{"id":73534,"date":"2026-05-19T11:14:10","date_gmt":"2026-05-19T18:14:10","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&#038;p=73534"},"modified":"2026-05-25T14:56:32","modified_gmt":"2026-05-25T21:56:32","slug":"pender-global-small-mid-cap-equity-fund-april-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-global-small-mid-cap-equity-fund-april-2026\/","title":{"rendered":"Fonds d\u2019actions mondiales \u00e0 petite\/moyenne capitalisation Pender - avril 2026"},"content":{"rendered":"<p>Le Fonds d\u2019actions mondiales \u00e0 petite\/moyenne capitalisation Pender a rapport\u00e9 6,3 %<a href=\"#_ftn1\" name=\"_ftnref1\"><sup>1<\/sup><\/a> en avril. Apr\u00e8s un recul de 9,10 % depuis les hauteurs qui avait \u00e9t\u00e9 les siennes de janvier \u00e0 la fin de mars, le S&amp;P 500 a rebondi et affich\u00e9 un gain de 7,9 % ce mois-ci, allant jusqu\u2019\u00e0 atteindre bri\u00e8vement un nouveau sommet historique. Trois \u00e9v\u00e9nements convergents ont particip\u00e9 \u00e0 cette reprise : un l\u00e9ger apaisement des tensions g\u00e9opolitiques, des r\u00e9sultats financiers du T1 2026 nettement sup\u00e9rieurs aux pr\u00e9visions des analystes et un nouvel optimisme des investisseurs envers l\u2019intelligence artificielle qui a fait beaucoup de bien au secteur des technologies.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-73538\" src=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-25-145340.png\" alt=\"\" width=\"497\" height=\"101\" srcset=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-25-145340.png 693w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-25-145340-300x78.png 300w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-25-145340-150x39.png 150w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-25-145340-18x5.png 18w\" sizes=\"auto, (max-width: 497px) 100vw, 497px\" \/><\/p>\n<p>Les pond\u00e9rations en portefeuille sont rest\u00e9es les m\u00eames : environ 49,6 % dans les actions canadiennes et 42,8 % dans les actions \u00e9tats-uniennes.<\/p>\n<p>En avril, les titres technologiques ont \u00e9t\u00e9 les moteurs de plus de la moiti\u00e9 du rendement mensuel du S&amp;P 500, la reprise du secteur ayant germ\u00e9 de la r\u00e9cup\u00e9ration marqu\u00e9e des tr\u00e8s grandes soci\u00e9t\u00e9s qui se vendaient \u00e0 la baisse depuis f\u00e9vrier, moment o\u00f9 les inqui\u00e9tudes touchant \u00e0 l\u2019IA \u00e9taient vives. Bien que les investissements colossaux dans les centres de donn\u00e9es de l\u2019IA ne soient pas encore totalement justifi\u00e9s, les engagements en mati\u00e8re de d\u00e9penses en capital n\u2019ont pas ralenti, elles semblent au contraire avoir \u00e9t\u00e9 stimul\u00e9es par l\u2019essor g\u00e9n\u00e9ralis\u00e9 du capex \u00e0 travers l\u2019\u00e9conomie des \u00c9tats-Unis.<\/p>\n<p>L\u2019industrie des semiconducteurs s\u2019est distingu\u00e9e. Advanced Micro Devices Inc. (AMD) a affich\u00e9 un gain de 74,3 %, ON Semiconductor Corp. (ON) de 62,8 % et Broadcom Inc. (AVGO) de 34,9 %, hausses qui ont permis au FNB VanEck Semiconductor (SMH) de produire un rendement mensuel de 32,2 %. Aliment\u00e9 par ce revirement de situation, le Nasdaq 100 s\u2019est relev\u00e9 d\u2019environ 15 %. La demande ininterrompue des fournisseurs \u00e0 grande \u00e9chelle en mati\u00e8re de nuage et d\u2019IA a \u00e9tay\u00e9 cette th\u00e9matique. La croissance des actions a largement surpass\u00e9 les valeurs, car les investisseurs se sont positionn\u00e9s autour de ce que plusieurs appellent d\u00e9sormais un nouveau \u00ab supercycle de l\u2019IA \u00bb.<\/p>\n<p>Les march\u00e9s boursiers mondiaux ont connu un essor g\u00e9n\u00e9ralis\u00e9 en avril. L\u2019indice MSCI des march\u00e9s \u00e9mergents a gagn\u00e9 entre 13,1 et 15,0 % et l\u2019indice MSCI de l\u2019Asie-Pacifique a bondi de 13,0 %, une hausse mensuelle in\u00e9gal\u00e9e depuis la fin de 2022. En effet, le cessez-le-feu au Moyen-Orient et le regain d\u2019optimisme envers l\u2019IA ont permis aux march\u00e9s \u00e9mergents et Nord asiatiques de tirer profit d\u2019une forte augmentation propuls\u00e9e par le secteur technologique. Au Canada, la performance a \u00e9t\u00e9 plus sectorielle. L\u2019\u00e9nergie et les biens de consommation essentiels ont r\u00e9sist\u00e9 gr\u00e2ce \u00e0 la remont\u00e9e du prix du p\u00e9trole qui a fait contrepoids \u00e0 la faiblesse du secteur des mat\u00e9riaux et au d\u00e9clin de l\u2019or pendant le mois.<\/p>\n<p>Les r\u00e9sultats financiers du T1 de 2026 ont dress\u00e9 un portrait en demi-teinte de la situation. Les compagnies ont fortement insist\u00e9 sur leur durabilit\u00e9, et plusieurs ont fait remarquer qu\u2019\u00e0 ce jour la demande \u00e9tait stable et que les pressions g\u00e9opolitiques avaient eu peu de cons\u00e9quences directes. L\u2019IA et la construction des centres de donn\u00e9es sont demeur\u00e9s un th\u00e8me positif. Toutefois, un fil de prudence s\u2019est gliss\u00e9 dans la trame des commentaires. Ainsi, plusieurs \u00e9quipes de direction ont qualifi\u00e9 le climat macro\u00e9conomique d\u2019incertain et de dynamique tandis que beaucoup d\u2019entreprises ont fait \u00e9tat de la sensibilit\u00e9 grandissante des consommateurs \u00e0 l\u2019inflation et au fardeau toujours pr\u00e9sent des taux d\u2019int\u00e9r\u00eat \u00e9lev\u00e9s.<\/p>\n<p>Cette prudence est justifi\u00e9e. Le resserrement des conditions financi\u00e8res caus\u00e9 par l\u2019incertitude g\u00e9opolitique a commenc\u00e9 \u00e0 peser sur la croissance mondiale, et les effets indirects du prix \u00e9lev\u00e9 des mati\u00e8res premi\u00e8res sur la consommation sont toujours \u00e0 l\u2019\u0153uvre au sein du syst\u00e8me. Ce risque est d\u00e9multipli\u00e9 par la possibilit\u00e9 que l\u2019inflation de base s\u2019ent\u00eate, tandis que la majoration de rendements obligataires pourrait amoindrir la latitude des banques centrales pour r\u00e9duire les taux. En avril, la Banque du Canada, la R\u00e9serve f\u00e9d\u00e9rale des \u00c9tats-Unis, la Banque centrale europ\u00e9enne, la Banque d\u2019Angleterre et la Banque du Japon ont toutes opt\u00e9 pour le statu quo, signe que leurs administrateurs demeurent dans l\u2019attentisme.<\/p>\n<p>Malgr\u00e9 tout, nous voyons quelques raisons d\u2019\u00eatre mod\u00e9r\u00e9ment optimistes. La demande industrielle a r\u00e9ussi \u00e0 absorber une part de la mollesse des d\u00e9penses de consommation et la saison des r\u00e9sultats financiers a \u00e9t\u00e9 encourageante en g\u00e9n\u00e9ral. Nous continuons d\u2019avoir confiance dans les occasions que nous identifions dans notre portefeuille et poursuivons notre r\u00e9partition s\u00e9lective du capital.<\/p>\n<h3>Mises \u00e0 jour sur le Fonds (avril)<\/h3>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-73536\" src=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-25-145406.png\" alt=\"\" width=\"503\" height=\"109\" srcset=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-25-145406.png 692w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-25-145406-300x66.png 300w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-25-145406-150x33.png 150w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-25-145406-18x4.png 18w\" sizes=\"auto, (max-width: 503px) 100vw, 503px\" \/><\/p>\n<p><strong>Generac <\/strong>a \u00e9t\u00e9 la grande gagnante du mois. L\u2019entreprise a publi\u00e9 des r\u00e9sultats du T1 qui surpassent les pr\u00e9visions des analystes tant globalement qu\u2019en mati\u00e8re de recettes. La direction a \u00e9galement rehauss\u00e9 ses projections annuelles selon lesquelles son revenu devrait cro\u00eetre de 15 \u00e0 20 % et les marges de son BAIIDA exc\u00e9der de 50 pb les pr\u00e9visions ant\u00e9rieures. Le point majeur du trimestre a \u00e9t\u00e9 ce que la direction appelle une croissance \u00ab g\u00e9n\u00e9rationnelle \u00bb sur le march\u00e9 des centres de donn\u00e9es, laquelle a donn\u00e9 lieu \u00e0 une majoration de 28 % dans le segment commercial et industriel. Generac continue de tirer profit de la demande soutenue des clients de centres de donn\u00e9es. Elle s\u2019attend d\u2019ailleurs \u00e0 obtenir sous peu une premi\u00e8re commande substantielle de la part de tr\u00e8s grands fournisseurs, contrat qui s\u2019ajoutera au carnet de commandes de 700 millions $ de ses services de colocation.<\/p>\n<p><strong>Tantalus <\/strong>s\u2019est elle aussi tr\u00e8s bien comport\u00e9e. Ses r\u00e9sultats pour le premier trimestre de 2026 montrent une augmentation d\u2019une ann\u00e9e sur l\u2019autre de ses revenus organiques de 27 %, des revenus de ses appareils connect\u00e9s de 34 %, et des revenus de ses logiciels et services de 14 %. La compagnie a re\u00e7u, de la part de 70 soci\u00e9t\u00e9s de services publics, des commandes en vue de tester, de mettre en place des projets pilotes ou de d\u00e9ployer la passerelle TRUSense. Au trimestre dernier, elles \u00e9taient 66 \u00e0 avoir pass\u00e9 des commandes. Environ 40 % de ces soci\u00e9t\u00e9s de services publics sont en phase active de d\u00e9ploiement.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-73537\" src=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-25-145421.png\" alt=\"\" width=\"501\" height=\"120\" srcset=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-25-145421.png 715w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-25-145421-300x115.png 300w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-25-145421-150x57.png 150w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/05\/Screenshot-2026-05-25-145421-18x7.png 18w\" sizes=\"auto, (max-width: 501px) 100vw, 501px\" \/><\/p>\n<p>David Barr, CFA<br \/>\n<em>19 mai 2026<\/em><\/p>\n<p><sup><a href=\"#_ftnref1\" name=\"_ftn1\">1<\/a> <\/sup><em>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><em>https:\/\/penderfund.com\/fr\/fund\/pender-global-small-mid-cap-equity-fund\/<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>The Pender Global Small\/Mid Cap Equity Fund returned 6.3%1 in April. Following a pullback of 9.10% from its January high through late March, the S&amp;P 500 rebounded to post a gain of 7.9% for the month and briefly touched new all-time highs. The recovery was driven by three converging events: a partial de-escalation of geopolitical [&hellip;]<\/p>\n","protected":false},"featured_media":70424,"template":"","meta":{"_acf_changed":false},"fund-type":[36,40],"class_list":["post-73534","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-equity-funds","fund-type-pender-global-small-mid-cap-equity-fund"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.6.1 (Yoast SEO v27.6) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Pender Global Small\/Mid Cap Equity 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-global-small-mid-cap-equity-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 Global Small\/Mid Cap Equity Fund - April 2026\" \/>\n<meta property=\"og:description\" content=\"The Pender Global Small\/Mid Cap Equity Fund returned 6.3%1 in April. Following a pullback of 9.10% from its January high through late March, the S&amp;P 500 rebounded to post a gain of 7.9% for the month and briefly touched new all-time highs. 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