{"id":62071,"date":"2025-01-20T11:20:24","date_gmt":"2025-01-20T19:20:24","guid":{"rendered":"https:\/\/www.penderfund.com\/?post_type=commentaries&#038;p=62071"},"modified":"2025-09-17T15:11:09","modified_gmt":"2025-09-17T22:11:09","slug":"us-small-mid-cap-equity-fund-december-2024","status":"publish","type":"commentaries","link":"https:\/\/staging.penderfund.com\/fr\/commentaries\/us-small-mid-cap-equity-fund-december-2024\/","title":{"rendered":"Fonds d\u2019actions am\u00e9ricaines \u00e0 petite-moyenne capitalisation Pender \u2013 d\u00e9cembre 2024"},"content":{"rendered":"<hr \/>\n<h3>Faits saillants<\/h3>\n<ul>\n<li>Parmi les titres qui ont contribu\u00e9 favorablement au rendement du Fonds, on retrouvait ceux de Jabil Inc. (NYSE : JBL) et Antero Resources Corporation (NYSE : AR).<\/li>\n<li>Parmi les titres qui ont nui au rendement ce mois-ci, on retrouvait Fluor Corporation (NYSE : FLR) et M\/I Homes, Inc. (NYSE : MHO).<\/li>\n<li>Le Fonds a mis en place un nouveau placement dans les titres de Verisign Inc. (NYSE : VRSN).<\/li>\n<\/ul>\n<hr \/>\n<p>Signe avant-coureur des ann\u00e9es \u00e0 venir possiblement, les semaines qui se sont \u00e9coul\u00e9es depuis les \u00e9lections am\u00e9ricaines ont \u00e9t\u00e9 volatiles pour les march\u00e9s boursiers. Les actions ont r\u00e9agi \u00e0 essentiellement toutes les manchettes qui portaient sur les priorit\u00e9s de la nouvelle administration. En plus des nominations \u00e0 certains postes cl\u00e9s, les nouvelles concernant les droits de douane \u00e0 l\u2019importation et l\u2019expulsion d\u2019immigr\u00e9s sans papiers ont fait couler beaucoup d\u2019encre en raison de leurs r\u00e9percussions potentiellement n\u00e9fastes sur l\u2019\u00e9conomie et l\u2019inflation.<\/p>\n<p>En tant qu\u2019investisseurs, nous tentons de profiter de la volatilit\u00e9 \u00e0 court terme en ciblant le moyen \u00e0 long terme, en identifiant les principales tendances et en choisissant les actions qui devraient en tirer parti au cours des 3 \u00e0 5 prochaines ann\u00e9es. Nous sommes de l\u2019avis que la croissance de la productivit\u00e9 am\u00e9ricaine demeurera sup\u00e9rieure \u00e0 celle des autres \u00e9conomies d\u00e9velopp\u00e9es, ce qui alimentera la croissance du PIB.<\/p>\n<h3>D\u00e9veloppements notables au sein du portefeuille<\/h3>\n<ul>\n<li>Jabil Inc., un fournisseur mondial de premier plan de services de fabrication externes, a divulgu\u00e9 des r\u00e9sultats sup\u00e9rieurs aux attentes au cours du trimestre termin\u00e9 en novembre 2024 et a augment\u00e9 ses pr\u00e9visions pour l\u2019exercice financier qui se terminera en ao\u00fbt Bien que l\u2019entreprise constate un certain ralentissement du c\u00f4t\u00e9 de l\u2019\u00e9nergie renouvelable et des VE, la forte demande pour l\u2019intelligence artificielle (IA) dans les march\u00e9s infonuagiques, des centres de donn\u00e9es et des biens d\u2019\u00e9quipement vient plus que combler l\u2019\u00e9cart. \u00c0 cet \u00e9gard, la soci\u00e9t\u00e9 s\u2019attend \u00e0 profiter d\u2019une croissance annuelle de 30 % repr\u00e9sentant presque le quart de ses revenus pour l\u2019exercice financier de 2025. Jabil maintient ses pr\u00e9visions sur le plan des flux de tr\u00e9sorerie disponibles, ceux-ci devant s\u2019\u00e9lever \u00e0 1,2 milliard $ pour l\u2019exercice financier (un taux de rendement de 7 % pour ses flux de tr\u00e9sorerie disponibles), dont 1 milliard $ qui devrait servir \u00e0 racheter ses actions. Au cours des deux derni\u00e8res ann\u00e9es, Jabil a d\u00e9j\u00e0 r\u00e9duit le nombre d\u2019actions dilu\u00e9es de 17,4 %. La soci\u00e9t\u00e9 compte plus de 100 sites de fabrication, strat\u00e9giquement situ\u00e9s autour du monde, dont 29 aux \u00c9tats-Unis. Ce fait, jumel\u00e9 \u00e0 sa d\u00e9signation de fournisseur de fabrication \u00e9tabli aux \u00c9tats-Unis, repr\u00e9sente un avantage concurrentiel dans le contexte g\u00e9opolitique actuel. <a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a><\/li>\n<li>Antero Resources, une soci\u00e9t\u00e9 d\u2019exploration et de production des Appalaches \u00e0 faible co\u00fbt, a b\u00e9n\u00e9fici\u00e9 de la remont\u00e9e du prix du gaz naturel au cours du mois (64 % de sa production rel\u00e8ve du gaz, le solde \u00e9tant du gaz naturel liquide et du p\u00e9trole). Le prix du gaz naturel (Henry Hub) a augment\u00e9 de 14 % pendant le mois pour s\u2019\u00e9tablir \u00e0 3,63 $\/MMBtu en raison de temp\u00e9ratures plus froides que pr\u00e9vu et le commencement d\u2019une deuxi\u00e8me vague de terminaux d\u2019exportation de gaz naturel liqu\u00e9fi\u00e9 (usine Plaquemines de Venture Global, la phase 3 de Corpus Christi de Cheniere Energy en d\u00e9cembre 2024 et le projet Golden Pass d\u2019Exxon \u00e9tant attendu fin 2025). Aid\u00e9e par la croissance des exportations et de la production d\u2019\u00e9lectricit\u00e9 au gaz, la demande am\u00e9ricaine de gaz naturel devrait cro\u00eetre de 30 Gpi3\/j d\u2019ici 2030 (TCAC de 5 % sur une consommation actuelle d\u2019environ 90 Gpi3\/j), ce qui n\u00e9cessitera des prix plus \u00e9lev\u00e9s pour inciter la production \u00e0 combler le d\u00e9ficit d\u2019approvisionnement.<a href=\"#_ftn2\" name=\"_ftnref2\">[2]<\/a><\/li>\n<li>Fluor Corporation fournit des services d\u2019ing\u00e9nierie, d\u2019approvisionnement et de construction, d\u2019op\u00e9rations et d\u2019entretien, d\u2019int\u00e9grit\u00e9 des actifs et de gestion des projets \u00e0 l\u2019\u00e9chelle mondiale. L\u2019\u00e9tau s\u2019est resserr\u00e9 sur son action apr\u00e8s que la soci\u00e9t\u00e9 a divulgu\u00e9, au d\u00e9but de novembre, des r\u00e9sultats d\u00e9cevants pour le T3 de 2024 en raison de l\u2019annulation ou du report de la comptabilisation du revenu de certains projets. Toutefois, nous estimons que le contexte dans lequel \u0153uvre la compagnie demeure favorable. Les projets touchant les centres de donn\u00e9es, le milieu pharmaceutique, le secteur nucl\u00e9aire\/environnemental et l\u2019industrie mini\u00e8re, entre autres, seront des moteurs de croissance au cours des quelques prochaines ann\u00e9es. L\u2019\u00e9quipe de direction a supprim\u00e9 les risques li\u00e9s \u00e0 l\u2019entreprise en doublant la part de contrats remboursables dans le carnet de commandes, passant de 40 % en 2020 \u00e0 80 % en 2024. Nous nous attendons \u00e0 ce que les marges de profit s\u2019am\u00e9liorent, faisant \u00e9tat des marges plus \u00e9lev\u00e9es dans le carnet de commandes obtenues au cours des derni\u00e8res ann\u00e9es.<\/li>\n<li>M\/I Homes (MHO) est l\u2019un des principaux constructeurs de maisons au pays; la soci\u00e9t\u00e9 offre \u00e9galement des services financiers et de titres de propri\u00e9t\u00e9 aux acheteurs de maison. Elle a des op\u00e9rations diversifi\u00e9es dans 17 march\u00e9s au sein de 10 \u00e9tats. L\u2019augmentation des taux hypoth\u00e9caires \u00e0 pr\u00e8s de 7 % \u00e0 la fin de 2024, depuis un creux r\u00e9cent de 6,15 % en septembre, a terni l\u2019humeur des investisseurs envers les constructeurs. Toutefois, nous estimons que MHO peut continuer \u00e0 exploiter \u00e0 un haut niveau \u00e9tant donn\u00e9 les emplacements de choix pour ses communaut\u00e9s et ses positions dominantes dans le th\u00e8me d\u2019une renaissance de la Rust Belt, o\u00f9 le prix des maisons demeure encore relativement peu \u00e9lev\u00e9. Agr\u00e9ment\u00e9e d\u2019une des marges brutes les plus \u00e9lev\u00e9es de l\u2019industrie, elle a d\u00e9gag\u00e9 un TRI de 20 % au cours des 12 mois interm\u00e9diaires termin\u00e9s en septembre 2024. Avec son bilan positif, nous estimons que MHO est bien plac\u00e9e pour tirer parti d\u2019un possible renouveau sur le plan de la demande r\u00e9sidentielle.<\/li>\n<\/ul>\n<h3>Nouvelle position<\/h3>\n<p>Nous avons mis en place une position dans Verisign (VRSN) pendant le mois. VRSN est un fournisseur mondial d\u2019infrastructure interne critique et le chef de file des services d\u2019enregistrement de noms de domaine, permettant la navigation pour bon nombre des noms de domaine les plus reconnus du monde. En novembre, l\u2019Internet Corporation for Assigned Names and Numbers (ICANN) a renouvel\u00e9 son entente .com pour une autre p\u00e9riode de six ans, supprimant par la m\u00eame occasion tout sentiment n\u00e9gatif r\u00e9siduel envers ses actions. La soci\u00e9t\u00e9 pr\u00e9sente un taux de rendement du capital \u00e9lev\u00e9 (180 % en moyenne les 3 derni\u00e8res ann\u00e9es) et met ses substantiels flux de tr\u00e9sorerie disponibles \u00e0 profit pour effectuer des rachats. Ce faisant, la soci\u00e9t\u00e9 a retir\u00e9 pr\u00e8s de 16 % de ses parts en circulation au cours des cinq derni\u00e8res ann\u00e9es.<\/p>\n<p>Apr\u00e8s que nous avons investi dans la soci\u00e9t\u00e9, celle-ci a de nouveau re\u00e7u l\u2019appui de son actionnaire le plus important, soit Berkshire Hathaway, lequel s\u2019est procur\u00e9 environ 234 000 parts \u00e9quivalant \u00e0 45,4 millions $. Berkshire Hathaway a un enjeu de 13 % dans VRSN \u00e9valu\u00e9 \u00e0 environ 2,6 milliards $. Pour nous, VRSN est une entreprise de qualit\u00e9 offerte \u00e0 escompte en raison d\u2019un ralentissement \u00e0 court terme dans les inscriptions de noms de domaine. Toutefois, ces inscriptions devraient retrouver un \u00e9quilibre tr\u00e8s bient\u00f4t.<\/p>\n<h3>Perspectives<\/h3>\n<p>Nous disposons d\u2019un portefeuille diversifi\u00e9 qui est bien plac\u00e9 pour tirer parti des tendances \u00e0 long terme. Nous estimons que l\u2019innovation, notamment sur le plan de l\u2019IA, offre aux soci\u00e9t\u00e9s am\u00e9ricaines l\u2019occasion d\u2019am\u00e9liorer leur productivit\u00e9 et que cette croissance devrait continuer \u00e0 produire des dividendes pendant plusieurs ann\u00e9es \u00e0 venir.<\/p>\n<p>Aman Budhwar, CFA<br \/>\n<em>20 janvier 2025<\/em><\/p>\n<p><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a> <a href=\"https:\/\/s27.q4cdn.com\/276975351\/files\/doc_financials\/2025\/q1\/JBL-USQ_Transcript_2024-12-18.pdf\">https:\/\/s27.q4cdn.com\/276975351\/files\/doc_financials\/2025\/q1\/JBL-USQ_Transcript_2024-12-18.pdf<\/a><\/p>\n<p><a href=\"#_ftnref2\" name=\"_ftn2\">[2]<\/a> <a href=\"https:\/\/d1io3yog0oux5.cloudfront.net\/_e45171d7ca14605b57967d8c487c4452\/anteroresources\/db\/732\/7614\/pdf\/AR+November+Investor+Presentation_11.04.2024_vF.pdf\">https:\/\/d1io3yog0oux5.cloudfront.net\/_e45171d7ca14605b57967d8c487c4452\/anteroresources\/db\/732\/7614\/pdf\/AR+November+Investor+Presentation_11.04.2024_vF.pdf<\/a><\/p>","protected":false},"excerpt":{"rendered":"<p>Signe avant-coureur des ann\u00e9es \u00e0 venir possiblement, les semaines qui se sont \u00e9coul\u00e9es depuis les \u00e9lections am\u00e9ricaines ont \u00e9t\u00e9 volatiles pour les march\u00e9s boursiers. Les actions ont r\u00e9agi \u00e0 essentiellement toutes les manchettes qui portaient sur les priorit\u00e9s de la nouvelle administration. En plus des nominations [...]<\/p>","protected":false},"featured_media":70409,"template":"","meta":{"_acf_changed":false},"fund-type":[36,39],"class_list":["post-62071","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-equity-funds","fund-type-pender-us-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 US Small\/Mid Cap Equity Fund - 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 US Small\/Mid Cap Equity Fund - December 2024 - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"Highlights Positive contributors to the Fund included Jabil Inc. (NYSE: JBL) and Antero Resources Corporation (NYSE: AR). Detractors to performance this month included Fluor Corporation (NYSE: FLR) and M\/I Homes, Inc. (NYSE: MHO) . The Fund initiated a new position in Verisign Inc. (NYSE: VRSN) In a sign of things to come, the weeks since [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/staging.penderfund.com\/fr\/commentaries\/us-small-mid-cap-equity-fund-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=\"2025-09-17T22:11:09+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PUSMF.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\/us-small-mid-cap-equity-fund-december-2024\/\",\"url\":\"https:\/\/staging.penderfund.com\/commentaries\/us-small-mid-cap-equity-fund-december-2024\/\",\"name\":\"Pender US Small\/Mid Cap Equity Fund - December 2024 - PenderFund Capital Management\",\"isPartOf\":{\"@id\":\"https:\/\/staging.penderfund.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/us-small-mid-cap-equity-fund-december-2024\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/us-small-mid-cap-equity-fund-december-2024\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PUSMF.png\",\"datePublished\":\"2025-01-20T19:20:24+00:00\",\"dateModified\":\"2025-09-17T22:11:09+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/us-small-mid-cap-equity-fund-december-2024\/#breadcrumb\"},\"inLanguage\":\"fr-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/staging.penderfund.com\/commentaries\/us-small-mid-cap-equity-fund-december-2024\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/us-small-mid-cap-equity-fund-december-2024\/#primaryimage\",\"url\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PUSMF.png\",\"contentUrl\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/PUSMF.png\",\"width\":850,\"height\":400},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/us-small-mid-cap-equity-fund-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 US Small\/Mid Cap Equity Fund - December 2024\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/staging.penderfund.com\/#website\",\"url\":\"https:\/\/staging.penderfund.com\/\",\"name\":\"PenderFund Capital Management\",\"description\":\"Forward thinking. 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