{"id":74729,"date":"2026-09-17T08:19:46","date_gmt":"2026-09-17T15:19:46","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=74729"},"modified":"2026-09-18T08:27:48","modified_gmt":"2026-09-18T15:27:48","slug":"pender-alternative-multi-strategy-income-fund-august-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-alternative-multi-strategy-income-fund-august-2026\/","title":{"rendered":"Pender Alternative Multi-Strategy Income Fund - August 2026"},"content":{"rendered":"

Mise \u00e0 jour sur le march\u00e9<\/h3>\n

S\u2019il y a une phrase qui ne se d\u00e9ment pas au fil du temps, c\u2019est bien que \u00ab\u2009le march\u00e9 fait mentir tout le monde\u2009\u00bb. Le mois d\u2019ao\u00fbt semble en \u00eatre un exemple parfait. Pendant cette p\u00e9riode, qui est habituellement l\u2019une des plus calmes et des plus volatiles de l\u2019ann\u00e9e, tous ceux qui sont all\u00e9s attendre sur le banc de touche ont rat\u00e9 l\u2019un des meilleurs mois de l\u2019ann\u00e9e.<\/p>\n

Jusqu\u2019\u00e0 pr\u00e9sent, 2026 a tromp\u00e9 toutes les attentes. On pensait que ce serait une ann\u00e9e de r\u00e9ductions de taux et d\u2019inflation d\u00e9clinante, mais la guerre en Iran et la flamb\u00e9e du prix du p\u00e9trole ont sabot\u00e9 le plan et fait grimper le rendement des obligations. Malgr\u00e9 tout, l\u2019ann\u00e9e n\u2019a pas \u00e9t\u00e9 mauvaise pour les actifs financiers.<\/p>\n

Si on nous avait dit en janvier que le rendement des obligations atteindrait des sommets cycliques en septembre, nous aurions pour la plupart pr\u00e9dit que les march\u00e9s boursiers en subiraient des cons\u00e9quences n\u00e9gatives. Or, cela n\u2019a pas \u00e9t\u00e9 le cas, car \u00e0 la fin d\u2019ao\u00fbt, ils fr\u00f4laient des records historiques.<\/p>\n

Les march\u00e9s ont \u00e9t\u00e9 soutenus, entre autres, par l\u2019afflux r\u00e9gulier de capitaux. Quand l\u2019inflation est \u00e9lev\u00e9e, le pire que puissent faire les investisseurs est de garder leur argent. Pour maintenir leur pouvoir d\u2019achat, ils doivent plut\u00f4t maintenir leurs investissements dans des titres dont le rendement sera sup\u00e9rieur \u00e0 l\u2019inflation. Cela contribue \u00e0 entretenir la demande pour l\u2019ensemble des cat\u00e9gories d\u2019actifs.<\/p>\n

Fait tr\u00e8s positif cette ann\u00e9e, les r\u00e9sultats financiers des entreprises ont \u00e9t\u00e9 nettement meilleurs que pr\u00e9vu. Avec des valeurs qui flirtent avec des hauteurs record, ces r\u00e9sultats devaient \u00e9tonner dans le bon sens et faire monter les prix, et c\u2019est pr\u00e9cis\u00e9ment ce qui s\u2019est pass\u00e9. Autre fait encourageant, cette situation n\u2019est pas due qu\u2019aux titres en IA comme cela a \u00e9t\u00e9 le cas au cours des derni\u00e8res ann\u00e9es. Des soci\u00e9t\u00e9s de plusieurs secteurs tirent avantage de ces occasions de croissance.<\/p>\n

Mais nous ne naviguons pas sur un fleuve totalement tranquille. Le march\u00e9 obligataire envoie des avertissements dont les investisseurs doivent tenir compte. La hausse des rendements pourrait finir par avoir une incidence sur le fort endettement des gouvernements et des individus. Selon nous, cela ralentira la croissance. Le fait que le Tr\u00e9sor \u00e9tats-unien soit intervenu au cours du mois pour tenter de r\u00e9duire les rendements \u00e0 long terme ne peut pas \u00eatre vu d\u2019un bon \u0153il.<\/p>\n

L\u2019or est l\u2019un des actifs qui ont bien r\u00e9agi \u00e0 la situation. Apr\u00e8s deux ann\u00e9es mouvement\u00e9es, les m\u00e9taux pr\u00e9cieux ont affich\u00e9 des gains en ao\u00fbt. Les investisseurs en redemandent, les flux vers les FNB aff\u00e9rents s\u2019acc\u00e9l\u00e8rent et les banques centrales multiplient leurs achats. Dans un portefeuille, l\u2019or a pour r\u00f4le de pr\u00e9server la valeur, r\u00f4le qu\u2019il semble pr\u00eat \u00e0 jouer en pr\u00e9sence d\u2019une incertitude croissante.<\/p>\n

\u00c0 quelques jours de l\u2019automne, nous ne croyons pas que la volatilit\u00e9 s\u2019att\u00e9nuera. La guerre entre les \u00c9tats-Unis et l\u2019Iran est loin d\u2019\u00eatre r\u00e9gl\u00e9e, par cons\u00e9quent le prix de l\u2019\u00e9nergie devrait rester \u00e9lev\u00e9. Les banques centrales auront beaucoup de mal \u00e0 abaisser les taux de mani\u00e8re \u00e0 aider les consommateurs. Ajoutez \u00e0 cela la guerre tarifaire et l\u2019issue incertaine des \u00e9lections de mi-mandat aux \u00c9tats-Unis, et on peut comprendre que les investisseurs veuillent garder leurs profits durement gagn\u00e9s. \u00c0 moins que tout le monde l\u2019ait d\u00e9j\u00e0 fait? Ce qui cr\u00e9erait une situation compliqu\u00e9e. Si tout le monde a d\u00e9j\u00e0 vendu, ce qui ferait mentir presque tout le monde, il y aura une nouvelle hausse d\u2019ici la fin de l\u2019ann\u00e9e.<\/p>\n

Rendement<\/h3>\n

The Pender Alternative Multi-Strategy Income Fund was up 0.6% for August and has returned 3.0% YTD1<\/sup>. The Fund's blended benchmark has returned 1.2% and 4.1%2<\/sup> for the same periods respectively.<\/p>\n

\"\"<\/p>\n

Positionnement du portefeuille<\/h3>\n

The Pender Alternative Absolute Return Fund and the Pender Corporate Bond Fund are the largest holdings in the Pender Alternative Multi Strategy Income Fund at 38.3% and 39.1% respectively. We view this as a defensive stance reflecting our concerns that market volatility could increase into year end.<\/p>\n

In addition to our positioning, the underlying Funds have increased cash levels and taken down market exposure. With higher bond yields and tight credit spreads, our portfolio managers view this as a less than attractive environment for risk-taking.<\/p>\n

We will look to increase exposure once the macro environment improves. If energy prices begin to stabilize and bond yields fall, we will adjust accordingly to take advantage of opportunities.<\/p>\n

Greg Taylor, CFA<\/strong>
\nCIO and Portfolio Manager
\nSeptember 17, 2026<\/p>\n

1<\/sup>\u00a0Tous 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\/fund\/pender-alternative-multi-strategy-income-fund\/<\/a><\/p>\n

2<\/sup> L\u2019indice de r\u00e9f\u00e9rence mixte du Fonds est constitu\u00e9 \u00e0 9 % de l\u2019indice universel obligataire canadien FTSE, \u00e0 25 % de l\u2019indice ICE BofA US High Yield Index, \u00e0 33 % de l\u2019indice HFRI Credit (couvert en CAD) et \u00e0 33 % dans l\u2019indice HFRI ED : Merger Arbitrage (couvert en CAD)<\/p>\n

3 <\/sup>L\u2019indice de r\u00e9f\u00e9rence utilis\u00e9 est l\u2019indice HFRI Credit (USD). L\u2019indice de r\u00e9f\u00e9rence du Fonds est le HFRI Credit (couvert en CAD).<\/p>\n

4 <\/sup>Indice de r\u00e9f\u00e9rence HFRI ED : Merger Arbitrage Index (USD)<\/p>\n

Standard Performance Information for Pender\u2019s Liquid Alternative Funds may be found here: https:\/\/www.penderfund.com\/fr\/<\/a>
\nCe commentaire comporte un Avis de non-responsabilit\u00e9, que vous pouvez consulter ici : https:\/\/www.penderfund.com\/fr\/disclaimer\/
\n\u00a9 Copyright Gestion de capital PenderFund lt\u00e9e. Tous droits r\u00e9serv\u00e9s, septembre 2026.<\/p>","protected":false},"excerpt":{"rendered":"

Market Update One phrase that I feel is true more often than not is, \u201cmarkets will do what makes the most people wrong\". This August seems to have captured that phrase perfectly. During what is normally one of the quietest and most volatile parts of the calendar, anyone who stepped to the sidelines missed one […]<\/p>\n","protected":false},"featured_media":70749,"template":"","meta":{"_acf_changed":false},"fund-type":[45,178],"class_list":["post-74729","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-pender-liquid-alternative-funds","fund-type-pender-alternative-multi-strategy-income-fund"],"acf":[],"yoast_head":"\nPender Alternative Multi-Strategy Income Fund - August 2026 - PenderFund Capital Management<\/title>\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-multi-strategy-income-fund-august-2026\/\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pender Alternative Multi-Strategy Income Fund - August 2026\" \/>\n<meta property=\"og:description\" content=\"Market Update One phrase that I feel is true more often than not is, \u201cmarkets will do what makes the most people wrong". 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