{"id":74130,"date":"2026-07-14T09:44:27","date_gmt":"2026-07-14T16:44:27","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&#038;p=74130"},"modified":"2026-08-11T15:34:23","modified_gmt":"2026-08-11T22:34:23","slug":"pender-bond-universe-fund-june-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-bond-universe-fund-june-2026\/","title":{"rendered":"Fonds univers obligataire Pender - Juin 2026"},"content":{"rendered":"<p>Les parts de cat\u00e9gorie F du Fonds univers obligataire Pender ont affich\u00e9 un rendement de 1 %<sup><a href=\"#_ftn1\" name=\"_ftnref1\">1<\/a> \u00a0<\/sup>au second trimestre de 2026, prenant ainsi du recul sur l\u2019indice de r\u00e9f\u00e9rence par une marge relative de 1 %. La plupart des actifs de cat\u00e9gorie investissement ont bien perform\u00e9 durant cette p\u00e9riode, tout particuli\u00e8rement les parts du Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender qui figurent au portefeuille et certaines obligations \u00e0 haut rendement, telles que les obligations convertibles de Meritage Homes et d\u2019Opko Health, qui ont grimp\u00e9 de 28 points au T2. Ce r\u00e9sultat net positif a cependant \u00e9t\u00e9 quelque peu temp\u00e9r\u00e9 par la perte de vitesse de plusieurs titres issus du secteur des marchandises, lesquels avaient pourtant \u00e9t\u00e9 des apports constructifs ant\u00e9rieurement.<\/p>\n<p><strong>Les taux en contexte<\/strong><br \/>\nLa courbe canadienne s\u2019est l\u00e9g\u00e8rement abaiss\u00e9e pendant le trimestre, tandis que les taux \u00e9tats-uniens ont grimp\u00e9. Les propos sur l\u2019inflation ont \u00e9t\u00e9 \u00e9tay\u00e9s par l\u2019arriv\u00e9e de Warsh qui a soulign\u00e9, lors de sa premi\u00e8re r\u00e9union du FOMC, l\u2019importance de stabiliser les prix, ce qui a accentu\u00e9 le sentiment baissier du march\u00e9 envers les bons du Tr\u00e9sor. Nous croyons qu\u2019il faudra que la situation \u00e9conomique s\u2019affaiblisse pour que les obligations se redressent. Toutefois, comme nous sommes des investisseurs \u00e0 contre-courant, nous avons du mal \u00e0 faire fi du solide contexte que nous observons actuellement \u00e0 l\u2019\u00e9gard des bons du Tr\u00e9sor. En plus de la morosit\u00e9 ambiante, les obligations sont moins ch\u00e8res que les actions, et les participations en portefeuille aux bons du Tr\u00e9sor n\u2019ont pas \u00e9t\u00e9 aussi faibles depuis environ vingt ans<sup><a href=\"#_ftn2\" name=\"_ftnref2\">2<\/a><\/sup>.<\/p>\n<p><strong>Les ajouts<\/strong><br \/>\nCe n\u2019est pas une sph\u00e8re qui nous a int\u00e9ress\u00e9s dans le pass\u00e9, mais la r\u00e9cente liquidation de titres du secteur du logiciel entra\u00een\u00e9e par la crainte de l\u2019IA nous a ouvert plusieurs possibilit\u00e9s int\u00e9ressantes pendant le trimestre. Derni\u00e8rement, nous avons d\u00e9couvert un certain nombre de soci\u00e9t\u00e9s rentables, peu endett\u00e9es, munies d\u2019un bon coussin en avoirs propres pour \u00e9tayer leurs dettes et dont le cours des actions a souffert d\u2019une baisse dans les deux chiffres. L\u2019une d\u2019elles est Vertex Inc. (VERX) et nous avons ajout\u00e9 son obligation convertible (0,75 %, 2029) \u00e0 la portion \u00e0 haut rendement du Fonds pendant le trimestre. Vertex est un fournisseur de logiciels fiscaux desservant plus de 60 % des entreprises du Fortune 500. Son produit phare calcule les taxes indirectes, telles que les taxes sur les ventes et la TPS, aux points de vente dans plus de 20 000 territoires de comp\u00e9tence. Avec une dette d\u2019\u00e0 peine 345 millions $ contre une capitalisation boursi\u00e8re de 2 milliards $, son coussin en avoirs propres est imposant. De plus, \u00e9tant donn\u00e9 que cette obligation convertible \u00e0 faible coupon est la seule dette de la structure, les charges d\u2019int\u00e9r\u00eat sont minimales et leur couverture par le BAIIDA est consid\u00e9rable (plus de 30 fois en 2025). Elle dispose aussi d\u2019une excellente tr\u00e9sorerie : 250 millions $ en liquidit\u00e9s et une ligne de cr\u00e9dit renouvelable non utilis\u00e9e de 300 millions $.<\/p>\n<p>Nous avons pay\u00e9 autour de 91 $ l\u2019obligation au T2, et si l\u2019histoire se terminait ici pour nous avec un remboursement \u00e0 l\u2019\u00e9ch\u00e9ance, elle nous procurerait un rendement d\u2019environ 4 %. De plus, le prix de l\u2019action sous-jacente a \u00e9t\u00e9 frapp\u00e9 par la vente g\u00e9n\u00e9ralis\u00e9e du secteur du logiciel et son cours ayant baiss\u00e9 de plus de 70 % depuis son sommet de janvier 2025, il nous a sembl\u00e9 pertinent d\u2019y jeter un coup d\u2019\u0153il. Consid\u00e9rant que l\u2019entreprise est solidement \u00e9tablie dans le secteur et que le calcul fiscal est complexe, nous croyons qu\u2019elle est moins menac\u00e9e par l\u2019IA que certaines de ses concurrentes. Si l\u2019on ajoute \u00e0 cela la qualit\u00e9 de l\u2019activit\u00e9 sous-jacente, nos calculs indiquent qu\u2019il n\u2019est pas impossible que l\u2019obligation revienne au prix d\u2019exercice avant l\u2019\u00e9ch\u00e9ance\u2026 offrant ainsi une plus-value par rapport \u00e0 un simple remboursement au pair \u00e0 l\u2019\u00e9ch\u00e9ance.<\/p>\n<p>Nous avons \u00e9galement ajout\u00e9 au Fonds l\u2019obligation convertible (2,5 %, 2030) de FinVolution Group (FINV). FinVolution fournit une plateforme financi\u00e8re de premier plan \u00e0 ses clients, situ\u00e9e principalement en Chine, en Indon\u00e9sie et aux Philippines. En plus d\u2019afficher une croissance impressionnante et des marges et un RCP attrayants, la compagnie poss\u00e8de plus de liquidit\u00e9s qu\u2019elle n\u2019a de dettes. Hormis le fait qu\u2019il s\u2019agit d\u2019un facteur positif en mati\u00e8re de cr\u00e9dit, comme l\u2019entreprise pourra racheter ces obligations \u00e0 leur valeur au pair en 2028, l\u2019importance de sa tr\u00e9sorerie augmente la probabilit\u00e9 d\u2019atteindre le rendement appr\u00e9ciable de 9 % au rachat. En outre, nous pensons que le titre est sous-\u00e9valu\u00e9 et pourrait augmenter encore dans les ann\u00e9es \u00e0 venir, si le titre sous-jacent venait \u00e0 franchir le prix d\u2019exercice.\nPar ailleurs, nous avons particip\u00e9 derni\u00e8rement au refinancement de la dette de premier et deuxi\u00e8me rang de Jushi Holding Inc. (JUSH). Jushi est un producteur de cannabis pr\u00e9sent dans plusieurs \u00e9tats des \u00c9tats-Unis. L\u2019entreprise a \u00e9mis un pr\u00eat \u00e0 terme de 12,5 % afin de remplacer une dette garantie et financer divers besoins. Si l\u2019on prend en consid\u00e9ration l\u2019escompte de 4 % de l\u2019\u00e9mission initiale et les frais de sortie, cela repr\u00e9sente un TRI de 16 % \u00e0 l\u2019\u00e9ch\u00e9ance de 2029. Les fondateurs de la soci\u00e9t\u00e9, qui d\u00e9tiennent plus de 15 % des actions de la soci\u00e9t\u00e9, ont investi avec nous dans ce pr\u00eat, un engagement qui rev\u00eat une importance particuli\u00e8re. Tout compte fait, nous estimons que le ratio risque-rendement est attrayant \u00e9tant donn\u00e9 que l\u2019endettement est raisonnable vu les actifs garantis et que la couverture de la dette par des garanties est substantielle. Jushi a re\u00e7u une bonne nouvelle \u00e0 la fin du trimestre. Une loi autorise l\u2019usage du cannabis par des adultes en Virginie, un nouveau march\u00e9 qui repr\u00e9sente la plus grande occasion de croissance pour l\u2019entreprise.<\/p>\n<p><strong>Positionnement du Fonds<\/strong><br \/>\nUne prime \u00e0 terme aussi \u00e9lev\u00e9e qu\u2019elle ne l\u2019a \u00e9t\u00e9 en dix ans et une conjoncture \u00e0 contre-courant propice aux bons du Tr\u00e9sor caract\u00e9risent la situation actuelle en mati\u00e8re de taux. Toutefois, \u00e9tant donn\u00e9 qu\u2019\u00e0 long terme le risque d\u2019inflation est toujours pr\u00e9sent, nous n\u2019avons pas prolong\u00e9 la dur\u00e9e de mani\u00e8re importante pendant le trimestre. La dur\u00e9e du Fonds au 30 juin se situe \u00e0 4,08 ann\u00e9es. Les titres de cat\u00e9gorie non-investissement (haut rendement) du Fonds composaient 24,5 % du Fonds et le rendement \u00e0 l\u2019\u00e9ch\u00e9ance se chiffrait \u00e0 4,17 % \u00e0 la fin du trimestre.<\/p>\n<p>Emily Wheeler, CFA<br \/>\n14 juillet, 2026<\/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 : https:\/\/penderfund.com\/fr\/fund\/pender-bond-universe-fund\/<br \/>\n<sup><a href=\"#_ftnref2\" name=\"_ftn2\">2<\/a><\/sup> <em> Topdown Charts Limited; Quarterly Strategy Pack \u2013 T3 2026<\/em><\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>The class F units of the Pender Bond Universe Fund were up 1%1 \u00a0in the second quarter of 2026, relatively underperforming their benchmark by 1%. Most Investment Grade (IG) holdings contributed positively over the period with standout performance from Pender Corporate Bond Fund units held and certain non-IG lines such as Meritage Homes and Opko [&hellip;]<\/p>\n","protected":false},"featured_media":70753,"template":"","meta":{"_acf_changed":false},"fund-type":[42],"class_list":["post-74130","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-pender-bond-universe-fund"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Pender Bond Universe Fund June 2026: Key Highlights - PenderFund Capital Management<\/title>\n<meta name=\"description\" content=\"Explore the Pender Bond Universe Fund June 2026 performance amid market shifts. 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