{"id":72920,"date":"2026-03-13T10:40:01","date_gmt":"2026-03-13T17:40:01","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=72920"},"modified":"2026-03-19T09:17:23","modified_gmt":"2026-03-19T16:17:23","slug":"pender-alternative-absolute-return-fund-february-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-absolute-return-fund-february-2026\/","title":{"rendered":"Fonds alternatif \u00e0 rendement absolu Pender - F\u00e9vrier 2026"},"content":{"rendered":"

Chers porteurs et porteuses de parts,<\/p>\n

Le Fonds alternatif \u00e0 rendement absolu Pender a affich\u00e9 un rendement de 0,9 %1<\/a> <\/sup>en f\u00e9vrier pour \u00e9tablir son cumul annuel \u00e0 1,3 %.<\/p>\n

Les march\u00e9s du cr\u00e9dit ont \u00e9t\u00e9 agit\u00e9s en f\u00e9vrier. En effet, l\u2019effet combin\u00e9 du grand nombre d\u2019\u00e9missions et de l\u2019inqui\u00e9tude des cr\u00e9anciers touchant \u00e0 l\u2019endettement des soci\u00e9t\u00e9s priv\u00e9es et aux entreprises logicielles a pes\u00e9 sur la performance. L\u2019indice am\u00e9ricain \u00e0 rendement \u00e9lev\u00e9 ICE BofA a fini le mois sur un \u00e9cart de r\u00e9mun\u00e9ration corrig\u00e9 des effets de la clause de remboursement anticip\u00e9 (OAS) de 312 points de base (pb) par rapport aux titres d\u2019\u00c9tat, plus large de 24 pb et sup\u00e9rieur de pr\u00e8s de 50 pb aux creux atteints \u00e0 la mi-janvier. Une forte hausse des rendements des obligations gouvernementales sous-jacentes a fait partiellement contrepoids \u00e0 l\u2019\u00e9largissement des \u00e9carts, ce qui a donn\u00e9 un gain de 0,2 % pour l\u2019indice. Sur la base d\u2019une couverture en CAD, le march\u00e9 \u00e0 rendement \u00e9lev\u00e9 des \u00c9tats-Unis a affich\u00e9 un rendement de 0,4 % depuis le d\u00e9but de l\u2019ann\u00e9e.<\/p>\n

Pour sa part, l\u2019indice de r\u00e9f\u00e9rence du Fonds, soit l\u2019indice HFRI Credit (couvert en CAD) a termin\u00e9 sa course \u00e0 0,5 % en f\u00e9vrier, pour \u00e9tablir son cumul annuel \u00e0 1,6 %.<\/p>\n

Mise \u00e0 jour sur le march\u00e9 et le portefeuille<\/h3>\n

Bien que, sur le plan de l\u2019indice, le march\u00e9 n\u2019ait pas beaucoup boug\u00e9 en f\u00e9vrier, la volatilit\u00e9 a \u00e9t\u00e9 tr\u00e8s pr\u00e9sente pour les \u00e9metteurs individuels, ce qui a offert des occasions au Fonds. Nous avons tir\u00e9 avantage de la hausse pour nous retirer de certaines positions dans le commerce de d\u00e9tail, qui sont habituellement volatiles, mais qui n\u2019ont cess\u00e9 d\u2019augmenter dans le contexte actuel. Le Fonds a vendu sa position dans les obligations (7,25 %, 2030) d\u2019Under Armour Inc. (NYSE : UA) \u00e0 plus de quatre points au-dessus du pair. L\u2019\u00e9mission a fait mieux que le march\u00e9 cette ann\u00e9e lorsqu\u2019on a appris que Fairfax (TSX : FFH) d\u00e9tenait une importante position en actions dans l\u2019entreprise, apr\u00e8s quoi on s\u2019est demand\u00e9 si elle pouvait \u00eatre une cible d\u2019acquisition.<\/p>\n

Le Fonds s\u2019est aussi retir\u00e9 de ses positions obligataires associ\u00e9es aux centres de donn\u00e9es d\u2019IA \u00e0 la suite d\u2019une forte performance. Cette ann\u00e9e, la tendance a consist\u00e9 \u00e0 acheter des \u00e9missions reli\u00e9es \u00e0 l\u2019IA et \u00e0 vendre les entreprises logicielles et d\u2019autres soci\u00e9t\u00e9s per\u00e7ues comme \u00e9tant les perdantes de l\u2019IA, y compris des courtiers en assurance et, dans certains cas, des entreprises m\u00e9diatiques. En f\u00e9vrier, nous avons jug\u00e9 bon d\u2019aller \u00e0 contresens de cette tendance, tr\u00e8s courue, car certains \u00e9metteurs ont \u00e9t\u00e9 entra\u00een\u00e9s plus bas que ne le justifiaient les fondamentaux selon nous.<\/p>\n

Une grande part du march\u00e9 qui n\u2019\u00e9tait pas la cible des inqui\u00e9tudes suscit\u00e9es par l\u2019IA s\u2019est plut\u00f4t bien comport\u00e9e en f\u00e9vrier, ce qui nous a permis de vendre quelques positions longues de grande qualit\u00e9 dont la marge d\u2019appr\u00e9ciation du capital \u00e9tait devenue limit\u00e9e.<\/p>\n

Les \u00e9carts de cr\u00e9dit, qui s\u2019\u00e9taient \u00e9largis \u00e0 la mi-janvier, sont rest\u00e9s plus pr\u00e8s des bas cycliques que des moyennes cycliques. Nous avons entendu d\u2019autres gestionnaires d\u2019actifs expliquer que ce pourrait \u00eatre diff\u00e9rent cette fois, et que nous ne devrions pas nous attendre un retour \u00e0 la normale. L\u2019une des raisons invoqu\u00e9es est que le cr\u00e9dit priv\u00e9 a am\u00e9lior\u00e9 le bassin d\u2019\u00e9metteurs sur le march\u00e9 des titres \u00e0 rendement \u00e9lev\u00e9. Bien que certaines cr\u00e9ances marginales cot\u00e9es B ou moins auraient pu, en d\u2019autres circonstances, acc\u00e9der au march\u00e9 public, pour les \u00e9metteurs not\u00e9s BB ou plus (y compris tout le march\u00e9 de cat\u00e9gorie investissement), la qualit\u00e9 du cr\u00e9dit n\u2019est pas tr\u00e8s diff\u00e9rente de ce qu\u2019elle \u00e9tait dans les cycles ant\u00e9rieurs. Le march\u00e9 de cat\u00e9gorie investissement en particulier est domin\u00e9 par les m\u00eames grands \u00e9metteurs publics, m\u00eame s\u2019il y a eu une nette augmentation des \u00e9missions technologiques destin\u00e9es \u00e0 financer la construction de centres de donn\u00e9es pour l\u2019IA, notamment de la part d\u2019Oracle. Le poids croissant d\u2019Oracle ne signifie pas que le march\u00e9 de cat\u00e9gorie investissement soit de meilleure qualit\u00e9 qu\u2019avant. \u00c0 vrai dire, elle a diminu\u00e9 malgr\u00e9 le resserrement des \u00e9carts.<\/p>\n

Au cours de la derni\u00e8re ann\u00e9e, nous avons constat\u00e9 le resserrement consid\u00e9rable des \u00e9carts touchant aux titres de cat\u00e9gorie investissement, parfois en pr\u00e9sence d\u2019une d\u00e9t\u00e9rioration fondamentale marqu\u00e9e. Sur le march\u00e9 canadien, mentionnons \u00e0 titre d\u2019exemple Allied Properties REIT (TSX : AP.UN), dont la pi\u00e8tre performance sur le plan des op\u00e9rations et des actions a \u00e9t\u00e9 balay\u00e9e du revers de la main par le march\u00e9 du cr\u00e9dit et r\u00e9compens\u00e9e par des \u00e9carts plus serr\u00e9s.<\/p>\n

\"\"<\/p>\n

Source : Bloomberg<\/em><\/p>\n

Par cons\u00e9quent, nous ne voyons aucune raison justifiant que \u00ab\u2009cette fois, ce serait diff\u00e9rent\u2009\u00bb quand il est question des \u00e9carts de cr\u00e9dit des titres de cat\u00e9gorie investissement dont le prix fr\u00f4le actuellement un plancher historique.<\/p>\n

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

L\u2019aisance stup\u00e9fiante avec laquelle Trump a remplac\u00e9 Maduro au V\u00e9n\u00e9zu\u00e9la en janvier a jet\u00e9 les bases d\u2019une grave b\u00e9vue en politique ext\u00e9rieure. \u00c9tant donn\u00e9 le court d\u00e9lai qui s\u00e9pare la r\u00e9daction d\u2019un commentaire et sa publication, il est difficile d\u2019\u00e9piloguer sur le conflit avec l\u2019Iran. Nous croyons cependant que Trump a commis une erreur de jugement en attaquant l\u2019Iran, entreprise qui, selon les dires m\u00eames de la communaut\u00e9 du renseignement des \u00c9tats-Unis, ne donnera sans doute pas lieu \u00e0 un changement de r\u00e9gime. Bien que Trump d\u00e9clare que la guerre est presque finie, probablement pour rassurer les march\u00e9s financiers, trouver une porte de sortie sera ardu, selon nous.<\/p>\n

On dit que la premi\u00e8re victime d\u2019une guerre est la v\u00e9rit\u00e9, il est donc difficile de savoir ce qui se passe vraiment sur le terrain. Mais nous continuons \u00e0 maintenir au sein de notre portefeuille une couverture appr\u00e9ciable sur les actifs risqu\u00e9s et sur les positions longues en mati\u00e8re de cr\u00e9ances \u00e9nerg\u00e9tiques. Ces deux th\u00e8mes s\u2019articulent autour de la valeur, et non sur un potentiel catalyseur pr\u00e9cis, mais ils sont bien appari\u00e9s \u00e0 un conflit prolong\u00e9 au Moyen-Orient.<\/p>\n

Les march\u00e9s ont montr\u00e9 leur tr\u00e8s forte volont\u00e9 d\u2019acheter \u00e0 la baisse au d\u00e9but de mars. Nous comprenons pourquoi, puisqu\u2019au cours de la derni\u00e8re ann\u00e9e, chaque \u00e9v\u00e9nement g\u00e9opolitique ayant boulevers\u00e9 le march\u00e9 a cr\u00e9\u00e9 des occasions d\u2019acheter. Mais nous constatons aussi que la dynamique du march\u00e9 est en train de changer. Au cours des derniers mois, les indicateurs techniques favorables se sont but\u00e9s \u00e0 la r\u00e9sistance des valorisations, \u00e0 la fois sur les march\u00e9s boursiers et sur ceux du cr\u00e9dit. Nous avons vu des titres, dont le cours \u00e9tait tr\u00e8s \u00e9loign\u00e9 de leur valeur fondamentale, op\u00e9rer un retour \u00e0 la moyenne, quoique basse, en 2026.<\/p>\n

Comme les valeurs tiennent d\u00e9j\u00e0 compte des bonnes nouvelles, et en pr\u00e9sence d\u2019un m\u00e9lange in\u00e9dit d\u2019\u00e9v\u00e9nements micro\u00e9conomiques et macro\u00e9conomiques, nous estimons que 2026 sera bien diff\u00e9rente de 2025 sur le plan des actifs risqu\u00e9s. Nous croyons que les march\u00e9s seront agit\u00e9s et qu\u2019ils nous r\u00e9serveront de meilleures occasions d\u2019acheter dans les mois \u00e0 venir.<\/p>\n

Param\u00e8tres du portefeuille<\/h3>\n

Le Fonds a pass\u00e9 le fil d\u2019arriv\u00e9e du mois de f\u00e9vrier arm\u00e9 d\u2019une pond\u00e9ration longue de 126,1 % (excluant les tr\u00e9soreries et les bons du Tr\u00e9sor). Dans celle-ci, 32,9 % relevaient de notre strat\u00e9gie \u00e0 revenu fixe r\u00e9gulier, 90,3 % de notre strat\u00e9gie ax\u00e9e sur la valeur relative et 2,9 % de notre strat\u00e9gie visant l\u2019investissement \u00e9v\u00e9nementiel. Le Fonds renfermait en outre une pond\u00e9ration courte de -68,5 %, dont -3,8 % dans les obligations du gouvernement, -41,3 % dans les titres de cr\u00e9ance d\u2019entreprises et -23,6 % dans les actions. La dur\u00e9e de r\u00e9mun\u00e9ration corrig\u00e9e des effets de la clause de remboursement anticip\u00e9 (option-adjusted duration ou OAD) se chiffrait \u00e0 1,27 an.<\/p>\n

En excluant les positions se n\u00e9gociant \u00e0 des \u00e9carts de plus de 500 pb et les participations se n\u00e9gociant en vertu d\u2019une date d\u2019\u00e9ch\u00e9ance ou de rappel de 2028 ou ant\u00e9rieure, l\u2019OAD du Fonds a baiss\u00e9 \u00e0 0,88 an.<\/p>\n

Le taux de rendement actuel du Fonds est de 6,02 % et le taux de rendement \u00e0 l\u2019\u00e9ch\u00e9ance de 6,82 %.<\/p>\n

Justin Jacobsen, CFA
\n<\/strong>13 mars 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. <\/em>Les donn\u00e9es standards sur le rendement du Fonds sont pr\u00e9sent\u00e9es ici : https:\/\/penderfund.com\/fr\/fund\/pender-alternative-absolute-return-fund\/<\/em><\/p>","protected":false},"excerpt":{"rendered":"

Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.9%1 in February, bringing year to date return to 1.3%. Credit markets were choppy in February as elevated issuance combined with credit concerns about private debt and software companies weighed on performance. The ICE BofA US High Yield Index finished the month with a spread of […]<\/p>\n","protected":false},"featured_media":70752,"template":"","meta":{"_acf_changed":false},"fund-type":[45,46],"class_list":["post-72920","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-pender-liquid-alternative-funds","fund-type-pender-alternative-absolute-return-fund"],"acf":[],"yoast_head":"\nPender Alternative Absolute Return 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-alternative-absolute-return-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 Alternative Absolute Return Fund - February 2026\" \/>\n<meta property=\"og:description\" content=\"Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.9%1 in February, bringing year to date return to 1.3%. Credit markets were choppy in February as elevated issuance combined with credit concerns about private debt and software companies weighed on performance. 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Credit markets were choppy in February as elevated issuance combined with credit concerns about private debt and software companies weighed on performance. 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