{"id":73440,"date":"2026-05-12T11:42:53","date_gmt":"2026-05-12T18:42:53","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=73440"},"modified":"2026-05-19T14:03:35","modified_gmt":"2026-05-19T21:03:35","slug":"pender-corporate-bond-fund-april-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-corporate-bond-fund-april-2026\/","title":{"rendered":"Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender - avril 2026"},"content":{"rendered":"

Avril a \u00e9t\u00e9 rentable pour le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender, comme en t\u00e9moigne son rendement de 1,5 %1<\/a><\/sup> . Celui-ci s\u2019est produit dans un contexte o\u00f9 les conditions du march\u00e9 du cr\u00e9dit \u00e9taient g\u00e9n\u00e9ralement solides et que l\u2019expansion de la croissance mondiale et l\u2019espoir d\u2019une fin rapide du conflit en Iran \u00e9tayaient les prix.<\/p>\n

Notre position dans la structure de capital de Wolfspeed Inc<\/strong> s\u2019est retrouv\u00e9e en t\u00eate de liste. Wolfspeed a tir\u00e9 profit du fait que le march\u00e9 ait revu \u00e0 la hausse son estimation de la n\u00e9cessit\u00e9 de ses substrats en carbure de silicium dans les applications de l\u2019IA, au point o\u00f9 le cours de ses obligations convertibles (2031) a gagn\u00e9 plus de 60 %. Nous pouvons aussi nous f\u00e9liciter de notre position dans les billets en d\u00e9tresse de GrafTech International Ltd. (EAF)<\/strong>. Ce chef de file nord-am\u00e9ricain dans la fabrication d\u2019anodes en graphite employ\u00e9es pour la production de l\u2019acier a annonc\u00e9 une nette augmentation de ses prix. Finalement, notre avoir dans les billets convertibles en d\u00e9faut d\u2019 Evolent Health Inc. (EVH)<\/strong> s\u2019est relev\u00e9 de plus de 10 points, car on s\u2019attend \u00e0 ce que le taux de remboursement du Medicare soit sup\u00e9rieur aux pr\u00e9visions.<\/p>\n

Peu d\u2019actifs ont fait montre de faiblesse en avril, si ce n\u2019est notre position dans le pr\u00eat \u00e0 terme transf\u00e9rable de Spirit Airlines, qui a annonc\u00e9 sa liquidation \u00e0 la suite de sa proc\u00e9dure en mati\u00e8re de faillite, an\u00e9antissant tout espoir de vente.<\/p>\n

G\u00e9rer les risques quand ils abondent sur le march\u00e9<\/h3>\n

Bien que le march\u00e9 ait \u00e9t\u00e9 calme derni\u00e8rement, les investisseurs font face \u00e0 une longue liste de risques inqui\u00e9tants. La guerre en Iran; la fermeture du d\u00e9troit d\u2019Ormuz; les \u00e9lections de mi-mandat de 2026; les conflits tarifaires; la guerre en Ukraine; les menaces pesant sur le Groenland; et, chez nous, les courants s\u00e9paratistes de style Brexit de l\u2019Alberta.<\/p>\n

Comme un vieux loup de mer bravant une mer d\u00e9cha\u00een\u00e9e, nous nous fions aux grands principes de base, aux \u00ab \u00e9toiles \u00bb, pour maintenir le cap sur ce march\u00e9 turbulent.<\/p>\n

Liquidit\u00e9s :<\/strong> Comme l\u2019ont appris \u00e0 leurs d\u00e9pens les d\u00e9tenteurs d\u00e9pit\u00e9s de fonds de cr\u00e9dit priv\u00e9s bloqu\u00e9s, poss\u00e9der des positions non n\u00e9gociables n\u2019est pas sans risque. Depuis plus de dix ans, nous consid\u00e9rons que fournir au Fonds un apport quotidien de liquidit\u00e9s est notre principale mission. Notre test de r\u00e9sistance est simple. Nous devrions pouvoir liquider au moins la moiti\u00e9 du Fonds en une seule journ\u00e9e.<\/p>\n

Valorisation :<\/strong> Si nous achetons des titres de cr\u00e9ances qui sont bien couverts par une valeur conservatrice de liquidation de l\u2019entreprise ou de ses actifs, le risque de perdre de l\u2019argent sur un investissement pr\u00e9cis est, selon nous, nettement moindre.<\/p>\n

Cibles :<\/strong> Bien que nous soyons pr\u00eats \u00e0 aller \u00ab n\u2019importe o\u00f9 \u00bb si les rendements sont int\u00e9ressants, cela ne signifie pas que nous allions \u00ab partout \u00bb. Les 60 principaux avoirs du Fonds repr\u00e9sentent 78 % du Fonds, ce qui indique que notre \u00e9quipe prend le temps d\u2019analyser soigneusement les occasions et les risques pr\u00e9sents au sein de chaque entreprise dans lesquelles nous investissons.<\/p>\n

Les limites du positionnement :<\/strong> Malgr\u00e9 l\u2019attrait d\u2019une position potentiellement risqu\u00e9e, nous limitons notre exposition \u00e0 toute soci\u00e9t\u00e9 \u00e9mettrice \u00e0 une pond\u00e9ration d\u2019au plus 5 %, 4 % ou 3 % au sein du Fonds, en fonction de notre \u00e9valuation du risque de d\u00e9faut sous-jacent.<\/p>\n

Calcul attentif du risque :<\/strong> Au lieu de nous fonder, pour mesurer le risque de d\u00e9faut, sur les appr\u00e9ciations parfois partag\u00e9es, et souvent obsol\u00e8tes, des agences de cotation, nous \u00e9valuons en temps r\u00e9el les probabilit\u00e9s de d\u00e9faut de nos \u00e9metteurs \u00e0 partir de donn\u00e9es financi\u00e8res et du march\u00e9 objectives et actuelles. Quant aux positions dans les obligations convertibles, nous surveillons la vuln\u00e9rabilit\u00e9 de notre portefeuille aux actions en calculant notre exposition \u00e0 celles-ci sur une base pond\u00e9r\u00e9e par le delta.<\/p>\n

Nouvelles positions<\/h3>\n

Nous avons r\u00e9cemment acquis une position dans les obligations convertibles du g\u00e9ant chinois du commerce \u00e9lectronique Alibaba Group Holding Ltd. (BABA).<\/strong> \u00c0 l\u2019instar d\u2019Amazon, Alibaba a \u00e9tendu ses activit\u00e9s au-del\u00e0 du commerce en ligne habituel, et l\u2019entreprise occupe d\u00e9sormais une place de choix dans le secteur de l\u2019informatique en nuage et des soci\u00e9t\u00e9s associ\u00e9es \u00e0 l\u2019IA. Les param\u00e8tres de cr\u00e9dit d\u2019Alibaba sont solides : son BAIIDA couvre plus de 13x les int\u00e9r\u00eats et son ratio dette-BAIIDA est inf\u00e9rieur par 2x. Les obligations convertibles pourraient monter puisque le cours de l\u2019action d\u2019Alibaba a perdu plus de 50 % par rapport \u00e0 son sommet de 2020, bien que sa valeur comptable et le revenu par part aient doubl\u00e9 au cours des six derni\u00e8res ann\u00e9es.<\/p>\n

Comme nous l\u2019avons mentionn\u00e9 plus haut, nous avons aussi investi dans les obligations en d\u00e9tresse de Graf<\/strong>Tech International<\/strong>. Cette entreprise est la plus importante productrice nord-am\u00e9ricaine d\u2019anodes en graphite, composants essentiels \u00e0 la fabrication de fours \u00e0 arc \u00e9lectrique. Une faiblesse cyclique jumel\u00e9e \u00e0 la concurrence de l\u2019Inde et aux fortes r\u00e9ductions de prix de la Chine a donn\u00e9 lieu r\u00e9cemment \u00e0 un amoindrissement de la performance financi\u00e8re. De ce fait, quelques-uns des billets de deuxi\u00e8me rang se n\u00e9gocient \u00e0 0,45 $ le dollar. Nous croyons que GrafTech peut miser sur une valeur \u00e0 long terme nettement sup\u00e9rieure \u00e0 la valeur marchande de ses obligations garanties de m\u00eame que sur plusieurs catalyseurs potentiels susceptibles d\u2019entra\u00eener une r\u00e9\u00e9valuation positive. En plus des mesures tarifaires prises par la compagnie ce mois-ci, les mesures commerciales qu\u2019elle a mises en \u0153uvre aux \u00c9tats-Unis pourraient contribuer \u00e0 accro\u00eetre sa rentabilit\u00e9. La soci\u00e9t\u00e9 poss\u00e8de aussi des liquidit\u00e9s consid\u00e9rables qui se chiffraient \u00e0 plus de 300 millions $ au 31 mars.<\/p>\n

Positionnement du Fonds<\/h3>\n

Le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender \u00e9tait assorti d\u2019un rendement \u00e0 l\u2019\u00e9ch\u00e9ance de 6,11 %, au 30 avril, le rendement actuel s\u2019\u00e9tablissant \u00e0 5 % et la dur\u00e9e moyenne modifi\u00e9e de ses instruments \u00e0 terme de 3,58 ann\u00e9es. Il comporte une pond\u00e9ration de 1,04 % dans des titres de cr\u00e9ance dont les positions sont d\u00e9tenues en vue d\u2019une valeur cible inf\u00e9rieure au pair et dont le rendement th\u00e9orique n\u2019est pas inclus dans le calcul ci-dessus. De m\u00eame, les obligations convertibles pr\u00e8s ou \u00e9quivalentes au cours repr\u00e9sentant 6,3 % du Fonds ont \u00e9galement \u00e9t\u00e9 exclues du rendement et de la dur\u00e9e. La tr\u00e9sorerie repr\u00e9sentait 3,3 % du portefeuille total au 30 avril.<\/p>\n

Geoff Castle
\n12 mai 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. <\/em>Les donn\u00e9es standards sur le rendement du Fonds sont pr\u00e9sent\u00e9es ici : https:\/\/penderfund.com\/fr\/fund\/pender-corporate-bond-fund\/<\/em><\/p>","protected":false},"excerpt":{"rendered":"

The Pender Corporate Bond Fund enjoyed a positive month in April, returning 1.5%1 for the period. This return was within the context of generally strong credit market conditions as expanding global growth and expectations for a relatively quick end to the Iran conflict buoyed prices. Leading the way for the Fund was our position in […]<\/p>\n","protected":false},"featured_media":70754,"template":"","meta":{"_acf_changed":false},"fund-type":[41,43],"class_list":["post-73440","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-fixed-income-funds","fund-type-pender-corporate-bond-fund"],"acf":[],"yoast_head":"\nPender Corporate Bond Fund - April 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-corporate-bond-fund-april-2026\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pender Corporate Bond Fund - April 2026\" \/>\n<meta property=\"og:description\" content=\"The Pender Corporate Bond Fund enjoyed a positive month in April, returning 1.5%1 for the period. 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