{"id":72327,"date":"2026-01-19T11:39:08","date_gmt":"2026-01-19T19:39:08","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=72327"},"modified":"2026-01-22T12:07:52","modified_gmt":"2026-01-22T20:07:52","slug":"pender-global-small-mid-cap-equity-fund-december-2025","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-global-small-mid-cap-equity-fund-december-2025\/","title":{"rendered":"Fonds d\u2019actions mondiales \u00e0 petite\/moyenne capitalisation Pender - d\u00e9cembre 2025"},"content":{"rendered":"

Le rideau tombe sur 2025 et pour mettre fin \u00e0 la repr\u00e9sentation, les march\u00e9s font leur salut avec la certitude que, peu importe les p\u00e9rip\u00e9ties qui ont men\u00e9 \u00e0 cet aboutissement, le \u00ab\u2009spectacle est maintenant termin\u00e9\u2009\u00bb<\/em>. L\u2019ann\u00e9e s\u2019est en grande partie d\u00e9roul\u00e9e selon le sc\u00e9nario esp\u00e9r\u00e9 des optimistes. Les attentes ont \u00e9t\u00e9 d\u00e9pass\u00e9es, la r\u00e9silience a \u00e9t\u00e9 \u00e9prouv\u00e9e et av\u00e9r\u00e9e, et les investisseurs ont \u00e9t\u00e9 amplement r\u00e9compens\u00e9s. Dans de tels moments, on se prend \u00e0 d\u00e9sirer \u00e9perdument un rappel \u2014 encore un acte, un seul, avant que les projecteurs s\u2019\u00e9teignent et que la sc\u00e8ne se vide. Comme le conseille Shakespeare : \u00ab\u2009Allons sagement et doucement : tr\u00e9buche qui court vite.\u2009\u00bb<\/em><\/p>\n

L\u2019ann\u00e9e a mis en sc\u00e8ne plusieurs situations de tentation, mais aucune n\u2019a \u00e9t\u00e9 plus remarquable que celle montrant l\u2019engouement suscit\u00e9 par l\u2019intelligence artificielle. Le capital s\u2019est rapidement envol\u00e9 dans l\u2019espace, le discours a pris de l\u2019ampleur et, sur le march\u00e9, quelques titres ont vol\u00e9 la vedette alors que les investisseurs s\u2019engouffraient dans la petite loge r\u00e9serv\u00e9e \u00e0 quelques rares acteurs consid\u00e9r\u00e9s comme les plus populaires. Bien que l\u2019IA poss\u00e8de un \u00e9vident potentiel transformateur, la vitesse et la concentration des gains invitent \u00e0 \u00e9tablir une comparaison avec des p\u00e9riodes d\u2019exc\u00e8s, dont celle de la bulle technologique.<\/p>\n

Cela dit, \u00e0 notre avis, nous n\u2019en sommes qu\u2019au premier acte de la r\u00e9volution de l\u2019IA et loin encore de la tomb\u00e9e du rideau. Son utilisation en est encore \u00e0 ses d\u00e9buts, le nombre d\u2019entreprises qui l\u2019emploient et les revenus qu\u2019elle g\u00e9n\u00e8re commencent \u00e0 peine \u00e0 augmenter. Tout ceci doit nous porter \u00e0 adopter une posture constructive \u2014 mais s\u00e9lective \u2014 envers les titres li\u00e9s \u00e0 l\u2019IA, particuli\u00e8rement envers les entreprises qui affichent une v\u00e9ritable croissance en mati\u00e8re de revenus, poss\u00e8dent des plateformes appel\u00e9es \u00e0 se d\u00e9velopper et jouissent d\u2019une exposition aux infrastructures et aux strates \u00e0 la base de l\u2019\u00e9cosyst\u00e8me.<\/p>\n

Jusqu\u2019\u00e0 pr\u00e9sent, les mod\u00e8les de base et les infrastructures infonuagiques ont accapar\u00e9 les manchettes. Or, la prochaine vague d\u2019occasions commence \u00e0 appara\u00eetre dans des sph\u00e8res comme l\u2019IA agentique et l\u2019IA physique, y compris les v\u00e9hicules autonomes, la robotique et l\u2019automatisation industrielle. N\u00e9anmoins, la discipline est de mise. Pour citer de nouveau Shakespeare :\u2009 \u00ab\u2009Tout ce qui brille n\u2019est pas de l\u2019or. \u00bb<\/em> Notre objectif est de distinguer les entreprises qui dureront de celles qui suscitent un enthousiasme passager.<\/p>\n

Au-del\u00e0 de la technologie, la m\u00e9taphore s\u2019applique, litt\u00e9ralement, \u00e0 la ressource qui a occup\u00e9 le devant de la sc\u00e8ne, l\u2019or ayant \u00e9t\u00e9 l\u2019un des grands gagnants de l\u2019ann\u00e9e. Soutenu par l\u2019incertitude g\u00e9opolitique, les pr\u00e9occupations sur le plan de l\u2019inflation et l\u2019int\u00e9r\u00eat renouvel\u00e9 pour les actifs concrets, le secteur a livr\u00e9 des gains appr\u00e9ciables. Or, m\u00eame dans ce cas \u2014 o\u00f9 ce qui brille est bel et bien de l\u2019or \u2014, l\u2019augmentation rapide du prix souligne l\u2019importance d\u2019\u00eatre disciplin\u00e9 et s\u00e9lectif quant \u00e0 la valeur.<\/p>\n

Alors que l\u2019attention se tourne vers l\u2019ann\u00e9e qui vient, les actions internationales m\u00e9ritent de plus en plus d\u2019\u00eatre prises en consid\u00e9ration. Les actions \u00e9tats-uniennes ne figurent pas parmi les plus brillantes de 2025; les hauts faits des actions internationales ont \u00e9t\u00e9 grandement sous-estim\u00e9s. Bien que les exploits pass\u00e9s ne soient pas garants des rendements futurs, et que l\u2019histoire nous offre maints exemples d\u2019acteurs qui se sont attard\u00e9s trop longtemps sous les projecteurs, cette pi\u00e8ce de th\u00e9\u00e2tre est loin d\u2019\u00eatre termin\u00e9e. Pour notre part, nous estimons que des raisons convaincantes expliquent pourquoi les actions internationales voleront encore la vedette en 2026. Par opposition aux secteurs tr\u00e8s achaland\u00e9s qui ont d\u00e9fini l\u2019essentiel de 2025, nous croyons que les march\u00e9s mondiaux offrent un \u00e9ventail plus large d\u2019entreprises dont les fondamentaux, les bilans et la distribution disciplin\u00e9e du capital l\u2019emportent encore. Les banques centrales des march\u00e9s \u00e9mergents, ayant renforc\u00e9 le cadre de leur politique mon\u00e9taire, disposent d\u00e9sormais de plus de latitude pour assouplir leur politique et stimuler la demande int\u00e9rieure, conditions susceptibles de soutenir les actions des march\u00e9s \u00e9mergents.<\/p>\n

Au cours de l\u2019ann\u00e9e \u00e0 venir, le nombre d\u2019acteurs risque fort de s\u2019\u00e9largir. Il n\u2019est pas n\u00e9cessaire que le leadership soit assum\u00e9 uniquement par une poign\u00e9e de noms connus ou de march\u00e9s, et nous croyons qu\u2019on pourra trouver de plus en plus d\u2019occasions ailleurs que sur les sc\u00e8nes les plus courues. En adoptant un point de vue plus large, nous augmentons la possibilit\u00e9 d\u2019identifier des entreprises dont le sc\u00e9nario est encore en cours d\u2019\u00e9criture et dont la valeur, et non le narratif, est \u00e0 l\u2019origine de gains \u00e0 long terme. En ce sens, Shakespeare nous rappelle :<\/p>\n

\u00ab\u2009Le monde entier est un th\u00e9\u00e2tre,
\net les hommes et les femmes ne sont que des acteurs.\u2009\u00bb<\/em><\/p>\n

\"\"<\/p>\n

Les pond\u00e9rations en portefeuille sont les m\u00eames : environ 55,8 % dans les actions canadiennes et 39,9 % dans les actions \u00e9tats-uniennes.<\/p>\n

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

\"\"<\/p>\n

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

Par exemple, Ero Copper est une entreprise br\u00e9silienne exploitant des mines de cuivre et d\u2019or qui a tir\u00e9 profit de l\u2019engouement pour les m\u00e9taux en 2025, lequel a \u00e9t\u00e9 soutenu par la demande structurelle en mati\u00e8re de transition \u00e9nerg\u00e9tique, les investissements en infrastructures et l\u2019approvisionnement restreint sur le march\u00e9 du cuivre.<\/p>\n

Du c\u00f4t\u00e9 des perdants, Burford Capital, PAR Technology et Dye & Durham 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 des investisseurs sur le court terme.<\/p>\n

En ce qui a trait plus particuli\u00e8rement \u00e0 Dye & Durham, 2025 ne s\u2019est pas d\u00e9roul\u00e9 comme nous l\u2019anticipions. Apr\u00e8s une ann\u00e9e de turbulence dans la salle du conseil en 2024, Engine Capital a remport\u00e9 la course aux procurations et un nouveau conseil d\u2019administration a \u00e9t\u00e9 nomm\u00e9. Pendant tout ce temps, ces d\u00e9veloppements nous ont paru positifs en raison du potentiel de Dye & Durham de g\u00e9n\u00e9rer un important flux de tr\u00e9sorerie disponible et de la n\u00e9cessit\u00e9 d\u2019am\u00e9liorer la distribution du capital. Mais nous n\u2019avions pas anticip\u00e9 \u00e0 quel point 2025 apporterait plus de d\u00e9fis que de solutions. Le d\u00e9lai prolong\u00e9 des audits, la surveillance r\u00e9glementaire accrue et l\u2019av\u00e8nement d\u2019un processus ax\u00e9 sur les ventes strat\u00e9giques ont pr\u00e9occup\u00e9 les investisseurs tout au long de l\u2019ann\u00e9e, contribuant \u00e0 la pi\u00e8tre performance des actions et d\u00e9tournant l\u2019attention du rendement global du Fonds.<\/p>\n

Bien que l\u2019histoire de Dye & Durham n\u2019ait pas connu le d\u00e9nouement que nous esp\u00e9rions, soulignons que le Fonds a commenc\u00e9 2025 fort d\u2019une ann\u00e9e 2024 particuli\u00e8rement satisfaisante (en hausse de 56,1 %), ce qui a plac\u00e9 la barre haut. La composition g\u00e9n\u00e9rale du portefeuille et la qualit\u00e9 de nos actifs continuent de nous inspirer confiance, m\u00eame si certains peuvent parfois traverser une zone de turbulence.<\/p>\n

David Barr, CFA
\n19 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 du Fonds sont pr\u00e9sent\u00e9es ici <\/em>https:\/\/penderfund.com\/fr\/fund\/pender-global-small-mid-cap-equity-fund\/<\/em><\/p>","protected":false},"excerpt":{"rendered":"

As the curtain falls upon 2025, markets bow following their final act\u2014with the assurance that, no matter how winding the plot, our revels now are ended. The year unfolded largely as optimists had hoped. Expectations were surpassed, resilience was tested and proven, and investors were broadly rewarded. Yet in such moments, the desire for an […]<\/p>\n","protected":false},"featured_media":70424,"template":"","meta":{"_acf_changed":false},"fund-type":[36,40],"class_list":["post-72327","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-equity-funds","fund-type-pender-global-small-mid-cap-equity-fund"],"acf":[],"yoast_head":"\nPender Global Small\/Mid Cap 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-global-small-mid-cap-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 Global Small\/Mid Cap Equity Fund - December 2025\" \/>\n<meta property=\"og:description\" content=\"As the curtain falls upon 2025, markets bow following their final act\u2014with the assurance that, no matter how winding the plot, our revels now are ended. 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