{"id":70420,"date":"2025-09-08T15:05:48","date_gmt":"2025-09-08T22:05:48","guid":{"rendered":"https:\/\/staging.penderfund.com\/?post_type=commentaries&p=70420"},"modified":"2025-09-16T15:07:46","modified_gmt":"2025-09-16T22:07:46","slug":"pender-corporate-bond-fund-august-2025","status":"publish","type":"commentaries","link":"https:\/\/staging.penderfund.com\/fr\/commentaries\/pender-corporate-bond-fund-august-2025\/","title":{"rendered":"Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender \u2013 ao\u00fbt 2025"},"content":{"rendered":"

Le mois d\u2019ao\u00fbt a \u00e9t\u00e9 excellent pour le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender qui a d\u00e9gag\u00e9 un gain de 2,4 %[1]<\/a>dans un contexte propice aux rendements.<\/p>\n

En ao\u00fbt, nos positions dans le secteur des m\u00e9taux pr\u00e9cieux ont tir\u00e9 profit d\u2019une vigueur g\u00e9n\u00e9ralis\u00e9e. La premi\u00e8re place est revenue aux titres convertibles\u00a0d\u2019Equinox Gold Corp.<\/strong>\u00a0qui ont progress\u00e9 de plus de 20 % gr\u00e2ce aux r\u00e9sultats financiers solides de l\u2019entreprise et \u00e0 la hausse soutenue du prix de l\u2019or. Nous avons d\u00fb \u00e9laguer ici et l\u00e0 et acheter quelques options d\u2019achat couvertes contre des positions li\u00e9es aux m\u00e9taux pr\u00e9cieux, mais nous estimons que le complexe dans son ensemble demeure int\u00e9ressant et risque fort d\u2019\u00eatre de nouveau r\u00e9\u00e9valu\u00e9 \u00e0 la hausse.<\/p>\n

D\u2019autres actifs du Fonds ont produit des r\u00e9sultats exceptionnels en ao\u00fbt, dont nos positions dans la structure du capital\u00a0d'Esperion Therapeutics<\/strong>\u00a0Inc.<\/strong>, une pharmaceutique sp\u00e9cialis\u00e9e dans les cardiopathies. Esperion a continu\u00e9 de briller en ao\u00fbt. En effet, ses revenus ont surpass\u00e9 les pr\u00e9visions et nos billets convertibles de 2030 ont mont\u00e9 de 17 points tandis que notre modeste participation au capital s\u2019est major\u00e9e de plus de 50 %. Finalement, notre position dans les billets convertibles en d\u00e9faut du constructeur d\u2019automobiles \u00e9lectriques chinois\u00a0N<\/strong>IO Inc.<\/strong>soutenue par l\u2019avanc\u00e9e de l\u2019entreprise vers la profitabilit\u00e9, a gagn\u00e9 plus de 15 %. Nous avons r\u00e9duit cette position, car les perspectives en mati\u00e8re de rendements ont baiss\u00e9 avec le mouvement du cours.<\/p>\n

Il y a eu peu de maillons faibles en ao\u00fbt, si ce n\u2019est notre participation dans la dette et les capitaux propres r\u00e9organis\u00e9s de Spirit Aviation Holdings Inc.<\/strong> qui ont d\u00e9clin\u00e9 pr\u00e9cipitamment. Le 29 ao\u00fbt, Spirit s\u2019est plac\u00e9 sous la protection du Chapitre 11 de la loi sur les faillites lorsque l\u2019une des soci\u00e9t\u00e9s lui louant des avions a \u00e9mis un avis de d\u00e9faut de paiement destin\u00e9 \u00e0 emp\u00eacher Spirit de prendre livraison des douzaines d\u2019appareils devant lui \u00eatre remis. Nous croyons que les billets de premier rang du programme de fid\u00e9lit\u00e9 de Spirit offrent une couverture ad\u00e9quate, bien que le nouveau d\u00e9p\u00f4t de bilan cr\u00e9e une certaine dose d\u2019incertitude quant \u00e0 l\u2019issue potentielle de notre participation. Au 29 ao\u00fbt, notre avoir dans les actions de Spirit, majoritairement constitu\u00e9 de billets de premier rang, occupait une pond\u00e9ration de 1,3 % du Fonds.<\/p>\n

Quel est le positionnement du Fonds?<\/h3>\n

G\u00e9n\u00e9ralement parlant, le Fonds se compose d\u2019investissements s\u00fbrs<\/strong>, qui livrent des rendements modestes mais r\u00e9guliers, et des titres dont la valeur est \u00e0 risque<\/strong>. Pour l\u2019heure, la part \u00e0 risque du portefeuille est divis\u00e9e entre les titres de cr\u00e9ance<\/strong> n\u00e9goci\u00e9s au coup par coup \u2014 normalement tri\u00e9s de mani\u00e8re ascendante \u2014 et les fonds en \u00ab\u2009rotation mondiale<\/strong>\u2009\u00bb qui, bien que soigneusement \u00e9valu\u00e9s en tant que cr\u00e9ances individuelles, sont g\u00e9n\u00e9ralement en lien avec l\u2019affaiblissement du dollar \u00e9tats-unien et la remont\u00e9e des march\u00e9s \u00e0 l\u2019ext\u00e9rieur des \u00c9tats-Unis.<\/p>\n

C\u2019est le panier de rotation mondiale<\/strong> qui a le mieux fait cette ann\u00e9e, car des marchandises et des march\u00e9s internationaux jusque l\u00e0 sous-\u00e9valu\u00e9s ont repris de la vigueur. Et nous croyons que cette tendance, d\u00e9sormais bien ancr\u00e9e, va s\u2019amplifier. Nous entamons l\u2019automne avec une pond\u00e9ration d\u2019environ 10 % dans le secteur en plein essor des m\u00e9taux pr\u00e9cieux par l\u2019entremise des obligations convertibles des soci\u00e9t\u00e9s aurif\u00e8res Equinox Gold<\/strong>,\u00a0SSR<\/strong>\u00a0Mining Inc.<\/strong>\u00a0et\u00a0B2Gold<\/strong>\u00a0Corp.<\/strong>, entre autres. Le Fonds comporte aussi une pond\u00e9ration sup\u00e9rieure \u00e0 10 % dans les obligations assorties d\u2019\u00e9carts importants et \u00e9mises par des entreprises issues de march\u00e9s \u00e9mergents, dont\u00a0Petroleos Mexicanos (Pemex)<\/strong>\u00a0et\u00a0Total Play Telecommunicaciones<\/strong>\u00a0du Mexique et\u00a0StoneCo<\/strong>\u00a0Ltd. du Br\u00e9sil. Donc, dans la mesure o\u00f9 la rotation du march\u00e9 favorise les soci\u00e9t\u00e9s aurif\u00e8res ou celles \u00e9tablies dans les march\u00e9s \u00e9mergents, nous sommes en bonne posture pour tirer profit de la situation.<\/p>\n

Nous d\u00e9tenons par ailleurs un certain nombre de \u00ab\u2009titres de cr\u00e9ance sur mesure<\/strong> \u00bb. Leur point commun est que nous croyons qu\u2019en cas de d\u00e9faut, les actifs collat\u00e9raux et commerciaux auxquels est adoss\u00e9 le cr\u00e9dit valent nettement plus que les obligations au prix ou elles sont offertes. Dans ce groupe, un actif dormant depuis un bon moment, McDermott International Ltd.<\/strong> \u2014 soci\u00e9t\u00e9 d\u2019ing\u00e9nierie et de construction sp\u00e9cialis\u00e9e dans les infrastructures en mer autrefois en faillite et maintenant r\u00e9surgente \u2014 a r\u00e9alis\u00e9 une performance d\u00e9cente en 2025. Esperion, mentionn\u00e9e en d\u00e9but de commentaire, est une soci\u00e9t\u00e9 pharmaceutique \u00e9tats-unienne qui, bien que ne correspondant pas tout \u00e0 fait \u00e0 la th\u00e9matique, est beaucoup trop bon march\u00e9 pour \u00eatre vendue.<\/p>\n

Son excellente performance de cette ann\u00e9e met en lumi\u00e8re une r\u00e9alit\u00e9 g\u00eanante : il arrive que nous fassions de l\u2019argent\u00a0en d\u00e9pit de notre strat\u00e9gie<\/u><\/strong>et non gr\u00e2ce \u00e0 elle. \u00c0 choisir entre la strat\u00e9gie \u00e0 l\u2019\u00e9tat pur et l\u2019argent, nous pr\u00e9f\u00e9rons toujours l\u2019argent!<\/p>\n

Nouvelles positions<\/h3>\n

Nous avons r\u00e9cemment investi dans les obligations garanties de premier rang de Total Play Telecommunicaciones<\/strong>. Total Play fournit la meilleure qualit\u00e9 actuelle d\u2019internet, de t\u00e9l\u00e9vision num\u00e9rique et de services aff\u00e9rents par fibre optique aux consommateurs et aux entreprises du Mexique. Filiale de Grupo Salinas, qui poss\u00e8de aussi quelques grandes entreprises mexicaines dont TV Azteca, Total Play est bien plac\u00e9e sur le plan concurrentiel avec ses perspectives de croissance attrayantes. Le rendement de 11 % des obligations d\u00e9pend d\u2019un bilan l\u00e9g\u00e8rement \u00e9tir\u00e9. La direction doit trouver l\u2019\u00e9quilibre entre la n\u00e9cessit\u00e9 de tirer parti des occasions de croissance et son devoir de maintenir des liquidit\u00e9s suffisantes pour couvrir ses frais fixes. Dans une r\u00e9cente mise \u00e0 jour, Moody\u2019s a accord\u00e9 des perspectives de cr\u00e9dit positives \u00e0 l\u2019entreprise jusque l\u00e0 cot\u00e9e B3, ce qui nous conforte dans notre conviction que le ratio risque\/rendement de Total Play est solide.<\/p>\n

Toujours en ao\u00fbt, nous avons acquis une position dans les billets de premier rang non garantis d\u2019Adecoagro S.A.<\/strong> dont le si\u00e8ge social est situ\u00e9 au Br\u00e9sil. Adecoagro est l\u2019un des plus grands propri\u00e9taires mondiaux de terres agricoles. L\u2019entreprise d\u00e9tient plus de 240 000 hectares de fermes en activit\u00e9 en Argentine, au Br\u00e9sil et en Uruguay. Nous aimons ces billets, qui ont livr\u00e9 un rendement d\u2019environ 7,6 % \u00e0 la fin du mois, en raison de la forte et constante profitabilit\u00e9 de l\u2019entreprise et de sa vaste base d\u2019actifs r\u00e9sistante \u00e0 l\u2019inflation. Nous nous attendons \u00e0 ce que ses rendements s\u2019accroissent gr\u00e2ce \u00e0 l\u2019am\u00e9lioration des conditions touchant au secteur agricole, ce qui soutient notre strat\u00e9gie d\u2019investissement voulant que la probabilit\u00e9 de d\u00e9faut \u00e0 un an de l\u2019entreprise soit inf\u00e9rieure \u00e0 0,4 %.<\/p>\n

Positionnement du Fonds<\/h3>\n

Le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender est assorti d\u2019un rendement \u00e0 l\u2019\u00e9ch\u00e9ance de 5,93 % au 31 ao\u00fbt, le rendement actuel s\u2019\u00e9tablissant \u00e0 5,17 % et la dur\u00e9e moyenne de ses instruments \u00e0 terme \u00e0 3,91 ann\u00e9es. Il comporte une pond\u00e9ration de 5,12 % dans des titres de cr\u00e9ance 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. Les liquidit\u00e9s repr\u00e9sentaient 1,97 % du portefeuille total au 31 ao\u00fbt.<\/p>\n

Geoff Castle
\n8 septembre 2025<\/em><\/p>\n

[1]<\/a>\u00a0Tous les rendements signal\u00e9s sont ceux des parts de cat\u00e9gorie F du Fonds, \u00e0 moins d\u2019indication contraire. D\u2019autres cat\u00e9gories de parts sont offertes. Celles-ci pourraient pr\u00e9senter des frais et des rendements diff\u00e9rents. Les donn\u00e9es standards sur le rendement des fonds de titres \u00e0 revenu fixe Pender sont pr\u00e9sent\u00e9es ici :\u00a0<\/em>https:\/\/www.penderfund.com\/fr\/fonds-revenu-fixe\/<\/em><\/a><\/p>","protected":false},"excerpt":{"rendered":"

Le mois d\u2019ao\u00fbt a \u00e9t\u00e9 excellent pour le Fonds d\u2019obligations de soci\u00e9t\u00e9s Pender qui a d\u00e9gag\u00e9 un gain de 2,4 % dans un contexte propice aux rendements. En ao\u00fbt, nos positions dans le secteur des m\u00e9taux pr\u00e9cieux ont tir\u00e9 profit d\u2019une vigueur g\u00e9n\u00e9ralis\u00e9e. La premi\u00e8re place est revenue aux titres convertibles d\u2019Equinox Gold Corp. qui ont progress\u00e9 de plus de 20 % [\u2026]<\/p>","protected":false},"featured_media":70403,"template":"","meta":{"_acf_changed":false},"fund-type":[41,43],"class_list":["post-70420","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 - August 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 - August 2025 - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"The Pender Corporate Bond Fund enjoyed a strong August, gaining 2.4%[1], within the context of a favorable return environment. August saw broad-based strength from our positions in the precious metals sector. 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