{"id":72133,"date":"2026-01-09T11:25:56","date_gmt":"2026-01-09T19:25:56","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=72133"},"modified":"2026-01-19T12:08:31","modified_gmt":"2026-01-19T20:08:31","slug":"pender-corporate-bond-fund-december-2025","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-corporate-bond-fund-december-2025\/","title":{"rendered":"Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender - D\u00e9cembre 2025"},"content":{"rendered":"

Le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender a d\u00e9gag\u00e9 un gain de 0,3 %1<\/sup><\/a>en d\u00e9cembre. Pendant cette p\u00e9riode, les titres de cr\u00e9ance ont produit des rendements positifs qui ont fait contrepoids \u00e0 l\u2019augmentation des taux d\u2019int\u00e9r\u00eat de r\u00e9f\u00e9rence. En 2025, le cumul annuel du Fonds a \u00e9t\u00e9 de 13,4 %, un heureux r\u00e9sultat d\u00fb principalement \u00e0 la s\u00e9lection des titres et non au rendement de l\u2019indice de r\u00e9f\u00e9rence, nettement inf\u00e9rieur.<\/p>\n

En d\u00e9cembre, la premi\u00e8re place revient \u00e0 nos positions dans les obligations convertibles des mines de platine de Sibanye Stillwater Ltd<\/strong> et dans les mines d\u2019argent de Vizsla Silver Corp<\/strong> et First Majestic Silver Corp<\/strong>. Nos actifs directs dans le platine et l\u2019argent, acquis bien avant leur r\u00e9cente et spectaculaire ascension, ont \u00e9galement contribu\u00e9 consid\u00e9rablement. M\u00eame si nous pensons que les prix vont encore monter, nous avons graduellement r\u00e9duit de moiti\u00e9 notre exposition aux m\u00e9taux au cours de l\u2019ann\u00e9e, par une combinaison de ventes et d\u2019options d\u2019achat couvertes.<\/p>\n

Il faut aussi attribuer une mention honorable aux obligations convertibles de Borr Drilling Ltd<\/strong> qui ont gagn\u00e9 10 points lorsque l\u2019entreprise a annonc\u00e9 l\u2019achat de nouvelles plates-formes auto-\u00e9l\u00e9vatrices, de m\u00eame qu\u2019\u00e0 notre modeste position dans la cr\u00e9ance en d\u00e9tresse de Luminar Technologies Inc<\/strong>, une soci\u00e9t\u00e9 \u0153uvrant dans la conduite autonome, dont les obligations se sont relev\u00e9es de 20 points gr\u00e2ce \u00e0 la vente de certains actifs dans le cadre d\u2019une liquidation sous contr\u00f4le de justice.<\/p>\n

Weaker lines for the Fund in December included our position in the deeply discounted notes of Cardlytics Inc<\/strong>, which runs credit-card based promotions on behalf of major card issuers, and also our position in the capital structure of Wolfspeed Inc<\/strong>, a silicon-carbide based substrate supplier to the semiconductor industry, which emerged from bankruptcy in the latter part of 2025. In both cases we believe the market has missed important improvements in the prospects of these companies over the past year and we continue to add to these positions.<\/p>\n

Positionnement en 2026 \u2014 Envisager les choses de haut en partant du contexte g\u00e9n\u00e9ral vers les placements individuels<\/h3>\n

Nous attaquons la nouvelle ann\u00e9e arm\u00e9s d\u2019une pr\u00e9disposition g\u00e9n\u00e9ralement constructive \u00e0 l\u2019endroit des march\u00e9s faisant partie de notre champ d\u2019action. Les grands facteurs \u00e9conomiques semblent positifs. La moyenne des principaux indicateurs \u00e9conomiques mondiaux suit une trajectoire positive, et les banques centrales ont plut\u00f4t tendance \u00e0 r\u00e9duire les taux. Dans son ensemble, la situation semble favorable.<\/p>\n

La prochaine \u00e9tape consiste \u00e0 trouver des secteurs et des industries dont le potentiel est m\u00e9connu. Nous ne sommes pas de ceux qui misent sur l\u2019\u00e9lan (momentum). Nous sommes de ceux qui cherchent des id\u00e9es moins populaires, voire inusit\u00e9es, mais qui sont aussi moins convoit\u00e9es, moins analys\u00e9es et moins ch\u00e8res.<\/p>\n

G\u00e9n\u00e9ralement parlant, nous croyons que le march\u00e9 des produits de base comporte des occasions peu co\u00fbteuses. Toutefois, malgr\u00e9 la hausse prodigieuse des m\u00e9taux pr\u00e9cieux en 2025, nous sommes plus attir\u00e9s par le reste des produits de base que par ce qui brille. Dans nombre de sph\u00e8res, comme celles des m\u00e9taux industriels, de l\u2019agriculture, du p\u00e9trole, du gaz et des mat\u00e9riaux de construction, les d\u00e9penses en capital des producteurs de produits de base n\u2019ont pas atteint le seuil requis pour soutenir la production \u00e0 long terme.<\/p>\n

Dans notre domaine, le d\u00e9fi consiste \u00e0 isoler des cr\u00e9ances susceptibles de produire des rendements diff\u00e9rentiels \u00e0 la suite de la reprise d\u2019une industrie ou d\u2019un secteur. Du c\u00f4t\u00e9 du secteur du p\u00e9trole et du gaz<\/strong>, on retrouve un bon choix de titres pr\u00e9sentant des \u00e9carts importants et plusieurs autres assortis d\u2019options \u00e0 prix r\u00e9duit. Nous aimons bien des \u00e9metteurs comme McDermott International<\/strong> et Borr Drilling<\/strong> qui tireront profit de la demande croissante en mati\u00e8re d\u2019\u00e9nergie extraterritoriale, de m\u00eame que les obligations aux billets tr\u00e8s rentables de Tenaz Energy Corp<\/strong> et BlueNord ASA<\/strong>, deux producteurs de gaz de la mer du Nord. Au total, les cr\u00e9ances conventionnelles en mati\u00e8re d\u2019\u00e9nergie repr\u00e9sentent environ 14 % des actifs du Fonds et une part encore plus importante des int\u00e9r\u00eats produits par les coupons.<\/p>\n

Le commerce nord-am\u00e9ricain de la marijuana est un autre domaine dont le cr\u00e9dit structurel est sous-\u00e9valu\u00e9. En fait, on peut \u00e9tablir une comparaison \u00e9tonnante entre la croissance continue des ventes et des marges brutes en dollars dont jouissent les principaux op\u00e9rateurs et le long et triste d\u00e9clin de leur valeur marchande. \u00c0 l\u2019\u00e9poque de leur grisant apog\u00e9e en 2018, la valeur des soci\u00e9t\u00e9s productrices de marijuana repr\u00e9sentait de 30 \u00e0 50 fois leurs ventes. Elle s\u2019est depuis stabilis\u00e9e autour de 1,5 \u00e0 2 fois les ventes, le tout sur fond de flux de tr\u00e9sorerie positifs et croissants. Les titres de cr\u00e9ances des entreprises figurant dans la moiti\u00e9 sup\u00e9rieure des capitalisations d\u00e9gagent des rendements \u00e0 deux chiffres. Les perspectives de certains chefs de file, comme Trulieve Cannabis Corp. de Floride et Terrascend Corp. du nord-ouest des \u00c9tats-Unis, sont r\u00e9jouissantes.<\/p>\n

Il nous est impossible dans ce commentaire de nous \u00e9tendre sur chaque secteur et chaque avoir, mais nous esp\u00e9rons toutefois que l\u2019important du message a \u00e9t\u00e9 pass\u00e9. Nous soupesons avec le plus grand s\u00e9rieux le poids des secteurs et des \u00e9metteurs. Nous cherchons des titres qui exposeront nos porteurs de parts non seulement \u00e0 certains secteurs, mais aux rendements int\u00e9ressants et diff\u00e9rentiels issus de ces derniers gr\u00e2ce \u00e0 des prix r\u00e9duits ou \u00e0 des options sous-\u00e9valu\u00e9es. \u00c0 l\u2019aube de 2026, nous ne doutons pas que le Fonds r\u00e9alisera de bons rendements cette ann\u00e9e.<\/p>\n

Positionnement du Fonds<\/h3>\n

Le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender est assorti d\u2019un rendement \u00e0 l\u2019\u00e9ch\u00e9ance de 5,50 % au 31 d\u00e9cembre, le rendement actuel s\u2019\u00e9tablissant \u00e0 4,83 % et la dur\u00e9e moyenne de ses instruments \u00e0 terme \u00e0 3,96 ann\u00e9es. Il comporte une pond\u00e9ration de 2,11 % dans des titres de cr\u00e9ance en d\u00e9tresse ou dans des titres convertibles dont le prix de conversion est inf\u00e9rieur au cours, qui sont d\u00e9tenus en vue d\u2019une valeur cible diff\u00e9rente au pair et dont le rendement th\u00e9orique n\u2019est pas inclus dans le calcul ci-dessus. La tr\u00e9sorerie repr\u00e9sentait 2,2 % du portefeuille total au 31 d\u00e9cembre.<\/p>\n

Geoff Castle
\n9 janvier 2026 <\/em><\/p>\n

1<\/a> <\/sup>Tous les rendements signal\u00e9s sont ceux des parts de cat\u00e9gorie F du Fonds. 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 de titres \u00e0 revenu fixe Pender sont pr\u00e9sent\u00e9es ici : https:\/\/penderfund.com\/fr\/fund\/pender-corporate-bond-fund\/<\/p>","protected":false},"excerpt":{"rendered":"

The Pender Corporate Bond Fund recorded a positive result in December, returning 0.3%1. The period was characterized by positive credit returns offsetting the effect of rising benchmark interest rates. For the full year 2025, the Fund returned 13.4%, a happy outcome driven primarily by security selection as opposed to benchmark performance, which was markedly lower. […]<\/p>\n","protected":false},"featured_media":70754,"template":"","meta":{"_acf_changed":false},"fund-type":[41,43],"class_list":["post-72133","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-fixed-income-funds","fund-type-pender-corporate-bond-fund"],"acf":[],"yoast_head":"\nPender Corporate Bond Fund - December 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-corporate-bond-fund-december-2025\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pender Corporate Bond Fund - December 2025\" \/>\n<meta property=\"og:description\" content=\"The Pender Corporate Bond Fund recorded a positive result in December, returning 0.3%1. 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