{"id":60974,"date":"2024-10-22T16:23:30","date_gmt":"2024-10-22T23:23:30","guid":{"rendered":"https:\/\/www.penderfund.com\/?post_type=commentaries&#038;p=60974"},"modified":"2025-09-21T10:34:33","modified_gmt":"2025-09-21T17:34:33","slug":"value-fund-q3-2024","status":"publish","type":"commentaries","link":"https:\/\/staging.penderfund.com\/fr\/commentaries\/value-fund-q3-2024\/","title":{"rendered":"Fonds de valeur Pender \u2013 T3 2024"},"content":{"rendered":"<h3>Faits saillants<\/h3>\n<ul>\n<li>Le Fonds a tir\u00e9 profit d\u2019un rendement de 38,4 % depuis le d\u00e9but de l\u2019ann\u00e9e. Les titres de Kraken Robotics Inc. (TSXV : PNG), une entreprise de technologie marine, ont le mieux tir\u00e9 leur \u00e9pingle du jeu ce trimestre.<\/li>\n<li>Thinkific Labs Inc. (TSX : THNC) a d\u00e9\u00e7u ce trimestre-ci \u00e0 la suite de son offre publique de rachat, le march\u00e9 pr\u00e9f\u00e9rant attendre que les donn\u00e9es fondamentales de l\u2019entreprise s\u2019am\u00e9liorent.<\/li>\n<\/ul>\n<h3 class=\"translation-block\">Rendement du Fonds<\/h3>\n<p class=\"translation-block\">Le Fonds de valeur Pender a continu\u00e9 d\u2019exceller au troisi\u00e8me trimestre en enregistrant un gain de 12,4 %<a href=\"#_ftn1\" name=\"_ftnref1\" target=\"_self\">[1]<\/a>. \u00c0 des fins comparatives, notons que l\u2019indice compos\u00e9 S&amp;P\/TSX et l\u2019indice \u00e0 petite capitalisation S&amp;P\/TSX ont affich\u00e9 des gains respectifs de 10,5 % et de 7,9 %. Aux \u00c9tats-Unis, l\u2019indice Russell 2000 (CAD) a produit un rendement de 8,0 %. \u00c0 ce jour, le portefeuille s\u2019est bonifi\u00e9 de 38,4 % en 2024 et de 50,5 % par rapport \u00e0 l\u2019an pass\u00e9.<\/p>\n<p>Les march\u00e9s boursiers ont poursuivi sur leur lanc\u00e9e et ont fait preuve de r\u00e9silience suivant l\u2019att\u00e9nuation des pressions inflationnistes et l\u2019arriv\u00e9e d\u2019une nouvelle politique mon\u00e9taire plus souple. La R\u00e9serve f\u00e9d\u00e9rale a soustrait un demi-point de pourcentage de son taux directeur en septembre et a fait savoir que d\u2019autres r\u00e9ductions \u00e9taient \u00e0 venir. Il s\u2019agit l\u00e0 du premier assouplissement de la part de la Fed depuis le commencement de la pand\u00e9mie. Cette premi\u00e8re diminution en plus de quatre ans place les fonds f\u00e9d\u00e9raux \u00e0 l\u2019int\u00e9rieur d\u2019une fourchette de 4,75 % \u00e0 5 %.<\/p>\n<p class=\"translation-block\">En mati\u00e8re de donn\u00e9es \u00e9conomiques, le rapport de la semaine derni\u00e8re sur le travail indique que les employeurs ont ajout\u00e9 254\u2009000 emplois en septembre. C\u2019est nettement plus que les 150\u2009000 pr\u00e9vus par les \u00e9conomistes et la croissance la plus marqu\u00e9e depuis mars <a href=\"#_ftn2\" name=\"_ftnref2\" target=\"_self\">[2]<\/a>. Quant au sentiment des consommateurs, il n\u2019a cess\u00e9 de s\u2019am\u00e9liorer depuis la fin de septembre, au point d\u2019atteindre un sommet en cinq mois. Cette flamb\u00e9e d\u2019optimisme envers l\u2019\u00e9conomie a suivi la r\u00e9duction des taux d\u2019int\u00e9r\u00eat par la R\u00e9serve f\u00e9d\u00e9rale. L\u2019universit\u00e9 du Michigan a publi\u00e9 en septembre les r\u00e9sultats finaux de son enqu\u00eate sur le sentiment des consommateurs. L\u2019indice, qui \u00e9tait de 69 lors de r\u00e9sultats pr\u00e9liminaires et de 67,9 en ao\u00fbt, s\u2019\u00e9l\u00e8ve d\u00e9sormais \u00e0 70,1<a href=\"#_ftn3\" name=\"_ftnref3\" target=\"_self\">[3]<\/a>.<\/p>\n<p>L\u2019assouplissement de la politique mon\u00e9taire et les donn\u00e9es encourageantes sur le front \u00e9conomique alimentent l\u2019espoir que l\u2019\u00e9conomie am\u00e9ricaine b\u00e9n\u00e9ficiera d\u2019un atterrissage en douceur. Ce sont l\u00e0 de bonnes nouvelles pour les petites et les moyennes entreprises qui sont plus sensibles aux taux d\u2019int\u00e9r\u00eat et aux conditions \u00e9conomiques, car elles tendent, plus que les grandes entreprises, \u00e0 \u00eatre endett\u00e9es et \u00e0 opter pour des taux variables.<\/p>\n<h3>Mises \u00e0 jour sur le portefeuille<\/h3>\n<p>Certains actifs ont ralenti la course du portefeuille durant le trimestre, dont Thinkific Labs Inc (TSX : THNC), qui a \u00e9t\u00e9 le plus faible. La soci\u00e9t\u00e9 a r\u00e9cemment r\u00e9alis\u00e9 une offre publique de rachat substantielle. Le march\u00e9 a r\u00e9agi et, depuis, le cours a baiss\u00e9. Nous nous attendons \u00e0 ce que sa valeur fluctue jusqu\u2019\u00e0 ce que les donn\u00e9es fondamentales de l\u2019entreprise redeviennent int\u00e9ressantes pour les investisseurs.<\/p>\n<p>En revanche, notre position dans Kraken Robotics Inc. (TSXV : PNG) est celle qui a le plus contribu\u00e9 au rendement de notre portefeuille durant le trimestre. Kraken est une entreprise de technologie marine qui propose des capteurs sous-marins, des batteries, des v\u00e9hicules t\u00e9l\u00e9command\u00e9s et des services robotiques pour les applications militaires et commerciales. Nous pensons que Kraken poss\u00e8de une solide ad\u00e9quation produit-march\u00e9 puisqu\u2019elle est l\u2019une des rares entreprises \u00e0 fournir des composants essentiels sur le march\u00e9 des technologies de la d\u00e9fense maritime. L\u2019OTAN entend moderniser sa flotte en raison des tensions g\u00e9opolitiques grandissantes. Ses navires seront de plus en plus munis de syst\u00e8mes de d\u00e9fense autonomes et robotis\u00e9s, \u00e9tant donn\u00e9 qu\u2019ils am\u00e9liorent la productivit\u00e9 tout en r\u00e9duisant les co\u00fbts d\u2019exploitation. Nous croyons en \u00eatre aux tout premiers d\u00e9buts de ce qui deviendra une demande durable et que Kraken d\u00e9crochera d\u2019importants contrats pour, par exemple, des robots autonomes sous-marins (AUV).<\/p>\n<p>L\u2019entreprise est un excellent exemple en mati\u00e8re de croissance compos\u00e9e. Ses revenus ont augment\u00e9 d\u2019environ 60 % par ann\u00e9e depuis 2018, et ses marges BAIIDA se sont \u00e9largies jusqu\u2019\u00e0 atteindre le d\u00e9but de la vingtaine. Nous croyons qu\u2019elle peut encore grandir et \u00e9largir ses marges, et ainsi d\u00e9gager des flux de tr\u00e9sorerie disponibles positifs. Au-del\u00e0 de cette croissance, nous pensons qu\u2019il y a l\u00e0 mati\u00e8re \u00e0 l\u2019expansion des multiples, sachant que les revenus et les marges existent et que l\u2019entreprise g\u00e9n\u00e8re constamment des flux de tr\u00e9sorerie. Nous nous r\u00e9jouissons de d\u00e9tenir des parts de Kraken, qui figure parmi les 15 meilleurs actifs du Fonds.<\/p>\n<blockquote>\n<p style=\"text-align: center;\"><em>\u00ab\u2009Nous avons foi dans chacune des entreprises que nous poss\u00e9dons, et nous croyons que le moment est palpitant pour ceux qui investissent dans les petites entreprises qui voient enfin leurs donn\u00e9es fondamentales prendre leur place au soleil.\u2009\u00bb<\/em><\/p>\n<\/blockquote>\n<h3>Positionnement du Fonds<\/h3>\n<p>Notre pond\u00e9ration dans les actions canadiennes s\u2019\u00e9levait \u00e0 70 % \u00e0 la fin du trimestre, celle dans les actions am\u00e9ricaines \u00e0 28 % et celle dans les autres titres \u00e0 3 %. Pour l\u2019ensemble de ces emplacements, notre pond\u00e9ration dans les titres \u00e0 petite capitalisation se chiffrait \u00e0 36 % du portefeuille \u00e0 la fin du trimestre, celle dans les titres \u00e0 moyenne capitalisation \u00e0 45 %, celle dans les titres \u00e0 grande capitalisation \u00e0 14 % et celle dans les titres \u00e0 microcapitalisation \u00e0 4 %.<\/p>\n<p>Ce positionnement est le r\u00e9sultat de notre analyse des donn\u00e9es fondamentales et de notre processus visant \u00e0 rep\u00e9rer les meilleures occasions, tout particuli\u00e8rement du c\u00f4t\u00e9 des petites et moyennes entreprises nord-am\u00e9ricaines. Malgr\u00e9 la r\u00e9cente reprise, nous croyons qu\u2019il existe encore des occasions int\u00e9ressantes sur ce march\u00e9 et que cela durera de trois \u00e0 cinq ans. Nous avons foi dans chacune des entreprises que nous poss\u00e9dons, et nous croyons que le moment est palpitant pour ceux qui investissent dans les petites entreprises qui voient enfin leurs donn\u00e9es fondamentales prendre leur place au soleil.<\/p>\n<p>David Barr, CFA<br \/>\n<em>22 octobre 2024<\/em><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a> <em>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.<br \/>\n<\/em><a href=\"#_ftnref2\" name=\"_ftn2\">[2]<\/a> <em>Source<\/em><em>: <\/em><em>https:\/\/www.morningstar.com\/economy\/september-us-jobs-report-254000-rise-payrolls-stronger-than-expected.<br \/>\n<\/em><a href=\"#_ftnref3\" name=\"_ftn3\">[3]<\/a> <em>Source : Universit\u00e9 du Michigan.<\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>Le Fonds de valeur Pender a continu\u00e9 d\u2019exceller au troisi\u00e8me trimestre en enregistrant un gain de 12,4 %. \u00c0 des fins comparatives, notons que l\u2019indice compos\u00e9 S&amp;P\/TSX et l\u2019indice \u00e0 petite capitalisation S&amp;P\/TSX ont affich\u00e9 des gains respectifs de 10,5 % et de 7,9 %. Aux \u00c9tats-Unis, l\u2019indice Russell 2000 (CAD) a produit [...]<\/p>","protected":false},"featured_media":70424,"template":"","meta":{"_acf_changed":false},"fund-type":[36,40],"class_list":["post-60974","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-equity-funds","fund-type-pender-global-small-mid-cap-equity-fund"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pender Value Fund \u2013 Q3 2024 - PenderFund Capital Management<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"fr_CA\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pender Value Fund \u2013 Q3 2024 - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"Highlights The Fund has gained 38.4% year-to-date. Top contributor this quarter was Kraken Robotics Inc., (TSXV: PNG), a marine technology company. Thinkific Labs Inc. (TSX:THNC) was a detractor this quarter subsequent to their SIB as the market waits for business fundamentals to improve. 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