Les avoirs vuln\u00e9rables aux taux d\u2019int\u00e9r\u00eat ont g\u00e9n\u00e9ralement mal tir\u00e9 leur \u00e9pingle du jeu en d\u00e9cembre, y compris certaines positions dans les TIPS \u00e0 plus long terme et dans la structure de Petroloes Mexicanos (Pemex). Nos avoirs dans les titres de cr\u00e9ance de Cardlytics Inc et MP Materials Corp ont \u00e9galement accus\u00e9 des retards en tandem avec la performance peu reluisante de leurs actions.<\/p>\n
Notre placement plut\u00f4t \u00e9sot\u00e9rique dans les actions privil\u00e9gi\u00e9es en d\u00e9faut \u00e9mises par Fannie Mae and Freddie Mac, des institutions financi\u00e8res sp\u00e9cialis\u00e9es d\u2019int\u00e9r\u00eat public aux \u00c9tats-Unis, s\u2019est hiss\u00e9 en t\u00eate de palmar\u00e8s pour le Fonds en 2024. La position la plus imposante, soit les actions privil\u00e9gi\u00e9es de s\u00e9rie S de Fannie Mae, a commenc\u00e9 l\u2019ann\u00e9e \u00e0 3,22 $ le titre pour clore au 30 d\u00e9cembre \u00e0 11,67 $, jour o\u00f9 nous avons vendu notre dernier bloc. Nous souhaitons souligner cette r\u00e9alisation et nous en r\u00e9jouir, car il est plut\u00f4t rare qu\u2019un titre triple sa valeur en un an au sein d\u2019un fonds obligataire.<\/p>\n
Ces actions privil\u00e9gi\u00e9es, qui se n\u00e9gocient sans dividendes depuis que ces institutions se sont retrouv\u00e9es en d\u00e9faut au sommet de la crise financi\u00e8re de 2008, ont continu\u00e9 d\u2019exister dans les limbes pendant des ann\u00e9es sans offrir de rendement. Tous les flux de tr\u00e9sorerie obtenus des exploitations d\u2019assurances hypoth\u00e9caires de ces institutions \u00e9taient sujets \u00e0 un transfert direct dans les coffres du gouvernement f\u00e9d\u00e9ral am\u00e9ricain.<\/p>\n
Ma coll\u00e8gue Parul Garg et moi avons port\u00e9 notre attention sur ces titres en 2019, lorsque Mark Calabria, le nouveau directeur de la Federal Housing Finance Authority, avait mis en place des mesures visant \u00e0 mettre fin \u00e0 la tutelle de ces institutions financi\u00e8res, au profit immense des actionnaires privil\u00e9gi\u00e9s. Toutefois, les roues du programme de recapitalisation et de sortie de M. Calabria se sont enlis\u00e9es \u00e0 l\u2019approche des \u00e9lections de 2020. Ensuite en juin 2021, une d\u00e9cision d\u00e9favorable de la Cour Supr\u00eame a r\u00e9affirm\u00e9 la l\u00e9galit\u00e9 du transfert de profits au gouvernement f\u00e9d\u00e9ral. Les titres sont tomb\u00e9s en chute libre. : les actions privil\u00e9gi\u00e9es de s\u00e9rie S de Fannie Mae sont pass\u00e9es sous la barre des 2 $, soit un recul de plus de 50 % par rapport \u00e0 notre prix d\u2019achat en 2019.<\/p>\n
\n\u00ab Chaque fois que vous poss\u00e9dez quelque chose qui triple en un an dans un fonds obligataire, cela m\u00e9rite d\u2019\u00eatre c\u00e9l\u00e9br\u00e9. \u00bb<\/p>\n<\/blockquote>\n
Nous avons repris confiance et avons rench\u00e9ri sur notre position \u00e0 l\u2019\u00e9t\u00e9 de 2023, lorsqu\u2019un jury a accord\u00e9 une remise d\u2019environ 2 $ par valeur nominale de 25 $ suivant une contestation judiciaire ult\u00e9rieure visant une p\u00e9riode pr\u00e9cise du transfert des flux de tr\u00e9sorerie. Bien que cette remise du jury se soit retrouv\u00e9e en appel devant les tribunaux f\u00e9d\u00e9raux, nous estimions que la valeur de la remise donnait appui \u00e0 ces actions et que tout progr\u00e8s pour mettre fin \u00e0 la tutelle serait favorable \u00e0 une hausse.<\/p>\n
L\u2019\u00e9lection pr\u00e9sidentielle de 2024 s\u2019est av\u00e9r\u00e9e un \u00e9l\u00e9ment catalyseur cl\u00e9 pour les actions privil\u00e9gi\u00e9es des institutions financi\u00e8res sp\u00e9cialis\u00e9es d\u2019int\u00e9r\u00eat public, les investisseurs les ayant consid\u00e9r\u00e9es comme une \u00ab\u2009transaction Trump\u2009\u00bb. Dans le sillage du scrutin de novembre, les actions privil\u00e9gi\u00e9es de Fannie Mae ont plus que doubl\u00e9. \u00c0 ce point-ci, nous croyons que les actions privil\u00e9gi\u00e9es de Fannie et Freddie ont fait un aller-retour pour revenir \u00e0 leur situation du printemps 2019. La nouvelle administration souhaite mettre fin \u00e0 la tutelle, mais il existe n\u00e9anmoins plusieurs contraintes techniques qui ont embourb\u00e9 les d\u00e9marches lors de la derni\u00e8re tentative. Ces institutions demeurent sous-capitalis\u00e9es et les d\u00e9fis l\u00e9gaux et administratifs qui subsistent rendront toute sortie compliqu\u00e9e et difficile.<\/p>\n
Il reste que cette fois-ci, la sortie de ces institutions financi\u00e8res pourrait r\u00e9ussir et ce faisant, nous aurions laiss\u00e9 des profits sur la table. Nous estimons cependant que la hausse de la valeur des titres de cat\u00e9gorie S de Fannie Mae de 2 $ \u00e0 plus de 11 $ la part repr\u00e9sente le profit le plus s\u00e9curitaire.<\/p>\n
Il a fallu cinq ans, du d\u00e9but \u00e0 la fin, pour en venir \u00e0 cette issue et la cl\u00e9 du succ\u00e8s s\u2019articule autour de notre compr\u00e9hension de l\u2019inflexion dans le profil du risque\/rendement survenue en 2023. Bien souvent, ce n\u2019est pas une lueur de g\u00e9nie lors de la premi\u00e8re analyse qui engendre les plus gros gains, mais les gestes pos\u00e9s en toute conviction au cours d\u2019une p\u00e9riode de d\u00e9tention sur de nombreux mois.<\/p>\n
Nouvelles positions<\/h3>\n
En d\u00e9cembre, nous avons augment\u00e9 notre pond\u00e9ration dans les titres de soci\u00e9t\u00e9s de services publics r\u00e9glement\u00e9es. Les obligations convertibles (4,125 %, 2026) de Duke Energy Corp nous semblent une ligne int\u00e9ressante. Ces titres cot\u00e9s BBB, dont le prix se situe \u00e0 environ 102 % de la valeur au pair, offrent une option bon march\u00e9 advenant une hausse des actions au-dessus de 118 $ l\u2019action, ce qui est \u00e0 peine 10 % de plus que le cours actuel.<\/p>\n
En d\u00e9cembre, nous avons aussi \u00e9largi notre position dans les billets (3 %, 2029) de CrowdStrike Holdings Inc, dont le prix actuel devrait rapporter autour de 5,5 % \u00e0 l\u2019\u00e9ch\u00e9ance. Chef de file dans la s\u00e9curit\u00e9 Internet, CrowdStrike est assorti d\u2019une situation cr\u00e9anci\u00e8re extr\u00eamement solide, avec une dette totale de seulement 750 millions $ contre une capitalisation boursi\u00e8re de 85 milliards $. Les flux de tr\u00e9sorerie de son exploitation s\u2019\u00e9l\u00e8vent \u00e0 plus de 1 milliard $, ce qui \u00e9clipse les charges d\u2019int\u00e9r\u00eats annuelles en esp\u00e8ces de 22 millions $. \u00c0 cet \u00e9gard, nous estimons que la probabilit\u00e9 de d\u00e9faut sur un an est inf\u00e9rieure \u00e0 0,1 %.<\/p>\n
Positionnement du Fonds<\/h3>\n
Le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender est assorti d\u2019un rendement \u00e0 l\u2019\u00e9ch\u00e9ance de 7,1 % au 31 d\u00e9cembre, le rendement actuel s\u2019\u00e9tablissant \u00e0 5,2 % et la dur\u00e9e moyenne de ses instruments \u00e0 terme \u00e0 3,5 ann\u00e9es. Il comporte une pond\u00e9ration de 3,1 % dans des titres en d\u00e9tresse dont les positions sont d\u00e9tenues en vue d\u2019une valeur cible inf\u00e9rieure au pair et dont le rendement th\u00e9orique n\u2019est pas inclus dans le calcul ci-dessus. L\u2019encaisse et les fonds de roulement \u00e0 court terme repr\u00e9sentaient un d\u00e9ficit de 0,3 % au 31 d\u00e9cembre, principalement en raison d\u2019une \u00e9valuation \u00e0 la valeur de march\u00e9 n\u00e9gative de nos couvertures de change. Celle-ci est toutefois compens\u00e9e, dans la valeur liquidative du Fonds, par la valeur plus \u00e9lev\u00e9e des titres d\u00e9tenus.<\/p>\n
Geoff Castle
\n9 janvier 2025<\/em><\/p>\n <\/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 d\u2019obligations de soci\u00e9t\u00e9s Pender a d\u00e9gag\u00e9 un rendement de 0,7 % en d\u00e9cembre, pour ainsi clore une excellente ann\u00e9e 2024 pour le Fonds qui a obtenu un rendement total de 16,9 %. La s\u00e9rie U du Fonds, qui n\u2019op\u00e8re aucune couverture par rapport au dollar am\u00e9ricain, a termin\u00e9 2024 [...]<\/p>","protected":false},"featured_media":70403,"template":"","meta":{"_acf_changed":false},"fund-type":[41,43],"class_list":["post-61911","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-fixed-income-funds","fund-type-pender-corporate-bond-fund"],"acf":[],"yoast_head":"\n
Pender Corporate Bond Fund \u2013 December 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 Corporate Bond Fund \u2013 December 2024 - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"Highlights Strong performance in December; top contributors included the preferred shares issued by Fannie Mae and Freddie Mac which tripled in value during 2024, a term loan in American Tire Distributors Inc, and the convertible bonds of Revance Therapeutics Inc. Detractors this month were rate sensitive holdings including longer duration TIPS, Cardlytics Inc, and MP […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/staging.penderfund.com\/fr\/commentaries\/fixed-income-december-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=\"2025-09-17T22:23:48+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PCBF.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=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/fixed-income-december-2024\/\",\"url\":\"https:\/\/staging.penderfund.com\/commentaries\/fixed-income-december-2024\/\",\"name\":\"Pender Corporate Bond Fund \u2013 December 2024 - PenderFund Capital Management\",\"isPartOf\":{\"@id\":\"https:\/\/staging.penderfund.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/fixed-income-december-2024\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/fixed-income-december-2024\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PCBF.png\",\"datePublished\":\"2025-01-09T23:27:39+00:00\",\"dateModified\":\"2025-09-17T22:23:48+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/fixed-income-december-2024\/#breadcrumb\"},\"inLanguage\":\"fr-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/staging.penderfund.com\/commentaries\/fixed-income-december-2024\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/fixed-income-december-2024\/#primaryimage\",\"url\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PCBF.png\",\"contentUrl\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PCBF.png\",\"width\":850,\"height\":400},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/fixed-income-december-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 Corporate Bond Fund \u2013 December 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 Corporate Bond Fund \u2013 December 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 Corporate Bond Fund \u2013 December 2024 - PenderFund Capital Management","og_description":"Highlights Strong performance in December; top contributors included the preferred shares issued by Fannie Mae and Freddie Mac which tripled in value during 2024, a term loan in American Tire Distributors Inc, and the convertible bonds of Revance Therapeutics Inc. Detractors this month were rate sensitive holdings including longer duration TIPS, Cardlytics Inc, and MP […]","og_url":"https:\/\/staging.penderfund.com\/fr\/commentaries\/fixed-income-december-2024\/","og_site_name":"PenderFund Capital Management","article_publisher":"https:\/\/www.facebook.com\/penderfund\/","article_modified_time":"2025-09-17T22:23:48+00:00","og_image":[{"width":850,"height":400,"url":"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PCBF.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_site":"@penderfund","twitter_misc":{"Estimation du temps de lecture":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/staging.penderfund.com\/commentaries\/fixed-income-december-2024\/","url":"https:\/\/staging.penderfund.com\/commentaries\/fixed-income-december-2024\/","name":"Pender Corporate Bond Fund \u2013 December 2024 - PenderFund Capital Management","isPartOf":{"@id":"https:\/\/staging.penderfund.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/staging.penderfund.com\/commentaries\/fixed-income-december-2024\/#primaryimage"},"image":{"@id":"https:\/\/staging.penderfund.com\/commentaries\/fixed-income-december-2024\/#primaryimage"},"thumbnailUrl":"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PCBF.png","datePublished":"2025-01-09T23:27:39+00:00","dateModified":"2025-09-17T22:23:48+00:00","breadcrumb":{"@id":"https:\/\/staging.penderfund.com\/commentaries\/fixed-income-december-2024\/#breadcrumb"},"inLanguage":"fr-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/staging.penderfund.com\/commentaries\/fixed-income-december-2024\/"]}]},{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/staging.penderfund.com\/commentaries\/fixed-income-december-2024\/#primaryimage","url":"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PCBF.png","contentUrl":"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PCBF.png","width":850,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/staging.penderfund.com\/commentaries\/fixed-income-december-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 Corporate Bond Fund \u2013 December 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\/61911","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\/70403"}],"wp:attachment":[{"href":"https:\/\/staging.penderfund.com\/fr\/wp-json\/wp\/v2\/media?parent=61911"}],"wp:term":[{"taxonomy":"fund-type","embeddable":true,"href":"https:\/\/staging.penderfund.com\/fr\/wp-json\/wp\/v2\/fund-type?post=61911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}