Lysander-Canso Equity Fund - Series F

Fund Code: LYZ806F

  • Portfolio Manager: Canso Investment Counsel Ltd.
  • As of June 30, 2018
  • Fund Category: Equity
  • Benchmark: MSCI All Country World (CAD) Index1
Investment Focus

The fund is primarily an all cap equity product. It is unconstrained by both geographic and sector considerations.

Risk Tolerance
Low
Medium
High
Why Invest in This Fund

Established in 1997, Canso is an independent firm focused on bottom up security selection. Proprietary research developed over multiple market cycles guides the investment of over $24.5 billion in AUM.

Each security is assessed on its own merits using bottom-up, fundamental research. Canso uses its proprietary Maximum Loss grade, where the max loss quantifies recovery value in the event of a default. The greater the potential downside, the lower the portfolio weight. Canso believes in concentrating their best ideas and having high conviction portfolios with limited holdings.

This independent credit expertise and successful investment management experience enables Canso to buy securities when they are out of favour and priced at a discount to their intrinsic value.

  • For Long Term Capital Growth - Concentrated, high-conviction portfolio of value oriented global equity securities that the manager has identified as trading at a substantial discount to their intrinsic value.
  • Tax Efficient - Returns from the portfolio normally consist primarily of capital gains.
  • Proven Investment Expertise - Large investment team with experienced credit specialists with an expertise in determining default risks and recovery values of issuers to identify corporate bond opportunities. The continuity of the team has contributed to the successful management of investor portfolios over different market cycles.
Compound Returns - Series F
1 Month 3 Months YTD 1 Year 3 Year
(Annualized)
Since Inception
(Annualized)
1.6% 3.5% 4.6% 15.6% 3.1% 9.4%
Fund Facts
Series Inception Date September 18, 2013
Currency CAD
Fund AUM $3.7 Million
NAVPU $13.77
Management Fee 1.00%
MER (As of Dec 31, 2017 - audited) 1.42%
Minimum Initial Investment $5,000
Minimum Subsequent Investment $100
Liquidity Daily
RRSP Eligible Yes
Portfolio Characteristics
Number of Securities 43
Dividend Yield 1.5%
Top 10 Holdings
Security Name % of Fund
Apple Inc. 7.9%
Yellow Pages Limited 7.6%
Manulife Financial Corp. 6.6%
Royal Bank of Scotland Group PLC - London 6.1%
Enbridge Inc. 5.8%
Commerzbank AG - ORD 5.1%
Bombardier Inc. 5.1%
Nutrien Ltd. 5.0%
SLM Corp 4.9%
Lloyds Banking Group PLC 4.8%
Total 58.9%
Calendar Year Returns - Series F
Geographic Breakdown
geo
Canada 55.3%
South America 0.0%
Other 0.0%
USA 24.2%
Europe 20.0%
Australia 0.0%
Asia 0.7%
Distributions
Distribution Frequency: Annual
Most Recent Distribution per Unit: $0.1581
12-Month Trailing Distribution Yield: 1.1%
Next Record Date: December 28, 2018
Next Distribution Date: December 31, 2018
Distributions ($)/Unit2 YTD* 2017 2016 2015 2014 2013
Total Distributions - 0.1581 0.1011 0.7695 0.2080 0.0710
Interest   --- --- --- --- ---
Dividends   --- --- --- --- 0.0210
Capital Gains   0.1581 0.1011 0.7695 0.2080 0.0500
Withholding Tax   --- --- --- --- ---

*The final tax character will be determined based on the Fund’s tax year end information

See the Simplified Prospectus for more details on the Lysander-Canso Equity Fund ("the Fund"). This document is not an invitation to invest in the Fund, nor does it constitute a public offering of sale. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are based on calculated net asset values per unit, which are net of management fees, operating expenses, and applicable taxes. These returns include changes in unit value and reinvestment of all distributions and do not take into account certain fees such as redemption fees or optional charges or income taxes payable by any securityholder that would have reduced returns. Series F units are only available to eligible investors who have fee based accounts with their dealer. Sales charges and trailing commissions are not payable on Series F units, however investors may pay other fees to their dealer for investment advice and other services. Mutual funds are not guaranteed or insured, their values change frequently and past performance may not be repeated. 1Copyright © 2018 MSCI Inc. All rights reserved. 2Distributions are based on the actual number of units outstanding at the relevant time. Distributions are paid in cash or reinvested in additional units, or both. 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.