{"id":74328,"date":"2026-08-12T15:25:02","date_gmt":"2026-08-12T22:25:02","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=74328"},"modified":"2026-08-17T15:38:42","modified_gmt":"2026-08-17T22:38:42","slug":"pender-small-cap-opportunities-fund-july-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-small-cap-opportunities-fund-july-2026\/","title":{"rendered":"Fonds d\u2019opportunit\u00e9s \u00e0 petites capitalisations Pender - juillet 2026"},"content":{"rendered":"

Le Fonds a d\u00e9gag\u00e9 un rendement de 2,5 %1<\/sup><\/a>en juillet, un mois par ailleurs fortement mouvement\u00e9 sur les march\u00e9s canadiens et internationaux, prenant ainsi les devants sur le gain de 1,2 % de l\u2019indice compos\u00e9 S&P\/TSX et le recul de -4,1 % de l\u2019indice Russell 2000. En juillet, on a pu observer sur les march\u00e9s canadiens une divergence consid\u00e9rable entre les titres. En effet, les actions de valeur et de l\u2019\u00e9nergie ont sembl\u00e9 retrouver les faveurs des investisseurs, qui ont en cons\u00e9quence d\u00e9laiss\u00e9 les segments ax\u00e9s sur la croissance et les petites entreprises dans leur ensemble. L\u2019humeur du march\u00e9 a \u00e9t\u00e9 dict\u00e9e par la r\u00e9silience du march\u00e9 du travail canadien, l\u2019escalade des tensions commerciales entre les \u00c9tats-Unis et le Canada avec l\u2019instauration de nouveaux tarifs douaniers de 50 % et ce qui nous a sembl\u00e9 \u00eatre un d\u00e9sint\u00e9r\u00eat g\u00e9n\u00e9ral pour les actions de croissance li\u00e9es \u00e0 l\u2019IA.<\/p>\n

\"\"<\/p>\n

Le portefeuille affiche une pond\u00e9ration d\u2019environ 65,5 % dans les actions canadiennes et d\u2019approximativement 22,1 % dans les actions am\u00e9ricaines.<\/p>\n

Nous avons adopt\u00e9 une attitude plus d\u00e9fensive que pendant les mois pr\u00e9c\u00e9dents, les esp\u00e8ces et leurs \u00e9quivalents formant environ 18 % du portefeuille. Depuis le d\u00e9but de l\u2019ann\u00e9e, les march\u00e9s ont \u00e9t\u00e9 domin\u00e9s par un app\u00e9tit pour le risque imputable, selon nous, \u00e0 la flamb\u00e9e historique des valorisations li\u00e9es \u00e0 l\u2019IA \u2014 flamb\u00e9e aliment\u00e9e par les \u00e9normes d\u00e9penses en capital des fournisseurs de services num\u00e9riques \u00e0 tr\u00e8s grande \u00e9chelle et la soif insatiable des investisseurs pour des actions technologiques ax\u00e9es sur la croissance qui sont souvent d\u00e9tach\u00e9es des fondamentaux cycliques. \u00c0 la fin de juillet, cette tendance \u00e0 commencer \u00e0 fl\u00e9chir \u00e0 mesure que les investisseurs se d\u00e9sint\u00e9ressaient de la seule croissance au profit de l\u2019efficacit\u00e9 du capital.<\/p>\n

Quelques signaux d\u2019alerte sont apparus : la demande pour les titres de cr\u00e9ance destin\u00e9s \u00e0 financer la construction d\u2019infrastructures en IA a sembl\u00e9 se tarir, d\u2019autant que certaines obligations li\u00e9es aux centres de donn\u00e9es avaient consid\u00e9rablement baiss\u00e9 apr\u00e8s leur \u00e9mission. En parall\u00e8le, les taux hypoth\u00e9caires et le rendement des bons du Tr\u00e9sor ont augment\u00e9. \u00c0 notre avis, la faiblesse du march\u00e9 obligataire a toujours laiss\u00e9 pr\u00e9sager la volatilit\u00e9 du march\u00e9 des actions. Par ailleurs, les investisseurs suivent de pr\u00e8s les d\u00e9penses en capital des grandes entreprises technologiques ayant fait part de leurs r\u00e9sultats financiers ce mois-ci, car ils craignent que ces d\u00e9penses p\u00e8sent sur les marges si elles ne se traduisent pas sous peu par des gains solides.<\/p>\n

Il semble que la demande pour les titres \u00e0 b\u00eata \u00e9lev\u00e9 ait nettement diminu\u00e9. La p\u00e9riode d\u2019effervescence et de sp\u00e9culation caus\u00e9e surtout par les actions de l\u2019IA a c\u00e9d\u00e9 la place \u00e0 une phase de moindre app\u00e9tit pour le risque et \u00e0 une rotation vers la d\u00e9fensive. Par cons\u00e9quent, nous restons attentifs \u00e0 ce qui pourrait confirmer cette aversion pour le risque, qui pourrait faire exploser les indices de volatilit\u00e9 et entra\u00eener l\u2019\u00e9largissement des \u00e9carts de cr\u00e9dit. Notre attitude d\u00e9fensive actuelle, qui se traduit \u00e9galement par des r\u00e9serves de tr\u00e9sorerie \u00e9lev\u00e9es, a pour but de nous donner la latitude d\u2019investir dans des entreprises de grande qualit\u00e9 dont le besoin en liquidit\u00e9s pourrait nous offrir une belle occasion.<\/p>\n

Avoirs en portefeuille \u2014 Mise \u00e0 jour<\/h3>\n

\"\"<\/p>\n

Kinaxis <\/strong>qui continue de mettre en \u0153uvre sa prochaine phase de croissance, figure parmi les grands gagnants du mois. Le 20 juillet 2026, l\u2019entreprise a nomm\u00e9 Herb Yeh au poste de chef de la direction financi\u00e8re et chef de la strat\u00e9gie. Yeh, un banquier d\u2019affaires chevronn\u00e9, a pour mandat de relever la visibilit\u00e9 internationale de l\u2019entreprise et d\u2019instaurer une politique d\u2019allocation du capital plus active, y compris par des F&A potentielles. La compagnie a aussi fait part de r\u00e9sultats financiers solides pour le deuxi\u00e8me trimestre, et elle a revu \u00e0 la hausse ses pr\u00e9visions annuelles pour le chiffre d\u2019affaires total et pour le chiffre d\u2019affaires en mati\u00e8re de SaaS. Le carnet de commandes a augment\u00e9 de 18 % d\u2019une ann\u00e9e sur l\u2019autre. Par ailleurs, l\u2019entreprise a constat\u00e9 que la demande augmentait au sein de la cha\u00eene de valeur de la haute technologie \u2014 augmentation stimul\u00e9e par la construction acc\u00e9l\u00e9r\u00e9e des centres de donn\u00e9es \u2014 de m\u00eame qu\u2019en d\u00e9fense et en a\u00e9rospatiale.<\/p>\n

MDA Space <\/strong>a \u00e9t\u00e9 la grande d\u00e9ception du mois en d\u00e9pit de ce que nous consid\u00e9rons \u00eatre d\u2019excellentes nouvelles. Le 9 juillet, MDA a conclu un accord en vue d\u2019acqu\u00e9rir une participation majoritaire de 70 % dans la soci\u00e9t\u00e9 fran\u00e7aise d\u2019analyse de donn\u00e9es satellitaires Collecte Localisation Satellites (CLS) pour environ 920 millions $ en esp\u00e8ces, financ\u00e9s en partie par un accord de prise ferme de 819 millions USD \u00e0 35,60 USD l\u2019action. MDA a d\u00e9clar\u00e9 que cette entente s\u2019ajoutait \u00e0 ses investissements en observation spatiale, en installations terrestres de satellites et en analyse de donn\u00e9es, compl\u00e9tant ainsi les services satellitaires existants de CLS. Le 23 juillet, la compagnie a aussi \u00e9mis, sous forme de placement priv\u00e9, 600 millions CAD en obligations de premier rang non garanties (6,5 %, 2033).<\/p>\n

\u00c0 la fin du mois, un autre perdant, Telesat<\/strong>a annonc\u00e9 avoir sign\u00e9 le plus grand contrat de son existence : un accord de 2,3 milliards $ avec le gouvernement canadien visant \u00e0 fournir une connectivit\u00e9 s\u00e9curis\u00e9e dans l\u2019Arctique aux forces arm\u00e9es canadiennes. Gr\u00e2ce \u00e0 cet accord, l\u2019entreprise pourra ajouter 69 satellites \u00e0 sa constellation Telesat Lightspeed \u2014 laquelle est enti\u00e8rement financ\u00e9e \u2014 qui passera ainsi de 156 \u00e0 225 satellites, ce qui rehaussera consid\u00e9rablement sa capacit\u00e9 et ses possibilit\u00e9s commerciales. Cette expansion est soutenue par le capital que versera le gouvernement aux \u00e9tapes cl\u00e9s \u00e0 compter du trimestre prochain. MDA s\u2019occupera de la construction de la constellation. Elle a aussi obtenu un autre contrat de 474 millions $ pour produire 27 satellites suppl\u00e9mentaires de capacit\u00e9s militaires en bande Ka, et d\u2019autres \u00e9l\u00e9ments dont le d\u00e9lai de livraison est plus long.<\/p>\n

\"\"<\/p>\n

Perspectives<\/h3>\n

En ce qui a trait \u00e0 l\u2019avenir, en d\u00e9pit de la r\u00e9cente vigueur du march\u00e9, nous demeurons prudents et avons par cons\u00e9quent adopt\u00e9 une attitude plus d\u00e9fensive. Cette prudence a ses bons c\u00f4t\u00e9s : les d\u00e9penses consid\u00e9rables en infrastructure qui pourraient, selon nous, \u00eatre engag\u00e9es dans les dix ann\u00e9es \u00e0 venir risquent de cr\u00e9er des occasions \u00e0 long terme dans plusieurs secteurs, m\u00eame si \u00e0 br\u00e8ve \u00e9ch\u00e9ance l\u2019activit\u00e9 tant des grandes que des petites entreprises est sous pression. Nous continuons donc \u00e0 nous int\u00e9resser \u00e0 des petites entreprises sous-\u00e9valu\u00e9es qui se n\u00e9gocient \u00e0 une valeur attrayante et sont dot\u00e9es, selon nous, d\u2019excellentes caract\u00e9ristiques \u00e9conomiques.<\/p>\n

L\u2019\u00e9quipe de gestion du Fonds d\u2019opportunit\u00e9s \u00e0 petites capitalisations Pender
\n12 ao\u00fbt 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 <\/em>https:\/\/www.penderfund.com\/fr\/fonds-dopportunites-petites-capitalisations-pender\/<\/em><\/p>","protected":false},"excerpt":{"rendered":"

In July, the Fund returned 2.5%1, ahead of the S&P\/TSX Composite at 1.2% and the Russell 2000, which declined -4.1%, in an eventful month for Canadian and international markets. Canadian markets saw significant divergence in July, characterized by a rotation into value stocks and energy, while growth-oriented segments and broader small-cap indices faced headwinds. Market […]<\/p>\n","protected":false},"featured_media":73787,"template":"","meta":{"_acf_changed":false},"fund-type":[36,38],"class_list":["post-74328","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-equity-funds","fund-type-pender-small-cap-opportunities-fund"],"acf":[],"yoast_head":"\nPender Small Cap Opportunities Fund July 2026 Performance Insights - PenderFund Capital Management<\/title>\n<meta name=\"description\" content=\"Find insights into the Pender Small Cap Opportunities Fund July 2026, including performance against the S&P\/TSX and market trends.\" \/>\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-july-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 - July 2026\" \/>\n<meta property=\"og:description\" content=\"Find insights into the Pender Small Cap Opportunities Fund July 2026, including performance against the S&P\/TSX and market trends.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/penderfund.com\/fr\/commentaries\/pender-small-cap-opportunities-fund-july-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=\"2026-08-17T22:38:42+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-july-2026\\\/\",\"url\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-small-cap-opportunities-fund-july-2026\\\/\",\"name\":\"Pender Small Cap Opportunities Fund July 2026 Performance Insights - PenderFund Capital Management\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/penderfund.com\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-small-cap-opportunities-fund-july-2026\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-small-cap-opportunities-fund-july-2026\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/penderfund.com\\\/wp-content\\\/uploads\\\/2026\\\/06\\\/Commentary-Pender-Small-Cap-Opportunities-Fund-Investment-Team.png\",\"datePublished\":\"2026-08-12T22:25:02+00:00\",\"dateModified\":\"2026-08-17T22:38:42+00:00\",\"description\":\"Find insights into the Pender Small Cap Opportunities Fund July 2026, including performance against the S&P\\\/TSX and market trends.\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-small-cap-opportunities-fund-july-2026\\\/#breadcrumb\"},\"inLanguage\":\"fr-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-small-cap-opportunities-fund-july-2026\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\\\/\\\/penderfund.com\\\/commentaries\\\/pender-small-cap-opportunities-fund-july-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-july-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 - July 2026\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/penderfund.com\\\/#website\",\"url\":\"https:\\\/\\\/penderfund.com\\\/\",\"name\":\"PenderFund Capital Management\",\"description\":\"Forward thinking. 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