Lysander-Fulcra Corporate Securities Fund – Series A

  • Fund Code: LYZ935A
  • Portfolio Manager: Fulcra Asset Management Inc.
  • As of: May 31, 2025
  • Asset Class: Fixed Income
  • CIFSC Category: High Yield Fixed Income
  • Benchmark: Absolute Return 5% per annum

Investment Focus

The fund invests primarily in fixed income securities of small and mid-cap companies with the tactical inclusion of equity investments. It is unconstrained both geographically and by credit quality.

Risk Rating

Why Invest in this Fund?

Fulcra Asset Management, founded in 2009, is an independent credit specialist based in Vancouver. Fulcra is dedicated to preserving capital and generating consistent absolute returns for investors. Fulcra employs a fundamental value investing approach to identify underpriced corporate securities.

  • Fulcra is credit ratings agnostic, leveraging the information advantage of independent research. By investing in misunderstood investment scenarios, under-appreciated and high-yielding securities, Fulcra seeks to generate strong long-term returns with lower volatility.
  • Fulcra invests across issuers’ capital structure with a preference for the senior securities due to their contractual nature but will occasionally capture value by investing in mispriced equity-like securities.
  • Fulcra is dedicated to preserving capital and generating consistent absolute returns for investors. Fulcra employs a fundamental value investing approach to identify underpriced corporate securities, with the goal of outperforming in both good and bad market conditions.

Fund Facts

Inception Date December 30, 2016
Currency CAD
Fund AUM $606.2 Million
NAVPU $9.65
Management Fee 1.35%
MER as of December 31, 2024 1.55%
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)		 5 Year
(Annualized)		 Since Inception
(Annualized)
0.3% -0.1% 0.8% 3.5% 3.4% 6.9% 4.6%

Calendar Year Returns – Series A

Lysander Funds Limited
Lysander-Fulcra Corporate Securities Fund – Series A

Top 10 Holdings

Security % of Fund Rating
Nissan Canada Inc 2.10 09/22/25 4.6% BB
Rogers Communications Inc 5% Dec 17, 2081 3.6% BB
EG GLOBAL FINANCE PLC 12.0 11/30/2028 3.5% B
DNDCN 3 ¾ 03/01/26 2.9% Not Rated
Canadian Government 3 ¼ 11/01/26 2.5% AAA
Canadian Government 4 ½ 11/01/25 2.5% AAA
Videotron Ltee Sr Notes 5.625% Jun 15, 2025 2.4% BBB-
Premium Brands 4.2% Sept 30, 2027 2.4% Not Rated
Tamarack 7.25% May 10 2027 2.4% B+
NFICN 5% 1/15/2027 2.3% Not Rated
Total 29.1%

Credit Quality Breakdown

AAA 11.6%
AA 5.2%
BBB 6.3%
BB 22.3%
B 21.3%
CCC 6.6%
CC 1.1%
D 0.4%
Not Rated 25.2%

Portfolio Characteristics

Number of Securities 120
Number of Issuers 74
Average Term to Maturity (Years) 2.6
Average Duration (Years) 1.9
Average Coupon (%) 6.4%
Yield to Maturity (%) 8.5%
Current Yield (%) 6.9%
Average Credit Quality BB+
Average Bond Price $95.97
Cash Weighting 0.9%

Asset Mix

Cash & Equivalents 0.9%
Common Stock 0.3%
Convertible Bonds 6.9%
Corporate Bonds 66.1%
Government Bonds 15.9%
Corporate Loans 9.2%
Preferred Shares 0.7%

Geographic Breakdown

Canada 58.4%
USA 35.4%
Other 6.2%

Distributions

  • Distribution Frequency: Quarterly
  • Most Recent Distribution per Unit: $0.1298
  • 12-Month Trailing Distribution Yield: 5.1%
  • Next Record Date: June 19, 2025
  • Next Distribution Date: June 20, 2025
Distributions ($)/Unit1 YTD* 2024 2023 2022 2021 2020 2019 2018 2017
Total Distributions 0.1298 0.4595 0.4698 0.4411 0.6863 0.6943 0.5776 0.3782 0.2685
Interest – 0.4574 0.4661 0.4313 0.3928 0.3879 0.3547 0.3445 0.1815
Dividends – 0.0022 0.0056 0.0108 0.0174 0.0155 0.0327 0.0337 0.0185
Capital Gains – – – – 0.2761 0.2909 0.1902 – 0.0704
Withholding Tax – – (0.0019) (0.0009) – – – – (0.0020)
*The final tax character will be determined based on the Fund’s tax year end information.
Lysander Funds Limited
Lysander-Fulcra Corporate Securities Fund – Series A

Lysander Funds Limited is the investment fund manager of Lysander-Fulcra Corporate Securities 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.

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