in the Fund has been a tilt towards those sectors that will do well in a lower $US world. To get exposure to this theme we have holdings within gold and other materials. These positions have been positive contributors for the year, and while they had a great start to the month, acted as a drag on performance with the price of gold pulling back in the last two weeks.<\/p>\n

We remain positive on the materials sectors and have added to our favourite positions on this pullback. While commodity prices can be volatile, the path of least resistance remains higher. An added positive to many names is a change of tone in Ottawa towards supporting new mines and projects. This positive development is leading us to take another look at the energy sector. The typical rotation in commodities starts with gold and ends with energy. If that holds then adding to the ignored energy stocks at these levels looks very attractive.<\/p>\n

Greg Taylor, CFA
\nNovember 17, 2025<\/em>\u00a0<\/em><\/p>\n

1<\/sup><\/a> Tous les rendements signal\u00e9s sont ceux des parts de cat\u00e9gorie F du Fonds, \u00e0 moins d\u2019indication contraire. D\u2019autres cat\u00e9gories de parts sont offertes. Celles-ci pourraient pr\u00e9senter des frais et des rendements diff\u00e9rents. Les donn\u00e9es standards sur le rendement des fonds alternatifs liquides de Pender sont pr\u00e9sent\u00e9es ici : https:\/\/www.penderfund.com\/fr\/fund\/pender-alternative-select-equity-fund\/<\/em><\/p>","protected":false},"excerpt":{"rendered":"

Market Insights Another month is in the books along with another move to all-time highs for many equity indices. The strength of this bull market really has been impressive, and the fact no one was calling for it makes it even more enjoyable. Like the Blue Jays, the year began with very low expectations, but […]<\/p>\n","protected":false},"featured_media":70749,"template":"","meta":{"_acf_changed":false},"fund-type":[45,135],"class_list":["post-71537","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-pender-liquid-alternative-funds","fund-type-pender-alternative-select-equity-fund"],"acf":[],"yoast_head":"\nPender Alternative Select Equity Fund - October 2025 - PenderFund Capital Management<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-select-equity-fund-october-2025\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pender Alternative Select Equity Fund - October 2025\" \/>\n<meta property=\"og:description\" content=\"Market Insights Another month is in the books along with another move to all-time highs for many equity indices. 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