{"id":59068,"date":"2024-07-15T15:33:30","date_gmt":"2024-07-15T22:33:30","guid":{"rendered":"https:\/\/www.penderfund.com\/?p=59068"},"modified":"2025-09-09T07:44:50","modified_gmt":"2025-09-09T14:44:50","slug":"love-story-canadian-small-caps-are-trending-higher","status":"publish","type":"post","link":"https:\/\/staging.penderfund.com\/fr\/articles\/love-story-canadian-small-caps-are-trending-higher\/","title":{"rendered":"Une histoire d\u2019amour"},"content":{"rendered":"<p><span data-contrast=\"auto\">Il existe une maxime selon laquelle, dans le monde du placement, les rendements sont plus remarquables lorsque le capital se fait rare. Cela est particuli\u00e8rement vrai pour les actions de petites entreprises. Ces soci\u00e9t\u00e9s, souvent familiales ou d\u00e9tenues par leur fondateur, ont tendance \u00e0 \u00eatre moins bien capitalis\u00e9es que les grandes entreprises et ont, de ce fait, souffert consid\u00e9rablement de la plus r\u00e9cente p\u00e9riode de hausses de taux d\u2019int\u00e9r\u00eat.\n\nCe n\u2019est toutefois pas la premi\u00e8re fois qu\u2019elles ont \u00e9t\u00e9 ainsi disproportionnellement n\u00e9glig\u00e9es et mal aim\u00e9es par les investisseurs, et ce n\u2019est pas la premi\u00e8re fois non plus qu\u2019elles s\u2019appr\u00eatent \u00e0 reprendre leur place au soleil avec brio. Cette histoire d\u2019amour\/haine n\u2019est pas nouvelle.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Au d\u00e9but de mars 2009, au creux de la grande crise financi\u00e8re, jusqu\u2019en septembre 2017, l\u2019indice S&amp;P 600 a d\u00e9gag\u00e9 un rendement de 455 %, comparativement \u00e0 346 % pour l\u2019indice S&amp;P 500. Les investisseurs qui se sont aventur\u00e9s dans le territoire des petites entreprises au d\u00e9but de cette remont\u00e9e spectaculaire ont profit\u00e9 d\u2019excellents rendements. Toutefois, depuis 2021, les actions de grandes entreprises ont pris une s\u00e9rieuse avance sur celles des petites entreprises.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Apr\u00e8s la pand\u00e9mie de COVID-19, alors que les banques centrales ont commenc\u00e9 \u00e0 augmenter leurs taux d\u2019int\u00e9r\u00eat pour ma\u00eetriser l\u2019inflation, les petites soci\u00e9t\u00e9s, tant celles rentables que non rentables, ont subi les contrecoups de la hausse des co\u00fbts du service de la dette et de l\u2019abandon des investisseurs. Dans les cat\u00e9gories de fonds communs de placement ax\u00e9es sur les petites soci\u00e9t\u00e9s canadiennes, on a assist\u00e9 \u00e0 une d\u00e9bandade de plus de 50 % au cours de la derni\u00e8re d\u00e9cennie.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Ce recul a entra\u00een\u00e9 une boucle de r\u00e9troaction n\u00e9gative mettant en jeu une fuite des capitaux et une sous-performance au sein de ce secteur. Nous avons toutefois constat\u00e9 un point d\u2019inflexion au T1 de 2024, moment o\u00f9 l\u2019indice \u00e0 petite capitalisation S&amp;P\/TSX a repris les devants sur l\u2019indice compos\u00e9 S&amp;P\/TSX.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Aujourd\u2019hui, les \u00ab\u2009sept magnifiques\u2009\u00bb repr\u00e9sentent plus de 30 % de l\u2019indice S&amp;P 500. \u00c0 l\u2019instar de tous les cycles pr\u00e9c\u00e9dents, m\u00eame la soci\u00e9t\u00e9 la plus populaire, comme le chouchou actuel Nvidia (qui m\u00e8ne la charge de la technologie IA) ne peut conserver des taux de croissance de 40 % ind\u00e9finiment.\n\nL\u2019int\u00e9r\u00eat soulev\u00e9 par l\u2019IA a fait grimper les cours de Microsoft, Alphabet, Meta et autres entreprises \u00e0 m\u00e9gacapitalisation, faisant mordre la poussi\u00e8re aux petites entreprises laiss\u00e9es pour compte dans cette course. Cela \u00e9tant dit, le moment est particuli\u00e8rement opportun pour quiconque souhaite puiser dans le bassin des petites entreprises de bonne qualit\u00e9 afin de diversifier plus avant les portefeuilles et potentiellement engendrer un alpha \u00e0 long terme.\n\nVoici quelques-uns des \u00e9l\u00e9ments catalyseurs appel\u00e9s \u00e0 alimenter le rendement des petites entreprises au cours des prochaines ann\u00e9es.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><b><span data-contrast=\"auto\">CATALYSEURS DE SURPERFORMANCE POUR LES PETITES ENTREPRISES<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Regain de l\u2019activit\u00e9 de PAPE et de F&amp;A<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">\u00c9peronn\u00e9es par la hausse des valorisations en 2023 et au T1 de 2024, certaines soci\u00e9t\u00e9s priv\u00e9es seront tent\u00e9es de faire leur entr\u00e9e en bourse d\u2019ici un an ou deux. Ce mouvement pourrait donner une erre d\u2019aller aux petites entreprises qui attireraient ainsi les regards sur elles et le capital dans leur secteur.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Bilans financiers plus sains<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Le potentiel de r\u00e9\u00e9valuation s\u2019appuie sur l\u2019assainissement des bilans financiers et l\u2019augmentation des flux de tr\u00e9sorerie. Devant un acc\u00e8s au capital toujours plus \u00e9troit, les petites entreprises astucieuses ont d\u00fb, au cours des trois derni\u00e8res ann\u00e9es, assainir leur bilan financier et ajuster leurs besoins en personnel. Certaines se sont montr\u00e9es plus enclines \u00e0 consid\u00e9rer les offres d\u2019acqu\u00e9reurs \u00e9ventuels, lesquels sont all\u00e9ch\u00e9s par leurs valorisations peu \u00e9lev\u00e9es.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Retour historique vers la moyenne<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Les petites entreprises de qualit\u00e9 sont sous-\u00e9valu\u00e9es, tant sur le plan absolu que relatif. L\u2019indice S&amp;P 600 se n\u00e9gocie \u00e0 un escompte d\u2019environ 5,6 % par rapport aux grandes entreprises alors que, historiquement, il se n\u00e9gocie \u00e0 prime. \u00c9tant donn\u00e9 les multiples d\u2019\u00e9valuation actuels, un simple retour vers la moyenne pour les petites entreprises entra\u00eenerait une expansion d\u2019envergure. Il s\u2019agit l\u00e0 d\u2019un contexte favorable aux plus petites soci\u00e9t\u00e9s \u00e0 l\u2019aube du prochain cycle de march\u00e9.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ul>\n<li><span data-contrast=\"auto\">Potentiel du capital-investissement<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"auto\">Au cours de la derni\u00e8re d\u00e9cennie, les investisseurs ont privil\u00e9gi\u00e9 le capital-investissement au d\u00e9triment des petites entreprises. \u00c0 la fin de 2023, la r\u00e9serve d\u2019argent accumul\u00e9 par le capital-investissement s\u2019\u00e9levait \u00e0 3,2 billions de dollars. La hausse des taux d\u2019int\u00e9r\u00eat a men\u00e9 \u00e0 une chute notable des ventes et l\u2019abandon de diverses ententes. Cependant, la possible fin du cycle haussier des taux d\u2019int\u00e9r\u00eat est \u00e0 m\u00eame d\u2019\u00e9veiller l\u2019animal qui sommeille et d\u2019alimenter les activit\u00e9s de fusion et acquisition (F&amp;A) dans le secteur des petites entreprises.\u00a0\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Pour illustrer cette tendance positive, notons qu\u2019en juin 2024, Copperleaf Technologies, un avoir de longue date dans plusieurs de nos fonds, a accept\u00e9 une offre d\u2019un milliard de dollars d\u2019Industrial and Financial Systems (IFS), un fournisseur su\u00e9dois de logiciels de planification des ressources et de gestion des actifs et services. L\u2019offre de 12 $ l\u2019action repr\u00e9sente une prime de 70 % sur le cours boursier en date du dernier jour de cl\u00f4ture avant la soumission de l\u2019offre d\u2019IFS.\n\nNous nous attendons \u00e0 de nombreuses nouvelles offres de ce genre dans les ann\u00e9es \u00e0 venir. Tandis que les vents contraires se transforment en vents arri\u00e8re pour les investisseurs inform\u00e9s, le potentiel de surperformance par les petites entreprises au cours du prochain cycle \u00e9conomique nous semble fort s\u00e9duisant.<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>Il existe une maxime selon laquelle, dans le monde du placement, les rendements sont plus remarquables lorsque le capital se fait rare. Cela est particuli\u00e8rement vrai pour les actions de petites entreprises. Ces soci\u00e9t\u00e9s, souvent familiales ou d\u00e9tenues par leur fondateur, ont tendance \u00e0 \u00eatre moins [\u2026]<\/p>","protected":false},"author":4,"featured_media":70226,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[106],"tags":[113],"fund-type":[36],"class_list":["post-59068","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-conseiller","fund-type-equity-funds"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Love Story: Canadian small caps are trending higher - 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=\"Love Story: Canadian small caps are trending higher - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"The investing adage that returns are greatest where capital is most scarce applies well to small cap stocks. 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