{"id":73342,"date":"2026-04-21T14:44:30","date_gmt":"2026-04-21T21:44:30","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=73342"},"modified":"2026-04-27T11:55:08","modified_gmt":"2026-04-27T18:55:08","slug":"pender-alternative-special-situations-fund-q1-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-special-situations-fund-q1-2026\/","title":{"rendered":"Fonds alternatif de situations sp\u00e9ciales Pender - T1 2026"},"content":{"rendered":"

Le Fonds alternatif de situations sp\u00e9ciales Pender a rapport\u00e9 un gain de 5,8 %1<\/sup><\/a> au T1, prenant ainsi les devants sur l\u2019indice compos\u00e9 S&P\/TSX, lequel s\u2019est avanc\u00e9 de 4,0 % pendant le trimestre.<\/p>\n

\"\"<\/p>\n

La transition brutale qui s\u2019est op\u00e9r\u00e9e entre l\u2019optimisme qui r\u00e9gnait en d\u00e9but d\u2019ann\u00e9e \u00e0 la volatilit\u00e9 qui domine maintenant les march\u00e9s a probablement \u00e9t\u00e9 le facteur le plus d\u00e9terminant du T1. Les conflits g\u00e9opolitiques se sont m\u00eal\u00e9s \u00e0 une incertitude croissante envers l\u2019IA et \u00e0 l\u2019escalade des guerres commerciales, entra\u00eenant dans leur sillage de fr\u00e9quents rajustements sur le plan politique. Les indices de volatilit\u00e9 ont accus\u00e9 d\u2019importants soubresauts \u00e0 la hausse pendant le trimestre, caus\u00e9s par les inqui\u00e9tudes envers le prix de l\u2019\u00e9nergie, l\u2019inflation et la politique mon\u00e9taire. Le VIX a ainsi termin\u00e9 la course du T1 au-dessus de ses niveaux du T4 2025 par une marge de 69 %. Le conflit \u00c9tats-Unis-Isra\u00ebl-Iran a \u00e9t\u00e9 le facteur macro\u00e9conomique dominant. Il a perturb\u00e9 les cha\u00eenes d\u2019approvisionnement et les routes commerciales autour du globe, d\u00e9clenchant un \u00e9norme d\u00e9fi en mati\u00e8re de s\u00e9curit\u00e9 \u00e9nerg\u00e9tique \u00e0 l\u2019\u00e9chelle mondiale.<\/p>\n

Les secteurs de l\u2019\u00e9nergie et des mati\u00e8res premi\u00e8res ont quant \u00e0 eux surperform\u00e9, aliment\u00e9s par la situation g\u00e9opolitique et le prix croissant des marchandises. Le conflit a men\u00e9 \u00e0 la fermeture effective du d\u00e9troit d\u2019Ormuz, causant un choc d\u2019approvisionnement syst\u00e9mique, le tout aggrav\u00e9 par des arr\u00eats de production de p\u00e9trole brut dans la r\u00e9gion, ce qui a bri\u00e8vement hiss\u00e9 le prix du Brent pr\u00e8s des 120 $ le baril. \u00c9tant donn\u00e9 l\u2019importance de cette voie commerciale, les march\u00e9s mondiaux \u00e9valuent encore l\u2019impact de sa fermeture totale. Les r\u00e9percussions sont difficiles \u00e0 quantifier, sachant que le cessez-le-feu de deux semaines annonc\u00e9 au d\u00e9but d\u2019avril est fragile, que les n\u00e9gociations sont toujours en cours et que le statut du d\u00e9troit demeure non r\u00e9solu. L\u2019or s\u2019est \u00e9galement montr\u00e9 volatil, atteignant de nouveaux sommets avant de subir une correction en mars. Le dollar am\u00e9ricain s\u2019est redress\u00e9, appuy\u00e9 par les allocations des banques centrales et par les institutions qui s\u2019en servent comme protection contre les risques g\u00e9opolitiques et inflationnistes.<\/p>\n

Dans ce contexte, le Fonds est rest\u00e9 actif, tirant profit des perturbations et r\u00e9duisant ou liquidant ses positions au gr\u00e9 des fluctuations du march\u00e9. La volatilit\u00e9 a entra\u00een\u00e9 une rotation sectorielle, les investisseurs ayant abandonn\u00e9 les domaines \u00e0 forte croissance et \u00e0 forte valorisation au profit des industries d\u00e9fensives et \u00e0 forte intensit\u00e9 capitalistique, un environnement bien adapt\u00e9 \u00e0 plusieurs des positions principales du Fonds.<\/p>\n

Le secteur de la d\u00e9fense a tr\u00e8s bien tir\u00e9 son \u00e9pingle du jeu au T1. Les participations dans ce domaine continuent d\u2019afficher de bons r\u00e9sultats sur fond d\u2019escalade des tensions g\u00e9opolitiques, lesquelles attirent l\u2019attention du march\u00e9 sur ce secteur. Selon nous, plusieurs \u00e9l\u00e9ments catalyseurs positifs demeurent pour les avoirs reli\u00e9s \u00e0 la d\u00e9fense au sein du Fonds. Les technologies spatiales et satellitaires ont \u00e9galement suscit\u00e9 beaucoup d\u2019int\u00e9r\u00eat au cours du trimestre. L\u2019introduction en bourse potentielle de SpaceX, les missions lunaires par la NASA et le lancement d\u2019Art\u00e9mis II sont autant d\u2019\u00e9l\u00e9ments qui ont stimul\u00e9 la croissance des actions li\u00e9es au secteur spatial. Les entreprises qui sont \u00e9galement fortement expos\u00e9es \u00e0 l\u2019augmentation des budgets de d\u00e9fense ont \u00e9galement tir\u00e9 parti de la situation, le Canada ayant notamment atteint son objectif visant \u00e0 consacrer 2 % de son PIB aux d\u00e9penses de la d\u00e9fense de l\u2019OTAN.<\/p>\n

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

Les actifs tangibles demeurent \u00e9galement une composante principale de notre portefeuille. Au T1, plusieurs noms issus des secteurs de l\u2019\u00e9nergie et des mati\u00e8res premi\u00e8res ont figur\u00e9 parmi les gagnants.<\/p>\n

On retrouve parmi ces soci\u00e9t\u00e9s Saturn Oil & Gas Inc. (SOIL)<\/strong>, une entreprise \u00e9nerg\u00e9tique canadienne ax\u00e9e sur le d\u00e9veloppement d\u2019actifs en Saskatchewan et en Alberta. 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 disloqu\u00e9e. 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

Blue Moon<\/strong> Metals Inc. (MOON)<\/strong> figurait aussi parmi les gagnantes du trimestre. L\u2019entreprise continue de faire progresser cinq projets polym\u00e9talliques en Europe et aux \u00c9tats-Unis. Le cuivre, le zinc et le tungst\u00e8ne sont actuellement d\u00e9sign\u00e9s par l\u2019USGS et l\u2019UE comme des m\u00e9taux essentiels \u00e0 l\u2019\u00e9conomie mondiale et \u00e0 la s\u00e9curit\u00e9 nationale. Nous estimons que la guerre en Iran et la diminution importante des armements et des munitions qu\u2019elle a entra\u00een\u00e9e devraient encore acc\u00e9l\u00e9rer la demande en min\u00e9raux et en mat\u00e9riaux critiques.<\/p>\n

Parmi les autres contributeurs du secteur de l\u2019\u00e9nergie et des mati\u00e8res premi\u00e8res au cours du trimestre, on retrouve notamment Logan Energy<\/strong> Corp. (LGN), Montage Gold Corp. (MAU), <\/strong>et NexGen Energy<\/strong> Ltd. (NXE)<\/strong>. \u00c0 la fin du trimestre, NexGen s\u2019\u00e9tait repli\u00e9e, \u00e0 l\u2019instar d\u2019autres soci\u00e9t\u00e9s du secteur de l\u2019uranium. Cela dit, au d\u00e9but mars, NexGen a re\u00e7u son permis pour le projet d\u2019uranium Rook I, l\u2019un des gisements les plus importants et les plus riches au monde. Forte en \u00e9quivalents de tr\u00e9sorerie d\u2019environ 1,1 milliard $ \u00e0 son bilan, la soci\u00e9t\u00e9 semble bien plac\u00e9e avant le lancement de ce que beaucoup consid\u00e8rent \u00eatre l\u2019un des projets de ressources les plus strat\u00e9giques au monde, toutes mati\u00e8res premi\u00e8res confondues.<\/p>\n

Telesat <\/strong>Corp. (TSAT) <\/strong>a \u00e9galement \u00e9t\u00e9 un grand gagnant au cours du trimestre : le cours de son action continue de s\u2019appr\u00e9cier puisque le march\u00e9 accorde une plus grande valeur \u00e0 l\u2019entreprise en raison de la demande militaire croissante pour sa flotte de satellites LEO. En mars, Telesat a fait savoir qu\u2019elle allouerait pr\u00e8s du quart de la capacit\u00e9 de Lightspeed \u00e0 la bande KA militaire afin de soutenir les applications reli\u00e9es \u00e0 la d\u00e9fense et les objectifs de souverainet\u00e92<\/sup><\/a>. La direction a \u00e9galement soulign\u00e9 le fort int\u00e9r\u00eat de sa client\u00e8le sur l\u2019ensemble de son march\u00e9 cible, et nous pensons qu\u2019elle fera d\u2019autres annonces commerciales et strat\u00e9giques cette ann\u00e9e. \u00c9tant donn\u00e9 les nombreux catalyseurs potentiels \u00e0 venir, Telesat reste pour nous un actif int\u00e9ressant dot\u00e9 d\u2019une capacit\u00e9 de croissance asym\u00e9trique.<\/p>\n

Du c\u00f4t\u00e9 des titres aux performances moins reluisantes, notons celle de Carrier Connect<\/strong> Data Solutions (CCDS)<\/strong> . L\u2019entreprise a connu un trimestre difficile en grande partie en raison de l\u2019effet dilutif d\u2019une r\u00e9cente mobilisation de fonds au cours de laquelle nous avons rench\u00e9ri sur notre position. Depuis lors, la soci\u00e9t\u00e9 a men\u00e9 \u00e0 bien une acquisition et en a annonc\u00e9 une autre; notre th\u00e8se demeure inchang\u00e9e.<\/p>\n

Perspectives<\/h3>\n

Le contexte actuel demeure propice aux investissements opportuns et aux situations sp\u00e9ciales, avec un bassin d\u2019occasions qui s\u2019accro\u00eet gr\u00e2ce \u00e0 des \u00e9l\u00e9ments catalyseurs sur le court terme. Nous avons \u00e9tabli des positions dans plusieurs situations de fusions et acquisitions (F&A) en phase pr\u00e9transactionnelle. Nous avons choisi les cas o\u00f9 une analyse strat\u00e9gique, des actionnaires activistes, un acqu\u00e9reur potentiel cr\u00e9dible ou un catalyseur sp\u00e9cifique sont pr\u00e9sents et appel\u00e9s \u00e0 occasionner une transaction \u00e0 court terme. Nous estimons qu\u2019un m\u00e9lange de facteurs, notamment les perturbations entra\u00een\u00e9es par l\u2019IA, l\u2019incertitude caus\u00e9e par les droits de douane, les tensions g\u00e9opolitiques et le contexte fertile pour les F&A, contribue \u00e0 cr\u00e9er un environnement favorable pour notre Fonds. Celui-ci est, selon nous, bien plac\u00e9 pour tirer parti de ces dynamiques gr\u00e2ce \u00e0 sa structure alternative liquide, laquelle lui permet de s\u2019int\u00e9resser \u00e0 un grand nombre d\u2019opportunit\u00e9s occasionn\u00e9es par les \u00e9v\u00e9nements qui pourraient ne pas \u00eatre offertes aux mandats traditionnels.<\/p>\n

Amar Pandya, CFA
\n<\/strong>21 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 : penderfund.com\/fr\/fund\/pender-alternative-special-situations-fund\/<\/em><\/p>\n

2<\/a><\/sup> Communiqu\u00e9 de presse de Telesat, mars 2026<\/a><\/em><\/p>","protected":false},"excerpt":{"rendered":"

The Pender Alternative Special Situations Fund returned 5.8%1 in Q1, ahead of the S&P\/TSX Composite, which rose 4.0% during the quarter. Q1 was defined by a sharp transition from early-year optimism to volatility dominating market narratives, as geopolitical conflict intersected with ongoing AI uncertainty and escalating trade wars, driving frequent policy adjustments. Volatility indices experienced […]<\/p>\n","protected":false},"featured_media":70751,"template":"","meta":{"_acf_changed":false},"fund-type":[45,185],"class_list":["post-73342","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-pender-liquid-alternative-funds","fund-type-pender-alternative-special-situations-fund"],"acf":[],"yoast_head":"\nPender Alternative Special Situations 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-alternative-special-situations-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 Alternative Special Situations Fund - Q1 2026\" \/>\n<meta property=\"og:description\" content=\"The Pender Alternative Special Situations Fund returned 5.8%1 in Q1, ahead of the S&P\/TSX Composite, which rose 4.0% during the quarter. Q1 was defined by a sharp transition from early-year optimism to volatility dominating market narratives, as geopolitical conflict intersected with ongoing AI uncertainty and escalating trade wars, driving frequent policy adjustments. Volatility indices experienced […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-special-situations-fund-q1-2026\/\" \/>\n<meta property=\"og:site_name\" content=\"PenderFund Capital Management\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/penderfund\/\" \/>\n<meta property=\"article:modified_time\" content=\"2026-04-27T18:55:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/09\/PAAF-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"850\" \/>\n\t<meta property=\"og:image:height\" content=\"400\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Estimation du temps de lecture\" \/>\n\t<meta name=\"twitter:data1\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-alternative-special-situations-fund-q1-2026\\\/\",\"url\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-alternative-special-situations-fund-q1-2026\\\/\",\"name\":\"Pender Alternative Special Situations Fund - Q1 2026 - PenderFund Capital Management\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/penderfund.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-alternative-special-situations-fund-q1-2026\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-alternative-special-situations-fund-q1-2026\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/penderfund.com\\\/wp-content\\\/uploads\\\/2025\\\/09\\\/PAAF-1.png\",\"datePublished\":\"2026-04-21T21:44:30+00:00\",\"dateModified\":\"2026-04-27T18:55:08+00:00\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-alternative-special-situations-fund-q1-2026\\\/#breadcrumb\"},\"inLanguage\":\"fr-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-alternative-special-situations-fund-q1-2026\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-alternative-special-situations-fund-q1-2026\\\/#primaryimage\",\"url\":\"https:\\\/\\\/penderfund.com\\\/wp-content\\\/uploads\\\/2025\\\/09\\\/PAAF-1.png\",\"contentUrl\":\"https:\\\/\\\/penderfund.com\\\/wp-content\\\/uploads\\\/2025\\\/09\\\/PAAF-1.png\",\"width\":850,\"height\":400},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-alternative-special-situations-fund-q1-2026\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/penderfund.com\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Commentaries\",\"item\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Pender Alternative Special Situations Fund - Q1 2026\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/penderfund.com\\\/#website\",\"url\":\"https:\\\/\\\/penderfund.com\\\/\",\"name\":\"PenderFund Capital Management\",\"description\":\"Forward thinking. Finding value.\",\"publisher\":{\"@id\":\"https:\\\/\\\/penderfund.com\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/penderfund.com\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-CA\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/penderfund.com\\\/#organization\",\"name\":\"PenderFund Capital Management\",\"url\":\"https:\\\/\\\/penderfund.com\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\\\/\\\/penderfund.com\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/penderfund.com\\\/wp-content\\\/uploads\\\/2025\\\/06\\\/PenderFund-Cap-Man-Logo_English.png\",\"contentUrl\":\"https:\\\/\\\/penderfund.com\\\/wp-content\\\/uploads\\\/2025\\\/06\\\/PenderFund-Cap-Man-Logo_English.png\",\"width\":850,\"height\":250,\"caption\":\"PenderFund Capital Management\"},\"image\":{\"@id\":\"https:\\\/\\\/penderfund.com\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/www.facebook.com\\\/penderfund\\\/\",\"https:\\\/\\\/www.instagram.com\\\/penderfund\\\/\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/penderfund-capital-management\\\/\"]}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Pender Alternative Special Situations Fund - Q1 2026 - PenderFund Capital Management","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-special-situations-fund-q1-2026\/","og_locale":"fr_CA","og_type":"article","og_title":"Pender Alternative Special Situations Fund - Q1 2026","og_description":"The Pender Alternative Special Situations Fund returned 5.8%1 in Q1, ahead of the S&P\/TSX Composite, which rose 4.0% during the quarter. Q1 was defined by a sharp transition from early-year optimism to volatility dominating market narratives, as geopolitical conflict intersected with ongoing AI uncertainty and escalating trade wars, driving frequent policy adjustments. Volatility indices experienced […]","og_url":"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-special-situations-fund-q1-2026\/","og_site_name":"PenderFund Capital Management","article_publisher":"https:\/\/www.facebook.com\/penderfund\/","article_modified_time":"2026-04-27T18:55:08+00:00","og_image":[{"width":850,"height":400,"url":"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/09\/PAAF-1.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_misc":{"Estimation du temps de lecture":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/penderfund.com\/commentaries\/pender-alternative-special-situations-fund-q1-2026\/","url":"https:\/\/penderfund.com\/commentaries\/pender-alternative-special-situations-fund-q1-2026\/","name":"Pender Alternative Special Situations Fund - Q1 2026 - PenderFund Capital Management","isPartOf":{"@id":"https:\/\/penderfund.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/penderfund.com\/commentaries\/pender-alternative-special-situations-fund-q1-2026\/#primaryimage"},"image":{"@id":"https:\/\/penderfund.com\/commentaries\/pender-alternative-special-situations-fund-q1-2026\/#primaryimage"},"thumbnailUrl":"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/09\/PAAF-1.png","datePublished":"2026-04-21T21:44:30+00:00","dateModified":"2026-04-27T18:55:08+00:00","breadcrumb":{"@id":"https:\/\/penderfund.com\/commentaries\/pender-alternative-special-situations-fund-q1-2026\/#breadcrumb"},"inLanguage":"fr-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/penderfund.com\/commentaries\/pender-alternative-special-situations-fund-q1-2026\/"]}]},{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/penderfund.com\/commentaries\/pender-alternative-special-situations-fund-q1-2026\/#primaryimage","url":"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/09\/PAAF-1.png","contentUrl":"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/09\/PAAF-1.png","width":850,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/penderfund.com\/commentaries\/pender-alternative-special-situations-fund-q1-2026\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/penderfund.com\/"},{"@type":"ListItem","position":2,"name":"Commentaries","item":"https:\/\/penderfund.com\/commentaries\/"},{"@type":"ListItem","position":3,"name":"Pender Alternative Special Situations Fund - Q1 2026"}]},{"@type":"WebSite","@id":"https:\/\/penderfund.com\/#website","url":"https:\/\/penderfund.com\/","name":"Gestion de capital PenderFund lt\u00e9e","description":"Forward thinking. Finding value.","publisher":{"@id":"https:\/\/penderfund.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/penderfund.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-CA"},{"@type":"Organization","@id":"https:\/\/penderfund.com\/#organization","name":"Gestion de capital PenderFund lt\u00e9e","url":"https:\/\/penderfund.com\/","logo":{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/penderfund.com\/#\/schema\/logo\/image\/","url":"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/06\/PenderFund-Cap-Man-Logo_English.png","contentUrl":"https:\/\/penderfund.com\/wp-content\/uploads\/2025\/06\/PenderFund-Cap-Man-Logo_English.png","width":850,"height":250,"caption":"PenderFund Capital Management"},"image":{"@id":"https:\/\/penderfund.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/penderfund\/","https:\/\/www.instagram.com\/penderfund\/","https:\/\/www.linkedin.com\/company\/penderfund-capital-management\/"]}]}},"_links":{"self":[{"href":"https:\/\/penderfund.com\/fr\/wp-json\/wp\/v2\/commentaries\/73342","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/penderfund.com\/fr\/wp-json\/wp\/v2\/commentaries"}],"about":[{"href":"https:\/\/penderfund.com\/fr\/wp-json\/wp\/v2\/types\/commentaries"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/penderfund.com\/fr\/wp-json\/wp\/v2\/media\/70751"}],"wp:attachment":[{"href":"https:\/\/penderfund.com\/fr\/wp-json\/wp\/v2\/media?parent=73342"}],"wp:term":[{"taxonomy":"fund-type","embeddable":true,"href":"https:\/\/penderfund.com\/fr\/wp-json\/wp\/v2\/fund-type?post=73342"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}