{"id":73722,"date":"2026-06-05T15:49:03","date_gmt":"2026-06-05T22:49:03","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=73722"},"modified":"2026-07-03T14:40:02","modified_gmt":"2026-07-03T21:40:02","slug":"pender-corporate-bond-fund-may-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-corporate-bond-fund-may-2026\/","title":{"rendered":"Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender - mai 2026"},"content":{"rendered":"

Mai a \u00e9t\u00e9 rentable pour le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender, comme en t\u00e9moigne son rendement total de 2,1 %1<\/sup><\/a>. Celui-ci a \u00e9t\u00e9 r\u00e9alis\u00e9 alors que les conditions sur le march\u00e9 obligataire \u00e9taient g\u00e9n\u00e9ralement robustes, que les rendements de r\u00e9f\u00e9rence redescendaient de leurs r\u00e9cents sommets et que les \u00e9carts en mati\u00e8re de cr\u00e9dit se maintenaient.<\/p>\n

En mai, la premi\u00e8re place revient encore une fois \u00e0 notre position dans la structure du capital de Wolfspeed Inc<\/strong> dont les obligations convertibles garanties (2,5 %, 2030) poursuivent leur ascension de concert avec d\u2019autres fabricants de semiconducteurs reconnus. \u00c0 la fin du mois, nous avions substantiellement r\u00e9duit notre participation dans Wolfspeed en souscrivant des options de rachat \u00e9quivalentes au cours contre plus de 90 % de notre exposition li\u00e9e aux actions.<\/p>\n

En mai, nous avons \u00e9galement pu compter sur notre position dans les obligations convertibles de Fluence Energy <\/strong>Inc. <\/strong>dont les b\u00e9n\u00e9fices ont \u00e9t\u00e9 entra\u00een\u00e9s de l\u2019avant par l\u2019optimisme entourant les effets de l\u2019IA sur le r\u00e9seau \u00e9lectrique et l\u2019anticipation du besoin accru en batteries de capacit\u00e9 industrielle. Comme avec Wolfspeed, nous avons souscrit des options de rachat contre des actions ordinaires de Fluence, ce qui a consid\u00e9rablement r\u00e9duit notre exposition \u00e0 l\u2019entreprise. Finalement, en mai, notre avoir de longue date Esperion Therapeutics<\/strong> Inc.<\/strong> a accept\u00e9 une offre d\u2019achat au comptant. M\u00eame si nous avions esp\u00e9r\u00e9 obtenir davantage de cet investissement, la transaction a contribu\u00e9 \u00e0 hauteur de 40 points de base au rendement mensuel du Fonds.<\/p>\n

Il y a eu peu de maillons faibles ce mois-ci, sauf notre position dans les obligations et le pr\u00eat \u00e0 terme d\u2019 Embecta Corp<\/strong>. Le titre de l\u2019entreprise a chut\u00e9 en raison de r\u00e9sultats trimestriels d\u00e9cevants dus au fait que l\u2019un de ses canaux de distribution majeurs a souffert d\u2019une baisse de volume de m\u00e9dicaments contre le diab\u00e8te. Nous avons confiance dans les perspectives commerciales d\u2019Embecta, dont l\u2019endettement est relativement faible, et nous avons accru notre position en mai.<\/p>\n

Principales pond\u00e9rations et expositions du Fonds pour le dernier semestre de 2026<\/h3>\n

Voici en quelques mots quel est le contexte actuel. L\u2019inflation est sup\u00e9rieure \u00e0 la cible et plusieurs facteurs pourraient la pousser encore plus haut, y compris les d\u00e9ficits budg\u00e9taires opini\u00e2tres de la plupart des grandes \u00e9conomies. Nous constatons que les rendements des obligations \u00e0 long terme du Japon ne cessent de monter, au point de contrarier toutes les tentatives de la banque centrale pour ma\u00eetriser la courbe. Nous remarquons que les stocks critiques de p\u00e9trole se tarissent. La politique et la g\u00e9opolitique engendreront sans doute plus de perturbation que de calme. Et nous observons l\u2019av\u00e8nement de ce qui ressemble \u00e0 une obsession sur le march\u00e9 des actions dont les grands favoris sont des entreprises reli\u00e9es \u00e0 l\u2019intelligence artificielle et \u00e0 d\u2019autres th\u00e8mes populaires ax\u00e9s sur la croissance.<\/p>\n

Nous ne choisissons pas notre environnement. Mais nous devons choisir ce qui est sens\u00e9 en pareilles circonstances. Voici donc comment nous avons d\u00e9cid\u00e9 de nous positionner en vue du dernier semestre.<\/p>\n

Dur\u00e9e<\/strong> Nous sommes conscients que les positions longues rapportent plus qu\u2019avant. Bien qu\u2019une hausse \u00e0 contre-courant soit toujours possible, nous ne consid\u00e9rons pas que les obligations \u00e0 long terme soient bon march\u00e9. Sur le plan historique, les rendements des bons du Tr\u00e9sor \u00e0 30 ans se situent toujours au plus bas de la fourchette. Bien que notre portefeuille renferme principalement des positions courtes, nous faisons parfois exception pour des TIPS et des obligations \u00e0 rendement r\u00e9el \u00e0 plus long terme, de m\u00eame que pour certains \u00e9metteurs dont les titres ont subi une d\u00e9cote injustifi\u00e9e et sont assortis d\u2019\u00e9carts de cr\u00e9dit \u00e9tant, \u00e0 notre avis, plus larges que ne le m\u00e9ritent les \u00e9ch\u00e9ances plus longues. Hormis cela, nous avons grandement r\u00e9duit la dur\u00e9e du portefeuille pour la ramener \u00e0 3,5 ans.<\/p>\n

Exposition sectorielle :<\/strong> Nous privil\u00e9gions encore les actifs tangibles pour nous positionner sur ce march\u00e9. Les titres touchant au p\u00e9trole et au gaz, tels que ceux de Northern Oil and Gas Inc., de Borr Drilling Ltd. et de McDermott International Ltd. constituent la plus grande exposition du Fonds \u00e0 une seule industrie. D\u2019autres secteurs li\u00e9s aux mati\u00e8res premi\u00e8res \u2014 dont les mines et l\u2019agriculture \u2014 compl\u00e8tent notre exposition dans cette sph\u00e8re qui repr\u00e9sente plus de 20 % de la pond\u00e9ration du portefeuille et une proportion encore plus importante des valeurs \u00e0 risque. Rappelons que le Fonds d\u00e9tient un nombre appr\u00e9ciable de quasi-esp\u00e8ces \u00e0 court terme.<\/p>\n

Toutefois, d\u2019autres secteurs moins convoit\u00e9s sont dignes de mention, car l\u2019attrait de l\u2019IA a laiss\u00e9 certains segments du march\u00e9 \u00e0 l\u2019abandon. Le secteur de la sant\u00e9, par exemple, renferme un certain nombre d\u2019\u00e9metteurs dont les titres sont en difficult\u00e9 sur le plan du cr\u00e9dit ou excessivement d\u00e9cot\u00e9s, tels que Evolent Health Inc. et Embecta, dont nous jugeons int\u00e9ressantes les perspectives de rendement total. Dans la cat\u00e9gorie des secteurs survendus et n\u00e9glig\u00e9s se trouve aussi celui des logiciels d\u2019entreprise qui, du moins pour les investisseurs en actions, a \u00e9t\u00e9 un terrain min\u00e9 au cours des 18 derniers mois. Dans ce secteur, nous appr\u00e9cions le potentiel de rebond d\u2019\u00e9metteurs, tels que PAR Technologies Corp. et Vertex Pharmaceuticals Inc., dont les obligations convertibles li\u00e9es aux actions constituent, nous semble-t-il, des occasions attrayantes au ratio risque-rendement asym\u00e9trique.<\/p>\n

R\u00e9partition g\u00e9ographique : Alors que les relations \u00e9conomiques entre le Canada et les \u00c9tats-Unis s\u2019\u00e9loignent de plus en plus de l\u2019\u00e9troit partenariat initi\u00e9 \u00e0 l\u2019\u00e9poque de Mulroney et de Reagan, nous y voyons l\u2019occasion de diversifier les avoirs du Fonds \u00e0 l\u2019\u00e9chelle internationale. Nous avons \u00e9galement eu acc\u00e8s \u00e0 des possibilit\u00e9s uniques en mati\u00e8re de cr\u00e9dit par l\u2019entremise d\u2019investissements dans les Am\u00e9riques, comme dans Adecoagro SA, un important propri\u00e9taire agricole de l\u2019Argentine, et dans l\u2019entreprise mexicaine Total Play Telecomunicaciones. En Europe, Tenaz Energy et BlueNord ASA, deux productrices de gaz extrac\u00f4tier majeures, ont livr\u00e9 de hauts rendements alors m\u00eame que leurs structures du capital \u00e9taient sous-\u00e9valu\u00e9es. En Chine, nous voyons des occasions li\u00e9es aux actions potentiellement int\u00e9ressantes dans les obligations convertibles \u00e9mises par Alibaba Group Holding Ltd. et Nio Inc. Au 31 mai, les participations prises en dehors de l\u2019Am\u00e9rique du Nord repr\u00e9sentaient environ 25 % des avoirs du Fonds.<\/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 6,34 % au 31 mai, le taux de rendement actuel s\u2019\u00e9tablissant \u00e0 5,08 % et la dur\u00e9e moyenne de ses instruments \u00e0 terme \u00e0 3,53 ann\u00e9es. Il comporte une pond\u00e9ration de 1,02 % 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 7,1 % du Fonds ont \u00e9galement \u00e9t\u00e9 exclues du rendement et de la dur\u00e9e. La tr\u00e9sorerie repr\u00e9sentait 2,5 % du portefeuille total au 31 mai.<\/p>\n

Geoff Castle
\n5 juin 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 solid performance in May, delivering a total return of 2.1%1. This return was within the context of generally strong bond market conditions as benchmark yields retreated from recent highs and credit spreads were largely unchanged. Leading the way for the Fund again in May was our position in the […]<\/p>\n","protected":false},"featured_media":70754,"template":"","meta":{"_acf_changed":false},"fund-type":[41,43],"class_list":["post-73722","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 - May 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-may-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 - May 2026\" \/>\n<meta property=\"og:description\" content=\"The Pender Corporate Bond Fund enjoyed solid performance in May, delivering a total return of 2.1%1. 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