[1]<\/sup><\/a>.<\/p>\nOctobre a \u00e9t\u00e9 le deuxi\u00e8me mois n\u00e9gatif de 2024 pour les march\u00e9s du cr\u00e9dit. Les taux de rendement des obligations gouvernementales ont rebrouss\u00e9 chemin pour regagner tout le terrain perdu cet \u00e9t\u00e9. Les \u00e9carts de cr\u00e9dit ont continu\u00e9 de se rapprocher et, en octobre, les titres \u00e0 rendement \u00e9lev\u00e9 ont touch\u00e9 un creux in\u00e9gal\u00e9 depuis 2007. La compression s\u2019est poursuivie au d\u00e9but de novembre \u00e0 la suite de l\u2019\u00e9lection de Donald Trump aux \u00c9tats-Unis. L\u2019indice am\u00e9ricain HFRI Credit (USD), l\u2019\u00e9talon du Fonds, a rapport\u00e9 0,5 % en octobre.<\/p>\n
Mise \u00e0 jour sur le march\u00e9 et le portefeuille<\/h3>\n
La r\u00e9duction continue des \u00e9carts de cr\u00e9dit et des primes de risque cr\u00e9e un contexte dans lequel il nous est difficile d\u2019accro\u00eetre la valeur, car l\u2019effondrement de la volatilit\u00e9 diminue le nombre d\u2019occasions propices aux transactions. Bien que la plupart des titres \u00e0 rendement \u00e9lev\u00e9 liquides aient entam\u00e9 l\u2019ann\u00e9e \u00e0 des prix excessifs, \u00e0 notre avis, certaines poches de valeur avaient rat\u00e9 la reprise effr\u00e9n\u00e9e de la fin de 2023. Parmi ces derni\u00e8res figuraient, selon nous, les billets avec remboursement de capital \u00e0 recours limit\u00e9 \u00e9mis en dollars canadiens par des banques canadiennes en 2021. Nous avons accumul\u00e9 des positions dans ces billets en 2023 pour 75 $ et moins (soit 25 % sous le prix \u00e0 l\u2019\u00e9mission). Nos avoirs, \u00e9mis par la Toronto Dominion, la Banque Royale du Canada et la Banque de Nouvelle-\u00c9cosse, ont tous bien fait cette ann\u00e9e. Ils ont \u00e9t\u00e9 \u00e9peronn\u00e9s en octobre lorsque la RBC a mis en circulation des billets avec remboursement de capital \u00e0 recours limit\u00e9 en USD qui ont suscit\u00e9 l\u2019attention des acheteurs. Nous avons profit\u00e9 de cet int\u00e9r\u00eat pour vendre le gros de nos actifs. Ironiquement, cette \u00e9mission de la RBC qui avait fait cro\u00eetre nos actifs de plusieurs points s\u2019est n\u00e9goci\u00e9e plut\u00f4t lamentablement. Elle a termin\u00e9 octobre autour de 97 $ apr\u00e8s avoir atteint 100 $ le 17 de ce mois.<\/p>\n
![\"\"](\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/08\/Bank-of-Novia-Scotia.png\")
<\/strong><\/p>\nNous avons \u00e9t\u00e9 \u00e9tonn\u00e9s par l\u2019ampleur du mouvement sur les march\u00e9s des risques apr\u00e8s les \u00e9lections am\u00e9ricaines. Les march\u00e9s avaient pari\u00e9 sans \u00e9quivoque sur une victoire de Trump. L\u2019incertitude et la volatilit\u00e9 qui frappent habituellement les march\u00e9s pendant les mois de septembre et d\u2019octobre pr\u00e9c\u00e9dant l\u2019\u00e9lection pr\u00e9sidentielle ne se sont pas manifest\u00e9es cette ann\u00e9e. C\u2019est d\u00fb, selon nous, au fait que la victoire de Trump \u00e9tait fort probable et que le march\u00e9 croyait que la r\u00e9duction des taxes et de la r\u00e9glementation am\u00e9liorerait les rendements et les multiples.<\/p>\n
Nous convenons avec le march\u00e9 que les politiques r\u00e9glementaires et fiscales sous l\u2019administration Trump ont \u00e9t\u00e9 bonnes pour les valeurs mobili\u00e8res. Il y a cependant dans son programme des aspects n\u00e9gatifs dont le march\u00e9 ne semble gu\u00e8re se soucier, notamment les d\u00e9portations de masse et l\u2019augmentation des tarifs douaniers. Les politiques de Trump en ces deux mati\u00e8res sont manifestement inflationnistes, comme en atteste la r\u00e9action du march\u00e9 obligataire tant avant l\u2019\u00e9lection qu\u2019\u00e0 l\u2019annonce du r\u00e9sultat. Le march\u00e9 semble retourner d\u2019instinct au programme de 2016, alors que la r\u00e9alit\u00e9 est fort diff\u00e9rente cette fois.<\/p>\n
![\"\"](\"https:\/\/www.penderfund.com\/wp-content\/uploads\/2024\/11\/PAARFOctTable.jpg\")
<\/p>\n
Si l\u2019on compare les conditions actuelles \u00e0 celles qui pr\u00e9valaient quand Trump avait gagn\u00e9 en 2016, les primes de risque sont beaucoup plus basses, la politique mon\u00e9taire est plus restrictive tandis que l\u2019endettement et le d\u00e9ficit ne laissent pas beaucoup de place \u00e0 des stimulus fiscaux. Nous croyons qu\u2019\u00e0 un certain moment, le march\u00e9 des bons du Tr\u00e9sor am\u00e9ricain exprimera de s\u00e9rieuses inqui\u00e9tudes quant \u00e0 la posture fiscale du gouvernement, mais nous ne savons pas encore quand cela aura lieu. Les \u00c9tats-Unis ont d\u00e9j\u00e0 le d\u00e9ficit le plus consid\u00e9rable par rapport au PIB de tous les pays d\u00e9velopp\u00e9s, ce qui limite sa marge de man\u0153uvre.<\/p>\n
\n\u00ab\u2009Nous croyons qu\u2019\u00e0 un certain moment, le march\u00e9 des bons du Tr\u00e9sor am\u00e9ricain exprimera de s\u00e9rieuses inqui\u00e9tudes quant \u00e0 la posture fiscale du gouvernement\u2026 Les \u00c9tats-Unis ont d\u00e9j\u00e0 le d\u00e9ficit le plus consid\u00e9rable par rapport au PIB de tous les pays d\u00e9velopp\u00e9s, ce qui limite sa marge de man\u0153uvre.\u2009\u00bb<\/em><\/p>\n<\/blockquote>\nAlors que nous \u00e9crivons ces lignes, les \u00e9carts des titres \u00e0 rendement \u00e9lev\u00e9 ont atteint un plancher de 261 pb lors de l\u2019euphorie qui a imm\u00e9diatement suivi l\u2019\u00e9lection. C\u2019est 40 pb au-dessus du point le plus bas entre 2008-2023 et \u00e0 peine 20 pb au-dessus du plancher de 241 pb de 2007. Tout comme cela a \u00e9t\u00e9 le cas lors de la r\u00e9duction des \u00e9carts des deux derniers mois, les \u00e9carts minimaux de 2007 ont \u00e9t\u00e9 accompagn\u00e9s par une liquidation notable des bons du Tr\u00e9sor am\u00e9ricain. En novembre, les \u00e9carts ont baiss\u00e9 alors que le rendement \u00e0 cinq ans des bons du Tr\u00e9sor \u00e9tait de 4,31 %. Lors de la descente de 2007, le taux de rendement \u00e0 cinq ans \u00e9tait de 4,97 %. Bref, m\u00eame si les \u00e9carts sont l\u00e9g\u00e8rement plus marqu\u00e9s qu\u2019en 2007, les taux de rendement globaux du march\u00e9 \u00e0 rendement \u00e9lev\u00e9 sont pires qu\u2019ils l\u2019\u00e9taient alors. Bien que les \u00e9carts puissent \u00e0 court terme continuer \u00e0 se resserrer, les probabilit\u00e9s qu\u2019ils s\u2019\u00e9largissent consid\u00e9rablement au cours des six prochains mois se sont accrues selon nous.<\/p>\n
![\"\"](\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/08\/ice-2008-2023.png\")
<\/p>\n
L\u2019histoire nous a enseign\u00e9 que les march\u00e9s euphoriques et les valeurs hors de prix ne durent pas et cr\u00e9ent souvent des conditions propices \u00e0 une importante correction des prix. Cela n\u2019a pas \u00e9t\u00e9 facile de rester sur notre position d\u00e9fensive cette ann\u00e9e, mais nous croyons \u00eatre bien structur\u00e9s pour mettre la main sur de bonnes occasions quand la volatilit\u00e9 et l\u2019aversion au risque reviendront en force.<\/p>\n
Param\u00e8tres du portefeuille :<\/h3>\n
Le Fonds a pass\u00e9 le fil d\u2019arriv\u00e9e du mois d\u2019octobre arm\u00e9 d\u2019une pond\u00e9ration longue de 135,5 % (sans les liquidit\u00e9s). Dans celle-ci, 57,4 % relevaient de notre strat\u00e9gie \u00e0 revenu fixe r\u00e9gulier, 69,2 % de notre strat\u00e9gie ax\u00e9e sur la valeur relative et 8,9 % de notre strat\u00e9gie visant l\u2019investissement \u00e9v\u00e9nementiel. Le Fonds renfermait en outre une pond\u00e9ration courte de 55,1 %, dont 4,2 % dans les obligations du gouvernement, 34,7 % dans les titres de cr\u00e9ance et 16,2 % dans les actions. La dur\u00e9e de r\u00e9mun\u00e9ration corrig\u00e9e des effets de la clause de remboursement anticip\u00e9 (option-adjusted duration ou OAD) se chiffrait \u00e0 0,98 an.<\/p>\n
En excluant les positions se n\u00e9gociant \u00e0 des \u00e9carts de plus de 500 pb et les participations se n\u00e9gociant en vertu d\u2019une date d\u2019\u00e9ch\u00e9ance ou de rappel de 2025 ou ant\u00e9rieure, l\u2019OAD du Fonds a baiss\u00e9 \u00e0 0,77 an. Les donn\u00e9es quant aux dur\u00e9es comprennent une position \u00e9v\u00e9nementielle dont, selon nous, la dur\u00e9e ne traduit pas fid\u00e8lement la valeur de l\u2019option associ\u00e9e au titre.<\/p>\n
Le taux de rendement actuel du Fonds est de 5,73 % et le taux de rendement \u00e0 l\u2019\u00e9ch\u00e9ance de 6,17 %.<\/p>\n
Justin Jacobsen, CFA
\n15 novembre 2024<\/em><\/p>\n[1]<\/a> 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. <\/em><\/p>","protected":false},"excerpt":{"rendered":"Le Fonds alternatif \u00e0 rendement absolu Pender a termin\u00e9 le mois d\u2019octobre avec un rendement de 1,2 % pour \u00e9tablir son cumul annuel \u00e0 6,0 %. Octobre a \u00e9t\u00e9 le deuxi\u00e8me mois n\u00e9gatif de 2024 pour les march\u00e9s du cr\u00e9dit. Les taux de rendement des obligations gouvernementales ont [...]<\/p>","protected":false},"featured_media":70405,"template":"","meta":{"_acf_changed":false},"fund-type":[45,46],"class_list":["post-61242","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-pender-liquid-alternative-funds","fund-type-pender-alternative-absolute-return-fund"],"acf":[],"yoast_head":"\n
Pender Alternative Absolute Return Fund \u2013 October 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 Alternative Absolute Return Fund \u2013 October 2024 - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"Highlights Credit markets had their second negative month of 2024 in October as government bond yields reversed all the decline of the summer months. Credit spreads continued to grind tighter, with high yield spreads hitting new post 2007 lows in October. Selling activity included positions in Canadian bank low reset Limited Recourse Capital Notes (\u201cLRCNs\u201d) […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/staging.penderfund.com\/fr\/commentaries\/alternative-absolute-return-october-2024\/\" \/>\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=\"2025-09-21T17:34:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PAARF.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:site\" content=\"@penderfund\" \/>\n<meta name=\"twitter:label1\" content=\"Estimation du temps de lecture\" \/>\n\t<meta name=\"twitter:data1\" content=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/alternative-absolute-return-october-2024\/\",\"url\":\"https:\/\/staging.penderfund.com\/commentaries\/alternative-absolute-return-october-2024\/\",\"name\":\"Pender Alternative Absolute Return Fund \u2013 October 2024 - PenderFund Capital Management\",\"isPartOf\":{\"@id\":\"https:\/\/staging.penderfund.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/alternative-absolute-return-october-2024\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/alternative-absolute-return-october-2024\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PAARF.png\",\"datePublished\":\"2024-11-15T19:12:29+00:00\",\"dateModified\":\"2025-09-21T17:34:00+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/alternative-absolute-return-october-2024\/#breadcrumb\"},\"inLanguage\":\"fr-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/staging.penderfund.com\/commentaries\/alternative-absolute-return-october-2024\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/alternative-absolute-return-october-2024\/#primaryimage\",\"url\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PAARF.png\",\"contentUrl\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PAARF.png\",\"width\":850,\"height\":400},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/alternative-absolute-return-october-2024\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/staging.penderfund.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Commentaries\",\"item\":\"https:\/\/staging.penderfund.com\/commentaries\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Pender Alternative Absolute Return Fund \u2013 October 2024\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/staging.penderfund.com\/#website\",\"url\":\"https:\/\/staging.penderfund.com\/\",\"name\":\"PenderFund Capital Management\",\"description\":\"Forward thinking. Finding value.\",\"publisher\":{\"@id\":\"https:\/\/staging.penderfund.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/staging.penderfund.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-CA\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/staging.penderfund.com\/#organization\",\"name\":\"PenderFund Capital Management\",\"alternateName\":\"PenderFund\",\"url\":\"https:\/\/staging.penderfund.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\/\/staging.penderfund.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/06\/PenderFund-Cap-Man-Logo_English.png\",\"contentUrl\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/06\/PenderFund-Cap-Man-Logo_English.png\",\"width\":850,\"height\":250,\"caption\":\"PenderFund Capital Management\"},\"image\":{\"@id\":\"https:\/\/staging.penderfund.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/penderfund\/\",\"https:\/\/x.com\/penderfund\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Pender Alternative Absolute Return Fund \u2013 October 2024 - PenderFund Capital Management","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"fr_CA","og_type":"article","og_title":"Pender Alternative Absolute Return Fund \u2013 October 2024 - PenderFund Capital Management","og_description":"Highlights Credit markets had their second negative month of 2024 in October as government bond yields reversed all the decline of the summer months. Credit spreads continued to grind tighter, with high yield spreads hitting new post 2007 lows in October. Selling activity included positions in Canadian bank low reset Limited Recourse Capital Notes (\u201cLRCNs\u201d) […]","og_url":"https:\/\/staging.penderfund.com\/fr\/commentaries\/alternative-absolute-return-october-2024\/","og_site_name":"PenderFund Capital Management","article_publisher":"https:\/\/www.facebook.com\/penderfund\/","article_modified_time":"2025-09-21T17:34:00+00:00","og_image":[{"width":850,"height":400,"url":"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PAARF.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_site":"@penderfund","twitter_misc":{"Estimation du temps de lecture":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/staging.penderfund.com\/commentaries\/alternative-absolute-return-october-2024\/","url":"https:\/\/staging.penderfund.com\/commentaries\/alternative-absolute-return-october-2024\/","name":"Pender Alternative Absolute Return Fund \u2013 October 2024 - PenderFund Capital Management","isPartOf":{"@id":"https:\/\/staging.penderfund.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/staging.penderfund.com\/commentaries\/alternative-absolute-return-october-2024\/#primaryimage"},"image":{"@id":"https:\/\/staging.penderfund.com\/commentaries\/alternative-absolute-return-october-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PAARF.png","datePublished":"2024-11-15T19:12:29+00:00","dateModified":"2025-09-21T17:34:00+00:00","breadcrumb":{"@id":"https:\/\/staging.penderfund.com\/commentaries\/alternative-absolute-return-october-2024\/#breadcrumb"},"inLanguage":"fr-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/staging.penderfund.com\/commentaries\/alternative-absolute-return-october-2024\/"]}]},{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/staging.penderfund.com\/commentaries\/alternative-absolute-return-october-2024\/#primaryimage","url":"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PAARF.png","contentUrl":"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PAARF.png","width":850,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/staging.penderfund.com\/commentaries\/alternative-absolute-return-october-2024\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/staging.penderfund.com\/"},{"@type":"ListItem","position":2,"name":"Commentaries","item":"https:\/\/staging.penderfund.com\/commentaries\/"},{"@type":"ListItem","position":3,"name":"Pender Alternative Absolute Return Fund \u2013 October 2024"}]},{"@type":"WebSite","@id":"https:\/\/staging.penderfund.com\/#website","url":"https:\/\/staging.penderfund.com\/","name":"Gestion de capital PenderFund lt\u00e9e","description":"Forward thinking. Finding value.","publisher":{"@id":"https:\/\/staging.penderfund.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/staging.penderfund.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-CA"},{"@type":"Organization","@id":"https:\/\/staging.penderfund.com\/#organization","name":"Gestion de capital PenderFund lt\u00e9e","alternateName":"PenderFund","url":"https:\/\/staging.penderfund.com\/","logo":{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/staging.penderfund.com\/#\/schema\/logo\/image\/","url":"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/06\/PenderFund-Cap-Man-Logo_English.png","contentUrl":"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/06\/PenderFund-Cap-Man-Logo_English.png","width":850,"height":250,"caption":"PenderFund Capital Management"},"image":{"@id":"https:\/\/staging.penderfund.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/penderfund\/","https:\/\/x.com\/penderfund"]}]}},"_links":{"self":[{"href":"https:\/\/staging.penderfund.com\/fr\/wp-json\/wp\/v2\/commentaries\/61242","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.penderfund.com\/fr\/wp-json\/wp\/v2\/commentaries"}],"about":[{"href":"https:\/\/staging.penderfund.com\/fr\/wp-json\/wp\/v2\/types\/commentaries"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.penderfund.com\/fr\/wp-json\/wp\/v2\/media\/70405"}],"wp:attachment":[{"href":"https:\/\/staging.penderfund.com\/fr\/wp-json\/wp\/v2\/media?parent=61242"}],"wp:term":[{"taxonomy":"fund-type","embeddable":true,"href":"https:\/\/staging.penderfund.com\/fr\/wp-json\/wp\/v2\/fund-type?post=61242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}