{"id":61786,"date":"2024-12-13T10:50:55","date_gmt":"2024-12-13T18:50:55","guid":{"rendered":"https:\/\/www.penderfund.com\/?post_type=commentaries&#038;p=61786"},"modified":"2025-09-21T10:33:31","modified_gmt":"2025-09-21T17:33:31","slug":"alternative-absolute-return-november-2024","status":"publish","type":"commentaries","link":"https:\/\/staging.penderfund.com\/fr\/commentaries\/alternative-absolute-return-november-2024\/","title":{"rendered":"Fonds alternatif \u00e0 rendement absolu Pender \u2013 novembre 2024"},"content":{"rendered":"<hr \/>\n<h3>Faits saillants<\/h3>\n<ul>\n<li>Ce sont les segments les plus risqu\u00e9s du march\u00e9 des titres \u00e0 rendement \u00e9lev\u00e9 qui ont le mieux perform\u00e9 en novembre, perp\u00e9tuant une tendance commenc\u00e9e en juillet.<\/li>\n<li>Nous avons augment\u00e9 notre investissement dans Wolf Midstream Canada LP (priv\u00e9e) au d\u00e9but de d\u00e9cembre.<\/li>\n<li>Pour l\u2019heure, nous pr\u00e9f\u00e9rons les obligations \u00e9mises par des entreprises plus imposantes et de meilleure qualit\u00e9, comme Hilton (NYSE : HLT), ayant une capitalisation boursi\u00e8re beaucoup plus consid\u00e9rable, moins de dettes et un mod\u00e8le d\u2019affaires n\u00e9cessitant moins de capital.<\/li>\n<\/ul>\n<hr \/>\n<p>Le Fonds alternatif \u00e0 rendement absolu Pender a termin\u00e9 le mois de novembre avec un rendement de -0,5 % pour \u00e9tablir son cumul annuel \u00e0 5,5 %<a href=\"#_ftn1\" name=\"_ftnref1\"><sup>[1]<\/sup><\/a>.<\/p>\n<p>L\u2019\u00e9lection de Donald Trump a d\u00e9clench\u00e9 une fr\u00e9n\u00e9sie sp\u00e9culative du c\u00f4t\u00e9 des titres risqu\u00e9s. De ce fait, nos positions courtes ont pris les devants sur nos positions longues, ce qui a donn\u00e9 lieu au premier mois n\u00e9gatif du Fonds en 2024. Les \u00e9carts, tant des titres \u00e0 rendement \u00e9lev\u00e9 que de ceux de qualit\u00e9 investissement, n\u2019ont jamais \u00e9t\u00e9 aussi bas depuis plusieurs d\u00e9cennies. L\u2019indice am\u00e9ricain HFRI Credit a rapport\u00e9 1,8 % en novembre pour \u00e9tablir son cumul annuel \u00e0 10,1 %.<\/p>\n<h3>Mise \u00e0 jour sur le march\u00e9 et le portefeuille<\/h3>\n<p>Ce sont les segments les plus risqu\u00e9s du march\u00e9 des titres \u00e0 rendement \u00e9lev\u00e9 qui ont le mieux perform\u00e9 en novembre, perp\u00e9tuant une tendance commenc\u00e9e en juillet. Nous avons observ\u00e9 la m\u00eame tendance du c\u00f4t\u00e9 des actions, o\u00f9 le capital a d\u00e9sert\u00e9 les grandes entreprises au profit du Russell 2000.<\/p>\n<table style=\"width: 100%; border-collapse: collapse; margin: 20px 0; text-align: left;\">\n<thead>\n<tr style=\"background-color: #f9f9f9;\">\n<th style=\"padding: 10px; border: 1px solid #ddd;\">Rendements de juillet \u00e0 novembre<\/th>\n<th style=\"padding: 10px; border: 1px solid #ddd;\">pourcentage<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">Indice ICE BofA des titres \u00e0 rendement \u00e9lev\u00e9 am\u00e9ricains<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">5.9%<\/td>\n<\/tr>\n<tr style=\"background-color: #f9f9f9;\">\n<td style=\"padding: 10px; border: 1px solid #ddd;\">Indice ICE BofA am\u00e9ricain des titres \u00e0 rendement \u00e9lev\u00e9 CCC et inf\u00e9rieurs<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">14.1%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em>Source: ICE\/Bloomberg<\/em><\/p>\n<p>\u00c0 notre avis, l\u2019actuelle course aux taux de rendement tire \u00e0 sa fin, \u00e9tant donn\u00e9 que les valeurs absolues fr\u00f4lent des niveaux difficiles \u00e0 soutenir.  Bien que l\u2019avenir de certaines entreprises individuelles s\u2019annonce florissant, le rendement de l\u2019indice Russell 2000 au cours de la derni\u00e8re ann\u00e9e rel\u00e8ve davantage d\u2019une expansion des multiples que d\u2019une croissance des b\u00e9n\u00e9fices.<\/p>\n<table style=\"width: 100%; border-collapse: collapse; margin: 20px 0; text-align: left;\">\n<thead>\n<tr style=\"background-color: #f9f9f9;\">\n<th style=\"padding: 10px; border: 1px solid #ddd;\">Indices<\/th>\n<th style=\"padding: 10px; border: 1px solid #ddd;\">Interm\u00e9diaire 11\/29\/2024<\/th>\n<th style=\"padding: 10px; border: 1px solid #ddd;\">Interm\u00e9diaire Ann\u00e9e pass\u00e9e<\/th>\n<th style=\"padding: 10px; border: 1px solid #ddd;\">Pr\u00e9visionnel (estimation)<\/th>\n<th style=\"padding: 10px; border: 1px solid #ddd;\">Dividendes 11\/29\/2024<\/th>\n<th style=\"padding: 10px; border: 1px solid #ddd;\">Dividendes Ann\u00e9e pass\u00e9e<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">Russell 2000<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">36,0x<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">24,2x<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">31,2x<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">1.29%<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">1.71%<\/td>\n<\/tr>\n<tr style=\"background-color: #f9f9f9;\">\n<td style=\"padding: 10px; border: 1px solid #ddd;\">Indice Nasdaq 100<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">32,3x<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">28,8x<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">28,7x<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">0.77%<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">0.82%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">Indice S&amp;P 500<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">25,2x<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">21,7x<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">23,0x<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">1.23%<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">1.57%<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em>Source : Barron\u2019s\/Birinyi Associates, au 29 novembre 2024.<\/em><\/p>\n<p>La valeur des actions importe beaucoup dans les segments les plus risqu\u00e9s de la sph\u00e8re des titres \u00e0 rendement \u00e9lev\u00e9. Des multiples plus \u00e9lev\u00e9s peuvent effectivement renflouer des \u00e9metteurs surendett\u00e9s si les \u00e9quipes de direction et les conseils prennent des d\u00e9cisions tactiques judicieuses en mati\u00e8re de mobilisation des capitaux quand le march\u00e9 leur en donne l\u2019occasion.<\/p>\n<p>Sur un march\u00e9 co\u00fbteux d\u00e9pendant \u00e0 la fois des \u00e9tats d\u2019\u00e2me et des facteurs techniques, nous nous effor\u00e7ons de trouver des titres individuels sous-\u00e9valu\u00e9s et \u00e0 investir dans de nouvelles \u00e9missions \u00e0 juste prix. <strong>De toute ma carri\u00e8re, je n\u2019ai jamais vu les titres liquides \u00e0 rendement \u00e9lev\u00e9 am\u00e9ricains afficher une valeur aussi lamentable. Le mois dernier, les titres BB ont atteint un \u00e9cart de r\u00e9mun\u00e9ration corrig\u00e9 des effets de la clause de remboursement anticip\u00e9 (OAS) de 157 points de base par rapport aux titres d\u2019\u00c9tat, leur plancher depuis 1997.<\/strong>Toujours en 1997, le rendement moyen des bons du Tr\u00e9sor \u00e0 cinq ans \u00e9tait sup\u00e9rieur \u00e0 6 %. Les rendements globaux sont donc nettement plus bas maintenant qu\u2019alors.<\/p>\n<blockquote>\n<p style=\"text-align: center;\"><em>\u00ab\u2009Nous ne serions pas \u00e9tonn\u00e9s si le cr\u00e9dit devenait une cible pour les vendeurs \u00e0 d\u00e9couvert au d\u00e9but de 2025 puisque les valorisations sont tr\u00e8s co\u00fbteuses.\u2009\u00bb<\/em><\/p>\n<\/blockquote>\n<p>Notre position consid\u00e9rable dans l\u2019obligation (6,375 %, 2025) de Xenia Hotels Inc. (NYSE : XHR) a \u00e9t\u00e9 rachet\u00e9e en novembre et financ\u00e9e par un coupon (6,625 %, 2030). Nous avons investi dans cette transaction, car nous consid\u00e9rons que son prix \u00e9tait int\u00e9ressant par rapport \u00e0 celui des autres cr\u00e9ances de FPI h\u00f4teli\u00e8res. Comme l\u2019\u00e9mission se n\u00e9gociait au-dessus du pair et convergeait vers ce que nous estimions \u00eatre sa juste valeur, nous avons r\u00e9duit notre exposition, pr\u00e9f\u00e9rant les obligations \u00e9mises par des entreprises plus imposantes et de meilleure qualit\u00e9, comme Hilton (NYSE : HLT), ayant une capitalisation boursi\u00e8re beaucoup plus importante, moins de dettes et un mod\u00e8le d\u2019affaires n\u00e9cessitant moins de capital. \u00c0 notre avis, en ce moment, la diff\u00e9rence entre qualit\u00e9 inf\u00e9rieure et qualit\u00e9 sup\u00e9rieure est exceptionnellement mince. Nous pr\u00e9f\u00e9rons donc nous en tenir aux \u00e9metteurs de qualit\u00e9 sup\u00e9rieure.<\/p>\n<p>Nous avons augment\u00e9 notre investissement dans Wolf Midstream Canada LP (priv\u00e9e) au d\u00e9but de d\u00e9cembre. En effet, l\u2019entreprise a lanc\u00e9 une nouvelle \u00e9mission, cot\u00e9e un cran sous la cat\u00e9gorie investissement par DBRS et assortie d\u2019un \u00e9cart proche des 300 pb. \u00c0 notre avis, l\u2019entreprise va probablement \u00eatre promue \u00e0 la cat\u00e9gorie investissement d\u2019ici deux ans, et il est possible que l\u2019\u00e9cart se resserre nettement depuis son niveau actuel.<\/p>\n<p>Nous ne pensons pas que la volatilit\u00e9 s\u2019accentuera fortement d\u2019ici le d\u00e9but de 2025. Le cadre temporel de plusieurs participants au march\u00e9, comme certains fonds sp\u00e9culatifs, ob\u00e9it \u00e0 la fin de l\u2019ann\u00e9e civile. De ce fait, quand nous basculons dans une nouvelle ann\u00e9e, le cadre temporel des courtiers est prolong\u00e9 de 12 mois. C\u2019est ce qui s\u2019est produit en janvier 2022 quand, d\u00e8s la premi\u00e8re journ\u00e9e d\u2019activit\u00e9 boursi\u00e8re, les bons du Tr\u00e9sor am\u00e9ricain se sont envol\u00e9s sans raison apparente. Nous ne serions pas \u00e9tonn\u00e9s si le cr\u00e9dit devenait une cible pour les vendeurs \u00e0 d\u00e9couvert au d\u00e9but de 2025 puisque les valorisations sont tr\u00e8s co\u00fbteuses. Il suffirait de peu pour que les \u00e9carts des titres \u00e0 rendement \u00e9lev\u00e9 s\u2019\u00e9largissent de 100 \u00e0 150 pb depuis leur niveau actuel au cours de l\u2019ann\u00e9e prochaine. Nous pensons que des produits macro\u00e9conomiques comme les CDX et les FNB seront sans doute les instruments qui traduiront le mieux les perspectives baissi\u00e8res sur le march\u00e9 du cr\u00e9dit.<\/p>\n<h3>Param\u00e8tres du portefeuille :<\/h3>\n<p>Le Fonds a pass\u00e9 le fil d\u2019arriv\u00e9e du mois de novembre arm\u00e9 d\u2019une pond\u00e9ration longue de 116,1 % (excluant les liquidit\u00e9s et les bons du Tr\u00e9sor). Dans celle-ci, 35,9 % relevaient de notre strat\u00e9gie \u00e0 revenu fixe r\u00e9gulier, 74,4 % de notre strat\u00e9gie ax\u00e9e sur la valeur relative et 5,8 % de notre strat\u00e9gie visant l\u2019investissement \u00e9v\u00e9nementiel. Le Fonds renfermait en outre une pond\u00e9ration courte de 54,1 %, dont 4,1 % dans les obligations du gouvernement, 33,0 % dans les titres de cr\u00e9ance d\u2019entreprises et 17,0 % 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 1,10 an.<\/p>\n<p>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 2026 ou ant\u00e9rieure, l\u2019OAD du Fonds a baiss\u00e9 \u00e0 0,78 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<p>Le taux de rendement actuel du Fonds est de 5,16 % et le taux de rendement \u00e0 l\u2019\u00e9ch\u00e9ance de 5,99 %.<\/p>\n<p>Justin Jacobsen, CFA<br \/>\n<em>13 d\u00e9cembre 2024<\/em><\/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. <\/em><\/p>","protected":false},"excerpt":{"rendered":"<p>Le Fonds alternatif \u00e0 rendement absolu Pender a termin\u00e9 le mois de novembre avec un rendement de -0,5 % pour \u00e9tablir son cumul annuel \u00e0 5,5 %. L\u2019\u00e9lection de Donald Trump a d\u00e9clench\u00e9 une fr\u00e9n\u00e9sie sp\u00e9culative du c\u00f4t\u00e9 des titres risqu\u00e9s. De ce fait, nos positions courtes ont pris les devants [...]<\/p>","protected":false},"featured_media":70405,"template":"","meta":{"_acf_changed":false},"fund-type":[45,46],"class_list":["post-61786","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":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pender Alternative Absolute Return Fund \u2013 November 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 November 2024 - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"Highlights The riskiest segments of the high yield market performed the best in November, continuing a trend that started in July. 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We added to our holdings in Wolf Midstream Canada LP (private) in early December. 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