{"id":73223,"date":"2026-04-08T14:52:49","date_gmt":"2026-04-08T21:52:49","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=73223"},"modified":"2026-04-14T14:06:35","modified_gmt":"2026-04-14T21:06:35","slug":"pender-alternative-select-equity-fund-march-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-select-equity-fund-march-2026\/","title":{"rendered":"Fonds alternatif d\u2019actions s\u00e9lect Pender - mars 2026"},"content":{"rendered":"

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

L\u2019an pass\u00e9, les march\u00e9s financiers mondiaux ont r\u00e9ussi \u00e0 faire fi de l\u2019adversit\u00e9. Entre la guerre commerciale et les bouleversements occasionn\u00e9s par l\u2019IA, les actions ont grimp\u00e9 le proverbial \u00ab\u2009mur de l\u2019inqui\u00e9tude\u2009\u00bb jusqu\u2019\u00e0 atteindre des sommets records. Cependant, lorsque les tensions avec l\u2019Iran se sont carr\u00e9ment transform\u00e9es en guerre, cette t\u00e9m\u00e9rit\u00e9 a c\u00e9d\u00e9 et les march\u00e9s ont chut\u00e9. Mars a \u00e9t\u00e9 un mois fou et, m\u00eame si une hausse le dernier jour a quelque peu sauv\u00e9 la mise, il a laiss\u00e9 des cicatrices chez plusieurs investisseurs.<\/p>\n

La guerre avec l\u2019Iran, et le blocage du d\u00e9troit d\u2019Ormuz qui en a r\u00e9sult\u00e9, ont caus\u00e9 des dommages durables et prouv\u00e9 \u00e0 quel point notre monde est imbriqu\u00e9. Nous savons tous d\u00e9sormais combien de p\u00e9trole brut emprunte ce passage maritime, mais nous commen\u00e7ons \u00e0 peine \u00e0 mesurer les nombreuses autres cons\u00e9quences de ces \u00e9v\u00e9nements. Les fertilisants et l\u2019offre d\u2019autres produits essentiels sont expos\u00e9s \u00e0 des perturbations consid\u00e9rables qui nuisent \u00e0 l\u2019approvisionnement de plusieurs biens. Nombre de pays asiatiques ont, semble-t-il, r\u00e9duit la semaine de travail pour limiter la demande en \u00e9nergie. Pour une \u00e9conomie mondiale qui a inaugur\u00e9 l\u2019ann\u00e9e en bataillant contre des guerres commerciales et en proie \u00e0 des inqui\u00e9tudes envers la croissance, une perturbation prolong\u00e9e de l\u2019approvisionnement pourrait \u00eatre la goutte de trop et le coup dont on mettra longtemps \u00e0 se relever.<\/p>\n

Le march\u00e9 obligataire a \u00e9t\u00e9 le premier \u00e0 d\u00e9tecter le danger. Nous avons commenc\u00e9 l\u2019ann\u00e9e en r\u00eavant de banques centrales cl\u00e9mentes et de r\u00e9ductions de taux. Mais cet espoir s\u2019est vite d\u00e9gonfl\u00e9. L\u2019obligation \u00e0 10 ans des \u00c9tats-Unis est un bon moyen de mesurer \u00e0 quel point le march\u00e9 a bascul\u00e9. \u00c0 la fin de f\u00e9vrier, les taux de rendement avaient d\u00e9gringol\u00e9 sous les 4 % et semblaient appel\u00e9s \u00e0 baisser encore. Au cours du dernier mois, les taux de rendement se sont redress\u00e9s \u00e0 4,5 % et on se demande maintenant si on est en droit de s\u2019attendre \u00e0 des r\u00e9ductions de taux d\u2019int\u00e9r\u00eat cette ann\u00e9e. Il serait m\u00eame possible que ces taux augmentent dans certains pays.<\/p>\n

L\u2019ascension des taux de rendement a un effet dramatique susceptible de d\u00e9terminer quels cat\u00e9gories d\u2019actifs, secteurs et titres tireront leur \u00e9pingle du jeu. Sachant que la plupart des investisseurs avaient mis\u00e9 sur une baisse de taux, le fait que leur hypoth\u00e8se ait \u00e9t\u00e9 condamn\u00e9e aussi vite risque de causer de violentes rotations. Le FOMC a remis \u00e0 plus tard les r\u00e9ductions de taux d\u2019int\u00e9r\u00eat, faisant ainsi bondir le dollar \u00e9tats-unien. Un dollar sup\u00e9rieur a une incidence directe sur le prix des marchandises, comme en t\u00e9moignent l\u2019or et l\u2019argent qui, apr\u00e8s leur remont\u00e9e spectaculaire, ont recul\u00e9 ce mois-ci. Mais c\u2019est peut-\u00eatre une chance qui s\u2019offre \u00e0 nous.<\/p>\n

En mati\u00e8re d\u2019investissement, savoir r\u00e9fl\u00e9chir \u00e0 contre-courant est un grand atout. Ce n\u2019est certes pas fait pour les \u00e2mes sensibles, toutefois la situation commence \u00e0 ressembler \u00e0 un sc\u00e9nario classique. Tout le monde est pessimiste et s\u2019attend \u00e0 une chute. Mais, en m\u00eame temps, tout le monde cherche \u00e0 tirer profit de cette baisse en achetant. Cela cr\u00e9e des occasions int\u00e9ressantes. Les tendances sous-jacentes favorables aux actifs r\u00e9els demeurent pr\u00e9sentes. En fait, elles sont encore plus ancr\u00e9es. Les \u00c9tats-Unis ont commis une erreur, et nous le savons tous. Le dollar \u00e9tats-unien va sans doute demeurer bas, et c\u2019est un th\u00e8me qui devrait s\u2019av\u00e9rer pr\u00e9dominant \u00e0 l\u2019avenir.<\/p>\n

La hausse qui s\u2019est produite \u00e0 la fin de mars a remont\u00e9 le moral de plusieurs. Le probl\u00e8me est que nous sommes encore embourb\u00e9s dans une orni\u00e8re o\u00f9 l\u2019inflation reste plus longtemps plus \u00e9lev\u00e9e, ce qui change totalement la donne en mati\u00e8re de taux d\u2019int\u00e9r\u00eat. Il est beaucoup plus facile de sortir d\u2019une guerre commerciale que d\u2019une guerre arm\u00e9e. C\u2019est la nouvelle r\u00e9alit\u00e9, une r\u00e9alit\u00e9 qui ajoute \u00e0 l\u2019incertitude. Les risques li\u00e9s \u00e0 la conjoncture sont pour la plupart d\u2019entre nous un souci majeur, et nous n\u2019avons aucun moyen de savoir dans quel sens ils \u00e9volueront. Selon nous, c\u2019est le moment ou jamais de nous montrer agiles et souples.<\/p>\n

Quant \u00e0 ce que l\u2019avenir nous r\u00e9serve, les prochaines semaines nous le diront. La fin rapide du conflit pourrait soutenir les march\u00e9s, mais le sol pourrait s\u2019effondrer sous nos pieds en cas d\u2019escalade. Nous croyons qu\u2019il n\u2019y a pas d\u2019entre-deux et que cette alternative est angoissante pour les investisseurs. La mont\u00e9e de l\u2019investissement passif a rehauss\u00e9 la volatilit\u00e9, mais elle m\u00e8ne aussi \u00e0 des possibilit\u00e9s. Lorsque les march\u00e9s tombent et que les corr\u00e9lations tendent vers un, c\u2019est peut-\u00eatre l\u2019heure d\u2019acheter et d\u2019accro\u00eetre son exposition aux actifs risqu\u00e9s. Or, ce moment pourrait se pr\u00e9senter bient\u00f4t et il faudrait en tirer avantage. \u00c0 notre avis, quand tout le monde se pr\u00e9cipite vers la sortie, c\u2019est le moment opportun d\u2019agir \u00e0 contre-courant.<\/p>\n

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

Le Fonds alternatif d\u2019actions s\u00e9lect Pender a chut\u00e9 de -1,5 %1<\/a><\/sup> pendant le mois de mars, comparativement \u00e0 un retrait de -4,3 % pour l\u2019indice compos\u00e9 S&P\/TSX. Sur le plan du cumul annuel, le Fonds a commenc\u00e9 le mois en hausse de 15,9 %, contre un rendement de 4,0 % pour le S&P\/TSX. L\u2019indice avait commenc\u00e9 le mois de mars \u00e0 un sommet record, mais suivant la d\u00e9t\u00e9rioration de la situation en Iran, les liquidations se sont multipli\u00e9es et l\u2019indice S&P\/TSX a recul\u00e9, accusant un retrait de 9 % \u00e0 son pire. Le Fonds a \u00e9t\u00e9 en mesure de vivre un mois quelque peu moins volatil et \u00e0 pr\u00e9server le capital gr\u00e2ce \u00e0 une combinaison de strat\u00e9gies d\u00e9fensives, comme l\u2019augmentation des tr\u00e9soreries, la vente \u00e0 d\u00e9couvert et la superposition des options.<\/p>\n

Tout au long du mois, nous avons r\u00e9duit notre participation au secteur des mati\u00e8res premi\u00e8res et diminu\u00e9, \u00e0 son plus bas niveau cette ann\u00e9e, notre exposition au secteur des m\u00e9taux pr\u00e9cieux. \u00c0 la lumi\u00e8re du contexte g\u00e9opolitique, la plupart s\u2019entendraient pour dire que les actions aurif\u00e8res sont une option cens\u00e9e; or, ce ne fut pas le cas. Bon nombre ont voulu saisir l\u2019occasion de r\u00e9aliser des profits et de nombreux titres se sont effondr\u00e9s de plus de 20 % pendant le mois. \u00c0 la fin du mois, nous avons recommenc\u00e9 \u00e0 augmenter notre participation \u00e0 l\u2019or en ajoutant les titres Artemis Gold Inc. (ARTG)<\/strong> et Wheaton Precious Metals Corp. (WPM)<\/strong>.<\/p>\n

On a assist\u00e9 \u00e0 un changement d\u2019humeur sur les march\u00e9s, vers la n\u00e9gativit\u00e9, et ce pessimisme devrait cr\u00e9er un milieu encore plus volatil. La capacit\u00e9 \u00e0 r\u00e9duire rapidement les positions et \u00e0 acheter pendant les creux nous a \u00e9t\u00e9 favorable; nous nous attendons d\u2019ailleurs \u00e0 r\u00e9p\u00e9ter cette d\u00e9marche \u00e0 l\u2019avenir. Selon les indicateurs d\u2019humeur, les \u00e9motions sont fortes, mais elles n\u2019ont pas encore atteint des niveaux extr\u00eames. Il faudra du temps avant que les investisseurs s\u2019habituent \u00e0 la \u00ab\u2009nouvelle normalit\u00e9\u2009\u00bb. Si les prix de l\u2019\u00e9nergie demeurent \u00e9lev\u00e9s, il est possible que les taux de rendement obligataires restent aussi \u00e9lev\u00e9s. La prochaine p\u00e9riode de r\u00e9sultats devrait nous donner un aper\u00e7u de la fa\u00e7on dont les entreprises g\u00e8rent cette situation. \u00c0 ce titre, l\u2019\u00e9cart entre les entreprises qui se tirent bien d\u2019affaire et les autres est appel\u00e9 \u00e0 se creuser \u2013 il s\u2019agit l\u00e0 d\u2019un contexte particuli\u00e8rement propice aux s\u00e9lectionneurs d\u2019actions.<\/p>\n

Greg Taylor, CFA
\n<\/strong>8 avril 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 For the last year global equity markets have largely done a good job of overlooking adversity.\u00a0From trade wars to AI disruption, stocks have been able to climb the proverbial \u2018wall of worry\u2019 to record levels.\u00a0However, as tensions with Iran evolved into a full-on conflict, it became too much to ignore and markets fell.\u00a0March […]<\/p>\n","protected":false},"featured_media":70749,"template":"","meta":{"_acf_changed":false},"fund-type":[45,135],"class_list":["post-73223","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 - March 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-march-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 - 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