{"id":74734,"date":"2026-09-18T11:47:11","date_gmt":"2026-09-18T18:47:11","guid":{"rendered":"https:\/\/penderfund.com\/?post_type=commentaries&p=74734"},"modified":"2026-10-06T15:26:39","modified_gmt":"2026-10-06T22:26:39","slug":"pender-small-cap-opportunities-fund-august-2026","status":"publish","type":"commentaries","link":"https:\/\/penderfund.com\/fr\/commentaries\/pender-small-cap-opportunities-fund-august-2026\/","title":{"rendered":"Fonds d\u2019opportunit\u00e9s \u00e0 petites capitalisations Pender - ao\u00fbt 2026"},"content":{"rendered":"

Le Fonds a d\u00e9gag\u00e9 un rendement de 1,5 %1<\/sup>en ao\u00fbt, prenant ainsi les devants sur le recul mensuel de -0,1 % de l\u2019indice Russell 2000. Le th\u00e8me des logiciels a domin\u00e9 l\u2019ann\u00e9e 2026, les soci\u00e9t\u00e9s SaaS (logiciels en tant que service) \u00e9tant pass\u00e9es de l\u2019apocalypse, \u00e0 une remont\u00e9e, puis \u00e0 de nouvelles d\u00e9b\u00e2cles\u2026 et le mois d\u2019ao\u00fbt n\u2019a pas fait exception \u00e0 la r\u00e8gle. Les valorisations des soci\u00e9t\u00e9s logicielles ont poursuivi leur remont\u00e9e depuis leur creux en 52 semaines. Toutefois, plusieurs de celles que nous suivons ont \u00e9t\u00e9 happ\u00e9es par la vague n\u00e9gative qui a d\u00e9ferl\u00e9 sur ce secteur, entra\u00eenant des d\u00e9cotes dans leur sillage, le tout sans \u00e9gard aux donn\u00e9es fondamentales.<\/p>\n

\"\"<\/p>\n

Le portefeuille affiche une pond\u00e9ration d\u2019environ 70,3 % dans les actions canadiennes et d\u2019approximativement 19,7 % dans les actions am\u00e9ricaines.<\/p>\n

L\u2019humeur concernant le secteur des SaaS dans son ensemble para\u00eet s\u2019am\u00e9liorer, comme en t\u00e9moignent les r\u00e9sultats encourageants publi\u00e9s par de grands acteurs am\u00e9ricains cot\u00e9s en bourse. Le moral des investisseurs a remont\u00e9 \u00e0 la suite de solides b\u00e9n\u00e9fices du c\u00f4t\u00e9 des logiciels d\u2019entreprise, notamment ceux de Salesforce au T2, ce qui a renforc\u00e9 la confiance quant aux tendances de la demande et aux opportunit\u00e9s de mon\u00e9tisation de l\u2019IA. Adobe a \u00e9galement publi\u00e9 des r\u00e9sultats largement conformes aux attentes, sans surprise majeure : les pr\u00e9visions sur le chiffre d\u2019affaires pour l\u2019ann\u00e9e ont \u00e9t\u00e9 relev\u00e9es apr\u00e8s une performance sup\u00e9rieure aux attentes au T3, tandis que les objectifs de RAR (revenus annuels r\u00e9currents) ont \u00e9t\u00e9 maintenus.<\/p>\n

Tout comme au cours des sept mois pr\u00e9c\u00e9dents, l\u2019IA demeure au c\u0153ur des pr\u00e9occupations des investisseurs, lesquels scrutent de pr\u00e8s les d\u00e9penses en investissement des infrastructures d\u2019IA et leur capacit\u00e9 \u00e0 g\u00e9n\u00e9rer des profits. Le sentiment s\u2019est am\u00e9lior\u00e9 plus avant \u00e0 la faveur des r\u00e9sultats du T2. Ceux-ci ont r\u00e9v\u00e9l\u00e9 que les d\u00e9penses li\u00e9es \u00e0 l\u2019IA sont de plus en plus financ\u00e9es en compl\u00e9ment \u2014 et non au d\u00e9triment \u2014 des budgets consacr\u00e9s aux principaux logiciels. Les entreprises qui poss\u00e8dent des strat\u00e9gies cr\u00e9dibles de mon\u00e9tisation de l\u2019IA ont g\u00e9n\u00e9ralement signal\u00e9 peu de perturbations au niveau de la demande et ont constat\u00e9 une contribution croissante de l\u2019IA au volume des commandes, aux activit\u00e9s de vente de produits plus haut de gamme et \u00e0 l\u2019engagement des clients. L\u2019indice S&P 1500 Software & Services a progress\u00e9 de 13,1 % pendant le mois (enregistrant ainsi un deuxi\u00e8me mois cons\u00e9cutif de hausse \u00e0 deux chiffres) pour afficher une progression de 3 % depuis le d\u00e9but de l\u2019ann\u00e9e. Il continue toutefois de s\u2019\u00e9changer \u00e0 un rabais de 1,8 x par rapport \u00e0 la moyenne historique sur 10 ans de son ratio VE\/BAIIDA (selon les r\u00e9sultats de l\u2019exercice).<\/p>\n

Malgr\u00e9 la forte volatilit\u00e9 et l\u2019incertitude qui plane sur les march\u00e9s, exacerb\u00e9es par la g\u00e9opolitique et les interrogations sur l\u2019\u00e9volution des taux, nous restons confiants quant aux opportunit\u00e9s \u00e0 venir. Plus particuli\u00e8rement, nous consid\u00e9rons le d\u00e9veloppement des infrastructures n\u00e9cessaires \u00e0 l\u2019IA et aux logiciels comme un domaine d\u2019investissement consid\u00e9rablement porteur, sachant que celui-ci s\u2019inscrit dans un cycle de d\u00e9penses en capital sans pr\u00e9c\u00e9dent et que les grands fournisseurs de donn\u00e9es nord-am\u00e9ricains \u00e0 eux seuls pr\u00e9voient des d\u00e9penses totales de plus de 720 milliards $ pour l\u2019ann\u00e9e.<\/p>\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 conserv\u00e9 une attitude plus d\u00e9fensive ces derniers mois. 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. Le secteur des logiciels demeure un domaine \u00e0 forte conviction pour nous qui sommes impatients d\u2019investir dans les occasions qui s\u2019y pr\u00e9senteront \u00e0 l\u2019avenir.<\/p>\n

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

\"\"<\/p>\n

McDermott \u2013<\/strong> L\u2019entreprise a figur\u00e9 parmi les principaux gagnants du Fonds pour un deuxi\u00e8me mois cons\u00e9cutif, alors que le march\u00e9 a commenc\u00e9 \u00e0 int\u00e9grer une partie de la valeur que nous avions identifi\u00e9e en amont. Nous continuons de consid\u00e9rer McDermott comme une opportunit\u00e9 d\u2019investissement attrayante dans le cadre de sa r\u00e9organisation. L\u2019expertise de l\u2019\u00e9quipe des titres \u00e0 revenu fixe de Pender s\u2019est av\u00e9r\u00e9e pr\u00e9cieuse \u00e0 cet \u00e9gard, notamment pour l\u2019analyse de la restructuration de la soci\u00e9t\u00e9, de sa structure du capital et de la valeur des titres issus de ce processus. L\u2019\u00e9mission de droits r\u00e9alis\u00e9e en ao\u00fbt a constitu\u00e9 un \u00e9l\u00e9ment catalyseur majeur pour cette situation sp\u00e9ciale : elle devrait renforcer le bilan de McDermott, accro\u00eetre sa flexibilit\u00e9 financi\u00e8re et contribuer \u00e0 tracer une voie plus claire vers une \u00e9ventuelle op\u00e9ration de liquidit\u00e9. \u00c0 mesure que le bilan se consolide et que cette perspective se pr\u00e9cise, nous anticipons une r\u00e9duction de l\u2019\u00e9cart actuel sur le plan de la valorisation ainsi que la concr\u00e9tisation de la valeur intrins\u00e8que de l\u2019entreprise.<\/p>\n

VitalHub \u2013<\/strong> La soci\u00e9t\u00e9 figure aussi dans le palmar\u00e8s des grands gagnants du mois. L\u2019entreprise a publi\u00e9 des r\u00e9sultats financiers correspondant en gros aux attentes, et elle a franchi le cap marquant des 100 millions $ en revenus annuels r\u00e9currents (RAR). VitalHub a termin\u00e9 le trimestre forte de plus de 130 millions $ en liquidit\u00e9s. La direction a par ailleurs annonc\u00e9 le rachat de pr\u00e8s de 5 % des actions au moyen d\u2019une OPR-CNA. La direction a ajout\u00e9 que, gr\u00e2ce \u00e0 ses solides assises liquides, elle pouvait poursuivre simultan\u00e9ment le rachat de ses actions et sa strat\u00e9gie de F&A.<\/p>\n

\"\"<\/p>\n

Tantalus \u2013<\/strong> La soci\u00e9t\u00e9 s\u2019est repli\u00e9e au cours du mois, malgr\u00e9 de solides r\u00e9sultats trimestriels. En effet, la soci\u00e9t\u00e9 a d\u00e9clar\u00e9 au T2 un chiffre d\u2019affaires record de 15,4 millions $, ce qui repr\u00e9sente une hausse de 18 %, accompagn\u00e9 d\u2019une am\u00e9lioration des marges brutes et d\u2019une augmentation de ses revenus r\u00e9currents. Le march\u00e9 n\u2019a toutefois pas \u00e9t\u00e9 convaincu : le cours de son action a recul\u00e9 en raison d\u2019un b\u00e9n\u00e9fice par action (BPA) l\u00e9g\u00e8rement inf\u00e9rieur aux attentes, malgr\u00e9 la croissance soutenue du chiffre d\u2019affaires. En tant qu\u2019investisseurs \u00e0 long terme, nous ne voyons aucun changement significatif dans notre th\u00e8se de placement. Nous restons convaincus des perspectives de croissance de l\u2019entreprise et consid\u00e9rons Tantalus comme \u00e9tant id\u00e9alement positionn\u00e9e pour tirer parti des investissements soutenus des services publics dans la modernisation, l\u2019\u00e9lectrification et la r\u00e9silience du r\u00e9seau. Nous entrevoyons \u00e9galement un potentiel de hausse important gr\u00e2ce \u00e0 TRUSense, une solution qui \u00e9largit le march\u00e9 cible de l\u2019entreprise de plus de 10 milliards $, \u00e0 mesure que les services publics adoptent l\u2019intelligence en p\u00e9riph\u00e9rie de r\u00e9seau et des outils d\u2019analyse \u00e0 la fine pointe. L\u2019adoption de la solution a continu\u00e9 de progresser au cours du trimestre : le nombre de services publics commandant la passerelle TRUSense Gateway est pass\u00e9 \u00e0 77, dont 37 ont d\u00e9sormais d\u00e9pass\u00e9 le stade du projet pilote. Nous avons profit\u00e9 du repli du cours de l\u2019action pour rench\u00e9rir sur notre position.<\/p>\n

\u00c9quipe du Fonds d\u2019opportunit\u00e9s \u00e0 petites capitalisations Pender<\/strong>
\n18 septembre 2026<\/p>\n

1<\/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 : http:\/\/www.penderfund.com\/fund\/pender-small-cap-opportunities-fund\/<\/a><\/p>\n

Les donn\u00e9es standards sur le rendement des fonds d\u2019actions Pender sont pr\u00e9sent\u00e9es ici : 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\/<\/a>
\n\u00a9 Copyright Gestion de capital PenderFund lt\u00e9e. Tous droits r\u00e9serv\u00e9s, septembre 2026.<\/p>","protected":false},"excerpt":{"rendered":"

In August, the Fund returned 1.5%1, ahead of the Russell 2000, which declined -0.1%. 2026 has been a year where software has dominated headlines, from the SaaSpocalypse, to recovery, and back again, and August was no different. Software valuations continue to rebound off 52-week lows, although many of the names we follow have been caught […]<\/p>\n","protected":false},"featured_media":74458,"template":"","meta":{"_acf_changed":false},"fund-type":[36,38],"class_list":["post-74734","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 August 2026 Insights - PenderFund Capital Management<\/title>\n<meta name=\"description\" content=\"Learn about the Pender Small Cap Opportunities Fund August 2026 and its strategic positions amidst fluctuating equity markets.\" \/>\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-august-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 - 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