{"id":67096,"date":"2025-07-11T11:01:37","date_gmt":"2025-07-11T18:01:37","guid":{"rendered":"https:\/\/www.penderfund.com\/?post_type=commentaries&p=67096"},"modified":"2025-09-23T18:54:18","modified_gmt":"2025-09-24T01:54:18","slug":"pender-small-cap-opportunities-fund-q2-2025","status":"publish","type":"commentaries","link":"https:\/\/staging.penderfund.com\/fr\/commentaries\/pender-small-cap-opportunities-fund-q2-2025\/","title":{"rendered":"Fonds d\u2019opportunit\u00e9s \u00e0 petites capitalisations Pender - T2 2025"},"content":{"rendered":"

Rendement du Fonds<\/h3>\n

Au deuxi\u00e8me trimestre, notre Fonds a d\u00e9gag\u00e9 un excellent rendement de 11,0 %[1], effectuant ainsi une volte-face importante depuis le rendement n\u00e9gatif du premier trimestre. Le Fonds a pris les devants sur les march\u00e9s boursiers canadien et am\u00e9ricain, l\u2019indice compos\u00e9 S&P\/TSX ayant progress\u00e9 de 8,5 % et l\u2019indice Russell 2000 (CAD) de 2,7 %. Le rendement peu reluisant de l\u2019indice Russell 2000 (CAD) a \u00e9t\u00e9 partiellement caus\u00e9 par la d\u00e9pr\u00e9ciation du dollar am\u00e9ricain, car son rendement en dollars am\u00e9ricains s\u2019\u00e9levait \u00e0 8,5 %. Cela dit, l\u2019effet des devises a \u00e9t\u00e9 minimal sur notre Fonds, puisqu\u2019il est principalement expos\u00e9 aux actions canadiennes.<\/p>\n

\u00c0 ce jour, notre Fonds accuse un retard de 2,0 %, comparativement \u00e0 un gain de 10,2 % pour l\u2019indice compos\u00e9 S&P\/TSX et un d\u00e9clin de 7,0 % pour l\u2019indice Russell 2000 (CAD). Cette divergence entre les march\u00e9s am\u00e9ricain et canadien rel\u00e8ve principalement du prix des marchandises : l\u2019indice compos\u00e9 S&P\/TSX est plus fortement pond\u00e9r\u00e9 dans les secteurs de l\u2019\u00e9nergie et des mati\u00e8res premi\u00e8res.<\/p>\n

Volatilit\u00e9 caus\u00e9e par l\u2019incertitude tarifaire<\/h3>\n

Le deuxi\u00e8me trimestre de 2025 a \u00e9t\u00e9 la sc\u00e8ne d\u2019une volatilit\u00e9 prononc\u00e9e, principalement occasionn\u00e9e par les avis tarifaires du \u00ab\u2009Jour de la lib\u00e9ration\u2009\u00bb le 2 avril dernier. L\u2019indice S&P 500 a d\u00e9gringol\u00e9 de pr\u00e8s de 20 % depuis ses sommets de f\u00e9vrier pour faire une br\u00e8ve incursion en territoire baissier. Toutefois, les march\u00e9s se sont fortement redress\u00e9s apr\u00e8s que la Maison-Blanche a d\u00e9cid\u00e9 de suspendre la plupart des tarifs douaniers pendant une p\u00e9riode de 90 jours. En effet, l\u2019indice S&P 500 a grimp\u00e9 de 25 % depuis son creux pour terminer le trimestre \u00e0 un sommet record, en hausse d\u2019environ 11 % \u00e0 la fin de juin.<\/p>\n

Les actions canadiennes ont aussi particip\u00e9 \u00e0 cette reprise, comme en t\u00e9moigne le gain de 8,5 % au T2 de l\u2019indice compos\u00e9 S&P\/TSX, celui-ci ayant touch\u00e9 un nouveau sommet en tout temps \u00e0 la fin juin. Les actions \u00e0 petite capitalisation ont connu une r\u00e9surgence quelque peu moins faramineuse : l\u2019indice Russell 200 s\u2019\u00e9tant avanc\u00e9 de 8 % pendant le trimestre. La volatilit\u00e9 qui a r\u00e9gn\u00e9 pendant cette p\u00e9riode d\u00e9montre \u00e0 quel point les march\u00e9s sont sensibles aux d\u00e9veloppements sur le plan de la politique commerciale, l\u2019incertitude initiale ayant fait place \u00e0 l\u2019optimisme sur fond de rel\u00e2chement des tensions et de b\u00e9n\u00e9fices solides.<\/p>\n

Principaux th\u00e8mes de placement<\/h3>\n

Notre th\u00e8se de placement s\u2019articule toujours autour de quatre th\u00e8mes transformateurs qui, selon nous, fa\u00e7onnent l\u2019avenir des march\u00e9s et joueront un r\u00f4le central dans la cr\u00e9ation de rendements \u00e0 long terme : l\u2019intelligence artificielle (IA), la transition \u00e9nerg\u00e9tique, les entreprises logicielles et la g\u00e9opolitique.<\/p>\n

La progression et l\u2019adoption rapides des technologies d\u2019IA dans tous les secteurs mettent au jour de nouvelles efficiences, red\u00e9finissent les pourtours concurrentiels et entra\u00eenent d\u2019\u00e9normes occasions de croissance, notamment pour les entreprises qui ont des donn\u00e9es exclusives et des plateformes pouvant \u00eatre mises \u00e0 l\u2019\u00e9chelle. Parall\u00e8lement, du c\u00f4t\u00e9 de la transition \u00e9nerg\u00e9tique, l\u2019effet d\u2019entrainement mondial vers la d\u00e9carbonisation acc\u00e9l\u00e8re l\u2019investissement dans les infrastructures \u00e9nerg\u00e9tiques de nouvelle g\u00e9n\u00e9ration, les solutions de stockage et les entit\u00e9s exploitant des technologies propres, offrant des opportunit\u00e9s int\u00e9ressantes aux innovateurs dans ce milieu. Les entreprises logicielles demeurent un pilier central de la transformation num\u00e9rique, la demande pour l\u2019automatisation, les syst\u00e8mes infonuagiques et la cybers\u00e9curit\u00e9 \u00e9tant appel\u00e9s \u00e0 cro\u00eetre dans le sillage des changements transformateurs aliment\u00e9s par l\u2019IA. Et finalement, la g\u00e9opolitique, qui comprend les cha\u00eenes d\u2019approvisionnement changeantes, la modernisation de la d\u00e9fense et les bifurcations r\u00e9glementaires, refa\u00e7onne les flux de capitaux et les structures industrielles \u00e0 l\u2019\u00e9chelle mondiale. Ensemble, ces th\u00e8mes \u00e9clairent la construction ascendante de notre portefeuille et font \u00e9tat de nos convictions profondes : c\u2019est l\u00e0, selon nous, que la cr\u00e9ation de la valeur durable aura lieu au cours de la prochaine d\u00e9cennie.<\/p>\n

Titres gagnants et perdants<\/h3>\n

Les entreprises qui s\u2019inscrivent dans les quatre tendances d\u00e9crites ci-haut ont g\u00e9n\u00e9ralement bien tir\u00e9 leur \u00e9pingle du jeu. Au deuxi\u00e8me trimestre, nos avoirs li\u00e9s \u00e0 la transition \u00e9nerg\u00e9tique, soit5N Plus Inc. (TSX : VNP)<\/strong>, Tantalus Systems Holdings Inc. (TSX : GRID)<\/strong> et Hammond Power Solutions Inc. (TSX : HPS.A)<\/strong>, figuraient parmi les cinq principaux titres gagnants pour le Fonds, ajoutant collectivement plus de 400 points de base au rendement.<\/p>\n

En revanche, nos options de vente sur l\u2019indice Nasdaq et l\u2019indice Russell 2000 ont le plus nui au rendement du Fonds au deuxi\u00e8me trimestre, refl\u00e9tant l\u2019important changement de cap op\u00e9r\u00e9 par les march\u00e9s pendant cette p\u00e9riode. Comme nous l\u2019avions not\u00e9 dans notre commentaire du T1<\/a>, ces options de vente sur ces deux indices avaient \u00e9t\u00e9 mises en place afin de nous pr\u00e9valoir d\u2019une couverture strat\u00e9gique. Ces positions ont jou\u00e9 un r\u00f4le positif au premier trimestre, mais ont eu l\u2019effet inverse au T2 suivant la reprise des march\u00e9s. Comme il s\u2019agit de la premi\u00e8re fois que nous int\u00e9grons de telles options \u00e0 notre strat\u00e9gie, nous avons cru bon de commencer avec des avoirs de plus petite taille.<\/p>\n

Activit\u00e9s du portefeuille<\/h3>\n

Coveo Solutions Inc. (TSX : CVO) figure parmi les ajouts les plus notables au portefeuille<\/strong>et repr\u00e9sente incidemment la principale position du Fonds. Coveo offre une plateforme de recherche aliment\u00e9e par l\u2019IA qui livre des r\u00e9sultats de recherche hautement pertinents parmi les sites web et les applications de commerce \u00e9lectronique, de service \u00e0 la client\u00e8le et de milieux de travail. Nous faisons un suivi de cette entreprise depuis quelque temps et avons r\u00e9cemment observ\u00e9 une r\u00e9acc\u00e9l\u00e9ration de la croissance des engagements en plus d\u2019am\u00e9liorations notables au sein de son \u00e9quipe de direction, y compris le retour de son fondateur et PDG ainsi que la nomination d\u2019un nouveau chef des revenus aux solides ant\u00e9c\u00e9dents. Selon nous, Coveo se trouve \u00e0 un point d\u2019inflexion qui devrait lui permettre d\u2019assurer sa croissance et rentabilit\u00e9. Au cours du trimestre, nous avons particip\u00e9 \u00e0 une transaction en bloc qui a supprim\u00e9 un exc\u00e9dent d\u2019un important vendeur de capital-investissement, nous permettant d\u2019investir \u00e0 un prix inf\u00e9rieur \u00e0 la valeur marchande. \u00c0 notre avis, il s\u2019agit l\u00e0 d\u2019une excellente occasion de nous exposer \u00e0 une soci\u00e9t\u00e9 canadienne d\u2019IA qui se n\u00e9gocie \u00e0 un cours attrayant.<\/p>\n

Le Fonds a liquid\u00e9 plusieurs positions pendant le trimestre, y compris Lightspeed Commerce Inc. (TSX : LSPD)<\/strong>. Nous avions cr\u00e9\u00e9 cette position au T4 de 2024, notre th\u00e8se \u00e9tant que la soci\u00e9t\u00e9 \u00e9tait candidate \u00e0 une acquisition au priv\u00e9. Toutefois, \u00e0 l\u2019issue d\u2019un examen strat\u00e9gique de la soci\u00e9t\u00e9 \u2013 sans vente \u2013 nous avons chang\u00e9 d\u2019id\u00e9e. Devant les d\u00e9fis continus pour raviver la croissance dans le segment des logiciels et son profil de rendement moins int\u00e9ressant, nous avons d\u00e9cid\u00e9 de mettre un terme \u00e0 cette participation.<\/p>\n

Perspectives<\/h3>\n

Dans ce contexte en pleine \u00e9volution, model\u00e9 par des manchettes toujours mouvantes, nous demeurons fermement ancr\u00e9s dans notre processus de placement. Nous cherchons toujours \u00e0 rep\u00e9rer les occasions affichant des profils risque\/rendement attrayants et \u00e0 investir dans des entreprises de grande qualit\u00e9 qui sont bien plac\u00e9es pour naviguer en eaux troubles.<\/p>\n

David Barr, CFA et Sharon Wang
\n11 juillet 2025<\/p>\n

[1] 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":"

Au deuxi\u00e8me trimestre, notre Fonds a d\u00e9gag\u00e9 un excellent rendement de 11,0 %[1], effectuant ainsi une volte-face importante depuis le rendement n\u00e9gatif du premier trimestre. Le Fonds a pris les devants sur les march\u00e9s boursiers canadien et am\u00e9ricain, l\u2019indice compos\u00e9 S&P\/TSX ayant progress\u00e9 de 8,5 % et l\u2019indice [...]<\/p>","protected":false},"featured_media":70559,"template":"","meta":{"_acf_changed":false},"fund-type":[36,38],"class_list":["post-67096","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 \u2013 Q2 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 \u2013 Q2 2025 - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"Fund Performance In the second quarter, our Fund delivered a strong return of 11.0%[1], marking a significant rebound from the negative performance in the first quarter. The Fund outperformed both the Canadian and US markets, with the S&P\/TSX Composite Index gaining 8.5% and the Russell 2000 Index (CAD) rising 2.7%. The muted performance of the […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/staging.penderfund.com\/fr\/commentaries\/pender-small-cap-opportunities-fund-q2-2025\/\" \/>\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=\"2025-09-24T01:54:18+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-q2-2025\/\",\"url\":\"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q2-2025\/\",\"name\":\"Pender Small Cap Opportunities Fund \u2013 Q2 2025 - PenderFund Capital Management\",\"isPartOf\":{\"@id\":\"https:\/\/staging.penderfund.com\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q2-2025\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q2-2025\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/VALUE-FUND-AND-SMALL-CAP-1.png\",\"datePublished\":\"2025-07-11T18:01:37+00:00\",\"dateModified\":\"2025-09-24T01:54:18+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q2-2025\/#breadcrumb\"},\"inLanguage\":\"fr-CA\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q2-2025\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-CA\",\"@id\":\"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q2-2025\/#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-q2-2025\/#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 \u2013 Q2 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 \u2013 Q2 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 \u2013 Q2 2025 - PenderFund Capital Management","og_description":"Fund Performance In the second quarter, our Fund delivered a strong return of 11.0%[1], marking a significant rebound from the negative performance in the first quarter. The Fund outperformed both the Canadian and US markets, with the S&P\/TSX Composite Index gaining 8.5% and the Russell 2000 Index (CAD) rising 2.7%. The muted performance of the […]","og_url":"https:\/\/staging.penderfund.com\/fr\/commentaries\/pender-small-cap-opportunities-fund-q2-2025\/","og_site_name":"PenderFund Capital Management","article_publisher":"https:\/\/www.facebook.com\/penderfund\/","article_modified_time":"2025-09-24T01:54:18+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-q2-2025\/","url":"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q2-2025\/","name":"Pender Small Cap Opportunities Fund \u2013 Q2 2025 - PenderFund Capital Management","isPartOf":{"@id":"https:\/\/staging.penderfund.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q2-2025\/#primaryimage"},"image":{"@id":"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q2-2025\/#primaryimage"},"thumbnailUrl":"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2025\/09\/VALUE-FUND-AND-SMALL-CAP-1.png","datePublished":"2025-07-11T18:01:37+00:00","dateModified":"2025-09-24T01:54:18+00:00","breadcrumb":{"@id":"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q2-2025\/#breadcrumb"},"inLanguage":"fr-CA","potentialAction":[{"@type":"ReadAction","target":["https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q2-2025\/"]}]},{"@type":"ImageObject","inLanguage":"fr-CA","@id":"https:\/\/staging.penderfund.com\/commentaries\/pender-small-cap-opportunities-fund-q2-2025\/#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-q2-2025\/#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 \u2013 Q2 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\/67096","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=67096"}],"wp:term":[{"taxonomy":"fund-type","embeddable":true,"href":"https:\/\/staging.penderfund.com\/fr\/wp-json\/wp\/v2\/fund-type?post=67096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}