Commentary Archives

Insights

At Lysander Funds we strive to inform and educate Canadian investors. In this section you'll find resources that highlight the thinking of our Portfolio Managers.

How to Spot Value in Preferred Shares as More Companies Make the Switch to LRCNs

Revisiting LRCNs In our September 2020 commentary titled A New Type of Security is Shaking Up the Canadian Preferred Share Market, we discussed the introduction of Limited Recourse Capital Notes (“LRCNs”) to the Canadian marketplace and…

Triasima Q4 2020 Commentary

The world has been grappling with the effects of the COVID-19 pandemic since early 2020. Governments have had the hard task of juggling restrictions and lockdowns to contain it while simultaneously protecting economic activity and supporting…

Interest Rates Are Rising – Is Now the Right Time for TIPS?

Ian Marthinsen, CFA, Portfolio Manager

Quiet Capital Destruction Over the past six months, the US bond market1 has been losing money. As illustrated in Chart 1, longer-term US interest rates rose anywhere between 22 bps and 67 bps between July 31,…

Canso Corporate Bond Newsletter – February 2021

Lookin’ Out My Back Door In December 2019 we wrote: “If the rates markets, or the credit markets, or both reprice, we expect there to be some extraordinary opportunities in investment grade, high yield and leveraged…

Fulcra Q4 2020 Commentary

“It likely comes as no surprise, amongst our small cadre of followers, that Fulcra sits firmly in the camp that the current valuation of financial assets is expensive and virtually without precedent. An overwhelming driver is…

Corporate Bonds: After the Volatility of 2020, Where Do We go From Here in 2021?

Ian Marthinsen, CFA, Portfolio Manager

A Tale of Two Markets There is much that can be said about the year 2020. The COVID-19 pandemic was a truly unprecedented event in recent history that plunged global economies and capital markets into turmoil.…