{"id":73442,"date":"2026-05-12T15:18:55","date_gmt":"2026-05-12T22:18:55","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=73442"},"modified":"2026-05-12T15:18:55","modified_gmt":"2026-05-12T22:18:55","slug":"pender-alternative-select-equity-fund-april-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-select-equity-fund-april-2026\/","title":{"rendered":"Pender Alternative Select Equity Fund - April 2026"},"content":{"rendered":"

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

La remont\u00e9e boursi\u00e8re entam\u00e9e \u00e0 la fin de mars s\u2019est poursuivie en avril. Cette hausse en a d\u00e9concert\u00e9 plus d\u2019un et elle est en train de devenir le parfait exemple de ce qu\u2019on appelle le \u00ab\u2009pain trade\u2009\u00bb \u2014 expression signifiant que le march\u00e9 va dans le sens contraire \u00e0 celui qu\u2019on attendait et entra\u00eene des pertes substantielles. \u00c0 la lumi\u00e8re des \u00e9v\u00e9nements qui ont fait la une, plusieurs investisseurs avaient opt\u00e9 pour la d\u00e9fensive. Or, contre toute attente, les march\u00e9s ont termin\u00e9 le mois pr\u00e8s de sommets historiques.<\/p>\n

\u00c9tant donn\u00e9 la quantit\u00e9 d\u2019indicateurs n\u00e9gatifs, la majorit\u00e9 des investisseurs aurait (et avait) cru que les bourses s\u2019inclineraient. Ce ne fut pas le cas. Il se peut que ce soit parce que la plupart des \u00ab\u2009mauvaises nouvelles\u2009\u00bb avaient d\u00e9j\u00e0 \u00e9t\u00e9 prises en compte lors de la liquidation de mars, et que rien de \u00ab\u2009pire\u2009\u00bb n\u2019\u00e9tait arriv\u00e9 depuis, d\u2019o\u00f9 la hausse.<\/p>\n

Selon les derniers rapports, les tensions entre les \u00c9tats-Unis et l\u2019Iran ont men\u00e9 \u00e0 un statu quo pr\u00e9caire; il est par ailleurs difficile d\u2019y trouver un quelconque gagnant. Le d\u00e9troit d\u2019Ormuz reste ferm\u00e9 et on ignore l\u2019ampleur des dommages caus\u00e9s \u00e0 l\u2019infrastructure \u00e9nerg\u00e9tique. Le prix du p\u00e9trole brut, qui s\u2019\u00e9tait stabilis\u00e9 durant le cessez-le-feu, a repris sa progression et termin\u00e9 le mois pr\u00e8s de ses r\u00e9cents sommets. Si pendant quelques semaines la corr\u00e9lation entre le p\u00e9trole et les actions a \u00e9t\u00e9 n\u00e9gative, cette relation s\u2019est \u00e9tiol\u00e9e ces derni\u00e8res semaines.<\/p>\n

Alors que le march\u00e9 des actions semble avoir ignor\u00e9 les fluctuations du prix de l\u2019\u00e9nergie, le march\u00e9 des obligations a pour sa part r\u00e9agi autrement. Les taux de rendement obligataires ont mont\u00e9 durant le plus clair du mois, de concert avec le prix du p\u00e9trole. On s\u2019attendait \u00e0 ce que cette ann\u00e9e soit celle des baisses de taux d\u2019int\u00e9r\u00eat, mais cet espoir s\u2019est effondr\u00e9 lorsque l\u2019inflation a recommenc\u00e9 \u00e0 s\u2019acc\u00e9l\u00e9rer. Encore une fois, il n\u2019y a pas si longtemps, de tels \u00e9v\u00e9nements auraient fait baisser le cours des actions, mais pour une raison quelconque, ce n\u2019est pas arriv\u00e9.<\/p>\n

Qu\u2019est-ce qui maintient donc la demande sur le march\u00e9 boursier? D\u2019une part, les titres des g\u00e9antes de la technologie, qui avaient \u00e9t\u00e9 vendus sans retenue au d\u00e9but de f\u00e9vrier en raison des craintes entourant \u00ab\u2009la bulle de l\u2019IA\u2009\u00bb, ont rebondi. La justification commerciale des d\u00e9penses colossales r\u00e9alis\u00e9es par les centres de donn\u00e9es de l\u2019IA n\u2019a pas encore \u00e9t\u00e9 d\u00e9montr\u00e9e, mais les d\u00e9penses en capital n\u2019ont pas ralenti. Au contraire, elles semblent jouir d'un boum aux \u00c9tats-Unis. Les semiconducteurs associ\u00e9s \u00e0 ce mouvement ont aussi connu une envol\u00e9e importante pendant cette p\u00e9riode, conduisant le Nasdaq 100 \u00e0 progresser d\u2019environ 15 % durant le mois.<\/p>\n

Au Canada, la flamb\u00e9e du prix du p\u00e9trole a fini par faire rebondir le secteur de l\u2019\u00e9nergie, ce qui a contrebalanc\u00e9 en partie la faiblesse des mati\u00e8res premi\u00e8res, notamment de l\u2019or qui a recul\u00e9 au cours du mois. Dans ce qui a \u00e9t\u00e9 l\u2019un des d\u00e9veloppements les plus positifs depuis nombre d\u2019ann\u00e9es, Shell PLC s\u2019est \u00e9tendue au Canada gr\u00e2ce \u00e0 l\u2019acquisition d\u2019ARC Resources Ltd. Alors que depuis 10 ans les capitaux \u00e9trangers fuyaient le pays, on ose croire que cette tendance est sur le point de s\u2019inverser, ramenant ici les d\u00e9penses touchant \u00e0 de nouveaux projets.<\/p>\n

Et maintenant, que faire? Pr\u00e9parez-vous \u00e0 entendre souvent la phrase c\u00e9l\u00e8bre : \u00ab\u2009en mai, on vend et on se sauve\u2009\u00bb (Sell in May and go away). Cette strat\u00e9gie financi\u00e8re n\u2019a pas march\u00e9 depuis des ann\u00e9es, mais elle existe pour une raison, et celle-ci pourrait bien se concr\u00e9tiser cette ann\u00e9e.<\/p>\n

L\u2019argent s\u2019accumule sur la ligne de touche et les positions courtes sont couvertes. Au fond, on continue d\u2019esp\u00e9rer que la crise de l\u2019\u00e9nergie dispara\u00eetra aussi vite qu\u2019elle est apparue. Plus longtemps elle durera, plus le march\u00e9 deviendra risqu\u00e9. Selon toute \u00e9vidence, le gros des achats effectu\u00e9s ce mois-ci a \u00e9t\u00e9 aliment\u00e9 par l\u2019investissement syst\u00e9matique. Si cette tendance prend une direction contraire vers la vente, ou marque une pause, le mois de mai pourrait devenir le reflet inverse d\u2019avril. La corr\u00e9lation entre les taux de rendement plus \u00e9lev\u00e9s et le p\u00e9trole, dont on a fait fi en avril, pourrait r\u00e9appara\u00eetre sans crier gare. On ne sait juste pas quand.<\/p>\n

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

For the month of April the Pender Alternative Select Equity Fund was higher by 3.4% to bring the year-to-date return to 19.8%1<\/a><\/sup>. This compares to a return of 3.8% for the S&P\/TSX Composite during the month and 7.9% year-to-date. Sector rotation has been the story of the year. While exposure to commodities has helped us on the year, materials (gold) exposure held us back this month.<\/p>\n

The risk on rally we saw in April was led by technology, and in particular semiconductor companies. We have exposure in SHOPIFY Inc. (SHOP), Arm Holdings PLC (ARM) and Lam Research Corporation (LRCX) but have trimmed other names, only to watch them climb higher. As the month closed out, we added to hedges in the Nasdaq which we believe are among the higher-risk areas of the market.<\/p>\n

Energy has been a bright spot this year with higher commodity prices. We have been focused on uranium but adding to oil-exposed names more recently as we believe these prices could be higher for longer. The acquisition of ARC Resources Ltd. (ARX) kicked off another leg higher and is helping natural gas names, such as Tourmaline Oil Corp. (TOU), which have lagged the rally.<\/p>\n

We have maintained our overall defensive positioning while attempting to keep up with the market through sector rotations. As we have taken profits in technology we have been adding to industrials and financials. We believe these rotations will continue through the year and volatility will increase as we approach the US mid term elections.<\/p>\n

Greg Taylor, CFA
\n<\/strong>May 12, 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 The equity market rally that closed out the month of March continued through April. This rally has baffled many and is becoming a notable example of what is referred to as the \u2018pain trade\u2019. Given recent headlines, many investors had gone defensive. Yet against all odds markets finished the month near all-time highs. 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