1<\/a><\/sup><\/p>\nLe portefeuille demeure essentiellement canadien, avec une pond\u00e9ration d\u2019environ 78,7 % en titres canadiens contre \u00e0 peu pr\u00e8s 12,5 % en actions \u00e9tats-uniennes.<\/p>\n
Les niveaux de volatilit\u00e9 observ\u00e9s en 2026 ont persist\u00e9 tout au long du trimestre, notamment sous l\u2019effet de trois pressions concomitantes : un choc sur l\u2019offre \u00e9nerg\u00e9tique, une r\u00e9acc\u00e9l\u00e9ration de l\u2019inflation et une politique mon\u00e9taire caract\u00e9ris\u00e9e par des taux qui demeurent \u00e9lev\u00e9s. On a profit\u00e9 d\u2019un certain r\u00e9pit apr\u00e8s la signature d\u2019un protocole d\u2019accord entre les \u00c9tats-Unis et l\u2019Iran le 18 juin, le cours du p\u00e9trole ayant alors reflu\u00e9 vers les 80 $ le baril. Toutefois, la r\u00e9ouverture du d\u00e9troit d\u2019Ormuz demeure un d\u00e9fi logistique complexe qui laisse pr\u00e9sager une volatilit\u00e9 soutenue au troisi\u00e8me trimestre.<\/p>\n
Au sein du secteur technologique, les rendements ont fortement diverg\u00e9 au T2 : les valeurs technologiques \u00e0 forte croissance ont \u00e9t\u00e9 confront\u00e9es \u00e0 des vents contraires, tandis que certaines actions expos\u00e9es aux d\u00e9penses de d\u00e9fense ont continu\u00e9 de surperformer. Le secteur spatial, en particulier, a connu un essor \u00e0 la suite de l\u2019introduction en bourse de SpaceX, valoris\u00e9e \u00e0 1,77 milliard $. Plut\u00f4t que d\u2019investir directement dans SpaceX, certains investisseurs se sont tourn\u00e9s vers des solutions de rechange, comme les fournisseurs de services de lancement, les op\u00e9rateurs de satellites et les grandes entreprises du secteur de la d\u00e9fense \u2014 dont certaines figurent dans notre portefeuille et font l\u2019objet d\u2019une discussion ci-dessous. Nous souhaitons \u00e9galement pr\u00e9ciser que les valorisations des petites entreprises restent proches de leurs creux historiques par rapport aux grandes soci\u00e9t\u00e9s; malgr\u00e9 la volatilit\u00e9 persistante, notamment dans le secteur technologique, les petites compagnies ont affich\u00e9 une croissance r\u00e9siliente tout au long du trimestre.<\/p>\n
Nous continuons d\u2019observer une intensification des activit\u00e9s de F&A parmi les petites et moyennes entreprises (PME). Plusieurs soci\u00e9t\u00e9s sont devenues des cibles d\u2019acquisition cette ann\u00e9e et quelques-unes ont attir\u00e9 l\u2019attention des activistes, tandis que d\u2019autres ont annonc\u00e9 des examens strat\u00e9giques. Nous y voyons un signal important : les march\u00e9s priv\u00e9s commencent \u00e0 reconna\u00eetre la valeur pr\u00e9sente dans le march\u00e9 des PME o\u00f9 les valorisations restent d\u00e9connect\u00e9es des fondamentaux \u00e0 long terme. Le climat entourant les F&A est tr\u00e8s favorable et il pourrait faire remonter et d\u00e9bloquer la valeur de certaines entreprises sous-estim\u00e9es de notre portefeuille.<\/p>\n
Compte tenu du contexte d\u2019incertitude, nous avons renforc\u00e9 notre positionnement d\u00e9fensif. Les liquidit\u00e9s repr\u00e9sentent actuellement environ 5 % du portefeuille, auxquelles s\u2019ajoute une pond\u00e9ration de 10 % \u00e0 l\u2019arbitrage sur fusion, portant ainsi notre exposition cible aux liquidit\u00e9s et \u00e9quivalents de liquidit\u00e9s \u00e0 15 %. Nous conservons \u00e9galement une modeste position dans des options de vente, bien que nous privil\u00e9gions de plus en plus la d\u00e9tention de liquidit\u00e9s aux options pour nous permettre de saisir les occasions lorsque des titres de qualit\u00e9 sont accessibles \u00e0 un prix d\u2019entr\u00e9e attrayant. Nous estimons que la performance actuelle du march\u00e9 est davantage le r\u00e9sultat de l\u2019enthousiasme des investisseurs particuliers et de la dynamique des cours que des fondamentaux sous-jacents. \u00c0 ce stade-ci, cette situation nous invite d\u2019autant plus \u00e0 pr\u00e9f\u00e9rer la liquidit\u00e9 \u00e0 une exposition globale au march\u00e9. Nous donnons aussi la priorit\u00e9 aux situations motiv\u00e9es par des catalyseurs particuliers, o\u00f9 une op\u00e9ration d\u2019entreprise \u2014 et non l\u2019orientation g\u00e9n\u00e9rale du march\u00e9 \u2014 est susceptible de constituer le principal moteur de la performance. Parmi les exemples actuels, notons PAR Technology Corp. (PAR), Sangoma Technologies Corp. (STC) et Pivotree Inc. (PVT). (PAR), Sangoma Technologies Corp. (STC), and Pivotree Inc. (PVT).<\/strong><\/p>\n![\"\"](\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-13-144732.png\")
<\/p>\n
McDermott International<\/strong> Ses titres ont nui \u00e0 la performance du Fonds ce mois-ci en raison d\u2019un \u00e9v\u00e9nement complexe qui, selon nos pr\u00e9visions, devrait se r\u00e9soudre sous peu. En juin, la soci\u00e9t\u00e9 a annonc\u00e9 un plan d\u00e9finitif de refinancement de sa dette. En m\u00eame temps, elle a d\u00e9voil\u00e9 une \u00e9mission de droits de souscription de 1,50 $ l\u2019action, contre un cours r\u00e9cent de 25 $ l\u2019action avant l\u2019annonce. Le capital obtenu s\u2019\u00e9l\u00e8verait \u00e0 500 millions $, ce qui lui permettrait de rembourser sa dette et d\u2019am\u00e9liorer sa cote de cr\u00e9dit, entre autres choses. En amont de cette \u00e9mission de droits, certains investisseurs dans l\u2019impossibilit\u00e9 d\u2019y participer se sont trouv\u00e9s contraints de vendre leurs titres. Par cons\u00e9quent, en termes de valorisation de march\u00e9, notre position globale sur la structure du capital de McDermott pourrait se d\u00e9grader \u00e0 court terme avant de s\u2019am\u00e9liorer. Malgr\u00e9 la sous-performance actuelle, nous estimons que la position en actions pr\u00e9sente un potentiel de hausse asym\u00e9trique.<\/p>\nKneat.com<\/strong> - Le 8 juin 2026, Kneat a annonc\u00e9 son acquisition par Thoma Bravo au prix de 6,50 $ l\u2019action en esp\u00e8ces, soit une prime d\u2019environ 20 % par rapport au dernier cours de cl\u00f4ture et de 40 % par rapport au cours non influenc\u00e9 pr\u00e9c\u00e9dant l\u2019annonce d\u2019un examen strat\u00e9gique. Bien que cette op\u00e9ration ait stimul\u00e9 la performance \u00e0 court terme, elle ne correspondait pas au sc\u00e9nario que nous avions initialement anticip\u00e9. Nous y voyons toutefois la preuve de deux choses : \u00e0 quel point les valeurs technologiques restent sous-\u00e9valu\u00e9es dans le segment des PME, et \u00e0 quel point le march\u00e9 des F&A est actuellement dynamique.<\/p>\nSpace Sector<\/strong> \u00c0 la suite de l\u2019introduction en bourse retentissante de SpaceX, le secteur spatial a suscit\u00e9 un regain d\u2019int\u00e9r\u00eat marqu\u00e9 de la part des investisseurs. Cet engouement accru a contribu\u00e9 \u00e0 une revalorisation significative de l\u2019ensemble du secteur. Nos participations dans Telesat<\/strong> et MDA Space<\/strong> ont \u00e9t\u00e9 les principaux moteurs de rendement au T2, en partie gr\u00e2ce \u00e0 cette exposition accrue. Ces deux entreprises sont d\u00e9sormais reconnues comme des partenaires strat\u00e9giques canadiens, ayant \u00e9t\u00e9 s\u00e9lectionn\u00e9es par le gouvernement f\u00e9d\u00e9ral pour des projets cl\u00e9s li\u00e9s \u00e0 la surveillance, au renseignement et \u00e0 la souverainet\u00e9 dans l\u2019Arctique. Il est important de noter que nous ne voyons pas l\u00e0 une simple expansion des multiples de valorisation; pour MDA<\/strong> et Telesat,<\/strong> les fondamentaux demeurent solides : carnets de commandes bien garnis, importance strat\u00e9gique pour la s\u00e9curit\u00e9 nationale, capacit\u00e9s techniques diff\u00e9renci\u00e9es et exposition \u00e0 des cycles de march\u00e9s publics pluriannuels.<\/p>\n![\"\"](\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/08\/Screenshot-2026-08-13-144749.png\")
<\/p>\n
Perspectives<\/strong><\/span>
\nPour ce qui s\u2019en vient, nous allons continuer \u00e0 nous int\u00e9resser \u00e0 des petites entreprises sous-\u00e9valu\u00e9es et dot\u00e9es, selon nous, d\u2019excellentes caract\u00e9ristiques \u00e9conomiques qui se n\u00e9gocient \u00e0 une valeur attrayante. Nous avons rench\u00e9ri sur notre participation technologique au cours du trimestre, puisque nous estimons que l\u2019am\u00e9lioration des fondamentaux jumel\u00e9e \u00e0 la compression des valorisations contribuent \u00e0 cr\u00e9er des conditions favorables et durables \u00e0 long terme.<\/p>\nL\u2019\u00e9quipe de gestion du Fonds d\u2019opportunit\u00e9s \u00e0 petites capitalisations Pender
\n14 juillet, 2026<\/em><\/p>\n1<\/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 : www.penderfund.com\/fr\/fund\/pender-small-cap-opportunities-fund\/<\/em><\/p>","protected":false},"excerpt":{"rendered":"In Q2, the Fund returned 10.9%, ahead of the S&P\/TSX Composite at 7.0%. This is despite a challenging month of June where the Fund returned -3.8%, and the S&P\/TSX Composite was up 0.5%. 1 Portfolio weights remain predominantly Canadian, with ~78.7% in Canadian equities and ~12.5% in US equities. The levels of volatility we've grown […]<\/p>\n","protected":false},"featured_media":73787,"template":"","meta":{"_acf_changed":false},"fund-type":[38],"class_list":["post-74123","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-pender-small-cap-opportunities-fund"],"acf":[],"yoast_head":"\n
Pender Small Cap Opportunities Fund June 2026 Insights - PenderFund Capital Management<\/title>\n<meta name=\"description\" content=\"Discover insights from the Pender Small Cap Opportunities Fund June 2026, showcasing resilience amid volatility and inflation.\" \/>\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-small-cap-opportunities-fund-june-2026\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pender Small Cap Opportunities Fund - June 2026\" \/>\n<meta property=\"og:description\" content=\"Discover insights from the Pender Small Cap Opportunities Fund June 2026, showcasing resilience amid volatility and inflation.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/penderfund.com\/fr\/commentaries\/pender-small-cap-opportunities-fund-june-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=\"2026-08-13T21:50:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/06\/Commentary-Pender-Small-Cap-Opportunities-Fund-Investment-Team.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-small-cap-opportunities-fund-june-2026\\\/\",\"url\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-small-cap-opportunities-fund-june-2026\\\/\",\"name\":\"Pender Small Cap Opportunities Fund June 2026 Insights - PenderFund Capital Management\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/penderfund.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-small-cap-opportunities-fund-june-2026\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-small-cap-opportunities-fund-june-2026\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/penderfund.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/Commentary-Pender-Small-Cap-Opportunities-Fund-Investment-Team.png\",\"datePublished\":\"2026-07-14T15:37:43+00:00\",\"dateModified\":\"2026-08-13T21:50:00+00:00\",\"description\":\"Discover insights from the Pender Small Cap Opportunities Fund June 2026, showcasing resilience amid volatility and inflation.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-small-cap-opportunities-fund-june-2026\\\/#breadcrumb\"},\"inLanguage\":\"fr-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-small-cap-opportunities-fund-june-2026\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-small-cap-opportunities-fund-june-2026\\\/#primaryimage\",\"url\":\"https:\\\/\\\/penderfund.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/Commentary-Pender-Small-Cap-Opportunities-Fund-Investment-Team.png\",\"contentUrl\":\"https:\\\/\\\/penderfund.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/Commentary-Pender-Small-Cap-Opportunities-Fund-Investment-Team.png\",\"width\":850,\"height\":400},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-small-cap-opportunities-fund-june-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 Small Cap Opportunities Fund - June 2026\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/penderfund.com\\\/#website\",\"url\":\"https:\\\/\\\/penderfund.com\\\/\",\"name\":\"PenderFund Capital Management\",\"description\":\"Forward thinking. 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1<\/a><\/sup><\/p>\n