{"id":72554,"date":"2026-02-09T16:03:29","date_gmt":"2026-02-10T00:03:29","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=72554"},"modified":"2026-02-12T09:02:00","modified_gmt":"2026-02-12T17:02:00","slug":"pender-alternative-select-equity-fund-january-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-select-equity-fund-january-2026\/","title":{"rendered":"Fonds alternatif d\u2019actions s\u00e9lect Pender - janvier 2026"},"content":{"rendered":"

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

Pour plusieurs, janvier est un bon indicateur de l\u2019ann\u00e9e qui s\u2019annonce. Eh bien, si 2026 ob\u00e9it \u00e0 la r\u00e8gle, bouclons notre ceinture, car cela risque de ne pas \u00eatre de tout repos.<\/p>\n

Janvier s\u2019est termin\u00e9 en queue de poisson, les march\u00e9s s\u2019\u00e9tant repli\u00e9s \u00e0 la derni\u00e8re s\u00e9ance pour cl\u00f4turer le mois l\u00e9g\u00e8rement en hausse. Cependant, cette anecdote est loin de raconter toute l\u2019histoire. En effet, janvier a \u00e9t\u00e9 l\u2019un de ces mois o\u00f9 les semaines ont sembl\u00e9 durer des ann\u00e9es.<\/p>\n

Apr\u00e8s une ann\u00e9e aussi spectaculaire que 2025, plusieurs s\u2019attendaient \u00e0 une forme quelconque de correction en 2026. L\u2019ann\u00e9e s\u2019\u00e9tait termin\u00e9e en beaut\u00e9, sur une remont\u00e9e pendant laquelle de nombreux titres avaient \u00e9t\u00e9 surachet\u00e9s, et les investisseurs craignaient que les vendeurs inondent le march\u00e9 au d\u00e9but de 2026. Ce ne fut pas le cas.<\/p>\n

L\u2019ann\u00e9e a commenc\u00e9 en fanfare, avec des march\u00e9s pr\u00eats \u00e0 se lancer \u00e0 l\u2019assaut. Mais cet assaut a tr\u00e8s vite \u00e9t\u00e9 suivi d\u2019un autre, r\u00e9el celui-l\u00e0, quand les \u00c9tats-Unis ont attaqu\u00e9 le V\u00e9n\u00e9zu\u00e9la. Le succ\u00e8s retentissant de cette mission, apr\u00e8s laquelle les \u00c9tats-Unis se sont bel et bien empar\u00e9s du gouvernement, a sid\u00e9r\u00e9 la plan\u00e8te et galvanis\u00e9 le pr\u00e9sident Trump.<\/p>\n

Fort de sa \u00ab victoire \u00bb, le pr\u00e9sident a aussit\u00f4t report\u00e9 son attention vers d\u2019autres questions. Dans un premier temps, il a intensifi\u00e9 la pression sur le FOMC en intentant une action en justice contre le pr\u00e9sident Powell. Puis, il a renouvel\u00e9 ses tentatives en vue d\u2019arracher le contr\u00f4le du Groenland \u00e0 un alli\u00e9 de l\u2019OTAN. Quand l\u2019UE et d\u2019autres pays se sont insurg\u00e9s, nous sommes soudainement entr\u00e9s dans ce qui ressemblait \u00e0 une \u00ab guerre tarifaire 2.0 \u00bb. Les march\u00e9s ont r\u00e9agi en chutant. Mais, fid\u00e8le au sc\u00e9nario qui nous est devenu familier l\u2019an pass\u00e9, TACO Trump a r\u00e9trop\u00e9dal\u00e9, un accord a \u00e9t\u00e9 conclu et les march\u00e9s ont c\u00e9l\u00e9br\u00e9.<\/p>\n

Le Forum \u00e9conomique mondial de Davos aurait d\u00fb \u00eatre l\u2019occasion de ramener le calme et d\u2019apaiser les tensions. Or, ce fut tout le contraire. Le discours du premier ministre Carney a excit\u00e9 la fureur du pr\u00e9sident qui s\u2019est d\u00e9cha\u00een\u00e9 contre le Canada, ramenant la question des tarifs sur le tapis et soulevant des inqui\u00e9tudes quant \u00e0 la ren\u00e9gociation toute proche de l\u2019ACEUM.<\/p>\n

Malgr\u00e9 tout, le TSX a fini le mois dans une position d\u00e9cente. La volatilit\u00e9 des d\u00e9cisions prises \u00e0 Washington semble avoir d\u00e9clench\u00e9 l\u2019initiative \u00ab sell America \u00bb (vendre ses actifs \u00e9tats-uniens). Les investisseurs mondiaux, qui avaient d\u00e9j\u00e0 commenc\u00e9 \u00e0 r\u00e9duire leur exposition \u00e0 ces titres, ont acc\u00e9l\u00e9r\u00e9 la cadence et r\u00e9investi une part de leurs produits au Canada.<\/p>\n

\u00c0 notre avis, les v\u00e9ritables gagnants de cette initiative ont \u00e9t\u00e9 les mati\u00e8res premi\u00e8res. Ces gains se sont ajout\u00e9s \u00e0 ceux de la derni\u00e8re ann\u00e9e, pendant laquelle l\u2019effet combin\u00e9 d\u2019un dollar faible, des achats faits par les banques centrales et du climat d\u2019incertitude g\u00e9n\u00e9ral a pouss\u00e9 l\u2019or et l\u2019argent vers des sommets records. Cela a entra\u00een\u00e9 la hausse des entreprises associ\u00e9es \u00e0 ce secteur et un regain d\u2019int\u00e9r\u00eat pour l\u2019indice S&P\/TSX.<\/p>\n

\u00c9videmment, tout ce qui monte doit redescendre, et nous en avons eu la preuve \u00e0 la fin du mois. On pourrait certes y voir une belle occasion\u2026 jusqu\u2019\u00e0 ce que les tendances sous-jacentes s\u2019inversent.<\/p>\n

On s\u2019attendait \u00e0 ce que 2026 soit volatil \u00e9tant donn\u00e9 l\u2019\u00e9tat des affaires \u00e0 travers le monde, mais on peut affirmer sans se tromper que janvier a surpass\u00e9 ces attentes. Et maintenant?<\/p>\n

Nous connaissons enfin le nom de celui qui devrait devenir le prochain pr\u00e9sident du FOMC, mais cela ne met pas fin \u00e0 l\u2019incertitude. Les march\u00e9s obligataires ne sont pas calmes; les \u00e9carts en mati\u00e8re de rendements restent serr\u00e9s. Le Japon est au bord de la crise budg\u00e9taire, et qui sait quel pays sera la prochaine cible d\u2019un acc\u00e8s de col\u00e8re tarifaire (sans doute le Canada lorsque nous aurons remport\u00e9 quelques m\u00e9dailles d\u2019or).<\/p>\n

Toutefois, on aurait tort d\u2019ignorer qu\u2019\u00e0 Davos, le pr\u00e9sident Trump a pr\u00e9dit que le march\u00e9 bousier se rel\u00e8verait. M\u00eame s\u2019il ne peut pas faire de miracles pour y parvenir, s\u2019il recommence \u00e0 utiliser le march\u00e9 boursier comme tableau d\u2019affichage, il est difficile de se montrer trop pessimiste. Ce qui ne revient pas \u00e0 dire que la volatilit\u00e9 ne sera pas au rendez-vous, mais SI jamais il y en avait, la strat\u00e9gie consistant \u00e0 acheter \u00e0 la baisse demeurera une option.<\/p>\n

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

Le Fonds alternatif d\u2019actions s\u00e9lect Pender a grimp\u00e9 de 10,7 %1<\/a><\/sup> pendant le mois de janvier, comparativement \u00e0 un gain de 0,8 % pour l\u2019indice compos\u00e9 S&P\/TSX. Notre positionnement dans les secteurs des mati\u00e8res premi\u00e8res a contribu\u00e9 \u00e0 ce d\u00e9but d\u2019ann\u00e9e positif. Au d\u00e9but de l\u2019ann\u00e9e, notre plus forte exposition relevait de l\u2019uranium, ce qui nous a favorablement avantag\u00e9s, notamment par l\u2019entremise de participations dans NexGen Energy Ltd. (NXE)<\/strong> et IsoEnergy Ltd (ISO).<\/strong>\u00a0Nous avons r\u00e9duit notre pond\u00e9ration dans l\u2019uranium pour r\u00e9colter nos gains et avons \u00e9limin\u00e9 notre participation \u00e0 Cameco Corporation (CCO)<\/strong> en raison du cours.<\/p>\n

Le secteur des m\u00e9taux pr\u00e9cieux a suscit\u00e9 un vif int\u00e9r\u00eat ce mois-ci et a connu une forte volatilit\u00e9. Nous \u00e9tions expos\u00e9s \u00e0 ce secteur au cours de l\u2019ann\u00e9e derni\u00e8re, mais nous avons r\u00e9orient\u00e9 nos positions en faveur des producteurs interm\u00e9diaires et juniors, au d\u00e9triment des grands producteurs et du m\u00e9tal argent. Cette strat\u00e9gie s\u2019est av\u00e9r\u00e9e avantageuse pendant le mois, l\u2019enthousiasme ayant pris de l\u2019ampleur dans le secteur et l\u2019argent attirant l\u2019attention des sp\u00e9culateurs du monde entier. Nous avons profit\u00e9 de cette dynamique positive pour vendre. En effet, nous avons liquid\u00e9 la majeure partie de notre exposition \u00e0 l\u2019argent et avons r\u00e9alis\u00e9 des profits sur de nombreuses petites soci\u00e9t\u00e9s aurif\u00e8res. Nous demeurons cependant optimistes envers les actifs r\u00e9els pour l\u2019ann\u00e9e et envisageons de revenir sur ce secteur lorsque les prix descendront.<\/p>\n

Compte tenu des gains favorables enregistr\u00e9s en d\u00e9but d\u2019ann\u00e9e et des profits r\u00e9alis\u00e9s gr\u00e2ce aux mati\u00e8res premi\u00e8res, le Fonds commence le mois de f\u00e9vrier sur un pied plus d\u00e9fensif, arm\u00e9 d\u2019une tr\u00e9sorerie plus fournie qu\u2019\u00e0 l\u2019habitude. Nous avons \u00e9galement \u00e9tay\u00e9 nos couvertures afin de nous pr\u00e9munir contre les risques de baisse en cas de nouvelle volatilit\u00e9. Nous avons aussi rench\u00e9ri sur nos positions dans le secteur de l\u2019\u00e9nergie. Les prix du p\u00e9trole et du gaz naturel se sont am\u00e9lior\u00e9s tandis que les actions ont sous-perform\u00e9; cela pourrait repr\u00e9senter une opportunit\u00e9. Nous restons prudents vis-\u00e0-vis du secteur des services financiers et attendons une am\u00e9lioration avant d\u2019investir dans le secteur des technologies.<\/p>\n

Greg Taylor, CFA
\n9 f\u00e9vrier 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 Many consider the month of January as a good leading indicator of how the year will play out. Well, if this year is going to follow that pattern, we had better all buckle up, as it could be quite the ride. January finished with a whimper as markets fell on the last trading […]<\/p>\n","protected":false},"featured_media":70749,"template":"","meta":{"_acf_changed":false},"fund-type":[45,135],"class_list":["post-72554","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 - January 2026 - 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-january-2026\/\" \/>\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 - January 2026\" \/>\n<meta property=\"og:description\" content=\"Market Insights Many consider the month of January as a good leading indicator of how the year will play out. 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