{"id":61928,"date":"2025-01-13T12:01:20","date_gmt":"2025-01-13T20:01:20","guid":{"rendered":"https:\/\/www.penderfund.com\/?post_type=commentaries&#038;p=61928"},"modified":"2025-09-17T15:23:23","modified_gmt":"2025-09-17T22:23:23","slug":"alternative-absolute-return-december-2024","status":"publish","type":"commentaries","link":"https:\/\/staging.penderfund.com\/fr\/commentaries\/alternative-absolute-return-december-2024\/","title":{"rendered":"Fonds alternatif \u00e0 rendement absolu Pender \u2013 d\u00e9cembre 2024"},"content":{"rendered":"<hr \/>\n<h3>Faits saillants<\/h3>\n<ul>\n<li>Le Fonds a enregistr\u00e9 des gains en d\u00e9cembre et trouv\u00e9 des occasions d\u2019investissement dans de nouvelles \u00e9missions offertes sur le march\u00e9 tant canadien qu\u2019am\u00e9ricain, dont Wolf Midstream LP (entreprise priv\u00e9e) au Canada et Diebold Nixdorf Incorporated (NYSE : DBD) aux \u00c9tats-Unis.<\/li>\n<li>Notre position dans l\u2019obligation du groupe Neiman Marcus a \u00e9t\u00e9 rappel\u00e9e \u00e0 la fin de d\u00e9cembre. Celle-ci a produit un rendement interne sup\u00e9rieur \u00e0 10 % depuis juillet.<\/li>\n<li>Nous avons activement g\u00e9r\u00e9 nos liquidit\u00e9s en augmentant certaines de nos positions de courte dur\u00e9e dans des titres gouvernementaux et des cr\u00e9ances de soci\u00e9t\u00e9s de grande qualit\u00e9.<\/li>\n<\/ul>\n<hr \/>\n<p>Le Fonds alternatif de rendement absolu Pender a termin\u00e9 le mois de d\u00e9cembre  avec un rendement de 1,5 % pour \u00e9tablir son cumul annuel \u00e0 7,1 %<a href=\"#_ftn1\" name=\"_ftnref1\"><sup>[1]<\/sup><\/a>.<\/p>\n<p>L\u2019euphorie du march\u00e9 s\u2019est dissip\u00e9e en d\u00e9cembre lorsque l\u2019\u00e9lan s\u2019est invers\u00e9 en raison du ton plus incisif que pr\u00e9vu de la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine et du r\u00e9\u00e9quilibrage de fin d\u2019ann\u00e9e des fonds de retraite, lequel entra\u00eene un d\u00e9lestage des titres boursiers. Le march\u00e9 des titres \u00e0 rendement \u00e9lev\u00e9 a enregistr\u00e9 en d\u00e9cembre son troisi\u00e8me mois n\u00e9gatif de 2024, rapportant -0,4 % en raison du taux de rendement croissant des bons du tr\u00e9sor et des \u00e9carts qui se sont \u00e9largis de 18 pb pour atteindre 292 pb \u00e0 la fin de l\u2019ann\u00e9e. L\u2019indice sur le cr\u00e9dit am\u00e9ricain HFRI a d\u00e9gag\u00e9 -0,03 % en d\u00e9cembre pour \u00e9tablir son cumul annuel \u00e0 9,5 %.<\/p>\n<p>Nous nous r\u00e9jouissons que le Fonds ait livr\u00e9 un rendement sup\u00e9rieur \u00e0 7 % en 2024 malgr\u00e9 une posture tr\u00e8s d\u00e9fensive et du rapport risque-b\u00eata n\u00e9gatif tout au long de l\u2019ann\u00e9e. Cela dit, nous ne croyons pas pouvoir juger de la performance d\u2019un investissement en une seule ann\u00e9e. Il existe de nombreux exemples de fonds d\u2019investissement ayant affich\u00e9 au bout d\u2019un an des rendements spectaculaires, suivis d\u2019une chute abyssale inacceptable. \u00c0 notre avis, un horizon temporel de trois ans ou plus jumel\u00e9 \u00e0 une \u00e9valuation du risque est pr\u00e9f\u00e9rable quand vient le temps d\u2019\u00e9valuer la performance d\u2019un investissement.<\/p>\n<table style=\"width: 100%; border-collapse: collapse; text-align: left; margin-bottom: 20px; border: 1px solid #ddd;\">\n<thead style=\"background-color: #f2f2f2;\">\n<tr>\n<th style=\"padding: 10px; border: 1px solid #ddd;\">Fonds\/Indice<\/th>\n<th style=\"padding: 10px; border: 1px solid #ddd;\">1 an<\/th>\n<th style=\"padding: 10px; border: 1px solid #ddd;\">3 ans*<\/th>\n<th style=\"padding: 10px; border: 1px solid #ddd;\">\u00c9cart type*<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">Fonds alternatif de rendement absolu Pender, cat\u00e9gorie F<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">7.1%<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">7.0%<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">2.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">Indice HFRI Credit<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">9.5%<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">4.8%<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">3.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">Indice ICE BofA am\u00e9ricain des titres \u00e0 rendement \u00e9lev\u00e9 couvert en CAD<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">7.3%<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">2.1%<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">8.6%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">iShares Core Canadian Universe Bond (TSX : XBB)<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">4.0%<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">-0.7%<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">7.4%<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">Rendement moyen d\u2019un CPG 1 an<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">4.0%<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">3.2%<\/td>\n<td style=\"padding: 10px; border: 1px solid #ddd;\">S.O.<\/td>\n<\/tr>\n<\/tbody>\n<tfoot>\n<tr>\n<td style=\"padding: 10px; border: 1px solid #ddd; font-style: italic;\" colspan=\"4\">Source : Morningstar et Bloomberg, au 31 d\u00e9cembre 2024. * Rendement annualis\u00e9 sur trois ans\/\u00e9cart type.<\/td>\n<\/tr>\n<\/tfoot>\n<\/table>\n<h3>Mise \u00e0 jour sur le portefeuille<\/h3>\n<p>Le Fonds \u00e9tait en bonne posture pour affronter la faiblesse du march\u00e9, ce qui lui a permis de conna\u00eetre un mois de d\u00e9cembre positif. Le Fonds a aussi trouv\u00e9 des occasions d\u2019investissement dans de nouvelles \u00e9missions offertes sur le march\u00e9, tant canadien qu\u2019am\u00e9ricain, les plus notables \u00e9tant Wolf Midstream LP (entreprise priv\u00e9e) au Canada et Diebold Nixdorf Incorporated (NYSE : DBD) aux \u00c9tats-Unis.<\/p>\n<p>Notre participation ax\u00e9e sur l\u2019\u00e9v\u00e9nementiel dans l\u2019obligation du groupe Neiman Marcus a \u00e9t\u00e9 rappel\u00e9e \u00e0 la fin de d\u00e9cembre au prix de 101,78 $ lors du parach\u00e8vement de la fusion avec Saks Fifth Avenue. Entre le gain en capital et le revenu, cette position a g\u00e9n\u00e9r\u00e9 un rendement interne sup\u00e9rieur \u00e0 10 % depuis juillet, date \u00e0 laquelle nous l\u2019avions prise. Depuis le rachat de cette position, le Fonds ne d\u00e9tient plus aucun investissement ax\u00e9 sur l\u2019\u00e9v\u00e9nementiel.<\/p>\n<p>Nous avons activement g\u00e9r\u00e9 nos liquidit\u00e9s en augmentant certaines de nos positions de courte dur\u00e9e dans des titres gouvernementaux et des cr\u00e9ances de soci\u00e9t\u00e9s de grande qualit\u00e9. Nous pr\u00e9voyons avoir de meilleures occasions d\u2019acheter des actifs risqu\u00e9s quelque temps en 2025. Nous avons donc limit\u00e9 la dur\u00e9e de nos investissements liquides de substitution de mani\u00e8re qu\u2019ils arrivent \u00e0 \u00e9ch\u00e9ance au cours des quatre prochains mois.<\/p>\n<blockquote>\n<p style=\"text-align: center;\"><em>\u00ab Aux niveaux de spread actuels, le march\u00e9 a peu de marge de man\u0153uvre pour absorber des \u00e9v\u00e9nements n\u00e9gatifs inattendus. \u00bb<\/em><\/p>\n<\/blockquote>\n<h3>Perspectives de march\u00e9<\/h3>\n<p>Les \u00e9carts par rapport aux titres \u00e0 rendement \u00e9lev\u00e9 commenceront 2025 sur un seuil inf\u00e9rieur \u00e0 300 pb pour la premi\u00e8re fois depuis 2007. Bien que les \u00e9carts aient travers\u00e9 plusieurs cycles baissiers en 2024, le climat de faible volatilit\u00e9 r\u00e9gnant sur le march\u00e9 rappelait 2017 et 2021. Dans les deux cas, la volatilit\u00e9 s\u2019\u00e9tait accentu\u00e9e l\u2019ann\u00e9e suivante. Cela s\u2019\u00e9tait \u00e9galement av\u00e9r\u00e9 en 2007 : le march\u00e9 avait commenc\u00e9 l\u2019ann\u00e9e avec des \u00e9carts dans la tranche sup\u00e9rieure des 200 pb pour la finir \u00e0 pr\u00e8s de 600 pb \u00e0 la suite d\u2019un second semestre tumultueux. Rien ne garantit que la volatilit\u00e9 reviendra de mani\u00e8re significative en 2025, mais si l\u2019on se fie \u00e0 l\u2019histoire, les p\u00e9riodes de faible volatilit\u00e9 et de primes de risque amoindries tendent \u00e0 \u00eatre boulevers\u00e9es par quelque chose que le march\u00e9 n\u2019avait pas pr\u00e9vu. Consid\u00e9rant le niveau actuel des \u00e9carts, le march\u00e9 a peu de marge pour absorber des \u00e9v\u00e9nements n\u00e9gatifs inattendus.<\/p>\n<p><strong>Indice ICE BofA des titres \u00e0 rendement \u00e9lev\u00e9 am\u00e9ricains<\/strong><\/p>\n<table style=\"width: 100%; border-collapse: collapse; text-align: center; font-family: Arial, sans-serif; font-size: 14px;\">\n<thead style=\"background-color: #f8f8f8; border-bottom: 2px solid #ccc;\">\n<tr>\n<th style=\"padding: 8px; border: 1px solid #ddd;\">Ann\u00e9e<\/th>\n<th style=\"padding: 8px; border: 1px solid #ddd;\">2014<\/th>\n<th style=\"padding: 8px; border: 1px solid #ddd;\">2015<\/th>\n<th style=\"padding: 8px; border: 1px solid #ddd;\">2016<\/th>\n<th style=\"padding: 8px; border: 1px solid #ddd;\">2017<\/th>\n<th style=\"padding: 8px; border: 1px solid #ddd;\">2018<\/th>\n<th style=\"padding: 8px; border: 1px solid #ddd;\">2019<\/th>\n<th style=\"padding: 8px; border: 1px solid #ddd; background-color: #d9f2ff;\">2020<\/th>\n<th style=\"padding: 8px; border: 1px solid #ddd;\">2021<\/th>\n<th style=\"padding: 8px; border: 1px solid #ddd;\">2022<\/th>\n<th style=\"padding: 8px; border: 1px solid #ddd;\">2023<\/th>\n<th style=\"padding: 8px; border: 1px solid #ddd;\">2024<\/th>\n<\/tr>\n<\/thead>\n<tbody>\n<tr>\n<td style=\"padding: 8px; border: 1px solid #ddd; text-align: left; font-weight: bold;\">\u00c9cart maximal, pb<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">571<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">733<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">887<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">416<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">538<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">544<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd; background-color: #d9f2ff;\">1087<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">393<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">599<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">522<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">393<\/td>\n<\/tr>\n<tr style=\"background-color: #f8f8f8;\">\n<td style=\"padding: 8px; border: 1px solid #ddd; text-align: left; font-weight: bold;\">\u00c9cart moyen, pb<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">404<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">536<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">598<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">377<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">363<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">408<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd; background-color: #d9f2ff;\">554<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">332<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">440<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">421<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">315<\/td>\n<\/tr>\n<tr>\n<td style=\"padding: 8px; border: 1px solid #ddd; text-align: left; font-weight: bold;\">\u00c9cart minimal, pb<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">335<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">438<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">411<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">338<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">316<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">351<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd; background-color: #d9f2ff;\">338<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">301<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">305<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">332<\/td>\n<td style=\"padding: 8px; border: 1px solid #ddd;\">260<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><em>Source : Bloomberg, au 31 d\u00e9cembre 2024.<\/em><\/p>\n<p>Nous pourrions donner plusieurs exemples d\u2019exc\u00e8s de liquidit\u00e9s sur le march\u00e9 actuel. Les actions de d\u00e9taillants populaires telles que celles de Tesla enregistrent des gains astronomiques qui sont d\u00e9connect\u00e9s des donn\u00e9es fondamentales. Au cours de l\u2019an pass\u00e9, les analystes ont abaiss\u00e9 d\u2019environ 30 % leurs pr\u00e9visions quant au BAIIDA de Tesla en 2025. Pendant cette m\u00eame p\u00e9riode, le titre a apport\u00e9 plus de 60 %. Il y a sur le march\u00e9 plusieurs autres exemples o\u00f9 l\u2019humeur particuli\u00e8re des investisseurs a entra\u00een\u00e9 des rendements surdimensionn\u00e9s. Sur le march\u00e9 du cr\u00e9dit, on trouve aussi des cas semblables, quoique moins d\u00e9tach\u00e9s de leur valeur fondamentale que certaines actions individuelles. Au d\u00e9but de janvier, nous avons investi dans la nouvelle \u00e9mission de titre adoss\u00e9 \u00e0 des cr\u00e9ances hypoth\u00e9caires commerciales (TACHC) de Spiral, une tour de bureaux de prestige situ\u00e9e aux Hudson Yards de Manhattan. Nous avons achet\u00e9 la tranche F du titre dont le prix correspondait \u00e0 un \u00e9cart de 310 pb. Pour ce m\u00eame titre, les tranches D et E ont \u00e9t\u00e9 sursouscrites \u00e0 plus de quarante fois le prix initial. Selon nous, le prix de la tranche F \u00e9tait fondamentalement bon march\u00e9 par rapport aux tranches D et E parce qu\u2019elle \u00e9tait cot\u00e9e \u00e0 rendement \u00e9lev\u00e9, tandis que les autres tranches de la structure \u00e9taient cot\u00e9es de cat\u00e9gorie investissement.<\/p>\n<p>Plusieurs catalyseurs potentiels plaident en faveur d\u2019une remise \u00e0 niveau du risque en 2025. Il semble probable que les tarifs douaniers soient au c\u0153ur des pr\u00e9occupations du march\u00e9 dans les mois \u00e0 venir, et que cela ne sera sans doute pas un facteur positif. La position budg\u00e9taire intenable de plusieurs \u00e9conomies d\u00e9velopp\u00e9es, notamment celles des \u00c9tats-Unis et de la France, pourrait devenir un autre sujet d\u2019inqui\u00e9tude. Les conditions risquent de favoriser le retour des \u00ab\u2009justiciers obligataires\u2009\u00bb, lesquels ont pour mission de faire reculer l\u2019offre de titres requis pour financer tout d\u00e9ficit sup\u00e9rieur \u00e0 6 % du PIB.<\/p>\n<p>Les prix sur le march\u00e9 t\u00e9moignent d\u2019un tel optimisme en ce d\u00e9but de 2025 que la r\u00e9alit\u00e9 aura beaucoup \u00e0 faire pour \u00eatre \u00e0 la hauteur des attentes. Nous sommes convaincus que le Fonds est bien positionn\u00e9 pour affronter le retour de la volatilit\u00e9 et nous esp\u00e9rons d\u00e9ployer son capital sur un march\u00e9 dont les primes de risque seront meilleures qu\u2019en 2024.<\/p>\n<h3>Param\u00e8tres du portefeuille<\/h3>\n<p>Le Fonds a pass\u00e9 le fil d\u2019arriv\u00e9e du mois de d\u00e9cembre arm\u00e9 d\u2019une pond\u00e9ration longue de 126,2 % (excluant les liquidit\u00e9s et les bons du Tr\u00e9sor). Dans celle-ci, 41,7 % relevaient de notre strat\u00e9gie \u00e0 revenu fixe r\u00e9gulier,   % de notre strat\u00e9gie ax\u00e9e sur la valeur relative et 0,0 % de notre strat\u00e9gie visant l\u2019investissement \u00e9v\u00e9nementiel. Le Fonds renfermait en outre une pond\u00e9ration courte de 56,8 %, dont 4,4 % dans les obligations du gouvernement, 35,1 % dans les titres de cr\u00e9ance d\u2019entreprises et 17,3 % 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 1,4 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 2027 ou ant\u00e9rieure, l\u2019OAD du Fonds a baiss\u00e9 \u00e0 0,99 an.<\/p>\n<p>Le taux de rendement actuel du Fonds est de 5,8 % et le taux de rendement \u00e0 l\u2019\u00e9ch\u00e9ance de 6,0 %.<\/p>\n<p>Justin Jacobsen, CFA<br \/>\n<em>13  janvier 2025<\/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 de rendement absolu Pender a termin\u00e9 le mois de d\u00e9cembre avec un rendement de 1,5 % pour \u00e9tablir son cumul annuel \u00e0 7,1 %. L\u2019euphorie du march\u00e9 s\u2019est dissip\u00e9e en d\u00e9cembre lorsque l\u2019\u00e9lan s\u2019est invers\u00e9 en raison du ton plus [...]<\/p>","protected":false},"featured_media":70405,"template":"","meta":{"_acf_changed":false},"fund-type":[45,46],"class_list":["post-61928","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 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 Alternative Absolute Return Fund \u2013 December 2024 - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"Highlights The Fund generated a positive December and found opportunities in the new issue markets in both Canada and the US that included Wolf Midstream Canada LP (private) and Diebold Nixdorf Incorporated (NYSE: DBD). 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