{"id":72288,"date":"2026-01-14T14:33:13","date_gmt":"2026-01-14T22:33:13","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=72288"},"modified":"2026-01-23T10:37:02","modified_gmt":"2026-01-23T18:37:02","slug":"pender-alternative-select-equity-fund-december-2025","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-select-equity-fund-december-2025\/","title":{"rendered":"Fonds alternatif d\u2019actions s\u00e9lect Pender - D\u00e9cembre 2025"},"content":{"rendered":"

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

Un \u00e9lan boursier, ou momentum, est une chose merveilleuse, et nous n\u2019en avons pas manqu\u00e9 en 2025 qui a \u00e9t\u00e9, pour les march\u00e9s boursiers mondiaux, une troisi\u00e8me ann\u00e9e cons\u00e9cutive d\u2019excellents rendements.<\/p>\n

Bien s\u00fbr, cela n\u2019a pas \u00e9t\u00e9 sans heurts. Nous savons maintenant que, sous l\u2019actuelle administration de Washington, rien ne sera facile. Nous en avons eu la preuve \u00e9clatante au d\u00e9but d\u2019avril quand le tir de barrage des tarifs douaniers du \u00ab\u2009jour de la lib\u00e9ration\u2009\u00bb a d\u00e9ferl\u00e9 sur les march\u00e9s, risquant de mettre fin \u00e0 une p\u00e9riode faste qui durait depuis plusieurs ann\u00e9es. Or, apr\u00e8s une reprise parmi les plus remarquables jamais enregistr\u00e9e, la plupart des march\u00e9s ont termin\u00e9 d\u00e9cembre \u00e0 une hauteur record.<\/p>\n

Dans cette ann\u00e9e marqu\u00e9e par nombre d\u2019\u00e9v\u00e9nements positifs, il est ardu de mettre le doigt sur ceux qui ont \u00e9t\u00e9 les plus significatifs. Mais, sachant que l\u2019\u00e9lan des ann\u00e9es ant\u00e9rieures n\u2019\u00e9tait le fait que d\u2019une poign\u00e9e d\u2019entreprises, il est r\u00e9jouissant de voir le cercle des \u00e9lues s\u2019\u00e9largir.<\/p>\n

Le d\u00e9veloppement de l\u2019IA est une v\u00e9ritable r\u00e9volution qui, en plus de changer nos vies, fait les manchettes, pourtant l\u2019histoire est en pleine \u00e9volution. Dans le secteur technologique, nous avons peut-\u00eatre assist\u00e9 \u00e0 la fin de la domination des \u00ab\u2009sept magnifiques\u2009\u00bb \u00e9tant donn\u00e9 que seules deux d\u2019entre elles (Nvidia et Alphabet) ont supplant\u00e9 l\u2019indice S&P500.<\/p>\n

Le financement et la rentabilit\u00e9 des centres de donn\u00e9es commencent \u00e0 soulever de r\u00e9elles inqui\u00e9tudes, et les premi\u00e8res failles sont apparues sur le march\u00e9 des obligations. La mont\u00e9e et la chute d\u2019Oracle constituent l\u2019un des moments forts (ou path\u00e9tiques) dont nous devons tenir compte. Les fabricants de semi-conducteurs restent dominants et donneront le ton, encore une fois, \u00e0 la nouvelle ann\u00e9e. Pour notre part, nous continuons \u00e0 vouloir augmenter notre exposition \u00e0 l\u2019IA.<\/p>\n

Si l\u2019on se demande quel sera le grand th\u00e8me de 2026, on ne peut passer outre le Federal Open Market Committee (FOMC) \u2014 ou comit\u00e9 f\u00e9d\u00e9ral du march\u00e9 ouvert \u2014 et les menaces g\u00e9opolitiques. Les \u00c9tats-Unis ont finalement adh\u00e9r\u00e9 aux r\u00e9ductions de taux en 2025. Il devrait y en avoir d\u2019autres en 2026, mais nous devons d\u2019abord savoir qui prendra la direction du FOMC. La nomination du nouveau pr\u00e9sident de la Fed sera l\u2019une des plus politiques de l\u2019histoire et les investisseurs s\u2019y int\u00e9resseront de pr\u00e8s.<\/p>\n

Les march\u00e9s ont horreur de l\u2019incertitude, et il semble que celle-ci viendra plus que jamais de Washington. Ce qui pourrait devenir le legs p\u00e9renne du pr\u00e9sident Trump est le fait que les investisseurs mondiaux commencent enfin \u00e0 se tourner vers d\u2019autres march\u00e9s afin d\u2019\u00e9chapper \u00e0 cette menace. Plusieurs march\u00e9s internationaux ont mieux fait que les \u00c9tats-Unis en 2025 et, \u00e9tant donn\u00e9 les valorisations avantageuses qu\u2019ils proposent, ceux-ci pourraient r\u00e9p\u00e9ter cet exploit \u00e0 nouveau. Le nombre d\u2019observateurs clamant \u00ab\u2009la fin de l\u2019exceptionnalisme am\u00e9ricain\u2009\u00bb se multiplie.<\/p>\n

Ces pr\u00e9occupations entourant les \u00c9tats-Unis se sont fait sentir d\u2019une mani\u00e8re particuli\u00e8rement vive sur le march\u00e9 des devises. Le dollar am\u00e9ricain est sous pression depuis quelques ann\u00e9es, ce qui a favoris\u00e9 les actifs r\u00e9els. Cela a eu pour effet de charger \u00e0 bloc les titres gagnants de l\u2019ann\u00e9e : les m\u00e9taux pr\u00e9cieux.<\/p>\n

Un dollar plus faible, conjugu\u00e9 \u00e0 l\u2019argent facile, \u00e0 l\u2019inflation persistante et au pouvoir d\u2019achat grandissant des banques centrales, a propuls\u00e9 l\u2019or et l\u2019argent \u00e0 des sommets records. Cette ann\u00e9e, l\u2019or a mont\u00e9 de 60 % et l\u2019argent de 150 %. Un actif que plusieurs consid\u00e9raient comme une relique archa\u00efque est soudainement devenu le chef de meute.<\/p>\n

The strength of the materials sector drove the TSX higher by 1.3% during December 2025 and 31.7% for 2025, and brought more attention to the Canadian market. However it wasn\u2019t only resources. It can\u2019t be overlooked that many financial stocks were among the top performing. As several wise market watchers have stated, \u2018good things happen when banks lead\u2019.<\/p>\n

Comme les pr\u00e9visions pour 2025 le mentionnaient, il faudra que les b\u00e9n\u00e9ficies poursuivent leur croissance afin que le dynamisme dure. Mais le fait que le march\u00e9 d\u00e9pende moins de quelques th\u00e8mes ou de quelques entreprises est un point extr\u00eamement positif. Avec les taux en baisse et la politique mon\u00e9taire bienveillante envers les march\u00e9s, les prochaines ann\u00e9es s\u2019annoncent prometteuses. Mais ne vous attendez pas \u00e0 ce que les anciens meneurs nous conduisent plus haut. Cette fois, les lambins seront de la f\u00eate.<\/p>\n

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

Le Fonds alternatif d\u2019actions s\u00e9lect Pender a grimp\u00e9 de 3,2 % en d\u00e9cembre pour terminer l\u2019ann\u00e9e en hausse de 40,2 %1<\/sup><\/a>. L\u2019indice compos\u00e9 S&P\/TSX a affich\u00e9 un rendement de 1,3 % pendant le mois, et un cumul annuel de 31,7 %. \u00c0 bien des \u00e9gards, le Fonds a connu une excellente ann\u00e9e. Nous \u00e9tions bien plac\u00e9s pour tirer parti de la forte performance de l\u2019or en d\u00e9but d\u2019ann\u00e9e, et m\u00eame si nous avons peut-\u00eatre r\u00e9duit notre exposition un peu trop t\u00f4t, l\u2019or s\u2019est tout de m\u00eame av\u00e9r\u00e9 le principal contributeur au rendement annuel du Fonds. Le mouvement vers les actifs r\u00e9els repr\u00e9sente pour nous une tendance \u00e0 laquelle nous participons depuis plusieurs ann\u00e9es. Nous avons assist\u00e9 cette ann\u00e9e \u00e0 une r\u00e9elle ru\u00e9e qui, selon nous, n\u2019est pas pr\u00e8s de ralentir. Les nombreuses inqui\u00e9tudes li\u00e9es \u00e0 l\u2019inflation et au dollar am\u00e9ricain constituent un contexte tr\u00e8s favorable aux mati\u00e8res premi\u00e8res. Si on ajoute \u00e0 cela plus d\u2019une d\u00e9cennie de sous-investissement dans l\u2019exploration et le d\u00e9veloppement, force est de constater que le cycle des mati\u00e8res premi\u00e8res ne fait que commencer. En ce d\u00e9but de 2026, l\u2019uranium demeure notre principale participation. \u00c0 la lumi\u00e8re de plusieurs sc\u00e9narios possibles, la demande d\u2019\u00e9lectricit\u00e9 continuera d\u2019augmenter et le nucl\u00e9aire semble judicieusement bien plac\u00e9 pour b\u00e9n\u00e9ficier de l\u2019essor de l\u2019investissement dans l\u2019IA.<\/p>\n

Outre les mati\u00e8res premi\u00e8res, nous avons rep\u00e9r\u00e9 de bonnes occasions dans plusieurs secteurs. Au sein de ce Fonds, nous \u00e9vitons g\u00e9n\u00e9ralement les banques, mais nous constatons la pr\u00e9sence d\u2019excellentes opportunit\u00e9s parmi les banques d\u2019investissement du secteur financier. Sur le plan des th\u00e8mes, les fusions et acquisitions (F&A) devraient dominer dans les ann\u00e9es \u00e0 venir et nous comptons en tirer profit gr\u00e2ce \u00e0 des soci\u00e9t\u00e9s telles qu\u2019 Evercore <\/strong>Inc. <\/strong>(EVR)<\/strong>. On observe \u00e9galement une volont\u00e9 soutenue d\u2019am\u00e9liorer et de d\u00e9velopper les infrastructures en Am\u00e9rique du Nord, tant pour l\u2019\u00e9nergie que pour la s\u00e9curit\u00e9 nationale. Cette tendance devrait se maintenir pendant plusieurs ann\u00e9es et, \u00e0 mesure que le secteur spatial prendra de l\u2019importance, des participations telles que MDA <\/strong>Space Ltd (MDA)<\/strong> et Telesat<\/strong> Corporation (TSAT)<\/strong> devraient en tirer parti.<\/p>\n

Essayer de formuler des pr\u00e9visions pour la nouvelle ann\u00e9e est toujours une affaire d\u00e9licate. Apr\u00e8s une remont\u00e9e comme celle qu\u2019on a connu ces derni\u00e8res ann\u00e9es, il serait normal d\u2019assister \u00e0 une certaine correction. Le hic cependant est que les liquidit\u00e9s ont figur\u00e9 parmi les cat\u00e9gories d\u2019actifs les moins performantes durant cette p\u00e9riode, donc vendre trop t\u00f4t pourrait s\u2019av\u00e9rer probl\u00e9matique. En pr\u00e9sence d\u2019une faible volatilit\u00e9, nous avons recours \u00e0 des contrats d\u2019options pour nous prot\u00e9ger contre les baisses. L\u2019actualit\u00e9 macro\u00e9conomique mondiale reste pr\u00e9occupante, mais la tendance sous-jacente des valorisations d\u2019actifs demeure pour sa part haussi\u00e8re. Nous envisageons ainsi un th\u00e8me dominant qui se traduit par une rotation sectorielle o\u00f9 les secteurs qui ont sous-perform\u00e9 l\u2019an dernier prendront les devants de la sc\u00e8ne cette ann\u00e9e. Cela devrait par ailleurs pr\u00eater main-forte aux indices globaux. Il est difficile de concevoir une autre avanc\u00e9e boursi\u00e8re sup\u00e9rieure \u00e0 20 %, mais \u00e0 moins d\u2019un choc massif et impr\u00e9vu, aucun sc\u00e9nario n\u00e9gatif ne semble se profiler \u00e0 l\u2019horizon.<\/p>\n

Greg Taylor, CFA
\n14 janvier 2026<\/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 Momentum is a wonderful thing, and that was seen in abundance in 2025, with global equity markets experiencing their third straight year of strong performance. Of course it wasn\u2019t all smooth sailing, as we now know that nothing with the current leadership in Washington will be easy. That was made abundantly clear in […]<\/p>\n","protected":false},"featured_media":70749,"template":"","meta":{"_acf_changed":false},"fund-type":[45,135],"class_list":["post-72288","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 - 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-alternative-select-equity-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 Alternative Select Equity Fund - December 2025\" \/>\n<meta property=\"og:description\" content=\"Market Insights Momentum is a wonderful thing, and that was seen in abundance in 2025, with global equity markets experiencing their third straight year of strong performance. 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