{"id":57746,"date":"2024-06-23T09:35:34","date_gmt":"2024-06-23T16:35:34","guid":{"rendered":"https:\/\/www.penderfund.com\/?p=57746"},"modified":"2025-08-23T12:32:28","modified_gmt":"2025-08-23T19:32:28","slug":"sweet-n-low-finding-exceptional-value-in-unrated-credit-markets","status":"publish","type":"post","link":"https:\/\/staging.penderfund.com\/fr\/articles\/sweet-n-low-finding-exceptional-value-in-unrated-credit-markets\/","title":{"rendered":"Beau, bon, pas cher\u202f: mettre la main sur des affaires exceptionnelles sur le march\u00e9 des titres de cr\u00e9ances non cot\u00e9s"},"content":{"rendered":"<p><a href=\"https:\/\/financialpost.com\/investing\/sweet-n-low-where-to-find-value-in-unrated-credit-markets\" target=\"_blank\" rel=\"noopener\">Comme on le voit sur Financial Post \u2013 23 Juin 2024.<\/a><\/p>\n<p class=\"translation-block\">En mati\u00e8re de cr\u00e9dit, les \u00e9carts font office de prime offerte aux investisseurs pour pallier les risques associ\u00e9s \u00e0 la faillite. Ce trimestre-ci, les \u00e9carts des titres \u00e0 rendement \u00e9lev\u00e9 ont atteint un creux in\u00e9gal\u00e9 en 10\u202fans de 3,05\u202f%. Si les \u00e9carts r\u00e9tr\u00e9cissent, c\u2019est que la demande pour une compensation contre ces risques diminue, ce qui signifie que la confiance du march\u00e9 quant aux titres de cr\u00e9ance va en s\u2019am\u00e9liorant. Toutefois, un tel optimisme laisse peu de place aux marges de s\u00e9curit\u00e9. En d\u00e9pit de la robustesse des indicateurs \u00e9conomiques et des inqui\u00e9tudes persistantes quant \u00e0 l\u2019inflation, l\u2019ensemble du march\u00e9 \u00e9choue \u00e0 offrir des compensations ad\u00e9quates contre les risques et propose peu d\u2019occasions de rendements ajust\u00e9s au risque. Cette situation invite \u00e0 consid\u00e9rer l\u2019observation de Benjamin Graham\u202f: \u00ab\u2009Vous n\u2019avez pas raison ou tort parce que la foule est d\u2019accord ou non avec vous. Vous avez raison parce que votre \u00e9tude et votre raisonnement sont justes\u2009\u00bb.<\/p>\n<p><span data-contrast=\"auto\">Si l\u2019on se fie au fonctionnement actuel du march\u00e9, les investisseurs croient que les taux d\u2019int\u00e9r\u00eat ne monteront plus. Pourtant, il semble de plus en plus \u00e9vident que la R\u00e9serve f\u00e9d\u00e9rale les maintiendra \u00e9lev\u00e9s encore quelque temps afin de rabattre l\u2019inflation \u00e0 l\u2019objectif de 2\u202f%. Le march\u00e9 des titres de grandes entreprises, port\u00e9 par l\u2019enthousiasme pour l\u2019IA, fr\u00f4le des sommets historiques, ce qui fait grimper les cours et diminuer les primes de risque, surtout pour les tr\u00e8s grandes entreprises am\u00e9ricaines, rebaptis\u00e9es \u00ab\u2009Les Cinq Magnifiques\u2009\u00bb, et les indices \u00e0 rendement \u00e9lev\u00e9. Toutefois, des sujets d\u2019inqui\u00e9tude surgissent de toutes parts et pourraient se r\u00e9pandre sur les grands march\u00e9s. La grogne politique en Am\u00e9rique du Nord, en Europe et un peu partout dans le monde; l\u2019endettement gouvernemental en tr\u00e8s forte hausse; les conflits militaires incessants (y compris entre des puissances majeures) en Ukraine, en Ha\u00efti, dans certains pays d\u2019Afrique, au Moyen-Orient; et les points de vue divergents sur l\u2019incidence sociale de l\u2019intelligence artificielle.\u202f<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Pr\u00e9voir l\u2019\u00e9volution du march\u00e9 est un exercice p\u00e9rilleux et peu fiable. Les changements se produisent souvent tr\u00e8s vite, leur ampleur et leur cons\u00e9quence en prennent plus d\u2019un par surprise. M\u00eame s\u2019il semble que nous arrivions \u00e0 un tournant o\u00f9 un recul du march\u00e9 pourrait \u00eatre imminent, les petites et moyennes entreprises pourraient n\u00e9anmoins exceller. Leur valorisation attrayante, jumel\u00e9e \u00e0 la croissance continuelle de leurs b\u00e9n\u00e9fices, les avantage, m\u00eame si le capital n\u2019a jamais \u00e9t\u00e9 aussi rare dans ce segment du march\u00e9.\u202f<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>\n<p class=\"translation-block\">Comme le disait <span data-contrast=\"auto\"><\/span><a href=\"https:\/\/www.ft.com\/content\/1a6f4bd9-b9c7-462e-8152-4ee52a41fba0\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"none\">Warren Buffett<\/span><\/a><span data-contrast=\"auto\"><\/span><span data-contrast=\"none\">\u202f: \u00ab\u2009Notre taille nous a jou\u00e9 un tour\u2026 Il fut un temps o\u00f9 nous avions une foule d\u2019actifs potentiels \u00e0 \u00e9valuer. Si j\u2019en ratais un \u2014 et j\u2019en ai rat\u00e9 plusieurs \u2014, un autre se pr\u00e9sentait. Cette \u00e9poque est r\u00e9volue depuis longtemps.\u2009\u00bb L\u2019entreprise Berkshire Hathaway vaut 905\u202fmilliards US $. Pour faire bouger son aiguille de performance, il lui faudrait acheter une soci\u00e9t\u00e9 d\u2019une taille ph\u00e9nom\u00e9nale. La m\u00eame comp\u00e9tition en mati\u00e8re d\u2019actifs touche aussi les g\u00e9ants du cr\u00e9dit priv\u00e9 qui, par n\u00e9cessit\u00e9, ne peuvent pas s\u2019int\u00e9resser au march\u00e9 secondaire des petites et moyennes entreprises \u00e0 cause de contraintes sur le plan des liquidit\u00e9s.<\/p>\n<p class=\"translation-block\">Cependant, la taille est un avantage significatif pour des fonds plus modestes comme le n\u00f4tre. Nous d\u00e9pendons moins des cycles du cr\u00e9dit et nous avons acc\u00e8s \u00e0 un bassin de petites et moyennes structures de capital beaucoup plus vaste que les grands fonds.<\/p>\n<p><span data-contrast=\"auto\">Dans le Fonds d\u2019opportunit\u00e9s de titres de cr\u00e9dit I de Pender, nous pouvons identifier des niveaux d\u2019\u00e9carts convaincants du c\u00f4t\u00e9 des titres de cr\u00e9ances non cot\u00e9s et souvent ignor\u00e9s par les indices et les soci\u00e9t\u00e9s plus imposantes. De telles occasions viennent normalement d\u2019entreprises plus petites, dont la structure de capital est simple, qui ont un bon potentiel de rendement et de croissance. Par exemple, dans l\u2019ar\u00e8ne des entreprises en d\u00e9tresse, on peut d\u00e9nicher des occasions affichant des \u00e9carts surpassant les 1000\u202fpb. De m\u00eame, dans les actifs en situation de stress, certains \u00e9carts exc\u00e8dent les 600\u202fpb. De nos jours, il est possible de trouver ce genre d\u2019\u00e9cart dans des secteurs qui n\u2019ont plus la cote aupr\u00e8s des investisseurs, comme les soins de la sant\u00e9, les biotechnologies, les v\u00e9hicules \u00e9lectriques et le cannabis. En ce qui a trait \u00e0 l\u2019avenir, nous croyons que les cinq prochaines ann\u00e9es s\u2019annoncent pleines de promesses pour qui veut investir dans les titres de cr\u00e9ance en situation de stress et de d\u00e9tresse.\u202f<\/span><span data-contrast=\"auto\">\u202f<\/span><span data-ccp-props=\"{&quot;134233117&quot;:false,&quot;134233118&quot;:false,&quot;335559738&quot;:0,&quot;335559739&quot;:0}\">\u00a0<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>En mati\u00e8re de cr\u00e9dit, les \u00e9carts font office de prime offerte aux investisseurs pour pallier les risques associ\u00e9s \u00e0 la faillite. Ce trimestre-ci, les \u00e9carts des titres \u00e0 rendement \u00e9lev\u00e9 ont atteint un creux in\u00e9gal\u00e9 en 10\u202fans de 3,05\u202f%. Si les \u00e9carts r\u00e9tr\u00e9cissent, c\u2019est que la demande pour une compensation contre ces risques diminue, ce qui signifie que la confiance [\u2026]<\/p>","protected":false},"author":4,"featured_media":69299,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[106],"tags":[109],"fund-type":[41],"class_list":["post-57746","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-financial-post","fund-type-fixed-income-funds"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sweet \u2018n\u2019 Low: Finding exceptional value in unrated credit markets - 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=\"Sweet \u2018n\u2019 Low: Finding exceptional value in unrated credit markets - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"As published in the Financial Post on 23 June 2024. Credit spreads serve as a premium offered to investors to offset the risks associated with bankruptcy. This quarter, high-yield credit spreads hit a decade-low of 3.05%. Narrower spreads reflect reduced demand for compensation against credit risk, indicating the market&#039;s confidence in low credit risk ahead. 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Credit spreads serve as a premium offered to investors to offset the risks associated with bankruptcy. This quarter, high-yield credit spreads hit a decade-low of 3.05%. Narrower spreads reflect reduced demand for compensation against credit risk, indicating the market's confidence in low credit risk ahead. 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