Lysander-Canso All Country Long/Short Equity Fund – Series A

  • Fund Code: LYZ531A
  • Portfolio Manager: Canso Investment Counsel Ltd.
  • As of: December 31, 2023
  • Asset Class: Equity
  • Benchmark: Canadian Government Bonds 3 Month Bill + 3% per annum; floor of 4%

Investment Focus

Invests in equity securities of companies having a broad range of capitalizations from anywhere in the world both long and short. Long positions can be leveraged up to 150% of fund Net Asset Value.

Risk Rating

Why Invest in this Fund?

Established in 1997, Canso Investment Counsel Ltd. is an independent firm focused on bottom-up security selection and fundamental research.

Canso uses its extensive expertise in credit research to identify value in equities that may be out of favour or trading at a discount that potentially offer an attractive upside. Canso believes in maintaining concentrated portfolios with high conviction in their best ideas.

Fund Facts

Inception Date May 11, 2020
Currency CAD
Fund Net AUM $2.2 Million
Total Long AUM $3.2 Million
Total Short AUM -$1.0 Million
NAVPU $10.50
Management Fee 1.90%
Performance Fee 20.00%
MER as of December 31, 2024 2.40%
Minimum Initial Investment $500
Minimum Subsequent Investment $100
Liquidity Daily
RSP Eligible Yes

Compound Returns – Series A

1 Month 3 Months YTD 1 Year 3 Year
(Annualized)		 Since Inception
(Annualized)
-2.1% 1.0% -5.4% -5.4% -1.0% 1.3%

Calendar Year Returns – Series A

*For the period of May 11th to Dec 31st 2020
Lysander Funds Limited
Lysander-Canso All Country Long/Short Equity Fund – Series A

Top 10 Holdings (Short)

Security % of Fund
EXTRA SPACE STORAGE INC. -2.6%
TECNOGLASS INC. -2.2%
Sociedad Quimica y Minera -1.8%
FUTURE PLC -1.7%
FIRST SOLAR INC. -1.6%
Gibson Energy Inc. -1.6%
SILICON LABORATORIES INC. -1.6%
Metro Inc. -1.5%
VIEMED HEALTHCARE INC. -1.5%
IRIDIUM COMMUNICATIO NS INC. -1.5%
Total -17.6%

Top 10 Holdings (Long)

Security % of Fund
Toyota Credit Canada Inc. 2.11% Feb 26, 2025 8.8%
Manulife Bank of Canada Feb 26, 2026 6.5%
Toronto Hydro Corp 2.52% Aug 25 2026 6.3%
Vertex Pharmaceuticals Inc 4.6%
FOMENTO ECONOMICO ME XICANO SAB DE CV 4.0%
RBC Dep Note 2.352% Jul 2, 2024 3.9%
TEEKAY TANK LTD CLASS A 3.9%
McKesson Corp 3.7%
CROWDSTRIKE HOLDINGS INC. 3.6%
ZSCALER INC. 3.6%
Total 48.9%

Portfolio Characteristics

Number of Securities (Long) 45
Number of Securities (Short) 32
Dividend Yield (%) 0.6%
Cash Weighting 22.7%

Geographic Breakdown

Canada 37.6%
USA 48.7%
South America 6.6%
Europe 2.7%
Asia 7.0%
Other -2.6%

Distributions

  • Distribution Frequency: Annually
  • Most Recent Distribution per Unit: $0.0000
  • 12-Month Trailing Distribution Yield: 0.0%
  • Next Record Date: December 19, 2024
  • Next Distribution Date: December 20, 2024
Distributions ($)/Unit2 YTD* 2022 2021 2020
Total Distributions – – – –
Interest – – – –
Dividends – – – –
Capital Gains – – – –
Withholding Tax – – – –
*The final tax character will be determined based on the Fund’s tax year end information.
Lysander Funds Limited
Lysander-Canso All Country Long/Short Equity Fund – Series A

Lysander Funds Limited is the investment fund manager of Lysander-Canso All Country Long/Short Equity Fund (the “Fund”). This document is not an invitation to invest in the Fund and does not constitute a public offering of sale. Purchases in the Fund can only be made through an Investment Professional on the terms in the Fund’s offering document by eligible investors. Each purchaser of units in a fund may have statutory or contractual right of action. Please read the prospectus before investing. Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. This Fund is an alternative mutual fund. It has the ability to invest in asset classes or use investment strategies that are not permitted for other types of mutual funds. The specific strategies that differentiate this Fund from other types of mutual funds include: increased use of derivatives for non-hedging purposes; increased ability to sell securities short; and the ability to borrow cash to use for investment purposes. While these strategies will be used in accordance with the Fund’s investment objectives and strategies, during certain market conditions they may accelerate the pace at which your investment decreases in value.

The indicated rates of return are historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed or insured, their values change frequently and past performance may not be repeated.

1Distributions are based on the actual number of units outstanding at the relevant time. Distributions are paid in cash or reinvested in additional units. If the series’ net income/capital gains is less than the amounts distributed in the year, the distribution will include a return of capital. In these circumstances, if an investor elects to receive their distributions in cash and not reinvest distributions, it is expected that the value of their investment will decline over time. Distributions are not an indication of performance, rate of return or yield.

®Lysander Funds is a registered trademark of Lysander Funds Limited.

Lysander Funds Ltd., 3080 Yonge St., Suite 4000, Toronto, ON, M4N 3N1
Toll Free: (877) 308-6979 Website: www.lysanderfunds.com
Lysander Funds Limited