CFM111A

Canso
Corporate Value Fund
Series A

Series
Key Documents
Fund Profile
Lysander Funds Ltd.

IMPORTANT NOTICE FOR ADVISORS: Canso Fund Management Ltd. has updated the process for completing subscription agreement forms.  Please contact your local sales team or contact our head office at 1-877-308-6979 / manager@lysanderfunds.com for further details.

Overview

  • Asset Class
    Fixed Income
  • CIFSC Category
    Global Corporate Fixed Income
  • Risk Rating
    Low
  • Holdings
    177
  • Yield to Maturity
    5.0%
  • Current Yield
    4.1%
  • Average Duration
    3.4 Years
  • Average Credit Quality2
    A+

NAV

  • CAD $ NAV
    13.43
  • Change NAV $
    0.01
  • Change NAV %
    0.04
  • Date
    2025-07-17

Objectives

The Fund seeks to achieve above average income returns through a diversified portfolio composed primarily of debt and money market securities. The Fund may occasionally invest in equity securities. The Fund will attempt to manage the allocation among securities to lower the risk of capital loss as the Investment Manager deems appropriate.

Investment Focus

Established in 1997 by John Carswell, Canso is an investment management firm that has demonstrated independent research expertise in fundamental analysis.

Fund Facts

June 30, 2025
Inception Date December 31, 2000
Currency CAD
Fund AUM $7.7 Billion
Management Fee 1.40%
MER as of December 31, 2024 1.61%
Minimum Initial Investment N/A
RSP Eligible Yes
▲ The NAVs posted are post-distribution

Portfolio Characteristics

Holdings 177
Average Term to Maturity (Years) 4.4
Average Duration (Years) 3.4
Yield to Maturity (%) 5.0%
Current Yield (%) 4.1%
Average Credit Quality2 A+

Credit Quality Breakdown

AA & Higher 52.8%
A 9.3%
BBB 9.3%
BB & Lower 16.4%
Not Rated 12.2%

Sector

Communication 1.7%
Energy 1.8%
Federal 40.6%
Financial 34.5%
Industrial 8.0%
Publishing/Printing 0.1%
Other 13.3%

Portfolio

Top 10 Holdings
Canso Corporate Value Fund

Security % of Fund Rating
Canada 1.5% Dec 1, 2031 15.2% AAA
Canso Strategic Credit Fund Series O 8.7% Not Rated
Canada 0.5% Dec 1, 2030 7.2% AAA
RBC CB 4.256% Dec 21, 2026 3.4% AAA
Canada 2.25% Jun 1, 2029 3.2% AAA
Air Canada 4.625% Aug 15, 2029 3.1% BB+
Hertz 12.625% Jul 15, 2029 144A (USD) 2.2% B+
BNS Sr. Unsecured 3.807% Nov 15, 2027/28 2.1% A
Scotia Capital Inc. NHA MBS (97528147) 3.7% Mar 1, 2029 1.9% AAA
Manulife Financial Corp (AT1) 3.375% Jun 19, 2026/2081 1.8% BBB+
Total 48.8%

Top 10 Holdings
Canso Strategic Credit Fund

Security % of Fund Rating
Bird Construction Inc. 7.1% N/A
Black Press Group Ltd. (Oahu Mtg Loan) 6.494% Mar 7, 2035 6.2% Not Rated
Canada RRB 0.5% Dec 1, 2050 6.0% AAA
Canada 0.25% Mar 1, 2026 5.2% AAA
Air Canada 4.625% Aug 15, 2029 4.2% BB+
TD Bank Sr. Unsec. 4.133% Jan 9, 2032/33 3.8% A
Canso Private Loan Fund 2.7% Not Rated
Manulife Financial Corp (AT1) 3.375% Jun 19, 2026/2081 2.6% BBB+
The Boeing Company 2.5% N/A
BNS Sr. Unsecured 3.807% Nov 15, 2027/28 2.4% A
Total 42.7%

Performance

Inception Date

December 31, 2000

As of Date

June 30, 2025

Compound Returns - Series C

1 Month 3 Months YTD 1 Year 3 Year
(Annualized)		 5 Year
(Annualized)		 10 Year
(Annualized)		 15 Year
(Annualized)		 20 Year
(Annualized)		 Since Inception
(Annualized)
0.8% 2.8% 2.6% 7.4% 7.4% 8.4% 6.3% 7.2% 7.6% 8.6%

Calendar Year Returns - Series C

Distributions

Quarterly Distributions

Record Date Distribution Date
March 20, 2025 March 21, 2025
June 19, 2025 June 20, 2025
September 18, 2025 September 19, 2025
December 18, 2025 December 19, 2025

Resources

Canso Fund Management Ltd. is the investment fund manager of the Canso Corporate Value Fund (the “Fund”). This document is not an invitation to invest in 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. 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.

1Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE ®” is a trademark 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.

2Fixed income securities unrated by external agencies are assigned an internal Canso rating for Average Credit Quality.

Historical fund returns are based on Series C NAVs which include a management fee of 0.50%. All information is subject to modification from time to time without notice. Information provided is believed to be reliable when published.