{"id":64771,"date":"2025-05-05T08:09:07","date_gmt":"2025-05-05T15:09:07","guid":{"rendered":"https:\/\/www.penderfund.com\/?post_type=commentaries&p=64771"},"modified":"2025-09-23T18:54:39","modified_gmt":"2025-09-24T01:54:39","slug":"pender-small-cap-opportunities-fund-q1-2025","status":"publish","type":"commentaries","link":"https:\/\/staging.penderfund.com\/fr\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/","title":{"rendered":"Fonds d\u2019opportunit\u00e9s \u00e0 petites capitalisations Pender\u200b - Q1 2025"},"content":{"rendered":"

Rendement du Fonds<\/h3>\n

Notre Fonds a perdu -11,7 %[1]<\/a>au premier trimestre de 2025, refl\u00e9tant la performance des march\u00e9s am\u00e9ricains \u00e0 petite capitalisation qui sont repr\u00e9sent\u00e9s par l\u2019indice Russell 2000 (CAD), lequel s\u2019est repli\u00e9 de -9,4 %. En revanche, l\u2019indice compos\u00e9 S&P\/TSX s\u2019est avanc\u00e9 de 1,5 %, et l\u2019indice \u00e0 petite capitalisation S&P\/TSX de 1,0 %. La divergence entre les march\u00e9s am\u00e9ricains et canadiens est redevable \u00e0 des dynamiques sectorielles bien distinctes. La surpond\u00e9ration de notre Fonds aux actions technologiques, \u00e0 l\u2019instar de l\u2019univers des petites entreprises am\u00e9ricaines, a contribu\u00e9 \u00e0 sa sous-performance en contexte de perte d\u2019enthousiasme chez les investisseurs en raison de l\u2019incertitude macro\u00e9conomique et des risques li\u00e9s aux politiques commerciales. Entre-temps, les indices canadiens \u00e0 petite capitalisation, o\u00f9 sont plus fortement repr\u00e9sent\u00e9s les secteurs de l\u2019\u00e9nergie et des mati\u00e8res premi\u00e8res, ont tir\u00e9 parti du prix plus \u00e9lev\u00e9 des marchandises. Devant ces formidables vents contraires et l\u2019\u00e9volution de la conjoncture macro\u00e9conomique, nos perspectives demeurent prudentes. Nous continuons \u00e0 miser sur la pr\u00e9servation du capital et sur la grande qualit\u00e9 de nos avoirs en portefeuille.<\/p>\n

L\u2019incertitude : une nouvelle normalit\u00e9<\/h3>\n

Dans ce type de march\u00e9, les personnes qui lisent nos commentaires depuis longtemps se lassent probablement de nous entendre dire deux choses en particulier :<\/p>\n

    \n
  1. Les actions \u00e0 petite capitalisation pr\u00e9sentent des cours fort attrayants \u00e0 l\u2019heure actuelle, tant sur le plan absolu que relatif;<\/li>\n
  2. En tant que s\u00e9lectionneurs de titres selon une approche ascendante, les facteurs macro\u00e9conomiques sont secondaires pour nous.<\/li>\n<\/ol>\n

    M\u00eame si je crains toujours qu\u2019on me demande mon opinion sur les perspectives macro\u00e9conomiques, je vais n\u00e9anmoins m\u2019avancer sur ce terrain puisque ce sujet est important en ce qui a trait \u00e0 la structure des march\u00e9s des capitaux et \u00e0 la fa\u00e7on dont nous comptons produire de bons rendements pour nos coinvestisseurs. Nous savons tous qu\u2019\u00e0 l\u2019heure actuelle, la gestion active recule au profit d\u2019instruments passifs et de FNB. En cons\u00e9quence, il y a beaucoup moins d\u2019investisseurs ax\u00e9s sur les donn\u00e9es fondamentales en service de nos jours pour aider \u00e0 mettre au jour la valeur r\u00e9elle. Le processus de d\u00e9termination du prix rel\u00e8ve de plus en plus des flux passifs et des fonds quantitatifs bas\u00e9s sur l\u2019\u00e9lan (ou momentum). Lorsque cette r\u00e9alit\u00e9 chevauche les politiques \u00e9conomiques incertaines qui r\u00e8gnent aux \u00c9tats-Unis et les plateformes de m\u00e9dias sociaux, qui d\u00e9cident des sujets abord\u00e9s et qui cr\u00e9ent des chambres d\u2019\u00e9cho qui r\u00e9p\u00e8tent ces propos, nous obtenons des variations plus rapides et plus spectaculaires sur les march\u00e9s. Si Ben Graham estimait que M. March\u00e9 \u00e9tait irrationnel \u00e0 son \u00e9poque, il n\u2019h\u00e9siterait pas \u00e0 l\u2019interner aujourd\u2019hui. Or, ce niveau d\u2019incertitude est devenu une nouvelle normalit\u00e9.<\/p>\n

    Nous estimons que l\u2019incertitude qui mine l\u2019\u00e9conomie mondiale s\u2019est install\u00e9e pour les quatre prochaines ann\u00e9es, sinon plus, \u00e9tant donn\u00e9 l\u2019\u00e9rosion de la confiance et les dommages qu\u2019elle cause actuellement \u00e0 la r\u00e9putation du syst\u00e8me financier mondial. Les m\u00e9dias sociaux et leur capacit\u00e9 \u00e0 influencer les gens ne risquent pas de dispara\u00eetre (il y a une raison pour laquelle Tik Tok n\u2019est pas autoris\u00e9 dans le pays qui l\u2019a mis au point). Et les influenceurs et bonimenteurs en ligne continuent d\u2019abonder, contribuant \u00e0 pousser ces propos et r\u00e9cits \u00e0 l\u2019extr\u00eame. Leurs affaires s\u2019alimentent \u00e0 m\u00eame notre attention. Notre travail en tant qu\u2019investisseurs est donc de tirer parti de la situation boursi\u00e8re actuelle pour ajouter de l\u2019alpha \u00e0 notre portefeuille pour le compte de nos investisseurs.<\/p>\n

    Nous continuons de g\u00e9rer activement la taille de nos avoirs sur l\u2019ensemble du portefeuille. En outre, nous mettons \u00e0 profit notre position dans des titres avec option d\u2019encaissement anticip\u00e9 pour tirer avantage des manchettes qui nous exhortent \u00e0 courir des risques ou \u00e0 battre en retraite \u00e0 la vitesse de l\u2019\u00e9clair. Ces participations s\u2019av\u00e8rent d\u2019excellents outils pour r\u00e9duire la volatilit\u00e9 du Fonds. Elles nous permettent de nous mouvoir rapidement, au gr\u00e9 des march\u00e9s, tout en conservant un portefeuille envers lequel nous avons un fort degr\u00e9 de conviction.<\/p>\n

    Titres gagnants et perdants<\/h3>\n

    Au cours du trimestre, TerraVest Industries Inc. (TSX:TVK)<\/strong>, Montage Gold Corp. (TSXV:MAU)<\/strong>et le Kits Eyecare Ltd. (TSX:KITS)<\/strong> ont occup\u00e9 la t\u00eate du palmar\u00e8s.<\/p>\n

    TerraVest<\/strong> est un fabricant de m\u00e9taux pour des produits essentiels sur les march\u00e9s des infrastructures de carburant en Am\u00e9rique du Nord. Selon nous, TerraVest assure une croissance compos\u00e9e de grande qualit\u00e9 et profite d\u2019une \u00e9quipe de gestion comp\u00e9tente assortie d\u2019ant\u00e9c\u00e9dents solides en mati\u00e8re d\u2019ex\u00e9cution. Nous estimons que ce contexte volatil est propice \u00e0 de nombreuses occasions de F&A pour TerraVest, qui est un acqu\u00e9reur en s\u00e9rie d\u2019entreprises manufacturi\u00e8res.<\/p>\n

    Il vaut la peine de pr\u00e9ciser que nous avons cr\u00e9\u00e9 en janvier, avant que la turbulence ne s\u2019installe sur les march\u00e9s, une position dans les indices Nasdaq et Russell 2000 avec option d\u2019encaissement anticip\u00e9 \u00e0 titre de protection strat\u00e9gique. Comme il s\u2019agit de la premi\u00e8re fois que nous utilisons ces options dans le portefeuille, nous avons commenc\u00e9 par des positions de plus petite taille. Malgr\u00e9 leur faible pond\u00e9ration dans le portefeuille, ces deux options de vente ont ajout\u00e9 plus de 50 pb \u00e0 la performance du Fonds, nous servant ainsi d\u2019outil pour r\u00e9duire la volatilit\u00e9.<\/p>\n

    \u00c0 l\u2019inverse, trois entreprises ont nui \u00e0 la performance du Fonds par une marge d\u2019environ 450 pb pendant le trimestre, soit : Sangoma Technologies Corporation (TSX:STC)<\/strong>, Dye & Durham Limited (TSX:DND)<\/strong> et WELL Health Technologies Corp (TSX:WELL)<\/strong>Nos th\u00e8ses de placement pour chacun de ces titres demeurent cependant intactes; nous avons donc conserv\u00e9 nos participations.<\/p>\n

    Autres activit\u00e9s du portefeuille<\/h3>\n

    Nous continuons de r\u00e9duire certaines positions aux marges du portefeuille, r\u00e9alisant des profits avec les entreprises qui ont surpass\u00e9 les pond\u00e9rations cibles pour ensuite redistribuer le capital dans des opportunit\u00e9s assorties d\u2019un meilleur profil de risque. \u00c0 l\u2019issue de ce remaniement, notre exposition au secteur des mati\u00e8res premi\u00e8res s\u2019\u00e9levait \u00e0 9,8 % \u00e0 la fin du T1.<\/p>\n

    Nous avons aussi liquid\u00e9 plusieurs avoirs pendant le trimestre, notamment Vecima Networks Inc. (TSX:VCM)<\/strong>Nous avons d\u00e9cid\u00e9 de mettre un terme \u00e0 notre participation dans les titres de Vecima en raison de sa concentration importante de clients li\u00e9s aux op\u00e9rateurs de syst\u00e8mes multiples (MSO) de niveau 1 dont les d\u00e9penses sont tr\u00e8s impr\u00e9visibles.<\/p>\n

    Perspectives<\/h3>\n

    Selon nous, le portefeuille est relativement bien prot\u00e9g\u00e9 contre les effets directs des droits de douane gr\u00e2ce \u00e0 sa participation dans la technologie et les soins de sant\u00e9. Cela dit, nous reconnaissons qu\u2019au T1 et depuis, les march\u00e9s demeurent sous l\u2019emprise des manchettes et que la volatilit\u00e9 risque incidemment de poursuivre son r\u00e8gne. Les risques macro\u00e9conomiques, plus particuli\u00e8rement la g\u00e9opolitique et les politiques commerciales, restent imposants et cr\u00e9ent de l\u2019incertitude pour les entreprises et les consommateurs, ce qui pourrait s\u2019av\u00e9rer un autre frein \u00e0 la croissance \u00e9conomique. Devant ces vents contraires sur le plan macro\u00e9conomique, l\u2019univers des petites entreprises demeure bon march\u00e9, tant sur le plan relatif qu\u2019absolu. Nous avons toujours recours \u00e0 notre approche ax\u00e9e sur les \u00ab\u2009potins\u2009\u00bb qui classe les id\u00e9es de placement en fonction de leur profil risque\/rendement. Nous chercherons \u00e0 ajouter des participations moyennant des cours attrayants dans le but d\u2019alimenter notre rendement \u00e0 long terme.<\/p>\n

    David Barr, CFA et Sharon Wang
    \n5 mai 2025<\/em><\/p>\n

    [1]<\/a> <\/sup>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":"

    Notre Fonds a perdu -11,7 % au premier trimestre de 2025, refl\u00e9tant la performance des march\u00e9s am\u00e9ricains \u00e0 petite capitalisation qui sont repr\u00e9sent\u00e9s par l\u2019indice Russell 2000 (CAD), lequel s\u2019est repli\u00e9 de -9,4 %. En revanche, l\u2019indice compos\u00e9 S&P\/TSX s\u2019est avanc\u00e9 de 1,5 %, et l\u2019indice \u00e0 petite capitalisation [...]<\/p>","protected":false},"featured_media":70559,"template":"","meta":{"_acf_changed":false},"fund-type":[36,38],"class_list":["post-64771","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-equity-funds","fund-type-pender-small-cap-opportunities-fund"],"acf":[],"yoast_head":"\nPender Small Cap Opportunities 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 Small Cap Opportunities Fund - Q1 2025 - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"Fund Performance In the first quarter of 2025, our Fund declined -11.7%[1], mirroring the performance of US small cap markets as measured by the Russell 2000 Index (CAD), which fell -9.4%. In contrast, the S&P\/TSX Composite Index gained 1.5%, and the S&P\/TSX Small Cap Index rose 1.0%. This divergence between US and Canadian markets reflects […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/staging.penderfund.com\/fr\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/\" \/>\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=\"2025-09-24T01:54:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/VALUE-FUND-AND-SMALL-CAP-1.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\/pender-small-cap-opportunities-fund-q1-2025\/\",\"url\":\"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/\",\"name\":\"Pender Small Cap Opportunities Fund - Q1 2025 - PenderFund Capital Management\",\"isPartOf\":{\"@id\":\"https:\/\/staging.penderfund.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/VALUE-FUND-AND-SMALL-CAP-1.png\",\"datePublished\":\"2025-05-05T15:09:07+00:00\",\"dateModified\":\"2025-09-24T01:54:39+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/#breadcrumb\"},\"inLanguage\":\"fr-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/#primaryimage\",\"url\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/VALUE-FUND-AND-SMALL-CAP-1.png\",\"contentUrl\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/VALUE-FUND-AND-SMALL-CAP-1.png\",\"width\":850,\"height\":400},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/#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 Small Cap Opportunities Fund - Q1 2025\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/staging.penderfund.com\/#website\",\"url\":\"https:\/\/staging.penderfund.com\/\",\"name\":\"PenderFund Capital Management\",\"description\":\"Forward thinking. Finding value.\",\"publisher\":{\"@id\":\"https:\/\/staging.penderfund.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/staging.penderfund.com\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-CA\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/staging.penderfund.com\/#organization\",\"name\":\"PenderFund Capital Management\",\"alternateName\":\"PenderFund\",\"url\":\"https:\/\/staging.penderfund.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\/\/staging.penderfund.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/06\/PenderFund-Cap-Man-Logo_English.png\",\"contentUrl\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/06\/PenderFund-Cap-Man-Logo_English.png\",\"width\":850,\"height\":250,\"caption\":\"PenderFund Capital Management\"},\"image\":{\"@id\":\"https:\/\/staging.penderfund.com\/#\/schema\/logo\/image\/\"},\"sameAs\":[\"https:\/\/www.facebook.com\/penderfund\/\",\"https:\/\/x.com\/penderfund\"]}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Pender Small Cap Opportunities Fund - Q1 2025 - PenderFund Capital Management","robots":{"index":"noindex","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"og_locale":"fr_CA","og_type":"article","og_title":"Pender Small Cap Opportunities Fund - Q1 2025 - PenderFund Capital Management","og_description":"Fund Performance In the first quarter of 2025, our Fund declined -11.7%[1], mirroring the performance of US small cap markets as measured by the Russell 2000 Index (CAD), which fell -9.4%. In contrast, the S&P\/TSX Composite Index gained 1.5%, and the S&P\/TSX Small Cap Index rose 1.0%. This divergence between US and Canadian markets reflects […]","og_url":"https:\/\/staging.penderfund.com\/fr\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/","og_site_name":"PenderFund Capital Management","article_publisher":"https:\/\/www.facebook.com\/penderfund\/","article_modified_time":"2025-09-24T01:54:39+00:00","og_image":[{"width":850,"height":400,"url":"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/VALUE-FUND-AND-SMALL-CAP-1.png","type":"image\/png"}],"twitter_card":"summary_large_image","twitter_site":"@penderfund","twitter_misc":{"Estimation du temps de lecture":"5 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/","url":"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/","name":"Pender Small Cap Opportunities Fund - Q1 2025 - PenderFund Capital Management","isPartOf":{"@id":"https:\/\/staging.penderfund.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/#primaryimage"},"image":{"@id":"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/#primaryimage"},"thumbnailUrl":"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/VALUE-FUND-AND-SMALL-CAP-1.png","datePublished":"2025-05-05T15:09:07+00:00","dateModified":"2025-09-24T01:54:39+00:00","breadcrumb":{"@id":"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/#breadcrumb"},"inLanguage":"fr-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/"]}]},{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/#primaryimage","url":"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/VALUE-FUND-AND-SMALL-CAP-1.png","contentUrl":"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/VALUE-FUND-AND-SMALL-CAP-1.png","width":850,"height":400},{"@type":"BreadcrumbList","@id":"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q1-2025\/#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 Small Cap Opportunities Fund - Q1 2025"}]},{"@type":"WebSite","@id":"https:\/\/staging.penderfund.com\/#website","url":"https:\/\/staging.penderfund.com\/","name":"Gestion de capital PenderFund lt\u00e9e","description":"Forward thinking. Finding value.","publisher":{"@id":"https:\/\/staging.penderfund.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/staging.penderfund.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-CA"},{"@type":"Organization","@id":"https:\/\/staging.penderfund.com\/#organization","name":"Gestion de capital PenderFund lt\u00e9e","alternateName":"PenderFund","url":"https:\/\/staging.penderfund.com\/","logo":{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/staging.penderfund.com\/#\/schema\/logo\/image\/","url":"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/06\/PenderFund-Cap-Man-Logo_English.png","contentUrl":"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/06\/PenderFund-Cap-Man-Logo_English.png","width":850,"height":250,"caption":"PenderFund Capital Management"},"image":{"@id":"https:\/\/staging.penderfund.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/penderfund\/","https:\/\/x.com\/penderfund"]}]}},"_links":{"self":[{"href":"https:\/\/staging.penderfund.com\/fr\/wp-json\/wp\/v2\/commentaries\/64771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/staging.penderfund.com\/fr\/wp-json\/wp\/v2\/commentaries"}],"about":[{"href":"https:\/\/staging.penderfund.com\/fr\/wp-json\/wp\/v2\/types\/commentaries"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/staging.penderfund.com\/fr\/wp-json\/wp\/v2\/media\/70559"}],"wp:attachment":[{"href":"https:\/\/staging.penderfund.com\/fr\/wp-json\/wp\/v2\/media?parent=64771"}],"wp:term":[{"taxonomy":"fund-type","embeddable":true,"href":"https:\/\/staging.penderfund.com\/fr\/wp-json\/wp\/v2\/fund-type?post=64771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}