{"id":74133,"date":"2026-07-15T10:03:07","date_gmt":"2026-07-15T17:03:07","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&#038;p=74133"},"modified":"2026-08-11T15:25:43","modified_gmt":"2026-08-11T22:25:43","slug":"pender-global-small-mid-cap-equity-fund-june-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-global-small-mid-cap-equity-fund-june-2026\/","title":{"rendered":"Fonds d\u2019actions mondiales \u00e0 petite\/moyenne capitalisation Pender - Juin 2026"},"content":{"rendered":"<p>Au cours du deuxi\u00e8me trimestre 2026, la g\u00e9opolitique et l\u2019\u00e9volution des opinions \u00e0 l\u2019\u00e9gard de la technologie ont eu des r\u00e9percussions sur les cours boursiers \u00e0 l\u2019\u00e9chelle mondiale. On a assist\u00e9 \u00e0 une d\u00e9sescalade du conflit au Moyen-Orient vers la fin du trimestre, ce qui a permis au prix du p\u00e9trole brut Brent de revenir \u00e0 des niveaux plus normaux apr\u00e8s avoir atteint un pic proche de 120 $ le baril en avril. L\u2019impact sur le march\u00e9 dans son ensemble demeure toutefois une donn\u00e9e encore inconnue.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-74135\" src=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-092328.png\" alt=\"\" width=\"706\" height=\"142\" srcset=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-092328.png 622w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-092328-300x78.png 300w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-092328-150x39.png 150w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-092328-18x5.png 18w\" sizes=\"auto, (max-width: 706px) 100vw, 706px\" \/><a href=\"#_ftn1\" name=\"_ftnref1\"><sup>1<\/sup><\/a><\/p>\n<p>Le portefeuille est compos\u00e9 d\u2019environ 44 % d\u2019actions canadiennes, de 48 % d\u2019actions \u00e9tats-uniennes et de 10 % d\u2019actions internationales.<\/p>\n<p>L\u2019IA demeure une priorit\u00e9 pour les investisseurs, mais on constate l\u2019apparition d\u2019une divergence au sein du secteur technologique. Les Sept Magnifiques ont bascul\u00e9 en territoire n\u00e9gatif jusqu\u2019\u00e0 pr\u00e9sent cette ann\u00e9e sous l\u2019effet du scepticisme des investisseurs \u00e0 l\u2019\u00e9gard des importants investissements en capital pr\u00e9vus et aux longs \u00e9ch\u00e9anciers envisag\u00e9s pour en tirer l\u2019usufruit. En chiffres, le total des investissements d\u2019Alphabet, Meta, Microsoft, Amazon et Oracle devrait atteindre environ 750 milliards $ en 2026 \u2014 soit une hausse de 70 % sur un an \u2014 pour d\u00e9gager un flux de tr\u00e9sorerie d\u2019exploitation pr\u00e9vu de 764 milliards $. Ces marges \u00e9troites ont entra\u00een\u00e9 l\u2019\u00e9mission de 180 milliards $ de dette par les centres de donn\u00e9es \u00e0 tr\u00e8s grande \u00e9chelle depuis 2025. La soci\u00e9t\u00e9 Google pr\u00e9voit \u00e0 elle seule des d\u00e9penses de l\u2019ordre de 190 milliards $ cette ann\u00e9e. La question qui se pose d\u00e8s lors reste \u00e0 savoir comment ces entreprises combleront le d\u00e9ficit jusqu\u2019\u00e0 ce que ces nouvelles capacit\u00e9s soient op\u00e9rationnelles. Surtout sachant que plus de 60 % des centres de donn\u00e9es dont l\u2019ach\u00e8vement est pr\u00e9vu pour 2027 n\u2019\u00e9taient pas encore en chantier en date de mai 2026 en raison de perturbations dans la cha\u00eene d\u2019approvisionnement, de p\u00e9nuries d\u2019\u00e9lectricit\u00e9, de retards dans l\u2019obtention des permis et d\u2019oppositions politiques.<\/p>\n<p>Entretemps, les actions du secteur des semi-conducteurs ont grimp\u00e9 de plus de 70 % ce trimestre et de 94 % depuis le d\u00e9but de l\u2019ann\u00e9e. Elles ont ainsi enregistr\u00e9, au premier semestre (S1), la meilleure performance par rapport au S&amp;P 500 jamais observ\u00e9e pour ce secteur, d\u00e9passant le pr\u00e9c\u00e9dent record \u00e9tabli lors de la bulle Internet du S1 2000.<\/p>\n<p>Un autre \u00e9v\u00e9nement marquant du trimestre a \u00e9t\u00e9 l\u2019introduction en bourse de SpaceX, dont la valorisation a atteint 2 billions $ quelques jours seulement apr\u00e8s son entr\u00e9e sur le march\u00e9 \u2014 un montant \u00e9quivalent \u00e0 la huiti\u00e8me \u00e9conomie mondiale en termes de capitalisation boursi\u00e8re \u2014, soulevant la question d\u2019une \u00e9ventuelle r\u00e9ouverture du march\u00e9 des introductions en bourse pour d\u2019autres grandes entreprises priv\u00e9es. Seul le temps le dira.<\/p>\n<p>Les march\u00e9s internationaux et \u00e9mergents ont enregistr\u00e9 un trimestre positif, bien que contrast\u00e9. La baisse du prix du brut a \u00e9t\u00e9 favorable aux pays importateurs d\u2019\u00e9nergie, mais la vigueur du dollar am\u00e9ricain et les incertitudes g\u00e9opolitiques ont limit\u00e9 les gains dans l\u2019ensemble. Le prix du p\u00e9trole a chut\u00e9 de 38 % gr\u00e2ce \u00e0 la d\u00e9sescalade du conflit impliquant l\u2019Iran et les \u00c9tats-Unis et \u00e0 la signature d\u2019un protocole d\u2019accord entre ces deux pays, suscitant l\u2019espoir d\u2019une r\u00e9ouverture du d\u00e9troit d\u2019Ormuz. Gr\u00e2ce \u00e0 la demande de semi-conducteurs, l\u2019Asie (hors Japon) a pris la t\u00eate du palmar\u00e8s avec une hausse de 28 %, port\u00e9e par la Cor\u00e9e (+88 %) et Ta\u00efwan (+49 %), tandis que la Chine et l\u2019Inde sont rest\u00e9es \u00e0 la tra\u00eene. Cet \u00e9cart de performance sur le plan g\u00e9ographique figure parmi les plus prononc\u00e9s de l\u2019histoire r\u00e9cente. Les actions europ\u00e9ennes ont aussi progress\u00e9 dans le sillage de la d\u00e9sescalade du conflit au Moyen-Orient, l\u2019indice MSCI Europe (hors Royaume-Uni) ayant affich\u00e9 un rendement de 14 %.<\/p>\n<p>Le T2 a permis de confirmer que les g\u00e9ants de la technologie \u00e0 tr\u00e8s forte capitalisation n\u2019\u00e9taient plus les seuls \u00e0 mener la charge sur le march\u00e9. La mont\u00e9e historique des semi-conducteurs et le recul des Sept Magnifiques t\u00e9moignent tous deux de l\u2019importance des facteurs propres aux entreprises par rapport au b\u00eata global des indices. Nous continuons de privil\u00e9gier les soci\u00e9t\u00e9s \u00e0 petite et moyenne capitalisation (PME) de qualit\u00e9, dot\u00e9es d\u2019avantages concurrentiels durables et de valorisations raisonnables, plut\u00f4t que de faire la chasse \u00e0 une dynamique li\u00e9e aux d\u00e9penses en capital qui ne se traduit pas encore dans les b\u00e9n\u00e9fices. Nous envisageons le T3 avec optimisme mais s\u00e9lectivit\u00e9 aussi, tout en surveillant le d\u00e9veloppement des centres de donn\u00e9es et l\u2019\u00e9volution des devises : autant de facteurs susceptibles d\u2019alimenter la prochaine phase de divergence.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-74136\" src=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-092425.png\" alt=\"\" width=\"724\" height=\"192\" srcset=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-092425.png 627w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-092425-300x80.png 300w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-092425-150x40.png 150w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-092425-18x5.png 18w\" sizes=\"auto, (max-width: 724px) 100vw, 724px\" \/><\/p>\n<p><strong>Generac<\/strong> a figur\u00e9 parmi les gagnants du mois. L\u2019entreprise a publi\u00e9 des r\u00e9sultats pour le T2 sup\u00e9rieurs aux attentes des analystes et a relev\u00e9 ses pr\u00e9visions annuelles. Elle op\u00e8re une transition pour devenir un fournisseur cl\u00e9 aux infrastructures d\u2019IA et des centres de donn\u00e9es \u00e0 tr\u00e8s grande \u00e9chelle.<\/p>\n<p>Le 8 juin 2026, <strong>kneat<\/strong> 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&amp;A est actuellement dynamique.<\/p>\n<p>Nous avons cr\u00e9\u00e9 une position dans <strong>Copart, Inc. (Nasdaq: CPRT)<\/strong>. Copart est le plus grand vendeur aux ench\u00e8res de v\u00e9hicules accident\u00e9s des \u00c9tats-Unis. L\u2019entreprise travaille en \u00e9troite collaboration avec les grandes compagnies d\u2019assurance \u00e9tats-uniennes afin de tirer le meilleur prix de v\u00e9hicules d\u00e9clar\u00e9s \u00ab perte totale \u00bb.  Elle est fortement engag\u00e9e dans la logistique et les services de remise sur le march\u00e9 requis pour g\u00e9rer la vente en ligne de v\u00e9hicules tels que le transport des dits v\u00e9hicules et les immatriculations. Selon nous, le march\u00e9 remet en cause l\u2019avantage concurrentiel de Copart en raison de la conjonction de plusieurs facteurs n\u00e9gatifs qui devraient s\u2019amoindrir au fil du temps. \u00c0 notre avis, Copart constitue la plateforme de ventes en ligne la plus liquide qui permettra aux assureurs de tirer le meilleur prix de v\u00e9hicules d\u00e9clar\u00e9s perte totale et de r\u00e9duire leurs frais gr\u00e2ce \u00e0 l\u2019all\u00e8gement du fardeau administratif.   Nous croyons que l\u2019entreprise devrait ainsi conserver sa premi\u00e8re position et que les cons\u00e9quences macro\u00e9conomiques de l\u2019industrie de l\u2019automobile personnelle sur sa croissance devraient s\u2019att\u00e9nuer avec le temps.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone wp-image-74137\" src=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-092500.png\" alt=\"\" width=\"702\" height=\"201\" srcset=\"https:\/\/penderfund.com\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-092500.png 648w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-092500-300x111.png 300w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-092500-150x56.png 150w, https:\/\/penderfund.com\/wp-content\/uploads\/2026\/07\/Screenshot-2026-07-22-092500-18x7.png 18w\" sizes=\"auto, (max-width: 702px) 100vw, 702px\" \/><\/p>\n<p>\u00c9quipe des actions \u00e0 petite capitalisation Pender<br \/>\n15 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-global-small-mid-cap-equity-fund\/<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>The second quarter of 2026 saw geopolitical headlines and shifting views on technology impacting equity valuations globally. The war in the Middle East began to de-escalate by quarter-end, with Brent crude falling back to more normalized levels after peaking near US$120\/barrel in April, though the full market impact is still being assessed. 1 Portfolio weights [&hellip;]<\/p>\n","protected":false},"featured_media":73837,"template":"","meta":{"_acf_changed":false},"fund-type":[40],"class_list":["post-74133","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-pender-global-small-mid-cap-equity-fund"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.4 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Pender Global Small\/Mid Cap Equity Fund June 2026 Insights - PenderFund Capital Management<\/title>\n<meta name=\"description\" content=\"Learn about the Pender Global Small\/Mid Cap Equity Fund June 2026 and portfolio insights amidst a shifting market landscape.\" \/>\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-june-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 - 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