{"id":67073,"date":"2025-07-08T14:18:42","date_gmt":"2025-07-08T21:18:42","guid":{"rendered":"https:\/\/www.penderfund.com\/?post_type=commentaries&p=67073"},"modified":"2025-09-16T15:40:59","modified_gmt":"2025-09-16T22:40:59","slug":"pender-corporate-bond-fund-june-2025","status":"publish","type":"commentaries","link":"https:\/\/staging.penderfund.com\/fr\/commentaries\/pender-corporate-bond-fund-june-2025\/","title":{"rendered":"Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender \u2013 juin 2025"},"content":{"rendered":"

Le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender a d\u00e9gag\u00e9 un rendement de 1,8 %[1]<\/sup><\/a> en juin, dans des conditions de march\u00e9 g\u00e9n\u00e9ralement favorables.<\/p>\n

Les meilleures performances du Fonds reviennent \u00e0 nos participations aux soci\u00e9t\u00e9s expos\u00e9es au platine, notamment les obligations convertibles du groupe minier sud-africain de m\u00e9taux platine, Sibanye Stillwater Limited<\/strong>, et les parts d\u2019abrdn Physical Platinum Shares<\/strong>, qui se sont avanc\u00e9es de plus de 25 %. Bien que nous ayons r\u00e9duit quelque peu notre enjeu dans ces titres, nous estimons toujours que le platine est consid\u00e9rablement sous-\u00e9valu\u00e9 et que l\u2019offre de nouveaux m\u00e9taux n\u00e9cessite des prix de bien sup\u00e9rieurs aux niveaux actuels.<\/p>\n

Notre participation \u00e0 la structure de capital de Wolfspeed Inc.<\/strong>figurait \u00e9galement parmi les performances cl\u00e9s du Fonds. Ce fabricant de plaquettes de carbure de silicium a annonc\u00e9 un plan de restructuration en vertu du chapitre 11 de la loi sur les faillites, ce qui lui permettrait d\u2019\u00e9liminer plus de 4,6 milliards $ de dettes. Maintenant que le plan a \u00e9t\u00e9 d\u00e9voil\u00e9, en attente de l\u2019approbation du tribunal, nos obligations convertibles ont grimp\u00e9 de plus de 35 %. Nous nous attendons d\u2019ailleurs \u00e0 ce que les bonnes nouvelles continuent de s\u2019accumuler pour Wolfspeed.<\/p>\n

\u00c0 l\u2019autre bout du spectre, les titres perdants n\u2019\u00e9taient pas en grand nombre, mais un d\u2019entre eux a connu une d\u00e9bandade consid\u00e9rable : Spirit Aviation Holdings<\/strong> . Tant les actions que les obligations de sa structure de capital ont accus\u00e9 un revers. Nous aimons encore nos perspectives \u00e0 l\u2019\u00e9gard de cet avoir et avons en cons\u00e9quence rench\u00e9ri sur ses billets de premier ordre et ses actions nouvellement r\u00e9organis\u00e9es en juin.<\/p>\n

En qu\u00eate d\u2019occasions par-del\u00e0 le Rio Grande<\/h3>\n

Nous estimons que l\u2019Am\u00e9rique latine est bien plac\u00e9e pour d\u00e9gager des rendements exc\u00e9dentaires, tant du c\u00f4t\u00e9 obligataire que boursier, au cours des mois et ann\u00e9es \u00e0 venir. Deux facteurs principaux appuient cette hypoth\u00e8se.<\/p>\n

Premier facteur : les investisseurs de l\u2019Am\u00e9rique centrale et du Sud ont acc\u00e8s \u00e0 des taux d\u2019int\u00e9r\u00eat r\u00e9els inhabituellement \u00e9lev\u00e9s (c\u2019est-\u00e0-dire, taux d\u2019int\u00e9r\u00eat moins inflation locale).<\/p>\n

Consid\u00e9rons le Br\u00e9sil<\/strong>. L\u2019inflation au cours des 18 derniers mois se situe autour de 5 %, mais les taux d\u2019int\u00e9r\u00eat \u00e0 court terme locaux se situent \u00e0 des niveaux catastrophiques de l\u2019ordre de 15 %. Et qu\u2019en est-il de la Colombie?<\/strong>Et bien ses taux d\u2019int\u00e9r\u00eat gouvernementaux se situent de 5 % au-dessus du taux d\u2019inflation pr\u00e9dominant. La situation est comparable au Mexique<\/strong> o\u00f9 r\u00e8gnent des taux d\u2019int\u00e9r\u00eat r\u00e9els relativement copieux de 4 \u00e0 5 % tout le long de la courbe gouvernementale.<\/p>\n

Des taux d\u2019int\u00e9r\u00eat r\u00e9els tr\u00e8s prononc\u00e9s figurent parmi les caract\u00e9ristiques d\u2019une tendance haussi\u00e8re soutenue \u00e0 venir au sein d\u2019un march\u00e9. Il s\u2019av\u00e8re que de nombreux march\u00e9s latino-am\u00e9ricains r\u00e9pondent pr\u00e9sentement \u00e0 ce crit\u00e8re. \u00c0 quand remonte la derni\u00e8re fois o\u00f9 l\u2019Am\u00e9rique du Nord a pr\u00e9sent\u00e9 des taux d\u2019int\u00e9r\u00eat r\u00e9els de 5 % ou plus sur une longue p\u00e9riode? Il faut aller jusqu\u2019au d\u00e9but des ann\u00e9es 1980, \u00e0 la fin d\u2019une longue p\u00e9riode de stagnation boursi\u00e8re sur 15 ans et juste avant un incroyable march\u00e9 haussier o\u00f9 le rendement de l\u2019indice S&P 500 s\u2019est d\u00e9cupl\u00e9 au cours des 15 ann\u00e9es subs\u00e9quentes.<\/p>\n

Deuxi\u00e8me facteur \u00e0 l\u2019appui de notre hypoth\u00e8se : simplement, la dur\u00e9e prolong\u00e9e du marasme boursier qui a min\u00e9 les actions latino-am\u00e9ricaines. En dollars am\u00e9ricains, l\u2019indice boursier Bolsa Mexicana n\u2019est all\u00e9 nulle part en 18 ans. Il en va de m\u00eame pour l\u2019indice Bovespa du Br\u00e9sil. Toutefois, pendant ce temps, ces \u00e9conomies ont connu une croissance, les multiples de valorisation se sont contract\u00e9s et leur capacit\u00e9 \u00e0 d\u00e9gager des b\u00e9n\u00e9fices s\u2019est accrue consid\u00e9rablement.<\/p>\n

Bref, le contexte en Am\u00e9rique latine pour les obligations, les titres de cr\u00e9ance, voire m\u00eame les actions, nous semble extr\u00eamement prometteur. Les lecteurs attentifs de nos commentaires mensuels auront s\u00fbrement remarqu\u00e9 que notre pr\u00e9sence dans cette r\u00e9gion a pris de l\u2019expansion. Notre plus grande pond\u00e9ration accord\u00e9e \u00e0 une soci\u00e9t\u00e9 individuelle, ici Pemex<\/strong>, repr\u00e9sente environ 3,3 % du portefeuille. Les obligations de Pemex, qui profitent d\u2019un bon soutien gouvernemental et de donn\u00e9es fondamentales am\u00e9lior\u00e9es, offrent encore des taux de rendement de presque 10 % (pour les titres \u00e0 plus longue \u00e9ch\u00e9ance), procurant un potentiel tant sur le plan du revenu que de la plus-value du capital.<\/p>\n

Outre Pemex, notre pond\u00e9ration combin\u00e9e en Am\u00e9rique latine repr\u00e9sente d\u00e9sormais environ 5 % du Fonds et comprend des positions dans la soci\u00e9t\u00e9 de paiement br\u00e9silienne StoneCo Ltd<\/strong> et dans Gran Tierra Energy Inc.<\/strong> , qui est propri\u00e9taire et exploitant d\u2019actifs \u00e9nerg\u00e9tiques en Colombie, mais dont le si\u00e8ge social est \u00e0 Calgary.<\/p>\n

Nous affectionnons cette r\u00e9gion et continuons d\u2019accro\u00eetre notre participation dans les structures de capital offrant un fort potentiel.<\/p>\n

Nouvelles positions<\/h3>\n

En juin, nous avons cr\u00e9\u00e9 une nouvelle position dans les obligations hybrides de BlueNord ASA<\/strong>. BlueNord appartient environ 37 % des actifs extraterritoriaux de p\u00e9trole et gaz naturel dans la mer du Nord danoise dans le cadre d\u2019un consortium qui inclut \u00e9galement TotalEnergies et une entit\u00e9 d\u00e9tenue par l\u2019\u00c9tat danois. Nous aimons BlueNord pour bon nombre des m\u00eames raisons qui nous ont pouss\u00e9s \u00e0 investir dans Tenaz Energy Corp, laquelle exploite des actifs \u00e9nerg\u00e9tiques dans la mer du Nord danoise. Tant BlueNord que Tenaz sont appel\u00e9es \u00e0 profiter d\u2019un changement des priorit\u00e9s gouvernementales en faveur des ressources extraterritoriales tandis que les pays europ\u00e9ens cherchent \u00e0 diversifier leurs sources \u00e9nerg\u00e9tiques afin d\u2019\u00e9viter le gaz naturel russe. Le consortium de BlueNord proc\u00e8de actuellement \u00e0 une vaste expansion dans le champ Tyra, ce qui devrait plus que doubler la production et prolonger la dur\u00e9e de vie de ce champ jusqu\u2019en 2042. Nous estimons que le taux de rendement de 12 % des \u00e9missions de BlueNord est attrayant dans cette situation consid\u00e9rant que la probabilit\u00e9 de d\u00e9faut sur un an se situe \u00e0 moins de 0,6 %, selon nos calculs.<\/p>\n

\u00c9galement en juin, nous avons d\u00e9cid\u00e9 de cr\u00e9er une nouvelle position dans les obligations convertibles de Lucid Group Inc.<\/strong> , titres dans lesquels nous avions auparavant investis. En effet, apr\u00e8s avoir liquid\u00e9 notre position ant\u00e9rieure \u00e0 un prix de 88,50 $, nous avons saut\u00e9 sur l\u2019occasion de r\u00e9investir dans cette \u00e9mission offrant un taux de rendement de plus de 10 %. Nous consid\u00e9rons toujours que la capacit\u00e9 de Lucid en elle-m\u00eame est suffisante pour rembourser cette \u00e9mission de 960 millions de dollars en moins de 18 mois, et nous prenons \u00e9galement en compte le soutien implicite apport\u00e9 par l\u2019actionnaire majoritaire de la soci\u00e9t\u00e9, soit le fonds Saudi Public Investment Fund.<\/p>\n

Positionnement du Fonds<\/h3>\n

Le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender \u00e9tait assorti d\u2019un rendement \u00e0 l\u2019\u00e9ch\u00e9ance de 6,24 % au 30 juin, le taux de rendement actuel s\u2019\u00e9tablissant \u00e0 5,27 % et la dur\u00e9e moyenne de ses instruments \u00e0 terme \u00e0 3,75 ann\u00e9es. Il comporte une pond\u00e9ration de 4 % 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. La tr\u00e9sorerie repr\u00e9sentait 2,6 % du portefeuille total au 30 juin.<\/p>\n

Geoff Castle
\n8 juillet 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":"

Le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender a d\u00e9gag\u00e9 un rendement de 1,8 % en juin, dans des conditions de march\u00e9 g\u00e9n\u00e9ralement favorables. Les meilleures performances du Fonds reviennent \u00e0 nos participations aux soci\u00e9t\u00e9s expos\u00e9es au platine, notamment les obligations convertibles du groupe minier sud-africain de m\u00e9taux platine, [...]<\/p>","protected":false},"featured_media":70403,"template":"","meta":{"_acf_changed":false},"fund-type":[41,43],"class_list":["post-67073","commentaries","type-commentaries","status-publish","has-post-thumbnail","hentry","fund-type-fixed-income-funds","fund-type-pender-corporate-bond-fund"],"acf":[],"yoast_head":"\nPender Corporate Bond Fund - June 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 - June 2025 - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"The Pender Corporate Bond Fund returned 1.8%[1] in June amid market conditions that were generally favorable. 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