{"id":73316,"date":"2026-04-15T13:51:45","date_gmt":"2026-04-15T20:51:45","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=73316"},"modified":"2026-04-22T13:07:52","modified_gmt":"2026-04-22T20:07:52","slug":"pender-small-cap-opportunities-fund-q1-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-small-cap-opportunities-fund-q1-2026\/","title":{"rendered":"Fonds d\u2019opportunit\u00e9s \u00e0 petites capitalisations Pender - T1 2026"},"content":{"rendered":"

Les march\u00e9s ont \u00e9t\u00e9 volatils au cours du trimestre, et les petites entreprises technologiques canadiennes en ont fait les frais. L\u2019indice S&P\/TSX Info-T a connu son d\u00e9part le moins reluisant de l\u2019histoire r\u00e9cente d\u00fb \u00e0 la peur grandissante des perturbations que pourrait causer l\u2019IA et \u00e0 la pr\u00e9tendue \u00ab\u2009SaaSPocalypse\u2009\u00bb, et ce, m\u00eame si l\u2019indice compos\u00e9 S&P\/TSX a atteint un sommet record fr\u00f4lant les 34 5001<\/a><\/sup>. Bien que le pessimisme entourant le secteur du logiciel risque de se prolonger \u00e0 br\u00e8ve \u00e9ch\u00e9ance, nous consid\u00e9rons que le climat actuel est riche en occasions et continuons d\u2019avoir confiance dans les perspectives \u00e0 long terme de nos actifs.<\/p>\n

Le fait que les zones \u00e0 forte croissance du march\u00e9 aient \u00e9t\u00e9 d\u00e9laiss\u00e9es au profit de secteurs cycliques ax\u00e9s sur les ressources a \u00e9t\u00e9 l\u2019un des grands th\u00e8mes du trimestre. L\u2019\u00e9nergie et les mati\u00e8res premi\u00e8res ont plus que bien fait, pouss\u00e9es par la situation g\u00e9opolitique et le prix croissant des marchandises. Le conflit \u00c9tats-Unis-Isra\u00ebl-Iran a \u00e9t\u00e9 le facteur macro\u00e9conomique dominant. Il a perturb\u00e9 les cha\u00eenes d\u2019approvisionnement mondiales et, apr\u00e8s le blocage du d\u00e9troit d\u2019Ormuz, occasionn\u00e9 un choc syst\u00e9mique sur l\u2019offre \u00e9nerg\u00e9tique. Nous avons pu participer \u00e0 cette rotation gr\u00e2ce \u00e0 des actifs que nous avions commenc\u00e9 \u00e0 accumuler lorsque nous avons constat\u00e9 qu\u2019une r\u00e9\u00e9valuation \u00e9tait dans l\u2019air. Pendant le premier trimestre, la performance soutenue de nos actifs dans les ressources a g\u00e9n\u00e9r\u00e9 des fonds qui nous ont permis de redistribuer le capital dans des domaines o\u00f9 nos recherches ascendantes nous procurent, \u00e0 notre avis, un solide avantage. Ainsi, notre portefeuille revient graduellement vers notre zone d\u2019expertise fondamentale o\u00f9 nous croyons pouvoir g\u00e9n\u00e9rer une valeur optimale gr\u00e2ce \u00e0 la s\u00e9lection disciplin\u00e9e des actions.<\/p>\n

\"\"<\/p>\n

Le portefeuille demeure essentiellement canadien, avec une pond\u00e9ration d\u2019environ 85,2 % en titres canadiens contre 14,2 % en actions \u00e9tats-uniennes.<\/p>\n

Avoirs en portefeuille \u2014 Mise \u00e0 jour<\/h3>\n

\"\"<\/p>\n

General Fusion <\/strong>a \u00e9t\u00e9 la grande gagnante du trimestre. Cet avoir, que nous d\u00e9tenons depuis longtemps, est align\u00e9 sur deux des th\u00e8mes d\u2019investissement structurel de Pender : la transition \u00e9nerg\u00e9tique mondiale et la demande croissante en \u00e9nergie destin\u00e9e \u00e0 l\u2019IA et aux infrastructures num\u00e9riques. L\u2019entreprise a entrepris des d\u00e9marches pour entrer en bourse, et de ce fait, nous ne pouvons commenter plus avant. La transaction devrait se conclure \u00e0 la mi 2026..<\/strong><\/p>\n

Saturn Oil & Gas,<\/strong> une entreprise \u00e9nerg\u00e9tique canadienne ax\u00e9e sur le d\u00e9veloppement d\u2019actifs en Saskatchewan et en Alberta, figure parmi les grandes gagnantes du trimestre. Pour nous, Saturn est une soci\u00e9t\u00e9 profitant de plusieurs catalyseurs qui, malgr\u00e9 l\u2019augmentation de son cours d\u00fb au prix croissant du p\u00e9trole, continue de se n\u00e9gocier \u00e0 une valeur inf\u00e9rieure. L\u2019entreprise \u00e9tant en train de r\u00e9duire sa dette, nous croyons qu\u2019elle pourra b\u00e9n\u00e9ficier de nombreuses expansions. C\u2019est d\u2019ailleurs ce \u00e0 quoi la direction s\u2019est activ\u00e9e depuis quelques trimestres, encourag\u00e9e en ce sens par la flamb\u00e9e du prix du p\u00e9trole en mars. Ses parts ont augment\u00e9 de pr\u00e8s de 150 % au premier trimestre.<\/p>\n

5N Plus <\/strong>s\u2019est \u00e9galement bien comport\u00e9e en rapportant 206,5 points de base au Fonds. L\u2019entreprise a publi\u00e9 les r\u00e9sultats de l\u2019exercice financier 2025 et ses projections pour 2026, qui sont \u00e0 notre avis conservatrices, car elles supposent une croissance d\u2019environ 100 % par rapport aux pr\u00e9visions de 2025. 5N Plus a \u00e9galement annonc\u00e9 une augmentation de 25 % de la capacit\u00e9 de sa division solaire spatiale. Elle continue de consolider sa position de producteur essentiel de mat\u00e9riaux sp\u00e9cialis\u00e9s et exclusifs. Nous croyons qu\u2019elle tirera profit de nombreux catalyseurs \u00e0 venir sur le front tant de son produit que de ses ventes.<\/p>\n

Durant le trimestre, le secteur technologique a souffert de l\u2019extr\u00eame volatilit\u00e9 qui a frapp\u00e9 le domaine du logiciel, principalement \u00e0 cause de l\u2019inqui\u00e9tude entourant les perturbations que pourrait entra\u00eener l\u2019IA. Selon nous, les divergences de prix \u00e0 court terme ne constituent pas une faille dans le processus d\u2019investissement, elles s\u2019av\u00e8rent souvent la source d\u2019occasions \u00e0 longue \u00e9ch\u00e9ance. Les valorisations sont toujours attrayantes, la dispersion au sein du secteur est \u00e9lev\u00e9e et de nombreuses entreprises de grande qualit\u00e9 continuent de se n\u00e9gocier bien en dessous de notre estimation de leur valeur intrins\u00e8que.<\/p>\n

Ce trimestre-ci, Coveo <\/strong> a figur\u00e9 parmi les d\u00e9ceptions parce qu\u2019elle a \u00e9t\u00e9 aspir\u00e9e dans la tourmente entourant le secteur du logiciel. Coveo offre une plateforme de recherche aliment\u00e9e par l\u2019IA qui livre des r\u00e9sultats de recherche hautement pertinents parmi les sites web et les applications de commerce \u00e9lectronique, de service \u00e0 la client\u00e8le et de milieux de travail. Nous voyons en elle une b\u00e9n\u00e9ficiaire de l\u2019IA et non une entreprise dont l\u2019existence serait menac\u00e9e par elle. Notre th\u00e8se d\u2019investissement n\u2019a pas chang\u00e9 et Coveo figure toujours parmi les dix principaux avoirs du portefeuille.<\/p>\n

PAR Technology <\/strong>a \u00e9galement fait partie des perdantes malgr\u00e9 sa solide performance sous-jacente. Durant le trimestre, elle a annonc\u00e9 l\u2019acquisition de Bridg, une plateforme de r\u00e9solution d\u2019identit\u00e9, pour 27,5 millions $. Malgr\u00e9 sa taille modeste, l\u2019acquisition est id\u00e9alement align\u00e9e sur la strat\u00e9gie en mati\u00e8re de donn\u00e9es de PAR, rehaussant la capacit\u00e9 de la plateforme \u00e0 identifier et \u00e0 relancer les clients opportunistes ayant fait ant\u00e9rieurement des transactions anonymes. Pendant ce temps, son premier produit d\u2019importance en IA, Coach AI, a franchi un cap marquant. Au d\u00e9but de 2026, il a \u00e9t\u00e9 distribu\u00e9 dans pr\u00e8s de 900 magasins, devenant ainsi la pierre angulaire de la nouvelle couche d\u2019orchestration de PAR Intelligence. En d\u00e9pit de la r\u00e9cente liquidation, nous continuons de voir en PAR une entreprise de grande qualit\u00e9 et nous lui restons fid\u00e8les.<\/p>\n

Perspectives<\/h3>\n

En ce qui a trait \u00e0 l\u2019avenir, nous allons continuer \u00e0 nous int\u00e9resser \u00e0 des petites entreprises sous-\u00e9valu\u00e9es et dot\u00e9es d\u2019excellentes caract\u00e9ristiques \u00e9conomiques qui se n\u00e9gocient \u00e0 une valeur attrayante. Bien que le d\u00e9but de 2026 ait \u00e9t\u00e9 compliqu\u00e9, nous croyons que l\u2019actuelle compression des valeurs annonce un redressement \u00e9tay\u00e9 par la croissance sous-jacente robuste et l\u2019int\u00e9gration acc\u00e9l\u00e9r\u00e9e de l\u2019IA. Si, pour l\u2019heure, la prudence r\u00e8gne, le reste de l\u2019ann\u00e9e repose sur les \u00e9paules des entreprises qui devront prouver la durabilit\u00e9 de leurs mod\u00e8les d\u2019affaires au sein d\u2019une \u00e9conomie domin\u00e9e par l\u2019IA.<\/p>\n

Pendant le trimestre, nous avons continu\u00e9 \u00e0 augmenter notre exposition aux technologies qui offrent, \u00e0 notre avis, les occasions les plus int\u00e9ressantes \u00e0 long terme. L\u2019am\u00e9lioration des fondamentaux et la diminution des valeurs composent un environnement favorable aux investissements durables. Dans l\u2019ensemble, le portefeuille demeure ax\u00e9 sur certains des moteurs de croissance \u00e0 long terme parmi les plus durables \u00e0 notre avis, particuli\u00e8rement en technologie et en logiciel, sans jamais d\u00e9laisser notre approche disciplin\u00e9e qui consiste \u00e0 prendre en compte la valeur, les bilans et la protection contre les baisses.<\/p>\n

David Barr, CFA et Amar Pandya, CFA
\n15 avril 2026<\/em><\/p>\n

1<\/a><\/sup> Indice plafonn\u00e9 des technologies de l\u2019information S&P\/TSX, du 31 d\u00e9cembre 2025 au 30 mars 2026<\/a><\/em><\/p>\n

2<\/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:\/\/www.penderfund.com\/fr<\/em><\/a><\/p>","protected":false},"excerpt":{"rendered":"

Markets were volatile this quarter, with small-cap technology in Canada bearing the brunt of the pressure. The S&P\/TSX Info-T had one of its worst starts in recent history, driven by intensifying fears of AI-driven disruption and the so-called \"SaaS-Pocalypse,\" even as the S&P\/TSX Composite Index reached historic highs near 34,5001. While negative software sentiment may […]<\/p>\n","protected":false},"featured_media":70411,"template":"","meta":{"_acf_changed":false},"fund-type":[36,38],"class_list":["post-73316","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-equity-funds","fund-type-pender-small-cap-opportunities-fund"],"acf":[],"yoast_head":"\nPender Small Cap Opportunities Fund - Q1 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-small-cap-opportunities-fund-q1-2026\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pender Small Cap Opportunities Fund - Q1 2026\" \/>\n<meta property=\"og:description\" content=\"Markets were volatile this quarter, with small-cap technology in Canada bearing the brunt of the pressure. 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