{"id":74143,"date":"2026-07-17T08:34:48","date_gmt":"2026-07-17T15:34:48","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=74143"},"modified":"2026-08-11T15:24:34","modified_gmt":"2026-08-11T22:24:34","slug":"pender-alternative-absolute-return-fund-june-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-absolute-return-fund-june-2026\/","title":{"rendered":"Fonds alternatif \u00e0 rendement absolu Pender - juin 2026"},"content":{"rendered":"

Chers porteurs et porteuses de parts,<\/p>\n

Le Fonds alternatif \u00e0 rendement absolu Pender a affich\u00e9 un rendement de 0,3 % en juin pour \u00e9tablir son cumul annuel \u00e0 1,0 %1<\/a><\/sup>.<\/p>\n

Les march\u00e9s du cr\u00e9dit ont touch\u00e9 leurs niveaux de r\u00e9sistance en juin sachant que les \u00e9carts de rendement des obligations \u00e0 haut rendement ont chut\u00e9 \u00e0 263 pb \u2014 leur creux depuis janvier 2025. Ces \u00e9carts se sont par la suite l\u00e9g\u00e8rement \u00e9largis pour cl\u00f4turer le mois avec un OAS (\u00e9cart ajust\u00e9 en fonction des options) de 275 pb, soit 1 pb de plus qu\u2019\u00e0 la fin du mois de mai. Des facteurs techniques favorables ont soutenu l\u2019app\u00e9tit pour le risque sur les march\u00e9s, alors m\u00eame que certains segments du march\u00e9 \u00e0 b\u00eata \u00e9lev\u00e9 commen\u00e7aient \u00e0 montrer des signes de fatigue.<\/p>\n

Pour sa part, l\u2019indice de r\u00e9f\u00e9rence du Fonds, soit l\u2019indice HFRI Credit (couvert en CAD), a termin\u00e9 juin \u00e0 0,8 % pour \u00e9tablir son cumul annuel \u00e0 3,7 %.<\/p>\n

Mise \u00e0 jour sur le march\u00e9 et le portefeuille<\/strong>
\nLes \u00e9missions li\u00e9es aux centres de donn\u00e9es, y compris ceux \u00e0 tr\u00e8s grande \u00e9chelle, demeurent un sujet d\u2019actualit\u00e9 majeur pour les march\u00e9s du cr\u00e9dit. Apr\u00e8s avoir sensiblement r\u00e9duit son exposition \u00e0 ce secteur en mai et au d\u00e9but du mois de juin, le Fonds a commenc\u00e9 \u00e0 \u00e9tayer certaines positions lors des replis observ\u00e9s \u00e0 la fin de juin et au d\u00e9but de juillet. Nous privil\u00e9gions les obligations garanties associ\u00e9es \u00e0 des projets pr\u00e9cis et adoss\u00e9es \u00e0 des contrats de location conclus avec des locataires de grande qualit\u00e9; en revanche, nous \u00e9vitons les projets dont les locataires finaux pr\u00e9sentent d\u2019importants besoins en financement. Nous avons mis en place une strat\u00e9gie de couverture sp\u00e9cifiquement pour le secteur des centres de donn\u00e9es : elle suppose une position \u00e0 d\u00e9couvert sur une obligation non garantie \u00e9mise par un acteur \u00ab n\u00e9oinfonuagique \u00bb pour lequel nous envisageons une sous-performance par rapport \u00e0 nos positions longues en cas d\u2019\u00e9largissement des \u00e9carts au sein du secteur.<\/p>\n

Le volume soutenu d\u2019\u00e9missions li\u00e9es \u00e0 l\u2019IA de la part d\u2019entreprises de cat\u00e9gorie investissement (CI), conjugu\u00e9 aux inqui\u00e9tudes concernant la concurrence et la viabilit\u00e9 \u00e9conomique dans ce secteur, a pes\u00e9 sur certains \u00e9metteurs CI de r\u00e9f\u00e9rence. Ce ph\u00e9nom\u00e8ne a \u00e9t\u00e9 particuli\u00e8rement notable pour les obligations \u00e0 longue \u00e9ch\u00e9ance \u00e9mises plus t\u00f4t cette ann\u00e9e par Oracle et SpaceX. En effet, ces titres ont vu leurs \u00e9carts s\u2019\u00e9largir consid\u00e9rablement, entra\u00eenant d\u2019importantes pertes \u00e0 la valeur du march\u00e9 pour les investisseurs. Le Fonds ne d\u00e9tient actuellement pas d\u2019obligations CI technologiques, car nous anticipons l\u2019\u00e9mergence d\u2019occasions plus int\u00e9ressantes suivant l\u2019assombrissement soutenu de l\u2019humeur sur les march\u00e9s.<\/p>\n

\"\"
\nCes derni\u00e8res semaines, nous avons observ\u00e9 l\u2019offre de nouvelles \u00e9missions canadiennes \u00e0 haut rendement \u00e0 des prix attrayants. Nous en avons profit\u00e9 pour investir dans les titres de North American Construction (TSX : NOA, 7 % sur 5 ans), de Well Health (TSX : WELL, 6,875 % sur 5 ans) et de NFI Group Inc. (TSX : NFI, 6,625 % sur 7 ans). Nous pr\u00e9voyons l\u2019arriv\u00e9e sur le march\u00e9 d\u2019autres \u00e9missions int\u00e9ressantes dans les semaines \u00e0 venir. Soulignons que les occasions ont \u00e9t\u00e9 relativement rares du c\u00f4t\u00e9 des nouvelles \u00e9missions en USD, ces derni\u00e8res \u00e9tant en grande partie \u00e9t\u00e9 assorties d\u2019\u00e9carts de rendement serr\u00e9s et de primes d\u2019\u00e9mission limit\u00e9es.<\/p>\n

\u00c0 la lumi\u00e8re des creux cycliques des \u00e9carts par rapport aux titres \u00e0 haut rendement en juin, le Fonds a maintenu une faible exposition au march\u00e9. Nous constatons aujourd\u2019hui une forte sp\u00e9culation sur les march\u00e9s, comparable \u00e0 la situation du d\u00e9but de l\u2019ann\u00e9e 2021, ce qui laisse pr\u00e9sager une volatilit\u00e9 accrue au cours des prochains trimestres.<\/p>\n

Perspectives de march\u00e9<\/strong>
\nLes segments des march\u00e9s du cr\u00e9dit \u00e0 b\u00eata \u00e9lev\u00e9, allant des obligations cot\u00e9es CCC jusqu\u2019aux obligations CI technologiques pr\u00e9sentant un risque plus \u00e9lev\u00e9, affichent une sous-performance. \u00c0 ce jour, les actifs risqu\u00e9s classiques n\u2019ont pas \u00e9t\u00e9 affect\u00e9s. Les march\u00e9s du cr\u00e9dit constituant une source de financement essentielle pour le d\u00e9ploiement de l\u2019IA, la hausse des primes de risque aura des r\u00e9percussions sur les projets individuels et les d\u00e9penses en capital. \u00c0 la mi-juillet, une \u00e9mission d\u2019obligations \u00e0 haut rendement envisag\u00e9e par Prime Data Centers a \u00e9t\u00e9 annul\u00e9e faute de demande de la part des investisseurs.<\/p>\n

\"\"
\nL\u2019aversion croissante au risque de cr\u00e9dit associ\u00e9 \u00e0 l\u2019IA ces derniers mois contraste nettement avec la flamb\u00e9e parabolique des actions du secteur des semi-conducteurs des derni\u00e8res semaines. S\u2019il reste \u00e0 voir si les r\u00e9cents sommets atteints par les valeurs technologiques marqueront ou non un tournant pour le march\u00e9, l\u2019\u00e9volution des actions de semi-conducteurs rappelle les derniers stades de la bulle internet.<\/p>\n

Sachant que l\u2019indice S&P 500 affiche une concentration proche des niveaux records et que la quasi-totalit\u00e9 des plus grandes entreprises est expos\u00e9e \u00e0 la th\u00e9matique de l\u2019IA, un \u00e9ventuel retournement du cycle des d\u00e9penses en capital ne saurait \u00eatre ignor\u00e9 par le march\u00e9 ni compens\u00e9 par une simple rotation sectorielle. Cette ann\u00e9e, notamment en janvier et en juillet, les actions des grandes entreprises technologiques ont subi des p\u00e9riodes de repli en parall\u00e8le \u00e0 des remont\u00e9es de l\u2019indice Russell 2000, et ce, en l\u2019absence de nouvelles susceptibles de justifier une telle progression de cet indice. Si la rotation sectorielle peut fonctionner un temps, une d\u00e9bandade des positions li\u00e9es \u00e0 l\u2019IA aura des retomb\u00e9es, \u00e0 divers degr\u00e9s, sur l\u2019ensemble des march\u00e9s d\u2019actifs risqu\u00e9s.<\/p>\n

De grandes entreprises comme Uber font d\u00e9j\u00e0 preuve d\u2019une plus grande rigueur dans la gestion des co\u00fbts li\u00e9s \u00e0 l\u2019IA comparativement \u00e0 un ou deux trimestres pass\u00e9s. Alors que les mod\u00e8les d\u2019IA chinois atteignent une performance \u00e9quivalente, ou presque, \u00e0 celle des mod\u00e8les am\u00e9ricains de pointe, tels que ceux d\u2019OpenAI et d\u2019Anthropic, mais pour une fraction du co\u00fbt, la pertinence \u00e9conomique des mod\u00e8les propri\u00e9taires de pointe appara\u00eet incertaine. Nous ne remettons pas en cause l\u2019impact \u00e0 long terme de l\u2019IA, mais nous estimons que la cha\u00eene de valeur actuelle pr\u00e9sente des lacunes importantes que le march\u00e9 a eu tendance \u00e0 occulter. Tout comme l\u2019internet repr\u00e9sentait l\u2019avenir du commerce en l\u2019an 2000, nous pensons que l\u2019IA peut incarner l\u2019avenir tout en constituant, dans de nombreux cas pr\u00e9cis, un mauvais investissement \u00e0 court terme compte tenu des valorisations actuelles.<\/p>\n

Param\u00e8tres du portefeuille<\/strong>
\nLe Fonds a pass\u00e9 le fil d\u2019arriv\u00e9e du mois de juin arm\u00e9 d\u2019une pond\u00e9ration longue de 132,3 % (excluant la tr\u00e9sorerie et les bons du Tr\u00e9sor). Dans celle-ci, 37,3 % relevaient de notre strat\u00e9gie \u00e0 revenu fixe r\u00e9gulier, 93,7 % de notre strat\u00e9gie ax\u00e9e sur la valeur relative et 1,3 % de notre strat\u00e9gie visant l\u2019investissement \u00e9v\u00e9nementiel. Le Fonds renfermait en outre une pond\u00e9ration courte de -72,8 %, dont -4,0 % dans les obligations du gouvernement, -45,1 % dans les titres de cr\u00e9ance d\u2019entreprises et -23,7 % dans les actions. La dur\u00e9e de r\u00e9mun\u00e9ration corrig\u00e9e des effets de la clause de remboursement anticip\u00e9 (option-adjusted duration ou OAD) se chiffrait \u00e0 1,01 an.<\/p>\n

En excluant les positions se n\u00e9gociant \u00e0 des \u00e9carts de plus de 500 pb et les participations se n\u00e9gociant en vertu d\u2019une date d\u2019\u00e9ch\u00e9ance ou de rappel de 2028 ou ant\u00e9rieure, l\u2019OAD du Fonds a baiss\u00e9 \u00e0 0,68 an.<\/p>\n

Le taux de rendement actuel du Fonds est de 6,18 % et le taux de rendement \u00e0 l\u2019\u00e9ch\u00e9ance de 6,24 %.<\/p>\n

Justin Jacobsen, CFA<\/strong>
\njuillet 17, 2026<\/p>\n

1<\/a><\/sup> Tous les rendements signal\u00e9s sont ceux des parts de cat\u00e9gorie F du Fonds, \u00e0 moins d\u2019indication contraire. D\u2019autres cat\u00e9gories de parts sont offertes.<\/em><\/p>","protected":false},"excerpt":{"rendered":"

Dear Unitholders, The Pender Alternative Absolute Return Fund returned 0.3% in June, bringing year to date return to 1.0%1. Credit markets hit resistance levels in June as high yield spreads touched 263bp, the lowest levels since January 2025 before widening modestly to close the month at 275bp Govt OAS, 1bp higher than the end of […]<\/p>\n","protected":false},"featured_media":70752,"template":"","meta":{"_acf_changed":false},"fund-type":[46],"class_list":["post-74143","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-pender-alternative-absolute-return-fund"],"acf":[],"yoast_head":"\nPender Alternative Absolute Return Fund June 2026 Update - PenderFund Capital Management<\/title>\n<meta name=\"description\" content=\"Pender Portfolio Manager Justin Jacobsen, reviews June 2026 Fund performance and shares his outlook on high yield credit markets, AI-related credit risks, and data centre exposure.\" \/>\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-alternative-absolute-return-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 Alternative Absolute Return Fund - 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