{"id":71955,"date":"2025-12-10T15:59:02","date_gmt":"2025-12-10T23:59:02","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=71955"},"modified":"2025-12-12T16:03:09","modified_gmt":"2025-12-13T00:03:09","slug":"pender-alternative-select-equity-fund-november-2025","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-select-equity-fund-november-2025\/","title":{"rendered":"Fonds alternatif d\u2019actions s\u00e9lect Pender - novembre 2025"},"content":{"rendered":"

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

Dire que 2025 a \u00e9t\u00e9 une dr\u00f4le d\u2019ann\u00e9e est un euph\u00e9misme. Apr\u00e8s plusieurs ann\u00e9es de r\u00e9sultats solides, nous avons commenc\u00e9 janvier sans trop savoir ce que la nouvelle ann\u00e9e nous r\u00e9servait. Les valeurs \u00e9taient \u00e9lev\u00e9es et les perspectives quant \u00e0 la croissance des rendements \u00e9taient peu encourageantes. Cependant, les optimistes n\u2019h\u00e9sitaient pas \u00e0 rappeler que, pendant son premier mandat, le pr\u00e9sident Trump avait souvent utilis\u00e9 le march\u00e9 boursier en guise de tableau des scores. Par cons\u00e9quent, son retour au pouvoir signifiait que Washington allait \u00eatre d\u2019un grand soutien.<\/p>\n

Mais cela ne s\u2019est pas pass\u00e9 exactement ainsi. Peu apr\u00e8s son entr\u00e9e \u00e0 la Maison-Blanche, nous avons d\u00e9couvert que ce mandat ne serait pas comme le premier. Les tarifs douaniers et le \u00ab\u2009Jour de la lib\u00e9ration\u2009\u00bb ont donn\u00e9 naissance \u00e0 un violent courant de liquidations en avril. Soudain, le pr\u00e9sident cens\u00e9 aider les march\u00e9s devenait leur ennemi. Bien s\u00fbr, rien n\u2019est \u00e9ternel. Au bout de quelques semaines angoissantes, il s\u2019est rendu compte qu\u2019il avait peut-\u00eatre surestim\u00e9 ses chances.<\/p>\n

Washington a vite repris un ton plus amical \u00e0 l\u2019endroit du march\u00e9 et les bourses ont enregistr\u00e9 leur meilleur \u00e9t\u00e9 depuis de nombreuses ann\u00e9es. Au d\u00e9but de l\u2019automne, qui est normalement la p\u00e9riode la plus volatile de l\u2019ann\u00e9e, nous avions toutes les raisons du monde de redouter une d\u00e9b\u00e2cle. En effet, les march\u00e9s ont pour habitude de se retrouver dans le p\u00e9trin pendant cette saison. Or, ce n\u2019est pas du tout ce qui s\u2019est pass\u00e9 cette ann\u00e9e. Alors que nous nous attendions tous \u00e0 un recul, les march\u00e9s ont poursuivi leur ascension. Une fois de plus, l\u2019adage voulant que \u00ab\u2009le march\u00e9 fait mentir tout le monde\u2009\u00bb s\u2019est av\u00e9r\u00e9.<\/p>\n

Arrive novembre. La temp\u00eate \u00e9vit\u00e9e et la saison des r\u00e9sultats pass\u00e9e, tout le monde se sentait plut\u00f4t bien. Nous avions travers\u00e9 un terrain min\u00e9 sans d\u00e9clencher d\u2019explosion et l\u2019avenir s\u2019annon\u00e7ait plus radieux. Cela aurait d\u00fb nous mettre la puce \u00e0 l\u2019oreille. Quand tout va trop bien, il faut s\u2019en inqui\u00e9ter. C\u2019est alors que la volatilit\u00e9 nous a frapp\u00e9s de plein fouet.<\/p>\n

Novembre a \u00e9t\u00e9 un mois p\u00e9nible pour plusieurs investisseurs. Ceux qui attendaient une correction l\u2019ont enfin obtenue. Mais elle a \u00e9t\u00e9 \u00e9ph\u00e9m\u00e8re, et la remont\u00e9e qui s\u2019est produite \u00e0 la fin du mois a d\u00e9truit plusieurs couvertures. Tous ceux qui \u00e9taient confiants au d\u00e9but du mois ont \u00e9t\u00e9 \u00e9branl\u00e9s lorsque le march\u00e9 de l\u2019IA a battu en retraite. Ils se sont r\u00e9tablis toutefois apr\u00e8s la publication des r\u00e9sultats de Nvidia car, en d\u00e9pit du financement circulaire \u00e0 l\u2019\u0153uvre, le reste de l\u2019\u00e9cosyst\u00e8me technologique a pris la rel\u00e8ve.<\/p>\n

Donc, o\u00f9 en sommes-nous?<\/p>\n

D\u00e9cembre est g\u00e9n\u00e9ralement un mois positif, mais nous savons d\u2019ores et d\u00e9j\u00e0 que cette ann\u00e9e ne s\u2019inscrit pas dans les normes. Les entreprises ont r\u00e9alis\u00e9 des gains sup\u00e9rieurs aux attentes, le consommateur \u00e9tats-unien fait mieux que pr\u00e9vu et les d\u00e9penses en IA restent consid\u00e9rables. Pourtant, on a la vague impression que cela va mal se finir.<\/p>\n

En bref, tout le monde semble \u00eatre arriv\u00e9 \u00e0 la conclusion que le dollar am\u00e9ricain vaut nettement moins qu\u2019avant. La quantit\u00e9 de billets imprim\u00e9s par les banques centrales a tellement \u00e9rod\u00e9 sa valeur qu\u2019il est difficile de continuer de le consid\u00e9rer comme une valeur de r\u00e9serve. De ce fait, les actifs tangibles comme l\u2019or paraissent tr\u00e8s all\u00e9chants.<\/p>\n

Si tous les actifs risqu\u00e9s ont \u00e9t\u00e9 liquid\u00e9s en novembre \u00e0 cause de l\u2019inqui\u00e9tude \u00e0 court terme entourant les taux d\u2019int\u00e9r\u00eat, il semble que les march\u00e9s des actions remonteront sous peu. On dirait bien que d\u00e9cembre promet une reprise, et nous devrions l\u2019accueillir. Mais n\u2019oubliez pas que toute bonne chose a une fin. Il s\u2019agit l\u00e0 d\u2019une hausse pendant laquelle on vend. Profitez-en, mais ce sera temporaire.<\/p>\n

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

Le Fonds alternatif d\u2019actions s\u00e9lect Pender a grimp\u00e9 de 2,21<\/sup><\/a>% pendant le mois pour porter son cumul annuel \u00e0 36,0 %. Comparativement, l\u2019indice compos\u00e9 S&P\/TSX a affich\u00e9 un rendement de 3,9 % en novembre pour \u00e9tablir son cumul annuel \u00e0 30,0 %. Le mois de novembre a \u00e9t\u00e9 turbulent, marqu\u00e9 par de vives fluctuations sectorielles. Pendant la majeure partie de l\u2019ann\u00e9e, le Fonds a tir\u00e9 parti d\u2019une surpond\u00e9ration dans les secteurs des mat\u00e9riaux (or) et de l\u2019\u00e9nergie (uranium). Toutefois, ces derniers ont jou\u00e9 en d\u00e9faveur du Fonds au cours de la premi\u00e8re moiti\u00e9 du mois. De nombreux intervenants ont d\u00e9cid\u00e9 de retirer leurs marrons du feu dans ces secteurs, ce qui a nui \u00e0 certains de nos avoirs. Nous avons toutefois profit\u00e9 de ce moment de faiblesse pour rench\u00e9rir sur certaines positions et avons par la suite tir\u00e9 profit de la reprise qui s\u2019est orchestr\u00e9e vers la fin du mois.<\/p>\n

Notre participation au secteur de la cryptomonnaie ne s\u2019est pas d\u00e9roul\u00e9e selon le sc\u00e9nario envisag\u00e9. \u00c0 la lumi\u00e8re d\u2019un dollar am\u00e9ricain faiblard et d\u2019inqui\u00e9tudes envers les monnaies fiduciaires, nous avions cibl\u00e9 des actifs qui auraient d\u00fb b\u00e9n\u00e9ficier de ce climat d\u2019incertitude. L\u2019or et l\u2019argent ont \u00e9t\u00e9 d\u2019heureux tributaires de cette th\u00e9matique, laquelle ne s\u2019est cependant pas encore concr\u00e9tis\u00e9e pour les cryptomonnaies. Selon nous, les inqui\u00e9tudes entourant le commerce de l\u2019IA et ses cons\u00e9quences pour le secteur technologique en g\u00e9n\u00e9ral ont entra\u00een\u00e9 une fragilisation de nombreuses grandes entreprises technologiques. Ceci a sans aucun doute nui au Bitcoin qui continue d\u2019\u00eatre envisag\u00e9 tel un actif risqu\u00e9, min\u00e9 par une perception g\u00e9n\u00e9ralement n\u00e9gative. Nous continuons de faire un suivi de ce secteur, et bien que nous soyons toujours de la partie, nous n\u2019avons pas augment\u00e9 notre participation. Celle-ci repr\u00e9sente actuellement 3 % de notre portefeuille. Si les actifs risqu\u00e9s se mettent \u00e0 grimper vers la fin de l\u2019ann\u00e9e, Bitcoin devrait en profiter; nous r\u00e9\u00e9valuerons notre position \u00e0 ce moment-l\u00e0.<\/p>\n

Greg Taylor, CFA
\n10 d\u00e9cembre 2025<\/em><\/p>\n

1<\/a> <\/sup>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 To say 2025 has been an odd year is an understatement. After a series of years with strong returns, everyone began January with muted expectations. Valuations were high and the prospects for earnings growth were low. However, optimists were quick to remind you that President Trump in his first term would often use […]<\/p>\n","protected":false},"featured_media":70749,"template":"","meta":{"_acf_changed":false},"fund-type":[45,135],"class_list":["post-71955","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 - November 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-november-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 - November 2025\" \/>\n<meta property=\"og:description\" content=\"Market Insights To say 2025 has been an odd year is an understatement. After a series of years with strong returns, everyone began January with muted expectations. Valuations were high and the prospects for earnings growth were low. However, optimists were quick to remind you that President Trump in his first term would often use […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-select-equity-fund-november-2025\/\" \/>\n<meta property=\"og:site_name\" content=\"PenderFund Capital Management\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/penderfund\/\" \/>\n<meta property=\"article:modified_time\" content=\"2025-12-13T00:03:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/09\/LIQUID-GREG-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"850\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimation du temps de lecture\" \/>\n\t<meta name=\"twitter:data1\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/penderfund.com\/commentaries\/pender-alternative-select-equity-fund-november-2025\/\",\"url\":\"https:\/\/penderfund.com\/commentaries\/pender-alternative-select-equity-fund-november-2025\/\",\"name\":\"Pender Alternative Select Equity Fund - November 2025 - PenderFund Capital Management\",\"isPartOf\":{\"@id\":\"https:\/\/penderfund.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/penderfund.com\/commentaries\/pender-alternative-select-equity-fund-november-2025\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/penderfund.com\/commentaries\/pender-alternative-select-equity-fund-november-2025\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/09\/LIQUID-GREG-1.png\",\"datePublished\":\"2025-12-10T23:59:02+00:00\",\"dateModified\":\"2025-12-13T00:03:09+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/penderfund.com\/commentaries\/pender-alternative-select-equity-fund-november-2025\/#breadcrumb\"},\"inLanguage\":\"fr-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/penderfund.com\/commentaries\/pender-alternative-select-equity-fund-november-2025\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\/\/penderfund.com\/commentaries\/pender-alternative-select-equity-fund-november-2025\/#primaryimage\",\"url\":\"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/09\/LIQUID-GREG-1.png\",\"contentUrl\":\"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/09\/LIQUID-GREG-1.png\",\"width\":850,\"height\":400},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/penderfund.com\/commentaries\/pender-alternative-select-equity-fund-november-2025\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/penderfund.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Commentaries\",\"item\":\"https:\/\/penderfund.com\/commentaries\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Pender Alternative Select Equity Fund - November 2025\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/penderfund.com\/#website\",\"url\":\"https:\/\/penderfund.com\/\",\"name\":\"PenderFund Capital Management\",\"description\":\"Forward thinking. Finding value.\",\"publisher\":{\"@id\":\"https:\/\/penderfund.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/penderfund.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-CA\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/penderfund.com\/#organization\",\"name\":\"PenderFund Capital Management\",\"url\":\"https:\/\/penderfund.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\/\/penderfund.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/06\/PenderFund-Cap-Man-Logo_English.png\",\"contentUrl\":\"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/06\/PenderFund-Cap-Man-Logo_English.png\",\"width\":850,\"height\":250,\"caption\":\"PenderFund Capital Management\"},\"image\":{\"@id\":\"https:\/\/penderfund.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/penderfund\/\",\"https:\/\/www.instagram.com\/penderfund\/\",\"https:\/\/www.linkedin.com\/company\/penderfund-capital-management\/\"]}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Pender Alternative Select Equity Fund - November 2025 - PenderFund Capital Management","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-select-equity-fund-november-2025\/","og_locale":"fr_CA","og_type":"article","og_title":"Pender Alternative Select Equity Fund - November 2025","og_description":"Market Insights To say 2025 has been an odd year is an understatement. After a series of years with strong returns, everyone began January with muted expectations. Valuations were high and the prospects for earnings growth were low. However, optimists were quick to remind you that President Trump in his first term would often use […]","og_url":"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-select-equity-fund-november-2025\/","og_site_name":"PenderFund Capital Management","article_publisher":"https:\/\/www.facebook.com\/penderfund\/","article_modified_time":"2025-12-13T00:03:09+00:00","og_image":[{"width":850,"height":400,"url":"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/09\/LIQUID-GREG-1.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Estimation du temps de lecture":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/penderfund.com\/commentaries\/pender-alternative-select-equity-fund-november-2025\/","url":"https:\/\/penderfund.com\/commentaries\/pender-alternative-select-equity-fund-november-2025\/","name":"Pender Alternative Select Equity Fund - November 2025 - PenderFund Capital Management","isPartOf":{"@id":"https:\/\/penderfund.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/penderfund.com\/commentaries\/pender-alternative-select-equity-fund-november-2025\/#primaryimage"},"image":{"@id":"https:\/\/penderfund.com\/commentaries\/pender-alternative-select-equity-fund-november-2025\/#primaryimage"},"thumbnailUrl":"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/09\/LIQUID-GREG-1.png","datePublished":"2025-12-10T23:59:02+00:00","dateModified":"2025-12-13T00:03:09+00:00","breadcrumb":{"@id":"https:\/\/penderfund.com\/commentaries\/pender-alternative-select-equity-fund-november-2025\/#breadcrumb"},"inLanguage":"fr-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/penderfund.com\/commentaries\/pender-alternative-select-equity-fund-november-2025\/"]}]},{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/penderfund.com\/commentaries\/pender-alternative-select-equity-fund-november-2025\/#primaryimage","url":"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/09\/LIQUID-GREG-1.png","contentUrl":"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/09\/LIQUID-GREG-1.png","width":850,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/penderfund.com\/commentaries\/pender-alternative-select-equity-fund-november-2025\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/penderfund.com\/"},{"@type":"ListItem","position":2,"name":"Commentaries","item":"https:\/\/penderfund.com\/commentaries\/"},{"@type":"ListItem","position":3,"name":"Pender Alternative Select Equity Fund - November 2025"}]},{"@type":"WebSite","@id":"https:\/\/penderfund.com\/#website","url":"https:\/\/penderfund.com\/","name":"Gestion de capital PenderFund lt\u00e9e","description":"Forward thinking. Finding value.","publisher":{"@id":"https:\/\/penderfund.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/penderfund.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-CA"},{"@type":"Organization","@id":"https:\/\/penderfund.com\/#organization","name":"Gestion de capital PenderFund lt\u00e9e","url":"https:\/\/penderfund.com\/","logo":{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/penderfund.com\/#\/schema\/logo\/image\/","url":"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/06\/PenderFund-Cap-Man-Logo_English.png","contentUrl":"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/06\/PenderFund-Cap-Man-Logo_English.png","width":850,"height":250,"caption":"PenderFund Capital Management"},"image":{"@id":"https:\/\/penderfund.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/penderfund\/","https:\/\/www.instagram.com\/penderfund\/","https:\/\/www.linkedin.com\/company\/penderfund-capital-management\/"]}]}},"_links":{"self":[{"href":"https:\/\/penderfund.com\/fr\/wp-json\/wp\/v2\/commentaries\/71955","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/penderfund.com\/fr\/wp-json\/wp\/v2\/commentaries"}],"about":[{"href":"https:\/\/penderfund.com\/fr\/wp-json\/wp\/v2\/types\/commentaries"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/penderfund.com\/fr\/wp-json\/wp\/v2\/media\/70749"}],"wp:attachment":[{"href":"https:\/\/penderfund.com\/fr\/wp-json\/wp\/v2\/media?parent=71955"}],"wp:term":[{"taxonomy":"fund-type","embeddable":true,"href":"https:\/\/penderfund.com\/fr\/wp-json\/wp\/v2\/fund-type?post=71955"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}