{"id":59551,"date":"2024-08-12T08:54:11","date_gmt":"2024-08-12T15:54:11","guid":{"rendered":"https:\/\/www.penderfund.com\/?p=59551"},"modified":"2025-08-23T12:34:08","modified_gmt":"2025-08-23T19:34:08","slug":"identifying-attractive-opportunity-sets-in-small-caps","status":"publish","type":"post","link":"https:\/\/staging.penderfund.com\/fr\/articles\/identifying-attractive-opportunity-sets-in-small-caps\/","title":{"rendered":"D\u00e9couvrir les bonnes occasions parmi les petites entreprises"},"content":{"rendered":"<p><a href=\"https:\/\/www.conseiller.ca\/produits\/autre-placements\/decouvrir-les-bonnes-occasions-parmi-les-petites-entreprises\/\" target=\"_blank\" rel=\"noopener\"><span data-contrast=\"auto\">Comme on le voit sur Conseiller le 12 ao\u00fbt 2024.<\/span><\/a><\/p>\n<p><span data-contrast=\"auto\">En investissement, le succ\u00e8s \u00e0 long terme repose sur la synergie positive qui s\u2019op\u00e8re entre les trois piliers formant la base g\u00e9n\u00e9ratrice d\u2019alpha \u00e0 travers les divers cycles du march\u00e9. Pour les investisseurs professionnels, l\u2019enjeu doit pr\u00e9senter 1) des objectifs clairs et partag\u00e9s par l\u2019ensemble de l\u2019entreprise et 2) une \u00e9quipe d\u2019investissement chevronn\u00e9e. Toutefois, si on est incapable de rep\u00e9rer les occasions dignes d\u2019int\u00e9r\u00eat, ces deux atouts ne peuvent garantir \u00e0 eux seuls le succ\u00e8s. C\u2019est particuli\u00e8rement vrai dans le secteur des soci\u00e9t\u00e9s \u00e0 petite et moyenne capitalisation o\u00f9 les opportunit\u00e9s sont moins \u00e9videntes. Par exemple, pr\u00e8s de 40\u202f% des soci\u00e9t\u00e9s composant l\u2019indice Russell\u202f2000 ont rapport\u00e9 des b\u00e9n\u00e9fices n\u00e9gatifs impr\u00e9vus et sont plus endett\u00e9es que les grandes entreprises, ce qui les rend plus vuln\u00e9rables \u00e0 la mont\u00e9e des taux.\u00a0\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Se constituer un panier de petites entreprises en passant par un indice FNB peut \u00e9galement s\u2019av\u00e9rer d\u00e9licat. Les petites soci\u00e9t\u00e9s sont idiosyncrasiques. Il est donc essentiel de savoir s\u00e9parer les \u00ab\u2009h\u00e9ros\u2009\u00bb des \u00ab\u2009z\u00e9ros\u2009\u00bb. Une petite entreprise qui en devient une plus grande peut rapporter beaucoup \u00e0 ceux qui y ont investi t\u00f4t. \u00c0 l\u2019inverse, celle qui, faute de liquidit\u00e9s, d\u00e9p\u00e9rit lentement sur sa branche peut co\u00fbter cher.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Les derni\u00e8res ann\u00e9es ont \u00e9t\u00e9 dures pour les petites entreprises \u2014 et pour leurs investisseurs. Les jeunes entreprises non rentables \u2014 surnomm\u00e9es YUC en anglais \u2014 ont \u00e9t\u00e9 particuli\u00e8rement rudoy\u00e9es par la fuite des capitaux subie par les fonds d\u2019actions \u00e0 petite capitalisation et la s\u00e9cheresse qui a frapp\u00e9 le march\u00e9 du capital \u00e0 cause de la hausse des taux d\u2019int\u00e9r\u00eat et de l\u2019apparition du risque de r\u00e9cession. Dans la foul\u00e9e du d\u00e9sint\u00e9r\u00eat des investisseurs et du tarissement du capital, les plus petites soci\u00e9t\u00e9s ont vu les analyses \u00eatre r\u00e9vis\u00e9es \u00e0 la baisse et leurs valeurs r\u00e9tr\u00e9cir. Heureusement, le pendule semble \u00eatre sur sa courbe ascendante.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">D\u00e9couvrir les bonnes occasions parmi les petites entreprises<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p class=\"translation-block\"><b><span data-contrast=\"auto\">Y a-t-il une discordance entre la valeur et le prix?<\/span><\/b><span data-contrast=\"auto\"> C\u2019est la premi\u00e8re grande caract\u00e9ristique. Quand les investisseurs sont extr\u00eamement pessimistes, les valeurs marchandes peuvent \u00eatre \u00e0 des ann\u00e9es-lumi\u00e8re des valeurs intrins\u00e8ques. Une telle opposition est souvent favorable \u00e0 de futurs gains fort appr\u00e9ciables.<\/p>\n<p class=\"translation-block\"><b><span data-contrast=\"auto\">L\u2019entreprise est-elle de bonne qualit\u00e9? <\/span><\/b><span data-contrast=\"auto\">Chaque entreprise raconte une histoire. Parfois, l\u2019investisseur se laisse fasciner par le r\u00e9cit et oublie d\u2019\u00e9valuer les donn\u00e9es fondamentales. Est-elle rentable? Sinon, quand le deviendra-t-elle? Quelles sont les comp\u00e9tences de ses cadres sup\u00e9rieurs? Ont-ils les connaissances et l\u2019exp\u00e9rience requises pour faire cro\u00eetre l\u2019entreprise?<\/p>\n<p class=\"translation-block\"><b><span data-contrast=\"auto\">Le secteur est-il tomb\u00e9 en disgr\u00e2ce?<\/span><\/b><span data-contrast=\"auto\">  Les industries controvers\u00e9es, ou qui ont r\u00e9cemment d\u00e9\u00e7u les investisseurs, peuvent rec\u00e9ler de bonnes, voire d\u2019excellentes affaires. C\u2019est le cas classique o\u00f9 \u00ab\u2009l\u2019on jette le b\u00e9b\u00e9 avec l\u2019eau du bain\u2009\u00bb.<\/p>\n<p class=\"translation-block\"><b><span data-contrast=\"auto\">Y a-t-il un catalyseur \u00e0 l\u2019horizon? <\/span><\/b><span data-contrast=\"auto\">Parfois, des secteurs mal aim\u00e9s peuvent b\u00e9n\u00e9ficier d\u2019un retournement de situation gr\u00e2ce \u00e0 un catalyseur, comme un changement dans la r\u00e9glementation. Le secteur du cannabis en est un exemple. L\u2019industrie a connu un haut, puis un bas. Gr\u00e2ce aux nouvelles r\u00e8gles plus souples du DEA (U.S. Drug Enforcement Agency), les producteurs de cannabis vont b\u00e9n\u00e9ficier de cr\u00e9dits et d\u2019abattements fiscaux qui vont am\u00e9liorer leur rentabilit\u00e9.<\/p>\n<p><span data-contrast=\"auto\">Pour illustrer la fa\u00e7on de rep\u00e9rer une bonne occasion dans l\u2019ar\u00e8ne des petites entreprises, prenons l\u2019exemple canadien de Thinkific Labs. Thinkific est un fournisseur de solutions infonuagiques qui permettent aux entrepreneurs et aux entreprises \u00e9tablies de cr\u00e9er, de commercialiser et de vendre des cours en ligne. En 2021, comme nombre de petites entreprises, Thinkific a lanc\u00e9 \u00e0 grand bruit un PAPE assorti d\u2019un cours \u00e9lev\u00e9. Dans le cadre du processus d\u2019introduction en bourse, elle a investi massivement dans du personnel pour d\u00e9velopper l\u2019entreprise afin de justifier la lev\u00e9e d\u2019un capital important. Or \u00e0 l\u2019aube de 2022, les observateurs ont commenc\u00e9 \u00e0 la consid\u00e9rer comme une soci\u00e9t\u00e9 perdante qui allait br\u00fbler toutes ses liquidit\u00e9s au bilan et d\u00e9clarer faillite. Au lieu de quoi la soci\u00e9t\u00e9 a r\u00e9duit ses co\u00fbts et s\u2019est fix\u00e9 comme objectif de devenir rentable avant le quatri\u00e8me trimestre de 2023. Elle a atteint cet objectif un trimestre plus t\u00f4t et les actions ont aussit\u00f4t mont\u00e9 de 42\u202f%. Initialement, Thinkific avait \u00e9t\u00e9 jet\u00e9e au rebut avec les autres soci\u00e9t\u00e9s au PAPE excessif qui ont par la suite fait faillite. Or, une analyse r\u00e9fl\u00e9chie de ses affaires r\u00e9v\u00e9lait qu\u2019elle pouvait compter sur une \u00e9quipe de gestionnaires d\u00e9vou\u00e9s, un historique de rentabilit\u00e9 et de bonnes unit\u00e9s \u00e9conomiques. Aujourd\u2019hui, les donn\u00e9es fondamentales de Thinkific continuent de s\u2019am\u00e9liorer, et l\u2019entreprise pourrait figurer parmi les \u00ab\u2009Rule of 40\u2009\u00bb, c\u2019est-\u00e0-dire parmi les soci\u00e9t\u00e9s dont la croissance des revenus combin\u00e9e \u00e0 la marge d\u2019exploitation est de 40\u202f% ou plus.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Les investisseurs doivent regarder \u00ab\u2009sous le capot\u2009\u00bb pour comprendre et \u00e9valuer les petites entreprises. En mati\u00e8re de petite capitalisation, ce sont souvent des microfacteurs propres aux donn\u00e9es fondamentales de l\u2019entreprise qui sont \u00e0 l\u2019origine du rendement. Autrement dit, pour investir dans les petites entreprises, il faut avoir l\u2019\u00e2me d\u2019un d\u00e9fricheur.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>","protected":false},"excerpt":{"rendered":"<p>En investissement, le succ\u00e8s \u00e0 long terme repose sur la synergie positive qui s\u2019op\u00e8re entre les trois piliers formant la base g\u00e9n\u00e9ratrice d\u2019alpha \u00e0 travers les divers cycles du march\u00e9. Pour les investisseurs professionnels, l\u2019enjeu doit pr\u00e9senter 1) des objectifs clairs et partag\u00e9s par l\u2019ensemble de l\u2019entreprise et 2) une \u00e9quipe d\u2019investissement [\u2026]<\/p>","protected":false},"author":4,"featured_media":59553,"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-59551","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>Identifying attractive opportunity sets in small caps - 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=\"Identifying attractive opportunity sets in small caps - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"As published in Conseiller (in French) on 12 August, 2024. Investment success over the long term is based on the positive synergy of three pillars which form the basis of alpha generation through various market cycles. 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