{"id":62244,"date":"2025-01-27T08:33:10","date_gmt":"2025-01-27T16:33:10","guid":{"rendered":"https:\/\/www.penderfund.com\/?post_type=commentaries&#038;p=62244"},"modified":"2025-09-23T18:54:53","modified_gmt":"2025-09-24T01:54:53","slug":"pender-small-cap-opportunities-fund-december-2024","status":"publish","type":"commentaries","link":"https:\/\/staging.penderfund.com\/fr\/commentaries\/pender-small-cap-opportunities-fund-december-2024\/","title":{"rendered":"Fonds d\u2019opportunit\u00e9s \u00e0 petites capitalisations Pender \u2013 T4 2024"},"content":{"rendered":"<hr \/>\n<h3>Faits saillants<\/h3>\n<ul>\n<li>Parmi les titres qui ont le plus contribu\u00e9 au rendement du Fonds, on retrouvait Kraken Robotics Inc. (TSXV : PNG), D2L Inc. (TSX : DTOL) et MDA Space Ltd. (TSX : MDA).<\/li>\n<\/ul>\n<ul>\n<li>Parmi les titres qui ont le plus nui au rendement du Fonds, on retrouvait Sylogist Ltd. (TSX : SYZ), NFI Group Inc. (TSX : NFI) et Glass House Brands Inc. (OTCPK : GLAS.F). Nous continuons cependant de d\u00e9tenir ces avoirs en portefeuille.<\/li>\n<\/ul>\n<ul>\n<li>Le Fonds a liquid\u00e9 plusieurs positions (voir ci-dessous) et a ajout\u00e9 Lightspeed Commerce Inc. (TSX : LSPD).<\/li>\n<\/ul>\n<hr \/>\n<h3 class=\"translation-block\">Rendement du Fonds<\/h3>\n<p>Le Fonds d\u2019opportunit\u00e9s \u00e0 petites capitalisations Pender a poursuivi sur son \u00e9lan positif au quatri\u00e8me trimestre de 2024 en affichant un surplus de 14,8 %<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a> . Ce r\u00e9sultat s\u2019ajoute aux gains des trimestres pr\u00e9c\u00e9dents pour \u00e9tablir le cumul annuel de 2024 \u00e0 58,8 %. Le rendement trimestriel du Fonds a devanc\u00e9 celui de l\u2019indice compos\u00e9 S&amp;P\/TSX (3,8 %) et celui de l\u2019indice \u00e0 petite capitalisation S&amp;P\/TSX (0,7 %). Bien que la performance de notre portefeuille \u00e0 petite capitalisation ait \u00e9t\u00e9 solide au cours du dernier trimestre et de l\u2019ann\u00e9e au complet, les petites entreprises ont en fait encore obtenu des rendements inf\u00e9rieurs \u00e0 ceux des grandes entreprises, tant au nord qu\u2019au sud de la fronti\u00e8re.<\/p>\n<h3>Quelques zones de prise de risque du c\u00f4t\u00e9 des petites entreprises<\/h3>\n<p>Notre plus <a href=\"https:\/\/staging.penderfund.com\/fr\/commentaries\/pender-small-cap-managers-commentary-q3-2024\/\" target=\"_blank\" rel=\"noopener\">r\u00e9cent commentaire<\/a>dans lequel nous avons parl\u00e9 de la reconstruction de notre position dans MDA Space Ltd. (TSX : MDA), \u00e9tait \u00e0 peine publi\u00e9 que les titres de cette compagnie se sont mis \u00e0 bouger. MDA affiche une hausse de 90 % depuis notre prix d\u2019achat et a contribu\u00e9 2,4 % \u00e0 la performance du Fonds au cours du trimestre. Le march\u00e9 a chang\u00e9 son fusil d\u2019\u00e9paule \u00e0 toute allure, la qualifiant d\u2019abord de \u00ab\u2009vieille entreprise marginale ax\u00e9e sur les projets\u2009\u00bb pour ensuite parler d\u2019elle comme \u00ab\u2009fournisseur haut de gamme offrant des produits aux fortes marges destin\u00e9s \u00e0 un march\u00e9 b\u00e9n\u00e9ficiant de vents arri\u00e8re favorables \u00e0 long terme\u2009\u00bb. Nous avons r\u00e9duit notre pond\u00e9ration dans l\u2019action quand celle-ci s\u2019est rapproch\u00e9e de notre estimation de sa juste valeur. Le cas de MDA illustre \u00e0 merveille la rapidit\u00e9 avec laquelle les march\u00e9s \u00e9voluent en ce moment : lorsqu\u2019une entreprise gagne en popularit\u00e9, vous devez d\u00e9j\u00e0 \u00eatre en place et en position dominante par rapport \u00e0 la dynamique boursi\u00e8re. Le march\u00e9 des petites entreprises comporte des risques, certes, mais il ne s\u2019agit certainement pas d\u2019une situation g\u00e9n\u00e9ralis\u00e9e comme la performance de plusieurs indices \u00e0 petite capitalisation le laisse croire.<\/p>\n<p>Le rendement solide de notre portefeuille l\u2019ann\u00e9e derni\u00e8re est le r\u00e9sultat de nos tendances \u00e0 contre-courant. Nous adoptons une approche plus prudente \u00e0 court terme. Notre degr\u00e9 de conviction \u00e0 l\u2019\u00e9gard du portefeuille est \u00e9lev\u00e9, mais notre degr\u00e9 de conviction dans les march\u00e9s ne l\u2019est pas autant et c\u2019est ce qui nous a pouss\u00e9s \u00e0 agir de deux fa\u00e7ons particuli\u00e8res. D\u2019une part, nous avons r\u00e9duit notre participation aux actions qui ont bien tir\u00e9 leur \u00e9pingle du jeu, proc\u00e9dant ainsi \u00e0 un r\u00e9\u00e9quilibrage qui diminue la taille des positions importantes afin de nous prot\u00e9ger contre la volatilit\u00e9. D\u2019autre part, nous avons mis en place une strat\u00e9gie de couverture pendant le trimestre. Nous avons initialement achet\u00e9 des options de vente sur le Russell 2000 et avons ajout\u00e9 des options de vente sur le Nasdaq par la suite.<\/p>\n<blockquote>\n<p style=\"text-align: center;\">\u00ab Notre degr\u00e9 de conviction \u00e0 l\u2019\u00e9gard du portefeuille est \u00e9lev\u00e9,<br \/>\nnotre degr\u00e9 de conviction dans les march\u00e9s ne l\u2019est pas autant. \u00bb<\/p>\n<\/blockquote>\n<h3>Titres gagnants et perdants<\/h3>\n<p>Avec un autre trimestre aussi robuste, la liste des gagnants est bien fournie : Kraken Robotics Inc. (TSXV : PNG), D2L Inc. (TSX : DTOL) et MDA Space Ltd. (TSX : MDA) mentionn\u00e9e plus haut. Ces trois soci\u00e9t\u00e9s ont rapport\u00e9 plus de 700 pb au Fonds pendant le trimestre. Incluant ces trois entreprises, nous avions huit soci\u00e9t\u00e9s en portefeuille qui ont rapport\u00e9 plus de 100 pb au Fonds pendant le trimestre.<\/p>\n<p>La plupart des titres en portefeuille ont produit des gains, mais ce n\u2019\u00e9tait pas le cas pour les trois entreprises suivantes : Sylogist Ltd. (TSX : SYZ), NFI Group Inc. (TSX : NFI) et Glass House Brands Inc. (OTCPK : GLAS.F), lesquelles ont soustrait environ 230 pb pendant le trimestre. Comme nos th\u00e8ses de placement pour chacun de ces titres demeurent intactes, nous avons conserv\u00e9 nos participations.<\/p>\n<h3>Activit\u00e9s du portefeuille<\/h3>\n<p>Nous avons \u00e9t\u00e9 plus actifs pendant le trimestre, d\u00e9laissant un certain nombre de placements en faveur d\u2019autres b\u00e9n\u00e9ficiant d\u2019\u00e9l\u00e9ments catalyseurs. Les \u00e9lections \u00e9tant termin\u00e9es, nous avons maintenant une meilleure id\u00e9e de ce qui se passe sur les march\u00e9s; \u00e0 cet \u00e9gard, nous avons vendu notre panier de titres associ\u00e9s au secteur du cannabis. Nous \u00e9tions \u00e0 la recherche d\u2019\u00e9l\u00e9ments catalyseurs \u00e0 court terme dans divers \u00c9tats et maintenant que les \u00e9lections sont termin\u00e9es, nous avons d\u00e9cid\u00e9 de passer \u00e0 autre chose.<\/p>\n<p>Au cours du trimestre, nous avons \u00e9galement liquid\u00e9 nos avoirs dans Savaria Corporation (TSX : SIS) et Wishpond Technologies Ltd. (TSXV : WISH) afin de red\u00e9ployer ce capital dans de meilleures opportunit\u00e9s, comme Lightspeed Commerce Inc. (TSX : LSPD). Lightspeed est une soci\u00e9t\u00e9 logicielle de Montr\u00e9al qui offre des solutions de paiements et pour les points de vente aux secteurs du d\u00e9tail et de la restauration. La soci\u00e9t\u00e9 fait l\u2019objet d\u2019un examen strat\u00e9gique en ce moment et a report\u00e9 sa Journ\u00e9e des march\u00e9s des capitaux de novembre 2024. Nous estimons qu\u2019\u00e0 la lumi\u00e8re de la reprise des activit\u00e9s de F&amp;A et du retour de son PDG fondateur, lequel a publiquement laiss\u00e9 entendre dans une entrevue que le march\u00e9 priv\u00e9 pourrait s\u2019av\u00e9rer une meilleure option, la soci\u00e9t\u00e9 semble \u00eatre une bonne candidate \u00e0 une acquisition sous peu.<\/p>\n<p>David Barr, CFA et Sharon Wang<br \/>\n27 janvier 2025<\/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 d\u2019opportunit\u00e9s \u00e0 petites capitalisations Pender a poursuivi sur son \u00e9lan positif au quatri\u00e8me trimestre de 2024 en affichant un surplus de 14,8 %. Ce r\u00e9sultat s\u2019ajoute aux gains des trimestres pr\u00e9c\u00e9dents pour \u00e9tablir le cumul annuel de 2024 \u00e0 58,8 %. Le rendement trimestriel du Fonds a devanc\u00e9 [...]<\/p>","protected":false},"featured_media":70559,"template":"","meta":{"_acf_changed":false},"fund-type":[36,38],"class_list":["post-62244","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-equity-funds","fund-type-pender-small-cap-opportunities-fund"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pender Small Cap Opportunities Fund - Q4 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 Small Cap Opportunities Fund - Q4 2024 - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"Highlights Strong contributors to the Fund included Kraken Robotics Inc. 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