{"id":64395,"date":"2025-04-16T11:06:42","date_gmt":"2025-04-16T18:06:42","guid":{"rendered":"https:\/\/www.penderfund.com\/?post_type=commentaries&p=64395"},"modified":"2025-09-17T12:17:06","modified_gmt":"2025-09-17T19:17:06","slug":"pender-bond-universe-fund-q1-2025","status":"publish","type":"commentaries","link":"https:\/\/staging.penderfund.com\/fr\/commentaries\/pender-bond-universe-fund-q1-2025\/","title":{"rendered":"Fonds univers obligataire Pender - T1 2025"},"content":{"rendered":"

Les parts de cat\u00e9gorie F du Fonds univers obligataire Pender ont affich\u00e9 un rendement de 2,2 %[1]<\/a> au premier trimestre de 2025. Pendant ce trimestre, le Fonds a devanc\u00e9 son indice de r\u00e9f\u00e9rence, soit l\u2019indice univers obligataire FTSE\/TMX Canada, par une marge de 0,2 %. Presque tous les avoirs du Fonds ont contribu\u00e9 positivement au cours du T1 sachant que le contexte, tant pour les taux que les titres d\u2019emprunt particuliers, \u00e9tait g\u00e9n\u00e9ralement favorable.<\/p>\n

Contexte de taux<\/h3>\n

Les disputes tarifaires et l\u2019incertitude politique en g\u00e9n\u00e9ral ont min\u00e9 la confiance des investisseurs au T1, comme en t\u00e9moigne la hausse de 90 % de l\u2019indice servant \u00e0 mesurer l\u2019incertitude des politiques \u00e9conomiques \u00e0 l\u2019\u00e9chelle mondiale depuis octobre 2024[2]<\/a>. L\u2019indice S&P 500 accusait un revers de 4,6 % au cours des trois premiers mois de 2025, ce qui repr\u00e9sentait sa premi\u00e8re d\u00e9bandade trimestrielle depuis le T3 de 2023. Il convient d\u2019affirmer que le march\u00e9, jusqu\u2019\u00e0 pr\u00e9sent en 2025, n\u2019a pas le go\u00fbt du risque. Au cours de cette p\u00e9riode, la Banque du Canada a diminu\u00e9 les taux d\u2019int\u00e9r\u00eat de 25 points de base \u00e0 deux occasions, tandis que la R\u00e9serve f\u00e9d\u00e9rale am\u00e9ricaine a gard\u00e9 le statu quo.<\/p>\n

Dans ce contexte, les taux de rendement obligataires se sont d\u00e9plac\u00e9s \u00e0 la baisse tout le long de la courbe tant au Canada qu\u2019aux \u00c9tats-Unis au T1. Par rapport au trimestre pr\u00e9c\u00e9dent, o\u00f9 les prix affichaient une baisse importante sur le long terme, le T1 a \u00e9t\u00e9 la sc\u00e8ne d\u2019un revirement partiel : le FNB iShares 20+ Year Treasury Bond ETF (TLT) et les FNB qui suivent les bons du Tr\u00e9sor am\u00e9ricain \u00e0 plus long terme ont affich\u00e9 un rendement total d\u2019environ 5 % pendant le trimestre.<\/p>\n

Faits saillants du portefeuille<\/h3>\n

Les obligations convertibles d\u2019OPKO Health, Inc. (OPK, 3,75 %, 2029), un avoir en portefeuille, ont bien profit\u00e9 au premier trimestre de 2025. La soci\u00e9t\u00e9 a annonc\u00e9 ses b\u00e9n\u00e9fices du T4 pendant le trimestre. On y trouvait des points forts, comme l\u2019octroi d\u2019un financement suppl\u00e9mentaire de 51 millions $ de la Biomedical Advanced Research and Development Authority (BARDA) pour ses programmes de traitement de la COVID et de la grippe. L\u2019entreprise a \u00e9galement continu\u00e9 de r\u00e9duire les co\u00fbts associ\u00e9s aux affaires en laboratoires de l\u2019entreprise, ciblant des \u00e9conomies de l\u2019ordre de 20 millions $ en 2025. Le rachat des obligations convertibles et des actions ordinaires s\u2019est poursuivi pendant la p\u00e9riode, \u00e0 hauteur de 17 millions $ et de 16,5 millions $ respectivement pendant le trimestre. \u00c9galement au T1, la soci\u00e9t\u00e9 a annonc\u00e9 la vente d\u2019autres actifs BioReference non essentiels \u00e0 Labcorp moyennant une autre somme de 225 millions $, ajoutant ainsi des liquidit\u00e9s \u00e0 son bilan pour se rapprocher du seuil de rentabilit\u00e9 dans ce segment. Notre pond\u00e9ration dans ces titres au d\u00e9but de la p\u00e9riode s\u2019\u00e9levait \u00e0 1,2 %. Une plus-value du prix d\u2019environ 26 points pendant le trimestre a donn\u00e9 un joli coup de pouce \u00e0 leur rendement pendant le T1.<\/p>\n

Parmi les autres titres qui ont le plus contribu\u00e9 \u00e0 la performance du Fonds, notons celle des obligations convertibles de PNM[3]<\/a> (5,75 %, 2054). \u00c0 la lumi\u00e8re des plans d\u2019expansion de l\u2019infrastructure de son r\u00e9seau, visant \u00e0 soutenir sa croissance et fiabilit\u00e9, l\u2019entreprise a \u00e9tabli son taux de croissance cible des b\u00e9n\u00e9fices \u00e0 long terme dans une fourchette de 7 % \u00e0 9 %. La couverture des int\u00e9r\u00eats est solide ici et les exploitations de la soci\u00e9t\u00e9 sont essentiellement imperm\u00e9ables aux cycles de march\u00e9. L\u2019action sous-jacente a grimp\u00e9 pendant le trimestre, aliment\u00e9e par l\u2019annonce que la soci\u00e9t\u00e9 soupesait le bien-fond\u00e9 d\u2019une offre d\u2019acquisition, KKR & Co. Inc ayant apparemment discut\u00e9 avec TXNM au cours des semaines pr\u00e9c\u00e9dentes. Les obligations convertibles ont grimp\u00e9 d\u2019environ 10 points ce trimestre, offrant ainsi une autre source de rendement pour le Fonds au T1.<\/p>\n

Un nouvel ajout au portefeuille<\/h3>\n

Les obligations convertibles (2,875 %, 2028) de PPL Corporation (PPL) ont \u00e9t\u00e9 ajout\u00e9es au Fonds en f\u00e9vrier 2025. PPL s\u2019inscrit bien dans le cadre de notre th\u00e8se g\u00e9n\u00e9rale \u00e0 l\u2019\u00e9gard des services publics. Nous estimons que l\u2019entreprise est sous-\u00e9valu\u00e9e dans l\u2019ensemble, que la couverture des int\u00e9r\u00eats est solide dans ce domaine et qu\u2019en raison du caract\u00e8re essentiel des services offerts, la rentabilit\u00e9 ne varie pas beaucoup au gr\u00e9 de l\u2019\u00e9conomie. Sur fond d\u2019incertitude \u00e9conomique exacerb\u00e9e, une participation \u00e0 ce secteur nous para\u00eet bien ordonn\u00e9e.<\/p>\n

PPL Corporation a \u00e9t\u00e9 \u00e9tablie en 1920. Il s\u2019agit d\u2019une soci\u00e9t\u00e9 de services publics qui offre de l\u2019\u00e9lectricit\u00e9 et du gaz naturel \u00e0 des millions de consommateurs du Kentucky, de la Pennsylvanie et du Rhode Island. L\u2019entreprise et cette s\u00e9rie d\u2019obligations convertibles sont cot\u00e9es de cat\u00e9gorie investissement. La couverture des int\u00e9r\u00eats est solide, et ce, \u00e0 plusieurs \u00e9gards. Le BAIIDA d\u00e9gag\u00e9 par la soci\u00e9t\u00e9 couvre les int\u00e9r\u00eats par un multiple sup\u00e9rieur \u00e0 quatre, les immobilisations corporelles et notre estimation des valorisations couvrent toutes deux la dette de l\u2019entreprise par deux fois et la capitalisation boursi\u00e8re de 25 milliards $ offre un bon coussin d\u2019actions pour la dette qui s\u2019\u00e9l\u00e8ve \u00e0 environ 17 milliards $. La probabilit\u00e9 de d\u00e9faut sur un an se situe \u00e0 un niveau tr\u00e8s confortable d\u2019\u00e0 peu pr\u00e8s 0,0005 %.<\/p>\n

La soci\u00e9t\u00e9 a \u00e9t\u00e9 guid\u00e9e vers des am\u00e9liorations du r\u00e9seau et une expansion de la base tarifaire qui, selon elle, pourraient conduire \u00e0 une croissance du BPA de 6 % \u00e0 8 % jusqu\u2019en 2028 au moins. Nous estimons qu\u2019il existe un potentiel de hausse consid\u00e9rant ce dont nous avons discut\u00e9 plus haut, le fait que la juste valeur sous-entendue des titres convertibles, m\u00eame au prix actuel des actions, se situe de plusieurs points au-dessus du cours de transaction actuel, et que le prix d\u2019exercice a surpass\u00e9 le prix courant en f\u00e9vrier. \u00c0 la lumi\u00e8re de ceci et de la nature d\u00e9fensive du secteur d\u2019activit\u00e9 de cette entreprise, nous aimons le profil de risque\/rendement offert par ces obligations convertibles.<\/p>\n

Positionnement du Fonds<\/h3>\n

Bien que la prime \u00e0 terme am\u00e9ricaine ait perdu quelque peu pied pendant le trimestre, celle-ci demeure positive et relativement \u00e9lev\u00e9e. Cons\u00e9quemment, et consid\u00e9rant l\u2019incertitude \u00e9conomique caus\u00e9e par le contexte politique actuel, aucun changement important n\u2019a \u00e9t\u00e9 apport\u00e9 \u00e0 la dur\u00e9e pendant le trimestre. Celle-ci s\u2019\u00e9tablissait \u00e0 4,7 ann\u00e9es au 31 mars 2025.<\/p>\n

Les \u00e9carts par rapport aux titres \u00e0 rendement \u00e9lev\u00e9 se sont marginalement agrandis pendant la p\u00e9riode, mais demeurent en territoire relativement dispendieux. La participation du Fonds \u00e0 des titres de cr\u00e9ance de cat\u00e9gorie non-investissement demeure incidemment sous le seuil permis avec une pond\u00e9ration de 21 %. La participation aux titres de cat\u00e9gorie investissement et l\u2019encaisse repr\u00e9sentaient 79 % du portefeuille au 31 mars.<\/p>\n

Le taux de rendement \u00e0 l\u2019\u00e9ch\u00e9ance du Fonds s\u2019\u00e9levait \u00e0 3,99 % \u00e0 pareille date.<\/p>\n

Emily Wheeler, CFA
\n16 avril 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>\n

[2]<\/a> Grant\u2019s Interest Rate Observer; Bloomberg; Baker Bloom & Davis<\/em><\/p>\n

[3]<\/a> PNM Resources (PNM) completed the change of its holding company name to TXNM Energy, Inc. in August 2024 \u2013 <\/em>Press Release<\/em><\/a><\/p>","protected":false},"excerpt":{"rendered":"

Les parts de cat\u00e9gorie F du Fonds univers obligataire Pender ont affich\u00e9 un rendement de 2,2 % au premier trimestre de 2025. Pendant ce trimestre, le Fonds a devanc\u00e9 son indice de r\u00e9f\u00e9rence, soit l\u2019indice univers obligataire FTSE\/TMX Canada, par une marge de 0,2 %. Presque tous les avoirs du Fonds ont [...]<\/p>","protected":false},"featured_media":70404,"template":"","meta":{"_acf_changed":false},"fund-type":[41,42],"class_list":["post-64395","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-fixed-income-funds","fund-type-pender-bond-universe-fund"],"acf":[],"yoast_head":"\nPender Bond Universe Fund - Q1 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 Bond Universe Fund - Q1 2025 - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"The Class F units of the Pender Bond Universe Fund were up 2.2%[1] in the first quarter of 2025. 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