{"id":73314,"date":"2026-04-14T12:27:16","date_gmt":"2026-04-14T19:27:16","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=73314"},"modified":"2026-04-20T15:05:30","modified_gmt":"2026-04-20T22:05:30","slug":"pender-bond-universe-fund-march-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-bond-universe-fund-march-2026\/","title":{"rendered":"Fonds univers obligataire - mars 2026"},"content":{"rendered":"

Les parts de cat\u00e9gorie F du Fonds univers obligataire Pender ont affich\u00e9 un rendement de 1,1%1<\/a> <\/sup>au premier trimestre de 2026, prenant ainsi les devants sur l\u2019indice de r\u00e9f\u00e9rence par une marge relative de 0,9 %. Suivant la hausse des taux au Canada et aux \u00c9tats-Unis, les titres bien cot\u00e9s ont moins bien tir\u00e9 leur \u00e9pingle du jeu pendant la p\u00e9riode, \u00e0 l\u2019instar de certains titres de soci\u00e9t\u00e9s, comme les obligations convertibles d\u2019Esperion et Meritage Homes. La surperformance relative du Fonds au cours de la p\u00e9riode est redevable \u00e0 plusieurs titres particuliers issus de la composante \u00e0 rendement \u00e9lev\u00e9 du portefeuille.<\/p>\n

Les taux en contexte<\/h3>\n

Le T1 a \u00e9t\u00e9 d\u00e9fini par le d\u00e9but de la guerre en Iran, laquelle a commenc\u00e9 \u00e0 la fin f\u00e9vrier. La demande en ressources et les d\u00e9penses gouvernementales propres \u00e0 la guerre sont souvent un terreau fertile \u00e0 l\u2019inflation. Nous avons lu r\u00e9cemment que pour toute augmentation de 20 % du prix du p\u00e9trole, on peut s\u2019attendre \u00e0 une hausse de 100 points de base de l\u2019IPC2<\/a><\/sup>. M\u00eame si les chiffres de l\u2019IPC sont rest\u00e9s relativement stables au premier trimestre, malgr\u00e9 une hausse du prix du p\u00e9trole d\u2019environ 50 % pour la p\u00e9riode qui s\u2019\u00e9tend du d\u00e9but de la guerre jusqu\u2019au 31 mars, la simple possibilit\u00e9 d\u2019une inflation \u00e0 venir a fait grimper les taux.<\/p>\n

Le trimestre dernier<\/a>, nous avons pr\u00e9sent\u00e9 plusieurs facteurs contradictoires qui contribuent \u00e0 brouiller toute \u00e9valuation limpide d\u2019un positionnement quelconque en mati\u00e8re de duration. Nous avons soulign\u00e9 qu\u2019une prime \u00e0 terme plus \u00e9lev\u00e9e jumel\u00e9e \u00e0 des r\u00e9sultats m\u00e9diocres pour l\u2019emploi nous faisait pencher en faveur d\u2019une plus longue dur\u00e9e. En revanche, la solidit\u00e9 du prix des marchandises combin\u00e9e \u00e0 une perc\u00e9e des taux de rendement des obligations japonaises \u00e0 long terme, en contexte de r\u00e9sultats quelque peu optimistes sur le plan des principaux indicateurs, nous invitait \u00e0 r\u00e9duire notre participation de ce c\u00f4t\u00e9. Depuis lors cependant, un changement important a eu lieu, soit la hausse faramineuse du prix de l\u2019\u00e9nergie. Compte tenu de ces facteurs, nous continuons de privil\u00e9gier le segment de 3 \u00e0 5 ans de la courbe en g\u00e9n\u00e9ral.<\/p>\n

La dur\u00e9e du conflit en Iran, les d\u00e9penses qui lui sont associ\u00e9es, la hausse du prix de l\u2019\u00e9nergie et l\u2019augmentation \u00e9ventuelle de l\u2019inflation nous pr\u00e9occupent. \u00c0 cet \u00e9gard, le Fonds affiche pr\u00e9sentement une pond\u00e9ration de 8 % dans les obligations \u00e0 rendement r\u00e9el et les TIPS. Sachant que les titres \u00e0 plus court terme ont gagn\u00e9 sur les titres \u00e0 plus longue \u00e9ch\u00e9ance au cours des 12 derniers mois, et de la possibilit\u00e9 que cette tendance s\u2019\u00e9tende plus loin sur la courbe, nous avons ajout\u00e9 une pond\u00e9ration de TIPS (2032) au portefeuille en f\u00e9vrier. L\u2019acc\u00e9l\u00e9ration de l\u2019inflation (les guerres ont tendance \u00e0 \u00eatre inflationnistes, que ce soit en Iran ou ailleurs) pourrait s\u2019av\u00e9rer une issue favorable ici. Il en va de m\u00eame si les taux de la Fed \u00e9taient rabaiss\u00e9s une ou deux fois. \u00c0 noter que ces derniers ne sont plus pris en compte dans les cours, mais qu\u2019ils pourraient, ultimement, \u00eatre privil\u00e9gi\u00e9s par l\u2019administration am\u00e9ricaine actuelle.<\/p>\n

M\u00e9taux pr\u00e9cieux<\/h3>\n

Le Fonds a commenc\u00e9 la p\u00e9riode avec une pond\u00e9ration de 5 % dans les m\u00e9taux pr\u00e9cieux. Bien que nous ayons constat\u00e9 un retrait important dans ce secteur \u00e0 la fin f\u00e9vrier, certains de nos plus grands gagnants au T1 \u00e9manaient de cette composante.<\/p>\n

Les obligations convertibles (2039) de SSR Mining figuraient parmi ceux-ci. La soci\u00e9t\u00e9 a \u00e9mis un avis de rachat pour ces titres \u00e0 la mi-f\u00e9vrier, deux semaines avant le pic du cours de l\u2019action sous-jacente (avant-guerre). \u00c9tant donn\u00e9 que le prix des obligations est pass\u00e9 de 102,6 $ en ao\u00fbt, soit notre prix d\u2019achat initial, \u00e0 182 $, nous avons d\u00e9cid\u00e9 de les convertir en actions et avons par la suite r\u00e9duit quelque peu notre position apr\u00e8s la conversion. Malgr\u00e9 un repli significatif du cours de l\u2019action imm\u00e9diatement apr\u00e8s le 28 f\u00e9vrier, la soci\u00e9t\u00e9 a annonc\u00e9 un rachat d\u2019actions repr\u00e9sentant 10 % de son flottant et le cours de l\u2019action s\u2019est redress\u00e9 jusqu\u2019\u00e0 la fin du trimestre pour terminer la p\u00e9riode en hausse de 33 %. Avec le recul, nous aurions d\u00fb conserver toutes nos actions. N\u00e9anmoins, cette position a rondement contribu\u00e9 au rendement pendant cette p\u00e9riode, repr\u00e9sentant un gain substantiel par rapport au prix d\u2019achat de 102,6 $ \u00e0 peine sept mois auparavant.<\/p>\n

Les obligations convertibles de First Majestic que nous d\u00e9tenons n\u2019ont pas \u00e9t\u00e9 \u00e9pargn\u00e9es par la vague de ventes qui a suivi le 28 f\u00e9vrier. Cependant, un rebond partiel s\u2019est produit en fin de trimestre, ce qui a permis \u00e0 notre position de se hisser de 16 points au-dessus du r\u00e9sultat atteint en fin d\u2019ann\u00e9e. Ce faisant, cette participation a jou\u00e9 un r\u00f4le important dans le rendement du Fonds depuis le d\u00e9but de l\u2019ann\u00e9e et depuis la mise en place (43 points depuis juin 2025).<\/p>\n

Autres titres gagnants<\/h3>\n

Pour des raisons tout \u00e0 fait \u00e9videntes, l\u2019\u00e9nergie a bien tir\u00e9 son \u00e9pingle du jeu pendant cette p\u00e9riode. Le Fonds affichait une participation de 5,4 % \u00e0 ce secteur. Port\u00e9s par une hausse de 77 % du prix du p\u00e9trole et de 43 % des capitaux propres de la soci\u00e9t\u00e9, nos titres convertibles de Borr Drilling ont affich\u00e9 une performance exceptionnelle au cours de cette p\u00e9riode. La soci\u00e9t\u00e9 a annonc\u00e9 deux transactions distinctes visant l\u2019achat de plateformes de forage au T1, dont plusieurs ont \u00e9t\u00e9 acquises \u00e0 des seuils de rentabilit\u00e9 inf\u00e9rieurs \u00e0 ceux de sa flotte existante. \u00c0 la suite de la deuxi\u00e8me de ces deux transactions, l\u2019entreprise est devenue le plus grand op\u00e9rateur de plateformes de forage en mer au Mexique. Les achats d\u2019actions par les initi\u00e9s ont \u00e9t\u00e9 notables tout au long du trimestre, et nos titres convertibles ont progress\u00e9 de 10 points.<\/p>\n

La participation du Fonds dans les obligations convertibles de Dension Mines (4,25 %, 2031) a \u00e9galement contribu\u00e9 positivement ce trimestre. Au T1, plusieurs mesures ont \u00e9t\u00e9 prises dans le but de r\u00e9duire les risques associ\u00e9s au projet Phoenix, un programme de premier plan. Parmi elles, notons l\u2019\u00e9tablissement de l\u2019alimentation \u00e9lectrique du r\u00e9seau sur le site, l\u2019embauche d\u2019un directeur des travaux de construction et l\u2019obtention des derni\u00e8res autorisations r\u00e9glementaires, permettant ainsi au conseil d\u2019administration de donner son aval pour proc\u00e9der \u00e0 la construction. Les travaux, dont le d\u00e9but est d\u00e9sormais pr\u00e9vu en mars, pourraient, s\u2019ils sont men\u00e9s \u00e0 bien, voir la construction de la premi\u00e8re mine d\u2019uranium au Canada depuis une g\u00e9n\u00e9ration. Le cours de l\u2019action a progress\u00e9 de 33 % et les titres convertibles que nous d\u00e9tenons ont augment\u00e9 de 22 points au cours de la p\u00e9riode.<\/p>\n

Positionnement du Fonds<\/h3>\n

Bien qu\u2019ils se soient l\u00e9g\u00e8rement \u00e9largis ce trimestre, les \u00e9carts restent relativement serr\u00e9s par rapport aux tendances historiques. Par cons\u00e9quent, le Fonds affiche une participation aux titres de cr\u00e9ance de 23,2 % \u00e0 la fin du mois, ce qui est inf\u00e9rieur \u00e0 la pond\u00e9ration cible de cette composante. Le taux de rendement \u00e0 l\u2019\u00e9ch\u00e9ance du Fonds au 31 mars 2026 s\u2019\u00e9levait \u00e0 4,1 %, la dur\u00e9e \u00e0 4,3 ans et la tr\u00e9sorerie \u00e0 3,4 %.<\/p>\n

Emily Wheeler, CFA
\n14 avril 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 <\/em>https:\/\/penderfund.com\/fr\/fund\/pender-bond-universe-fund\/<\/em><\/p>\n

2<\/a><\/sup> Grant\u2019s Interest Rate Observer, mars 2026<\/em><\/p>","protected":false},"excerpt":{"rendered":"

The class F units of the Pender Bond Universe Fund were up 1.1%1 in the first quarter of 2026, relatively outperforming their benchmark by 0.9%. As rates moved higher in Canada and the US, High Grade was somewhat weaker over the period as were certain credit holdings including the Fund\u2019s Esperion and Meritage Homes converts. […]<\/p>\n","protected":false},"featured_media":70753,"template":"","meta":{"_acf_changed":false},"fund-type":[41,42],"class_list":["post-73314","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-fixed-income-funds","fund-type-pender-bond-universe-fund"],"acf":[],"yoast_head":"\nPender Bond Universe 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-bond-universe-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 Bond Universe Fund - March 2026\" \/>\n<meta property=\"og:description\" content=\"The class F units of the Pender Bond Universe Fund were up 1.1%1 in the first quarter of 2026, relatively outperforming their benchmark by 0.9%. 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