{"id":74150,"date":"2026-07-20T10:09:49","date_gmt":"2026-07-20T17:09:49","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=74150"},"modified":"2026-08-11T15:23:36","modified_gmt":"2026-08-11T22:23:36","slug":"pender-alternative-special-situations-fund-june-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-special-situations-fund-june-2026\/","title":{"rendered":"Fonds alternatif de situations sp\u00e9ciales Pender - juin 2026"},"content":{"rendered":"

Le Fonds alternatif de situations sp\u00e9ciales Pender<\/strong> a affich\u00e9 un r\u00e9sultat de -3,4 %1<\/a><\/sup> en juin. \u00c0 titre comparatif, l\u2019indice compos\u00e9 S&P\/TSX s\u2019est avanc\u00e9 de 0,5 % pendant le mois.<\/p>\n

\"\"<\/p>\n

Dans ce qui semble \u00eatre le th\u00e8me dominant de l\u2019ann\u00e9e, la volatilit\u00e9 a continu\u00e9 d\u2019affliger les march\u00e9s boursiers. Les actions li\u00e9es \u00e0 l\u2019intelligence artificielle (IA) ont connu des p\u00e9riodes de volatilit\u00e9 soutenues au cours du mois, alors que l\u2019ampleur des d\u00e9penses en capital continue de susciter des doutes quant \u00e0 leurs taux de rendement sur investissement potentiels.<\/p>\n

Suivant l\u2019\u00e9volution des tensions g\u00e9opolitiques, le mois de juin a \u00e9galement marqu\u00e9 un tournant pour les march\u00e9s mondiaux. Le mois s\u2019est entam\u00e9 dans l\u2019ombre du conflit prolong\u00e9 au Moyen-Orient, qui avait propuls\u00e9 le cours du p\u00e9trole pr\u00e8s des 100 $ le baril, mais la signature d\u2019un protocole d\u2019accord entre les \u00c9tats-Unis et l\u2019Iran le 18 juin a provoqu\u00e9 une volteface des prix de l\u2019\u00e9nergie et des m\u00e9taux pr\u00e9cieux. Les cours du brut WTI et du Brent ont chut\u00e9 de plus de 20 %, pour s\u2019\u00e9tablir respectivement autour de 69,50 $ et 72,90 $ \u00e0 la fin de juin. Cela dit, malgr\u00e9 cet accord de paix provisoire, les retomb\u00e9es r\u00e9elles du conflit sur l\u2019inflation et l\u2019\u00e9conomie mondiale n\u2019ont pas encore \u00e9t\u00e9 pleinement r\u00e9alis\u00e9es. Face \u00e0 ces incertitudes, nous avons continu\u00e9 \u00e0 rench\u00e9rir s\u00e9lectivement sur notre participation au secteur de l\u2019\u00e9nergie en prenant position dans plusieurs situations sp\u00e9ciales particuli\u00e8res qui, selon nous, \u00e9taient en mesure de cr\u00e9er de la valeur ind\u00e9pendamment des fluctuations du prix du p\u00e9trole, tout en conservant un levier important en cas de hausse des cours. Nous estimons qu\u2019il existe un potentiel de hausse structurelle par rapport aux prix du p\u00e9trole et voyons une opportunit\u00e9 int\u00e9ressante du c\u00f4t\u00e9 des producteurs canadiens et extraterritoriaux (offshore).<\/p>\n

La reprise soutenue de l\u2019activit\u00e9 des fusions et acquisitions (F&A) a \u00e9t\u00e9 un \u00e9l\u00e9ment positif pendant le mois, notamment pour le Fonds. 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 l\u2019ar\u00e8ne 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. Nous estimons que ce contexte est de plus en plus porteur pour nos strat\u00e9gies ax\u00e9es sur les actions, \u00e9v\u00e9nementielles et d\u2019arbitrage.<\/p>\n

Mise \u00e0 jour sur le Fonds <\/strong><\/p>\n

Compte tenu de l\u2019incertitude qui plane sur le contexte macro\u00e9conomique, nous avons renforc\u00e9 notre positionnement d\u00e9fensif. La tr\u00e9sorerie repr\u00e9sente actuellement environ 15 % du portefeuille \u2014 un exc\u00e9dent que nous sommes ravis de d\u00e9tenir. Selon nous, il nous permettra de saisir les occasions lorsque des titres de qualit\u00e9 pr\u00e9senteront des points d\u2019entr\u00e9e attrayants. La volatilit\u00e9 actuelle g\u00e9n\u00e8re des avenues potentielles pour le Fonds. Dans la m\u00eame optique, nous avons maintenu des couvertures au sein du portefeuille afin d\u2019att\u00e9nuer l\u2019impact de la volatilit\u00e9 du march\u00e9, qui d\u2019apr\u00e8s nous, sera des n\u00f4tres pour les mois \u00e0 venir. Nous avons \u00e9galement accru notre participation aux soci\u00e9t\u00e9s touch\u00e9es par des \u00e9v\u00e9nements ou \u00e9l\u00e9ments catalyseurs, lesquels pr\u00e9sentent une corr\u00e9lation plus faible avec l\u2019ensemble du march\u00e9.<\/p>\n

kneat<\/strong>.com<\/strong>, inc. (KSI)<\/strong>\u00a0<\/strong>Le 8 juin 2026, Kneat.com, inc. 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.<\/p>\n

Glass House Brands<\/strong> Inc. (GLAS)<\/strong> Notre position dans les actions et les bons de souscription ax\u00e9e sur des \u00e9v\u00e9nements sp\u00e9cifiques a \u00e9t\u00e9 le principal moteur de performance du mois. L\u2019int\u00e9r\u00eat des investisseurs pour le secteur du cannabis aux \u00c9tats-Unis demeure encourageant suite \u00e0 la d\u00e9cision d\u00e9finitive d\u2019avril 2026 classant le cannabis m\u00e9dical approuv\u00e9 par la FDA et autoris\u00e9 par les \u00c9tats dans la cat\u00e9gorie Schedule III. L\u2019administration Trump cherche par ailleurs \u00e0 acc\u00e9l\u00e9rer un reclassement \u00e0 plus grande port\u00e9e encore. La Drug Enforcement Administration a commenc\u00e9 ses audiences formelles le 29 juin 2026 afin d\u2019examiner le transfert complet du cannabis de la cat\u00e9gorie Schedule I vers la cat\u00e9gorie Schedule III. Si cette mesure est finalis\u00e9e, nous estimons qu\u2019un tel reclassement pourrait am\u00e9liorer sensiblement les b\u00e9n\u00e9fices et les flux de tr\u00e9sorerie de Glass House, tout en favorisant une meilleure liquidit\u00e9, une base d\u2019investisseurs \u00e9largie et un acc\u00e8s facilit\u00e9 aux capitaux gr\u00e2ce \u00e0 une \u00e9ventuelle approbation de cotation au NYSE.<\/p>\n

Carrier Connect Data Solutions <\/strong>Inc. (CCDS) <\/strong>L\u2019entreprise, qui a aussi favorablement contribu\u00e9 au Fonds ce mois-ci, poursuit sa strat\u00e9gie de regroupement de centres de donn\u00e9es en annon\u00e7ant l\u2019acquisition d\u2019un centre de donn\u00e9es de cat\u00e9gorie entreprise et neutre par rapport aux op\u00e9rateurs \u00e0 Rochester, New York. Il s\u2019agit de sa premi\u00e8re acquisition aux \u00c9tats-Unis, lui offrant ainsi un point d\u2019ancrage sur le march\u00e9 am\u00e9ricain des centres de donn\u00e9es de cat\u00e9gories II et III.<\/p>\n

L\u2019exposition \u00e0 l\u2019uranium <\/strong>par l\u2019entremise deNexGen<\/strong> Energy Ltd. (NXE),<\/strong> IsoEnergy<\/strong> Ltd. (ISO),<\/strong> Uranium Energy<\/strong> Corp. (UEC),<\/strong> Sprott Physical Uranium Trust<\/strong> (U.UN)<\/strong>a eu des effets adverses sur la performance du Fonds au cours du mois. Bien que le secteur soit en partie influenc\u00e9 par l\u2019humeur li\u00e9e \u00e0 l\u2019IA, nous estimons qu\u2019une th\u00e8se fondamentale convaincante se dessine : la hausse de la demande d\u2019\u00e9lectricit\u00e9 ainsi que l\u2019intensification du financement, du d\u00e9veloppement et de la production d\u2019\u00e9nergie nucl\u00e9aire stimulent la demande d\u2019uranium, alors que l\u2019offre reste limit\u00e9e. En juin, le gouvernement canadien a annonc\u00e9 une strat\u00e9gie en mati\u00e8re d\u2019\u00e9nergie nucl\u00e9aire visant \u00e0 faire du Canada une puissance mondiale du secteur. Cette initiative pr\u00e9voit notamment la construction de jusqu\u2019\u00e0 dix r\u00e9acteurs nucl\u00e9aires sur le territoire national, l\u2019accroissement des exportations technologiques et le doublement des exportations d\u2019uranium. Par ailleurs, le d\u00e9partement de l\u2019\u00e9nergie des \u00c9tats-Unis a annonc\u00e9 l\u2019octroi de pr\u00eats conditionnels pouvant atteindre 17,5 milliards $ pour soutenir la cha\u00eene d\u2019approvisionnement du secteur nucl\u00e9aire commercial am\u00e9ricain.<\/p>\n

Les positions d\u00e9tenues dans le secteur des min\u00e9raux critiques continuent de contribuer de mani\u00e8re significative \u00e0 la performance du Fonds. Neo Performance Materials Inc. (NEO) a jou\u00e9 un r\u00f4le cl\u00e9, port\u00e9e par l\u2019int\u00e9r\u00eat croissant des investisseurs pour les cha\u00eenes d\u2019approvisionnement occidentales visant les terres rares \u2014 actuellement sous tension \u2014 ainsi que par la forte demande pour ces mat\u00e9riaux et pour les aimants permanents. Neo a poursuivi la mont\u00e9e en puissance de sa nouvelle installation europ\u00e9enne et a continu\u00e9 de d\u00e9velopper sa cha\u00eene d\u2019approvisionnement verticalement int\u00e9gr\u00e9e gr\u00e2ce \u00e0 sa ligne de s\u00e9paration des terres rares lourdes, r\u00e9cemment mise en service. Cette dynamique a \u00e9t\u00e9 confirm\u00e9e au d\u00e9but de juillet, lorsque Neo a relev\u00e9 de mani\u00e8re substantielle ses pr\u00e9visions, refl\u00e9tant ainsi une solide performance op\u00e9rationnelle et une conjoncture de prix favorable pour l\u2019ensemble de son portefeuille de mati\u00e8res critiques.<\/p>\n

McDermott International<\/strong> Ltd. (MCDIF)<\/strong> Ce titre a nui \u00e0 la performance ce mois-ci en raison d\u2019une situation complexe qui, selon nous, pourrait se d\u00e9nouer favorablement. En juin, McDermott a annonc\u00e9 un plan d\u00e9finitif de refinancement de sa dette, assorti d\u2019une \u00e9mission de droits de souscription au prix de 1,50 $ l\u2019action, contre un cours r\u00e9cent de 25 $ l\u2019action effectu\u00e9 avant l\u2019annonce. Cette lev\u00e9e de fonds permettrait de r\u00e9colter 500 millions de dollars, facilitant ainsi le d\u00e9sendettement et l\u2019am\u00e9lioration des notations de cr\u00e9dit, entre autres. \u00c0 l\u2019approche de l\u2019\u00e9mission, les investisseurs dans l\u2019impossibilit\u00e9 d\u2019y participer sont contraints de vendre leurs titres; par cons\u00e9quent, en termes de valorisation de march\u00e9, notre position globale dans la structure du capital de McDermott pourrait afficher une moins-value temporaire avant de s\u2019am\u00e9liorer. Malgr\u00e9 la sous-performance \u00e0 court terme, nous estimons que la position en actions pr\u00e9sente un potentiel de hausse asym\u00e9trique. Nous envisageons cette \u00e9volution d\u2019un bon \u0153il, car elle devrait permettre de d\u00e9gager une valeur significative pour les actions issues de la restructuration, nonobstant une volatilit\u00e9 accrue \u00e0 court terme.<\/p>\n

Amar Pandya, CFA
\n<\/strong>20 juillet 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. Les donn\u00e9es standards sur le rendement du Fonds sont pr\u00e9sent\u00e9es ici : penderfund.com\/fr\/fund\/pender-alternative-special-situations-fund\/<\/em><\/p>","protected":false},"excerpt":{"rendered":"

The Pender Alternative Special Situations Fund returned -3.4%1 in June, compared to the S&P\/TSX Composite, which rose 0.5% during the month. In what seems to be the theme of the year, volatility continued to impact equity markets. Artificial intelligence (AI) stocks saw continued periods of volatility over the month, as large capex numbers keep raising […]<\/p>\n","protected":false},"featured_media":70751,"template":"","meta":{"_acf_changed":false},"fund-type":[45,185],"class_list":["post-74150","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-pender-liquid-alternative-funds","fund-type-pender-alternative-special-situations-fund"],"acf":[],"yoast_head":"\nPender Alternative Special Situations Fund June 2026 Insights - PenderFund Capital Management<\/title>\n<meta name=\"description\" content=\"Pender Portfolio Manager Amar Pandya, reviews June 2026 fund performance and shares his outlook on M&A activity, energy, uranium, and special situations positioning.\" \/>\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-special-situations-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 Special Situations Fund - 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