{"id":62842,"date":"2025-02-07T08:53:40","date_gmt":"2025-02-07T16:53:40","guid":{"rendered":"https:\/\/www.penderfund.com\/?post_type=commentaries&#038;p=62842"},"modified":"2025-09-17T14:56:17","modified_gmt":"2025-09-17T21:56:17","slug":"fixed-income-december-2024-2","status":"publish","type":"commentaries","link":"https:\/\/staging.penderfund.com\/fr\/commentaries\/fixed-income-december-2024-2\/","title":{"rendered":"Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender \u2013 janvier 2025"},"content":{"rendered":"<hr \/>\n<h3>Faits saillants<\/h3>\n<ul>\n<li>Parmi les titres gagnants, on retrouvait les billets de Spirit Airlines Inc. (8 %), les billets convertibles d\u2019Equinox Gold Corporation et de Sibanye Stillwater Ltd et des obligations canadiennes \u00e0 rendement r\u00e9el.<\/li>\n<li>Parmi les titres perdants, on retrouvait les obligations de Jervois Global Ltd, la soci\u00e9t\u00e9 s\u2019\u00e9tant mise sous la protection du chapitre 11 de la loi sur les faillites plus t\u00f4t au courant du mois.<\/li>\n<li>Nous avons ajout\u00e9 les obligations convertibles nouvellement \u00e9mises de B2Gold Corporation au portefeuille ainsi que de nouveaux titres \u00e0 notre pond\u00e9ration obligataire \u00e0 long terme.<\/li>\n<\/ul>\n<hr \/>\n<p>Le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender a d\u00e9gag\u00e9 un rendement de 1,4 %<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a> en janvier, p\u00e9riode mensuelle qui s\u2019est r\u00e9v\u00e9l\u00e9e relativement calme sur les march\u00e9s des titres \u00e0 rendement \u00e9lev\u00e9 et de cat\u00e9gorie investissement.<\/p>\n<p>Parmi les titres gagnants en portefeuille ce mois-ci, on retrouvait les billets \u00e0 8 % de Spirit Airlines Inc., lesquels ont grimp\u00e9 de plus de 20 % avec la relance de l\u2019offre d\u2019acquisition de ce transporteur \u00e0 escompte d\u00e9j\u00e0 sous la protection du chapitre 11 de la loi sur les faillites. On recensait \u00e9galement dans ce groupe gagnant les billets convertibles d\u2019Equinox Gold Corporation et de Sibanye Stillwater Ltd, chacune de ces soci\u00e9t\u00e9s ayant affich\u00e9 un gain d\u2019environ 10 % gr\u00e2ce \u00e0 la hausse du prix des m\u00e9taux pr\u00e9cieux et d\u2019un march\u00e9 plus cl\u00e9ment pour les actions qui y sont associ\u00e9es. Les obligations canadiennes \u00e0 rendement r\u00e9el ont aussi bien tir\u00e9 leur \u00e9pingle du jeu.<\/p>\n<p>Cependant, ces bons coups ont \u00e9t\u00e9 quelque peu amortis par la faiblesse des obligations de Jervois Global Ltd. Ce raffineur de cobalt et promoteur minier d\u2019Australie a annonc\u00e9 une restructuration pr\u00e9arrang\u00e9e sous la protection du chapitre 11 de la loi sur les faillites \u00e0 la fin de janvier. Le prix du cobalt au cours de la derni\u00e8re ann\u00e9e a chut\u00e9 pour toucher un creux en 20 ans, principalement en raison d\u2019activit\u00e9s de dumping par les soci\u00e9t\u00e9s chinoises. Bien qu\u2019une restructuration n\u2019ait pas fait partie de nos plans \u00e0 l\u2019origine pour cette position, nous sommes toujours convaincus que l\u2019issue sera favorable dans ce cas-ci.<\/p>\n<h3>Sur les renards et les h\u00e9rissons et le chaos du moment<\/h3>\n<blockquote>\n<p style=\"text-align: center;\"><em>\u00ab\u2009Le renard sait beaucoup de choses, a affirm\u00e9 le po\u00e8te grec Archilochus, mais le h\u00e9risson sait une seule chose importante\u2009\u00bb.<\/em><\/p>\n<\/blockquote>\n<p>Nous prenons quelques moments pour r\u00e9fl\u00e9chir \u00e0 cette id\u00e9e au beau milieu du flot d\u2019informations d\u00e9clench\u00e9 par le changement de r\u00e9gime \u00e0 Washington. Les renards du march\u00e9 se sont affair\u00e9s \u00e0 d\u00e9terminer les gagnants et les perdants des divers avis et dictats annonc\u00e9s ou pr\u00e9vus du nouveau sh\u00e9rif en ville. M\u00eame s\u2019il semble invraisemblable que les \u00c9tats-Unis mettent en place un programme de substitution des importations qui rappelle celui de l\u2019Am\u00e9rique latine dans les ann\u00e9es 1970 et que, en m\u00eame temps, le pays expulse dans les faits des millions de travailleurs agricoles productifs en raison de formalit\u00e9s administratives inad\u00e9quates, force est d\u2019admettre que la situation est telle en ce moment. Ces vagues de \u00ab\u2009nouvelles\u2009\u00bb pour le moins houleuses et pleines d\u2019impr\u00e9vus ont de quoi donner le mal de mer, m\u00eame aux investisseurs les plus aguerris.<\/p>\n<p class=\"translation-block\">C\u2019est pourquoi envisager le march\u00e9 actuel \u00e0 la mani\u00e8re du h\u00e9risson nous semble beaucoup plus zen. Nous savons une seule chose importante : le capital remporte des rendements plus \u00e9lev\u00e9s lorsqu\u2019il est rare. Nous continuons donc de rechercher les actifs et les soci\u00e9t\u00e9s utiles \u00e0 long terme qui sont temporairement d\u00e9daign\u00e9s par les investisseurs en raison de motifs passagers. Nous sommes par cons\u00e9quent moins int\u00e9ress\u00e9s par tous les menus d\u00e9tails qui se cachent derri\u00e8re les diverses crises de panique et ciblons plus intens\u00e9ment les dislocations de prix qui en r\u00e9sultent \u00e0 l\u2019autre extr\u00e9mit\u00e9.<\/p>\n<p class=\"translation-block\">En fait, les donn\u00e9es qui attirent notre attention au fort de ce chaos mensuel ne sont pas exactement ce \u00e0 quoi on s\u2019attendrait. Nous remarquons par exemple :<\/p>\n<ul>\n<li>Les a\u00e9ronefs de Spirit Airlines sont \u00e9valu\u00e9s \u00e0 moins de la moiti\u00e9 de la valeur par a\u00e9ronef d\u2019entit\u00e9s comparables non touch\u00e9es par une restructuration;<\/li>\n<li>La production mini\u00e8re de platine en 2025 devrait \u00eatre de 10 % inf\u00e9rieure \u00e0 la demande industrielle pour ce m\u00e9tal. Or, les multiples de ces soci\u00e9t\u00e9s mini\u00e8res sont \u00e9valu\u00e9s \u00e0 des creux records; et<\/li>\n<li>Le taux d\u2019int\u00e9r\u00eat r\u00e9el sous-jacent aux TIPS am\u00e9ricains \u00e0 long terme s\u2019\u00e9tablit tout pr\u00e8s d\u2019un sommet en 20 ans.<\/li>\n<\/ul>\n<p class=\"translation-block\">Nous nous penchons sur ce type de faits car, bien que les nouvelles qui sortent de la Maison-Blanche soient prenantes, l\u2019information qui nous aide \u00e0 r\u00e9aliser des gains pour nos clients est davantage exploitable et ax\u00e9e sur les prix.<\/p>\n<h3>Nouvelles positions<\/h3>\n<p>En janvier, nous avons souscrit un nouveau placement de 20 millions $ dans une obligation convertible nouvellement \u00e9mise par B2Gold Corporation de Vancouver. B2, qui repr\u00e9sente le deuxi\u00e8me chapitre dans la carri\u00e8re de l\u2019ancien PDG de Bema Gold, Clive Johnson, est un producteur d\u2019or multipropri\u00e9t\u00e9s avec des op\u00e9rations au Mali, en Namibie et aux Philippines, ainsi qu\u2019un projet en devenir dans le nord du Canada. Nous aimons nos chances avec le titre convertible de B2Gold car, sur le plan du cr\u00e9dit, la soci\u00e9t\u00e9 est relativement peu endett\u00e9e, sachant que cette obligation de 460 millions $ s\u2019appuie sur une capitalisation boursi\u00e8re sup\u00e9rieure \u00e0 3 milliards $. Selon nous, la mise en chantier de la mine Goose au Nunavut en 2025 devrait servir de catalyseur pour r\u00e9duire les risques de l\u2019entreprise, dont les actions ordinaires croupissaient r\u00e9cemment \u00e0 leur plus bas niveau en dix ans.<\/p>\n<p>\u00c9galement en janvier, nous avons rench\u00e9ri sur notre participation aux titres \u00e0 plus longue \u00e9ch\u00e9ance afin de tirer parti de primes \u00e0 terme relativement \u00e9lev\u00e9es et de certains des taux de rendement obligataires \u00e0 long terme les plus \u00e9lev\u00e9s des 20 derni\u00e8res ann\u00e9es. Parmi ces positions, notons les bons du Tr\u00e9sor am\u00e9ricain \u00e0 20 ans, un billet de Comcast Corporation de 2056 et un achat de TIPS am\u00e9ricains de 2052, pour allonger notre position dans ce type de titres.<\/p>\n<h3>Positionnement du Fonds<\/h3>\n<p>Le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender est assorti d\u2019un rendement \u00e0 l\u2019\u00e9ch\u00e9ance de 7,3 % au 31 janvier, le rendement actuel s\u2019\u00e9tablissant \u00e0 5,2 % et la dur\u00e9e moyenne de ses instruments \u00e0 terme \u00e0 3,7 ann\u00e9es. Il comporte une pond\u00e9ration de 2,9 % 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 repr\u00e9sentait -0,2 % du portefeuille total au 31 janvier.<\/p>\n<p>Geoff Castle<br \/>\n<em>7 F\u00e9vrier 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 d\u2019obligations de soci\u00e9t\u00e9s Pender a d\u00e9gag\u00e9 un rendement de 1,4 % en janvier, p\u00e9riode mensuelle qui s\u2019est r\u00e9v\u00e9l\u00e9e relativement calme sur les march\u00e9s des titres \u00e0 rendement \u00e9lev\u00e9 et de cat\u00e9gorie investissement. Parmi les titres gagnants en portefeuille ce mois-ci, on retrouvait les billets \u00e0 8 % de Spirit Airlines Inc. [...]<\/p>","protected":false},"featured_media":70403,"template":"","meta":{"_acf_changed":false},"fund-type":[41,43],"class_list":["post-62842","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-fixed-income-funds","fund-type-pender-corporate-bond-fund"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Pender Corporate Bond Fund - January 2025 - 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 - January 2025 - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"Highlights Top contributors included Spirit Airlines 8% notes, the convertible notes of Equinox Gold and Sibanye Stillwater, and Canadian Real Return bonds. 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