{"id":72595,"date":"2026-02-13T14:43:18","date_gmt":"2026-02-13T22:43:18","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=72595"},"modified":"2026-02-18T14:06:18","modified_gmt":"2026-02-18T22:06:18","slug":"pender-alternative-special-situations-fund-january-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-special-situations-fund-january-2026\/","title":{"rendered":"Fonds alternatif de situations sp\u00e9ciales Pender - janvier 2026"},"content":{"rendered":"

Le Fonds alternatif de situations sp\u00e9ciales Pender a rapport\u00e9 un gain de 12,5 %1<\/a> <\/sup>en janvier, prenant ainsi les devants sur l\u2019indice compos\u00e9 S&P\/TSX, lequel s\u2019est avanc\u00e9 de 0,8 % pendant le mois. Le Fonds \u00e9tait en bonne posture pour tirer parti de la vigueur du secteur des mati\u00e8res premi\u00e8res, et ce, sur l\u2019ensemble du complexe. En effet, son enjeu dans les m\u00e9taux traditionnels s\u2019est jumel\u00e9 \u00e0 sa participation dans des soci\u00e9t\u00e9s de min\u00e9raux critiques \u00e0 valeur ajout\u00e9e plus \u00e9lev\u00e9e pour ainsi contribuer de mani\u00e8re significative au Fonds. En outre, la d\u00e9fense demeure un th\u00e8me de placement central; \u00e0 cet \u00e9gard, nos nombreux avoirs en portefeuille ont tir\u00e9 profit de l\u2019augmentation des d\u00e9penses sur l\u2019ensemble de l\u2019\u00e9cosyst\u00e8me mondial de la d\u00e9fense.<\/p>\n

\"\"<\/p>\n

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

Nous avons \u00e9t\u00e9 actifs pendant le mois, rench\u00e9rissant de mani\u00e8re s\u00e9lective sur certaines positions logicielles et technologiques \u00e0 la suite de la r\u00e9cente liquidation boursi\u00e8re dans ce secteur. Selon nous, la faiblesse des actions de soci\u00e9t\u00e9s logicielles aliment\u00e9e par les craintes relatives \u00e0 l\u2019IA est exag\u00e9r\u00e9e, le march\u00e9 ayant \u00e9tabli les cours en fonction d\u2019un sc\u00e9nario catastrophique pour une grande partie de l\u2019industrie. Or, comme il est d\u00e9sormais possible de discerner parmi les gagnants et les perdants de l\u2019IA, nous estimons que les dislocations occasionn\u00e9es par la peur cr\u00e9ent des opportunit\u00e9s particuli\u00e8res. C\u2019est notamment le cas des soci\u00e9t\u00e9s logicielles assorties de mod\u00e8les d\u2019affaires durables et de trajectoires de croissance \u00e0 long terme, qui sont pourtant pr\u00e9sentement valoris\u00e9es comme si elles allaient tomber dans l\u2019obsolescence.<\/p>\n

Dans ce contexte, nous avons mis sur pied un panier d\u2019acqu\u00e9reurs potentiels dans ce domaine, incluant Topicus.com Inc. (TOI)<\/strong>, Lumine Group Inc. (LMN)<\/strong>et le Constellation<\/strong> Software Inc. (CSU)<\/strong>. \u00c0 notre avis, celles-ci sont bien plac\u00e9es pour tirer parti du d\u00e9clin des valorisations tandis qu\u2019elles effectuent un d\u00e9ploiement opportun du capital. Nous avons \u00e9galement augment\u00e9 notre participation dans des entreprises que nous consid\u00e9rons \u00eatre des cibles potentielles d\u2019achat. Pour g\u00e9rer le risque et r\u00e9duire les effets d'une compression potentielle des multiples sur l'ensemble du secteur, le Fonds a instaur\u00e9 une couverture \u00e0 l\u2019aide d\u2019une position \u00e0 d\u00e9couvert dans le FNB iShares Expanded Tech\u2013Software Sector ETF (IGV).<\/strong><\/p>\n

Carrier Connect Data Services Inc. (CCDS) figurait parmi les principaux avoirs gagnants du Fonds pendant le mois. L\u2019entreprise propose des solutions de colocation et de centres de donn\u00e9es aux fournisseurs de services, ses clients utilisant l\u2019infrastructure de Carrier, soit comme centre de donn\u00e9es principal, soit comme site compl\u00e9mentaire, selon leurs besoins op\u00e9rationnels. Elle met en \u0153uvre une strat\u00e9gie ax\u00e9e sur l\u2019acquisition de centres de donn\u00e9es de niveau II et III au sein d\u2019un march\u00e9 vaste et tr\u00e8s fragment\u00e9, o\u00f9 les actifs peuvent \u00eatre acquis \u00e0 des valorisations attrayantes et o\u00f9 la valeur ajout\u00e9e peut \u00eatre cr\u00e9\u00e9e gr\u00e2ce \u00e0 une meilleure utilisation, une meilleure mise \u00e0 l\u2019\u00e9chelle et de meilleures relations avec la client\u00e8le. Comme la plateforme est en phase de d\u00e9marrage, nous estimons qu\u2019il y a encore largement place \u00e0 la croissance.<\/p>\n

Notre th\u00e8se de placement est en outre \u00e9tay\u00e9e par la confiance que nous accordons \u00e0 l\u2019\u00e9quipe de direction. Mark Binns, PDG et fondateur, est un entrepreneur en s\u00e9rie chevronn\u00e9 qui a d\u00e9j\u00e0 occup\u00e9 le poste de PDG de trois soci\u00e9t\u00e9s cot\u00e9es en bourse, notamment en faisant passer BIGG Digital Assets d\u2019une soci\u00e9t\u00e9 en d\u00e9marrage de deux employ\u00e9s \u00e0 une entreprise d\u2019un milliard $ en 2021. Nous nous sommes associ\u00e9s \u00e0 lui auparavant avec succ\u00e8s et estimons que son exp\u00e9rience et sa mise \u00e0 ex\u00e9cution sont des \u00e9l\u00e9ments diff\u00e9rentiateurs cl\u00e9s.<\/p>\n

Les actifs r\u00e9els demeurent \u00e9galement une composante principale de notre portefeuille. Les inqui\u00e9tudes qui persistent \u00e0 l\u2019endroit de l\u2019inflation, de la viabilit\u00e9 budg\u00e9taire et du dollar am\u00e9ricain repr\u00e9sentent une toile de fond convaincante pour les marchandises. 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 n\u2019en est qu\u2019\u00e0 ses premi\u00e8res manches.<\/p>\n

Les m\u00e9taux pr\u00e9cieux ont favorablement contribu\u00e9 au rendement du Fonds en janvier, le prix de l\u2019or et du m\u00e9tal argent ayant affich\u00e9 une solide plus-value. Suivant la hausse des prix, nous avons r\u00e9duit notre participation pendant le mois afin de g\u00e9rer les risques et de r\u00e9\u00e9quilibrer le portefeuille. Les actions des soci\u00e9t\u00e9s d\u2019uranium, repr\u00e9sentant un panier diversifi\u00e9 d\u2019entreprises propuls\u00e9es par des \u00e9l\u00e9ments catalyseurs, ont \u00e9galement bien tir\u00e9 leur \u00e9pingle du jeu. NexGen Energy Ltd. (NXE) <\/strong>s\u2019est inscrite troisi\u00e8me parmi les gagnants du Fonds au cours du mois, t\u00e9moignant de l\u2019int\u00e9r\u00eat soutenu des investisseurs pour les entreprises de d\u00e9veloppement d\u2019uranium de qualit\u00e9. Nous continuons de consid\u00e9rer l\u2019uranium comme un placement judicieux compte tenu de la hausse de la demande mondiale d\u2019\u00e9lectricit\u00e9 et du r\u00f4le de plus en plus important que joue l\u2019\u00e9nergie nucl\u00e9aire pour r\u00e9pondre aux besoins \u00e0 long terme en \u00e9lectricit\u00e9.<\/p>\n

Compl\u00e9mentaire aux participations plus traditionnelles aux mati\u00e8res premi\u00e8res li\u00e9es \u00e0 l\u2019\u00e9nergie, 5N Plus Inc. (VNP) <\/strong>s\u2019est hiss\u00e9e au deuxi\u00e8me rang des gagnants du Fonds au cours du mois. La soci\u00e9t\u00e9 est un fournisseur diff\u00e9renci\u00e9 de mati\u00e8res \u00e0 valeur ajout\u00e9e, desservant des march\u00e9s finaux b\u00e9n\u00e9ficiant de tendances favorables \u00e0 long terme, notamment les \u00e9nergies renouvelables, les semi-conducteurs et les infrastructures spatiales. Notre th\u00e8se de placement demeure par ailleurs positive, soutenue par plusieurs catalyseurs importants. Vers la fin de 2025, 5N Plus a \u00e9t\u00e9 ajout\u00e9e \u00e0 l\u2019indice compos\u00e9 S&P\/TSX, ce qui a consid\u00e9rablement bonifi\u00e9 son profil d\u2019investissement. Plus r\u00e9cemment, la soci\u00e9t\u00e9 a re\u00e7u une subvention de 18,1 millions USD du gouvernement des \u00c9tats-Unis pour solidifier les cha\u00eenes d\u2019approvisionnement li\u00e9es \u00e0 la d\u00e9fense et au secteur spatial. Afin de r\u00e9pondre \u00e0 la demande croissante du secteur spatial en pleine expansion, 5N Plus a \u00e9galement annonc\u00e9 son intention d\u2019accro\u00eetre sa capacit\u00e9 de production de cellules solaires spatiales de 25 % en 2026.<\/p>\n

Perspectives<\/h3>\n

Le contexte actuel demeure propice aux investissements opportuns et aux situations sp\u00e9ciales, avec un bassin d\u2019occasions qui s\u2019accro\u00eet gr\u00e2ce \u00e0 des \u00e9l\u00e9ments catalyseurs sur le court terme. L\u2019incertitude qui plane toujours en raison des droits de douane, du contexte g\u00e9opolitique et d\u2019un \u00e9cart de valorisation marqu\u00e9 entre les petites et les grandes entreprises, le tout sur fond d\u2019activit\u00e9s de F&A dynamiques, contribue \u00e0 cr\u00e9er un environnement favorable aux strat\u00e9gies ax\u00e9es sur les \u00e9l\u00e9ments catalyseurs. Fort d\u2019un historique positif \u00e0 court et \u00e0 long terme, le Fonds demeure bien plac\u00e9 pour faire face \u00e0 la volatilit\u00e9 et tirer profit d\u2019occasions particuli\u00e8res au fil des d\u00e9veloppements sur les march\u00e9s.<\/p>\n

Amar Pandya, CFA
\n<\/strong>13 f\u00e9vrier 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 : https:\/\/penderfund.com\/fr\/fund\/pender-alternative-special-situations-fund\/<\/em><\/p>","protected":false},"excerpt":{"rendered":"

The Pender Alternative Special Situations Fund returned 12.5%1 in January, outperforming the S&P\/TSX Composite, which rose 0.8% during the month. The Fund was well positioned to benefit from strength across the materials complex, where both traditional metals exposure and higher-value critical materials companies contributed meaningfully to performance. In addition, defense remains a core investment theme, […]<\/p>\n","protected":false},"featured_media":70751,"template":"","meta":{"_acf_changed":false},"fund-type":[45,185],"class_list":["post-72595","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-pender-liquid-alternative-funds","fund-type-pender-alternative-special-situations-fund"],"acf":[],"yoast_head":"\nPender Alternative Special Situations 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-special-situations-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 Special Situations Fund - January 2026\" \/>\n<meta property=\"og:description\" content=\"The Pender Alternative Special Situations Fund returned 12.5%1 in January, outperforming the S&P\/TSX Composite, which rose 0.8% during the month. 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