{"id":72242,"date":"2026-01-13T15:12:46","date_gmt":"2026-01-13T23:12:46","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&#038;p=72242"},"modified":"2026-01-20T09:44:54","modified_gmt":"2026-01-20T17:44:54","slug":"pender-small-cap-opportunities-fund-december-2025","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-small-cap-opportunities-fund-december-2025\/","title":{"rendered":"Fonds d\u2019opportunit\u00e9s \u00e0 petites capitalisations Pender  - d\u00e9cembre 2025"},"content":{"rendered":"<p>En ce d\u00e9but de 2026, le moment est bien indiqu\u00e9 pour revenir sur les forces qui ont fa\u00e7onn\u00e9 les march\u00e9s pendant la derni\u00e8re ann\u00e9e. La r\u00e9silience est devenue un th\u00e8me majeur, les actions ayant largement ignor\u00e9 l\u2019incertitude g\u00e9opolitique et \u00e9conomique existante. Sous plusieurs aspects, 2025 a ressembl\u00e9 \u00e0 une longue journ\u00e9e de ski avec des conditions de glisse constamment changeantes \u2014 neige lisse et compacte pendant une descente, puis glac\u00e9e et bossel\u00e9e \u00e0 la suivante.<\/p>\n<p>Au commencement de l\u2019ann\u00e9e, les conditions \u00e9taient compliqu\u00e9es. Au premier trimestre, le Russell 2000 a recul\u00e9 d\u2019environ 10 % \u00e0 l\u2019annonce du nouveau r\u00e9gime tarifaire, et cette faiblesse s\u2019est surtout fait sentir sur le march\u00e9 des petites entreprises. Au second trimestre, la confiance a \u00e9t\u00e9 restaur\u00e9e, ce qui a donn\u00e9 lieu \u00e0 un fort rebond. Le troisi\u00e8me trimestre a pos\u00e9 plus de d\u00e9fis. La domination du march\u00e9 s\u2019est d\u00e9port\u00e9e vers les sph\u00e8res plus sp\u00e9culatives des petites entreprises, cr\u00e9ant un climat plus rude pour les strat\u00e9gies ax\u00e9es sur les donn\u00e9es fondamentales. Plus r\u00e9cemment, les conditions se sont quelque peu radoucies avec un retour vers les entreprises \u00e0 la croissance plus qualitative et aux rendements plus normaux.<\/p>\n<p>En g\u00e9n\u00e9ral, cette ann\u00e9e en a \u00e9t\u00e9 une pendant laquelle garder l\u2019\u00e9quilibre, choisir judicieusement ses titres et investir \u00e0 long terme ont compt\u00e9 davantage que de r\u00e9agir \u00e0 chaque sursaut.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-72244\" src=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094226.png\" alt=\"\" width=\"558\" height=\"106\" srcset=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094226.png 988w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094226-300x74.png 300w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094226-150x37.png 150w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094226-768x189.png 768w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094226-18x4.png 18w\" sizes=\"auto, (max-width: 558px) 100vw, 558px\" \/><\/p>\n<p>La pond\u00e9ration du portefeuille, principalement canadien, comporte environ 86 % de titres canadiens contre 14 % d\u2019actions \u00e9tats-uniennes.<\/p>\n<h3>Avoirs en portefeuille \u2014 Mise \u00e0 jour<\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-72245\" src=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094240.png\" alt=\"\" width=\"565\" height=\"130\" srcset=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094240.png 993w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094240-300x70.png 300w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094240-150x35.png 150w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094240-768x179.png 768w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094240-18x4.png 18w\" sizes=\"auto, (max-width: 565px) 100vw, 565px\" \/><\/p>\n<p>2025 a \u00e9t\u00e9 une ann\u00e9e marqu\u00e9e par une dispersion consid\u00e9rable. Les grands gagnants du Fonds ont livr\u00e9 de bons r\u00e9sultats. Ils forment le noyau de notre portefeuille et figurent parmi nos dix principaux actifs. De plus, chacune de ces entreprises est associ\u00e9e \u00e0 des th\u00e8mes qui devraient, selon nous, attirer davantage d\u2019attention en 2026.<\/p>\n<ul>\n<li><strong>Kraken Robotics <\/strong>con\u00e7oit et fabrique des syst\u00e8mes robotiques de pointe, des syst\u00e8mes de sonar et des batteries utilis\u00e9s par les v\u00e9hicules sous-marins autonomes de la d\u00e9fense, l\u2019\u00e9nergie extrac\u00f4ti\u00e8re et les infrastructures centr\u00e9es sur les applications<strong>.<\/strong> Elle est bien plac\u00e9e pour tirer profit des fortes tensions g\u00e9opolitiques et de l\u2019augmentation des d\u00e9penses mondiales en mati\u00e8re de d\u00e9fense, surtout en ce qui a trait aux syst\u00e8mes sous-marins et autonomes.<\/li>\n<li><strong>5N Plus<\/strong> cr\u00e9e, fabrique et distribue des semiconducteurs sp\u00e9ciaux et des mat\u00e9riaux performants essentiels aux industries rattach\u00e9es \u00e0 la <strong>transition \u00e9nerg\u00e9tique et \u00e0 la d\u00e9fense<\/strong>dont le solaire, l\u2019espace et les technologies \u00e9lectroniques de pointe.<\/li>\n<li><strong>Tantalus Systems<\/strong> travaille sur l\u2019optimalisation du r\u00e9seau et la modernisation du march\u00e9 en fournissant des compteurs intelligents et des logiciels d\u2019analyse de donn\u00e9es qui facilitent l\u2019utilisation des infrastructures \u00e9volu\u00e9es et soutiennent <strong>la transition \u00e9nerg\u00e9tique<\/strong> en am\u00e9liorant l\u2019efficacit\u00e9 du r\u00e9seau.<\/li>\n<\/ul>\n<p>Du c\u00f4t\u00e9 des perdants, <strong>Sylogist, PAR <\/strong>et le <strong>Dye &amp; Durham <\/strong>ont pes\u00e9 sur les rendements cette ann\u00e9e, surtout parce qu\u2019elles ont fait face \u00e0 des d\u00e9fis d\u2019ex\u00e9cution et \u00e0 la grande incertitude pour le court terme des investisseurs et non pas en raison de la d\u00e9t\u00e9rioration \u00e0 long terme de leurs fondamentaux.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-72246\" src=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094253.png\" alt=\"\" width=\"581\" height=\"124\" srcset=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094253.png 969w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094253-300x98.png 300w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094253-150x49.png 150w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094253-768x251.png 768w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/01\/Screenshot-2026-01-20-094253-18x6.png 18w\" sizes=\"auto, (max-width: 581px) 100vw, 581px\" \/><\/p>\n<h3>Perspectives<\/h3>\n<p>Au bout de plusieurs ann\u00e9es pendant lesquelles les petites entreprises ont moins bien fait au Canada que les grandes, la pente semble s\u2019aplanir. Au cours des cinq derni\u00e8res ann\u00e9es, l\u2019indice S&amp;P\/TSX SmallCap a \u00e9t\u00e9 devanc\u00e9 de beaucoup par l\u2019indice compos\u00e9 S&amp;P\/TSX, \u00e0 cause de la hausse des taux d\u2019int\u00e9r\u00eat, de l\u2019aversion au risque et de l\u2019intense concentration des rendements livr\u00e9s par les grandes entreprises issues des secteurs des services financiers, de l\u2019\u00e9nergie et des mati\u00e8res premi\u00e8res. De notre point de vue, cela a cr\u00e9\u00e9 en ce d\u00e9but de 2026 un lot d\u2019occasions plus attrayantes en ce qui touche tant \u00e0 la qualit\u00e9 qu\u2019\u00e0 la valeur des petites entreprises.<\/p>\n<p>En 2025, les rendements des actions canadiennes sont venus principalement des entreprises exploitant des mines et des mati\u00e8res premi\u00e8res et de soci\u00e9t\u00e9s avantag\u00e9es par le cycle d\u2019investissement en IA \u2014 souvent indirectement par le biais d\u2019infrastructures, d\u2019\u00e9nergie ou de d\u00e9penses en capital. Parall\u00e8lement, bon nombre de soci\u00e9t\u00e9s canadiennes de grande qualit\u00e9 jouissant de marges durables, de flux de tr\u00e9sorerie disponible constant, d\u2019une croissance modeste et d\u2019un solide bilan ont \u00e9t\u00e9 snob\u00e9es m\u00eame si elles se n\u00e9gociaient \u00e0 des valeurs que nous estimons int\u00e9ressantes. C\u2019est dans cette zone du march\u00e9 que nous passons notre temps, car nous pensons que le ratio risque-rendement s\u2019y est discr\u00e8tement am\u00e9lior\u00e9.<\/p>\n<p>En ce qui a trait \u00e0 l\u2019avenir, plusieurs facteurs pourraient favoriser les petites entreprises canadiennes. Nous pensons ici \u00e0 la mise en march\u00e9 graduelle de l\u2019IA, \u00e0 une possible baisse des taux d\u2019int\u00e9r\u00eat et \u00e0 l\u2019augmentation de l\u2019activit\u00e9 de F&amp;A due \u00e0 l\u2019\u00e9cart de valeur entre le march\u00e9 public et le march\u00e9 priv\u00e9. Bien que l\u2019incertitude demeure aigu\u00eb, il n\u2019est pas n\u00e9cessaire \u00e0 notre avis de pr\u00e9voir chaque \u00e9v\u00e9nement macro\u00e9conomique ou chaque soubresaut du march\u00e9 pour r\u00e9ussir ses investissements.<\/p>\n<p>Alors, que faisons-nous maintenant? Si le pass\u00e9 est connu, l\u2019avenir est impr\u00e9visible. Les risques sont nombreux et viennent de la g\u00e9opolitique, du taux exorbitant d\u2019endettement, de l\u2019incertitude politique et de la transformation technologique acc\u00e9l\u00e9r\u00e9e. Au lieu de tenter d\u2019anticiper chaque virage, nous optons pour l\u2019\u00e9quilibre et la discipline. Nous croyons qu\u2019un portefeuille compos\u00e9 de soci\u00e9t\u00e9s canadiennes bien g\u00e9r\u00e9es et concurrentielles, se n\u00e9gociant \u00e0 prix raisonnable, peut produire des rendements concluants au cours des trimestres et des ann\u00e9es \u00e0 venir. Plus important encore, n\u2019oublions pas que les entreprises de qualit\u00e9 tiennent toujours mieux le coup que le reste du march\u00e9 quand les conditions deviennent plus difficiles.<\/p>\n<p>David Barr, CFA et Amar Pandya, CFA<br \/>\n<em>13 janvier 2026<\/em><\/p>\n<p><sup><a href=\"#_ftnref1\" name=\"_ftn1\">1<\/a><\/sup> <em>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 du Fonds sont pr\u00e9sent\u00e9es ici <\/em><em>https:\/\/penderfund.com\/fr\/fund\/pender-small-cap-opportunities-fund\/<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>As we begin 2026, it is worth reflecting on the forces that shaped markets over the past year. Resilience emerged as the defining theme, with equities largely shrugging off ongoing geopolitical and economic uncertainty. In many ways, 2025 felt like a long ski day with constantly changing conditions \u2014 smooth, packed powder one run, followed [&hellip;]<\/p>\n","protected":false},"featured_media":70411,"template":"","meta":{"_acf_changed":false},"fund-type":[36,38],"class_list":["post-72242","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-equity-funds","fund-type-pender-small-cap-opportunities-fund"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Pender Small Cap Opportunities 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-small-cap-opportunities-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 Small Cap Opportunities Fund - December 2025\" \/>\n<meta property=\"og:description\" content=\"As we begin 2026, it is worth reflecting on the forces that shaped markets over the past year. 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