CFM174F

Canso
Canadian Bond Fund
Series F

Series
Key Documents
Fund Profile
Lysander Funds Ltd.

Overview

  • Asset Class
    Fixed Income
  • CIFSC Category
    Canadian Fixed Income
  • Risk Rating
    Low
  • Holdings
    35
  • Yield to Maturity
    6.1%
  • Current Yield
    4.0%
  • Average Duration
    6.1 Years
  • Average Credit Quality
    AA-

NAV

  • CAD $ NAV
    8.71
  • Change NAV $
    0.06
  • Change NAV %
    0.69
  • Date
    2023-12-05

Objectives

The Fund seeks to achieve a total return greater than the return achieved by a representative Canadian fixed income index, such as the FTSE Canada Universe Bond Index.

Investment Focus

Established in 1997 by John Carswell, Canso currently manages over $36 billion in assets. Canso is an investment management firm that has demonstrated independent research expertise in fundamental analysis.

Fund Facts

October 31, 2023
Inception Date March 31, 2008
Currency CAD
Fund AUM $22.5 Million
Management Fee 0.55%
MER as of December 31, 2022 0.67%
Minimum Initial Investment $25,000 (accredited investor)
RRSP Eligible Yes
▲ The NAVs posted are post-distribution

Portfolio Characteristics

Holdings 35
Average Term to Maturity (Years) 9.2
Average Duration (Years) 6.1
Yield to Maturity (%) 6.1%
Current Yield (%) 4.0%
Average Credit Quality1 AA-

Credit Quality Breakdown

AA & Higher 57.4%
A 18.8%
BBB 23.8%

Sector

Communication 1.5%
Energy 11.5%
Financial 28.1%
Federal 32.5%
Industrial 2.4%
Infrastructure 16.6%
Provincial 6.3%
Real Estate 1.2%
Other 0.1%

Portfolio

Top 10 Holdings
Canso Canadian Bond Fund

Security % of Fund Rating
Canada 0.5% Dec 01, 2030 7.8% AAA
Canada 1.25% Jun 1, 2030 7.5% AAA
MetLife Global Funding I 3.394% Apr 9, 2030 6.7% AA-
Equitable Bank NHA MBS (97518564) 0.75% Nov 1, 2025 6.6% AAA
New York Life Global FDG 2% Apr 17, 2028 5.4% AAA
Nav Canada (amort) 7.56% Mar 1, 2027 5.4% AA
Hwy 407 Jr Secured 7.125% Jul 26, 2040 5.2% A-
WTH Car Rental ULC (AVIS) 2.781% Jul 22, 2024 5.1% AAA
Canada 1.75% Dec 1, 2053 1,000/1,000 4.4% AAA
University Ont Institute of Tech (amort) 6.351% Oct 15, 2034 3.9% A-
Total 58.0%

Performance

Inception Date

March 31, 2008

As of Date

October 31, 2023

Compound Returns - Series C

1 Month 3 Months YTD 1 Year 3 Year
(Annualized)		 5 Year
(Annualized)		 10 Year
(Annualized)		 Since Inception
(Annualized)
0.2% -1.7% -0.1% 1.0% -3.2% 0.8% 2.0% 3.5%

Calendar Year Returns - Series C

Distributions

Quarterly Distributions

Record Date Distribution Date
March 30, 2023 March 31, 2023
June 29, 2023 June 30, 2023
September 28, 2023 September 29, 2023
December 28, 2023 December 29, 2023

Resources

Canso Fund Management Ltd. is the investment fund manager of the Canso Canadian Bond Fund (the “Fund”). This document is not an invitation to invest in Canso Canadian Bond Fund (the “Fund”) and does not constitute a public offering of sale. The Fund is only available under prospectus exemptions and other exemptions available to investors who meet certain eligibility or minimum purchase requirements. Currently these exemptions include the accredited investor exemption and the $150,000 minimum purchase exemption for non-individual investors. Each purchaser of Units in the Fund may have statutory or contractual rights of action. The offering of Units of the Fund is made pursuant to an Offering Memorandum and the information contained herein is a summary only and is qualified by the more detailed information in the Offering Memorandum. Information presented in this material should not be construed as investment or financial advice. Please consult a Financial Advisor. Please read the offering memorandum before investing.

Commission, trailing commissions, management fee and expenses may be associated with investments. Products are not guaranteed, their values change frequently and past performance may not be repeated. 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 unitholder that would have reduced returns. Historical fund returns are based on Series C NAVs which include a management fee of 0.40%. Information provided is believed to be reliable when published. All information is subject to modification from time to time without notice. Please read the offering document carefully before investing.

1Fixed income securities unrated by external agencies are assigned an internal Canso rating for Average Credit Quality.

*Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2023. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE ®” is a trade mark of the relevant LSE Group companies and is used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.