{"id":61806,"date":"2024-12-16T13:16:51","date_gmt":"2024-12-16T21:16:51","guid":{"rendered":"https:\/\/www.penderfund.com\/?p=61806"},"modified":"2025-09-18T08:17:29","modified_gmt":"2025-09-18T15:17:29","slug":"canadian-small-caps-high-potential-returns-but-with-unique-risks","status":"publish","type":"post","link":"https:\/\/staging.penderfund.com\/fr\/articles\/canadian-small-caps-high-potential-returns-but-with-unique-risks\/","title":{"rendered":"Petites soci\u00e9t\u00e9s canadiennes : Un fort potentiel de rendement moyennant des risques particuliers."},"content":{"rendered":"<p><a href=\"https:\/\/www.conseiller.ca\/produits\/placement\/petites-societes-canadiennes\/\" target=\"_blank\" rel=\"noopener\">Comme on le voit sur <span class=\"NormalTextRun SCXW98890071 BCX0\">Finance et Investiss<\/span><span class=\"NormalTextRun SCXW98890071 BCX0\">e<\/span><span class=\"NormalTextRun SCXW98890071 BCX0\">ment\/Conseiller.ca <\/span>le 16 decembre 2024<\/a><\/p>\n<p class=\"translation-block\">Le changement est dans l\u2019air ces temps-ci. Apr\u00e8s des ann\u00e9es de hausses de taux pour ma\u00eetriser l\u2019inflation, l\u2019engrenage s\u2019est maintenant invers\u00e9 et les banques centrales ont commenc\u00e9 \u00e0 assouplir leur politique mon\u00e9taire. Les craintes d\u2019une r\u00e9cession s\u2019estompent, faisant place \u00e0 des perspectives d\u2019atterrissage en douceur, voire de vol continu. Les vents contraires qui ont jadis rebut\u00e9 les investisseurs dans l\u2019ar\u00e8ne des actions \u00e0 petite capitalisation soufflent maintenant dans la direction oppos\u00e9e. R\u00e9sultat, cette cat\u00e9gorie d\u2019actif est redevenue hautement d\u00e9sirable alors que le prix des actions \u00e0 grande et m\u00e9gacapitalisation escaladent un mur d\u2019inqui\u00e9tudes (\u00ab\u2009jusqu\u2019o\u00f9 peuvent-elles monter avant de subir une correction?\u2009\u00bb).  Selon Morningstar Direct, les FNB \u00e0 petite capitalisation ont presque tripl\u00e9 leur montant de capital investi par rapport \u00e0 2023. Les pr\u00e9visions des analystes de Wall Street \u00e0 l\u2019\u00e9gard des b\u00e9n\u00e9fices des entreprises du S&amp;P SmallCap\u202f600 devraient se hisser de 22,1\u202f% par rapport \u00e0 14,8\u202f% pour celles de l\u2019indice S&amp;P 500 l\u2019ann\u00e9e prochaine. Le contexte semble donc propice aux placements dans les petites soci\u00e9t\u00e9s. Toutefois, bien que ces petites entreprises offrent un potentiel de surperformance, comme ce fut le cas historiquement, celles-ci sont \u00e9galement assorties de risques et d\u00e9fis uniques pour les investisseurs.<\/p>\n<p><span data-contrast=\"auto\">Les actions \u00e0 petite capitalisation ont moins de liquidit\u00e9 que les actions des grandes soci\u00e9t\u00e9s. Cette r\u00e9alit\u00e9 \u00e0 deux effets directs : une volatilit\u00e9 plus marqu\u00e9e et un co\u00fbt de transaction plus \u00e9lev\u00e9 pour les investisseurs au d\u00e9tail. Comme les actions des petites soci\u00e9t\u00e9s sont d\u00e9tenues par moins d\u2019investisseurs que les grandes, le volume de transaction est souvent peu \u00e9lev\u00e9 au quotidien : parfois seulement quelques centaines d\u2019actions sont disponibles, comparativement aux multiples millions d\u2019actions \u00e0 grande capitalisation n\u00e9goci\u00e9es sur les bourses. Ce faisant, il peut \u00eatre difficile de cr\u00e9er un enjeu significatif sans avoir un effet sur le prix marchand. Deuxi\u00e8mement, l\u2019\u00e9cart entre le prix offert et le prix demand\u00e9 pour ces petites entreprises peut \u00eatre large et n\u00e9cessiter une strat\u00e9gie de vente ou d\u2019achat diff\u00e9rente que de simplement d\u00e9poser un ordre au march\u00e9.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Les analystes ne font pas un suivi aussi assidu des petites entreprises et celles-ci sont moins achet\u00e9es par les investisseurs institutionnels. Il s\u2019agit l\u00e0 \u00e0 la fois d\u2019un avantage et d\u2019un inconv\u00e9nient pour ce secteur. Comme la recherche disponible est moins fouill\u00e9e, les investisseurs qui prennent le temps de bien comprendre les entreprises sur une base individuelle se donnent une pr\u00e9cieuse longueur d\u2019avance, sachant que ce segment du march\u00e9 est relativement inefficace. En effet, un panier de soci\u00e9t\u00e9s \u00e0 petite et microcapitalisation dans un fonds commun de placement ou un FNB renfermera des compagnies de diverses qualit\u00e9s \u2013 certaines rentables ou presque rentables et d\u2019autres en s\u00e9rieuses difficult\u00e9s avec des perspectives peu prometteuses. Ainsi, l\u2019espace des petites entreprises r\u00e9compense avantageusement les investisseurs qui font preuve de diligence raisonnable et prennent le temps de s\u00e9parer le grain de l\u2019ivraie.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">La baisse des taux d\u2019int\u00e9r\u00eat favorise toutes les entreprises, mais particuli\u00e8rement les petites entreprises qui ont tendance \u00e0 compter davantage sur le financement externe (comme les dettes), et qui sont par cons\u00e9quent plus directement affect\u00e9es par la fluctuation des taux. Ces soci\u00e9t\u00e9s ont donc un petit go\u00fbt \u00e9pic\u00e9 : elles r\u00e9agissent plus aux hausses et aux baisses, selon le contexte macro\u00e9conomique. Qui plus est, les grandes entreprises ont normalement une port\u00e9e mondiale, tandis que les plus petites entreprises demeurent domestiques ou nord-am\u00e9ricaines. Ainsi, o\u00f9 l\u2019\u00e9conomie du pays va, ces actions vont, car elles sont moins en mesure de compenser le ralentissement de la croissance dans une r\u00e9gion \u00e0 l\u2019aide d\u2019une croissance plus \u00e9lev\u00e9e dans une autre.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">En raison de ces attributs bien particuliers, la r\u00e9ussite dans cette ar\u00e8ne d\u00e9pend souvent d\u2019un travail d\u2019\u00e9quipe; on l\u2019atteint en d\u00e9tenant des fonds g\u00e9r\u00e9s par des professionnels chevronn\u00e9s arm\u00e9s d\u2019ant\u00e9c\u00e9dents \u00e9prouv\u00e9s \u00e0 travers les cycles \u00e9conomiques.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h5><em><strong>Image :<\/strong>Freepik<\/em><\/h5>","protected":false},"excerpt":{"rendered":"<p>Le changement est dans l\u2019air ces temps-ci. Apr\u00e8s des ann\u00e9es de hausses de taux pour ma\u00eetriser l\u2019inflation, l\u2019engrenage s\u2019est maintenant invers\u00e9 et les banques centrales ont commenc\u00e9 \u00e0 assouplir leur politique mon\u00e9taire. Les craintes d\u2019une r\u00e9cession s\u2019estompent, faisant place \u00e0 des perspectives d\u2019atterrissage en douceur, voire de vol continu. Les [\u2026]<\/p>","protected":false},"author":4,"featured_media":61812,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[106],"tags":[105,113],"fund-type":[36],"class_list":["post-61806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-articles","tag-finance-et-investissement","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>Canadian Small Caps: High potential returns but with unique risks - 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=\"Canadian Small Caps: High potential returns but with unique risks - PenderFund Capital Management\" \/>\n<meta property=\"og:description\" content=\"As published in the Finance et Investissement\/Conseiller.ca December 16, 2024 (In French) Winds of change are in the air. Years of rising interest rates to tame the inflation beast are slowly reversing as central banks loosen monetary policy. Recession fears are receding as the \u201chard landing\u201d narrative has given way to the \u201csoft or no [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/staging.penderfund.com\/fr\/articles\/canadian-small-caps-high-potential-returns-but-with-unique-risks\/\" \/>\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:published_time\" content=\"2024-12-16T21:16:51+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-09-18T15:17:29+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2024\/12\/SL-012322-48100-22-scaled-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"2560\" \/>\n\t<meta property=\"og:image:height\" content=\"2048\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Evan Warburton\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@penderfund\" \/>\n<meta name=\"twitter:site\" content=\"@penderfund\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Evan Warburton\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimation du temps de lecture\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/staging.penderfund.com\/articles\/canadian-small-caps-high-potential-returns-but-with-unique-risks\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/staging.penderfund.com\/articles\/canadian-small-caps-high-potential-returns-but-with-unique-risks\/\"},\"author\":{\"name\":\"Evan Warburton\",\"@id\":\"https:\/\/staging.penderfund.com\/#\/schema\/person\/17c0d780f89503e6aaeb9ed8c523a712\"},\"headline\":\"Canadian Small Caps: High potential returns but with unique risks\",\"datePublished\":\"2024-12-16T21:16:51+00:00\",\"dateModified\":\"2025-09-18T15:17:29+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/staging.penderfund.com\/articles\/canadian-small-caps-high-potential-returns-but-with-unique-risks\/\"},\"wordCount\":552,\"publisher\":{\"@id\":\"https:\/\/staging.penderfund.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/staging.penderfund.com\/articles\/canadian-small-caps-high-potential-returns-but-with-unique-risks\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/staging.penderfund.com\/wp-content\/uploads\/2024\/12\/SL-012322-48100-22-scaled-1.jpg\",\"keywords\":[\"Finance et Investissement\",\"Conseiller\"],\"articleSection\":[\"Articles\"],\"inLanguage\":\"fr-CA\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/staging.penderfund.com\/articles\/canadian-small-caps-high-potential-returns-but-with-unique-risks\/\",\"url\":\"https:\/\/staging.penderfund.com\/articles\/canadian-small-caps-high-potential-returns-but-with-unique-risks\/\",\"name\":\"Canadian Small Caps: High potential returns but with unique risks - 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