{"id":72809,"date":"2026-03-09T11:44:37","date_gmt":"2026-03-09T18:44:37","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=72809"},"modified":"2026-03-13T16:01:37","modified_gmt":"2026-03-13T23:01:37","slug":"pender-corporate-bond-fund-february-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-corporate-bond-fund-february-2026\/","title":{"rendered":"Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender - f\u00e9vrier 2026"},"content":{"rendered":"

F\u00e9vrier a \u00e9t\u00e9 rentable pour le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender, comme en t\u00e9moigne son rendement total de 2,2 %1<\/sup><\/a>. Sur l\u2019ensemble du march\u00e9, le contexte a \u00e9t\u00e9 caract\u00e9ris\u00e9 par la force des indices de r\u00e9f\u00e9rences des titres de cat\u00e9gorie investissement, qui ont progress\u00e9 de 1 %, et par l\u2019affaiblissement du cr\u00e9dit des titres \u00e0 rendement \u00e9lev\u00e9, dont les rendements totaux ont \u00e9t\u00e9 n\u00e9gatifs et les \u00e9carts en expansion.<\/p>\n

En f\u00e9vrier, les titres les plus rentables pour le Fonds ont \u00e9t\u00e9 les obligations convertibles du secteur minier. Parmi ceux qui ont le plus boug\u00e9 se trouvent les billets (2027) de First Majestic Silver, qui ont gagn\u00e9 plus de 40 %, et les titres convertibles (2028) d\u2019Equinox Gold, qui ont progress\u00e9 de 25 % au cours du mois. Ces positions de longue date, prises il y a plus de deux ans, \u00e9taient sous le pair et se sont hiss\u00e9es jusqu\u2019\u00e0 atteindre trois fois ce niveau. Nous avons vendu ces titres parce que leur prix avait mont\u00e9. Nous avons aussi souscrit des options d\u2019achat couvertes contre la participation aux actions int\u00e9gr\u00e9es aux billets. Cependant, nous sommes fort conscients que, en rapport aux m\u00e9taux sous-jacents, les actions mini\u00e8res jouissent d\u2019un \u00e9cart de valeur fr\u00f4lant les niveaux les plus \u00e9lev\u00e9s jamais enregistr\u00e9s. Nous maintenons donc une exposition positive aux m\u00e9taux pr\u00e9cieux repr\u00e9sentant environ 4 %, sur une base pond\u00e9r\u00e9e selon le delta.<\/p>\n

En f\u00e9vrier, le Fonds a aussi tir\u00e9 profit de ses placements dans le p\u00e9trole et le gaz, qui ont commenc\u00e9 \u00e0 se relever de leur creux de 2025. Notre position dans les billets non garantis de premier rang (2028) du producteur de p\u00e9trole colombien, Fronterra Energy Corp., a atteint plus de 95 % de sa valeur nominale \u00e0 la fin du mois, ce qui constitue une hausse de pr\u00e8s de 30 points par rapport \u00e0 leur valeur de n\u00e9gociation du d\u00e9but de 2026. Fronterra est actuellement l\u2019objet d\u2019une guerre d\u2019ench\u00e8res entre l\u2019entreprise colombienne Geopark Ltd et Parex Resources Inc., une soci\u00e9t\u00e9 de Calgary. Nous croyons que l\u2019industrie traditionnelle des \u00e9nergies fossiles est nettement sous-\u00e9valu\u00e9e, et nous avons augment\u00e9 notre pond\u00e9ration en obligations ordinaires et en billets convertibles de ce secteur.<\/p>\n

Quant au reste du Fonds, plusieurs de nos positions de cat\u00e9gorie investissement ont prosp\u00e9r\u00e9, dont les TIPS (0,125 %, 2052) qui ont augment\u00e9 de plus de 5 % en f\u00e9vrier. Il y a eu peu de zones de faiblesse, si ce n\u2019est celle du cr\u00e9dit ax\u00e9 sur les logiciels. Bien que ce ne soit pas une priorit\u00e9 pour nous, nous d\u00e9tenons n\u00e9anmoins une position dans les obligations (10,625 %, 2031) d\u2019Unisys Corp. qui a perdu 10 points ce mois-ci.<\/p>\n

\u00c9tablir une direction strat\u00e9gique dans le brouillard de la guerre<\/h3>\n

Le d\u00e9but, \u00e0 la fin f\u00e9vrier, des hostilit\u00e9s en Iran a pr\u00e9cipit\u00e9 le march\u00e9 des capitaux dans une grande volatilit\u00e9 contre laquelle le Fonds n\u2019est pas immunis\u00e9. Pendant que nous nous pr\u00e9parons \u00e0 affronter la volatilit\u00e9 et l\u2019incertitude cr\u00e9\u00e9es par la guerre du Moyen-Orient, nous voulons faire part de ce que nous avons appris en investissant pendant des crises.<\/p>\n

    \n
  1. Nous n\u2019avons jamais regrett\u00e9 de d\u00e9tenir une position saine dans des titres liquides.<\/strong><\/li>\n<\/ol>\n

    Si l\u2019on pense \u00e0 des crises, telles que la pand\u00e9mie de COVID ou du Liberation Day, qui ont plong\u00e9 les march\u00e9s dans une grande confusion, nous devons avouer que notre pond\u00e9ration en titres liquides nous a permis d\u2019amortir la volatilit\u00e9 subie par le Fonds et d\u2019augmenter nos positions opportunistes \u00e0 mesure que les prix baissaient. Dans le cas pr\u00e9sent, au d\u00e9but de mars, nos actifs ayant le risque de d\u00e9faut le plus bas repr\u00e9sentaient une pond\u00e9ration de 54 %, dont 31 % de celle-ci dans des obligations de cat\u00e9gorie investissement. L\u2019issue de la crise au Moyen-Orient est tr\u00e8s incertaine, mais nous abordons la situation bien arm\u00e9s en mati\u00e8re de liquidit\u00e9s.<\/p>\n

      \n
    1. Une importante dislocation des prix met longtemps \u00e0 se corriger.<\/strong><\/li>\n<\/ol>\n

      Nous ignorons quelle sera la gravit\u00e9 de la guerre en Iran ni dans quelle mesure elle se r\u00e9percutera sur les \u00e9conomies et les march\u00e9s boursiers \u00e0 travers le monde. Mais nous avons observ\u00e9, lors des crises pass\u00e9es, qu\u2019une importante dislocation des prix met du temps \u00e0 se r\u00e9soudre. Nous encourageons donc les lecteurs de ce commentaire \u00e0 se montrer patients, dans la mesure o\u00f9 nous avons ajout\u00e9 des positions dont les \u00ab prix de vente \u00bb sont cr\u00e9\u00e9s par le conflit. M\u00eame si la crise devait se r\u00e9gler rapidement, nous avons d\u00e9j\u00e0 vu des obligations mal en point r\u00e9agir lentement aux revirements de situation.<\/p>\n

        \n
      1. Ceux qui sortent gagnants d\u2019une crise ne sont pas n\u00e9cessairement les candidats \u00e9vidents.<\/strong><\/li>\n<\/ol>\n

        Toute crise au Moyen-Orient porte les investisseurs \u00e0 se concentrer sur le p\u00e9trole et les industries associ\u00e9es qui, dans le cas qui nous occupe, semblent \u00eatre les premiers b\u00e9n\u00e9ficiaires du choc \u00e9nerg\u00e9tique. Toutefois, lors des crises pass\u00e9es, les secteurs qui en ont b\u00e9n\u00e9fici\u00e9 le plus n\u2019en \u00e9taient pas les victimes les plus flagrantes. Le fiasco technologique de 2000-2002 a mis le feu aux poudres des ressources et des march\u00e9s \u00e9mergents tandis que la COVID a fouett\u00e9 l\u2019immobilier r\u00e9sidentiel et, apr\u00e8s l\u2019effondrement initial, les producteurs de p\u00e9trole.<\/p>\n

        Le secteur et les entreprises qui sortiront gagnants des al\u00e9as de la crise actuelle peuvent \u00eatre difficiles \u00e0 identifier d\u2019embl\u00e9e. Mais notre premier r\u00e9flexe sera de chercher les prix les plus disloqu\u00e9s, des entreprises dont la valeur est nettement plus basse que ce que l\u2019on voit ordinairement. Parfois, les raisons pour lesquelles les prix doivent se relever n\u2019apparaissent qu\u2019au fil du temps, quand les clients et les industries r\u00e9agissent \u00e0 des circonstances impr\u00e9vues.<\/p>\n

        Positionnement du Fonds<\/h3>\n

        Le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender est assorti d\u2019un rendement \u00e0 l\u2019\u00e9ch\u00e9ance de 5,38 %, au 28 f\u00e9vrier, le rendement actuel s\u2019\u00e9tablissant \u00e0 4,71 % et la dur\u00e9e moyenne modifi\u00e9e de ses instruments \u00e0 terme de 3,77 ann\u00e9es. Il comporte une pond\u00e9ration de 1,83 % dans des titres de cr\u00e9ance dont les positions sont d\u00e9tenues en vue d\u2019une valeur cible inf\u00e9rieure au pair et dont le rendement th\u00e9orique n\u2019est pas inclus dans le calcul ci-dessus. De m\u00eame, les obligations convertibles pr\u00e8s ou \u00e9quivalentes au cours repr\u00e9sentant 10 % du Fonds ont \u00e9galement \u00e9t\u00e9 exclues du rendement et de la dur\u00e9e. La tr\u00e9sorerie repr\u00e9sentait 3,8 % du portefeuille total au 28 f\u00e9vrier.<\/p>\n

        Geoff Castle
        \n9 mars 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. <\/em>Les donn\u00e9es standards sur le rendement du Fonds sont pr\u00e9sent\u00e9es ici : https:\/\/penderfund.com\/fr\/fund\/pender-corporate-bond-fund\/<\/em><\/p>","protected":false},"excerpt":{"rendered":"

        The Pender Corporate Bond Fund enjoyed a successful February, posting a total return of 2.2%1. The broader market context included strength in investment grade benchmarks, which advanced over 1%, and weaker high yield credit which delivered negative total returns on spread-widening. The Fund\u2019s highest returning securities in February were convertible bond positions in the mining […]<\/p>\n","protected":false},"featured_media":70754,"template":"","meta":{"_acf_changed":false},"fund-type":[41,43],"class_list":["post-72809","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-fixed-income-funds","fund-type-pender-corporate-bond-fund"],"acf":[],"yoast_head":"\nPender Corporate Bond Fund - February 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-corporate-bond-fund-february-2026\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pender Corporate Bond Fund - February 2026\" \/>\n<meta property=\"og:description\" content=\"The Pender Corporate Bond Fund enjoyed a successful February, posting a total return of 2.2%1. 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