CFM111F

Canso
Corporate Value Fund
Series F

Series
Key Documents
Fund Profile
Lysander Funds Ltd.

Overview

  • Asset Class
    Fixed Income
  • CIFSC Category
    Global Corporate Fixed Income
  • Risk Rating
    Low
  • Holdings
    180
  • Yield to Maturity
    6.9%
  • Current Yield
    5.4%
  • Average Duration
    1.9 Years
  • Average Credit Quality
    A-

NAV

  • CAD $ NAV
    12.36
  • Change NAV $
    0.00
  • Change NAV %
    0.00
  • Date
    2023-09-21

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 currently manages over $36 billion in assets. Canso is a investment management firm that has demonstrated independent research expertise in fundamental analysis.

Fund Facts

August 31, 2023
Inception Date December 31, 2000
Currency CAD
Fund AUM $4.0 Billion
Management Fee 0.65%
MER as of December 31, 2022 0.79%
Minimum Initial Investment $25,000 (accredited investor)
RRSP Eligible Yes
▲ The NAVs posted are post-distribution

Portfolio Characteristics

Holdings 180
Average Term to Maturity (Years) 4.1
Average Duration (Years) 1.9
Yield to Maturity (%) 6.9%
Current Yield (%) 5.4%
Average Credit Quality1 A-

Credit Quality Breakdown

AA & Higher 36.5%
A 14.3%
BBB 13.3%
BB & Lower 24.8%
NR 11.2%

Sector

Communication 3.5%
Energy 4.6%
Federal 23.6%
Financial 33.5%
Industrial 18.7%
Infrastructure 0.1%
Publishing/Printing 0.4%
Other 15.6%

Portfolio

Top 10 Holdings
Canso Corporate Value Fund

Security % of Fund Rating
Canso Strategic Credit Fund - Series O - 339O 8.2% NA
Air Canada 4.625% Aug 15, 2029 5.1% BB
Canada 0.5% Nov 1, 2023 3.3% AAA
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) 2.6% AA-
TD Bank CB FRN Jun 8, 2026 (CORRA+65) 2.3% AAA
Canada 0.75% Feb 1, 2024 2.2% AAA
Canada 0.25% Apr 1, 2024 2.1% AAA
Latam Airlines Group SA 13.375% Oct 15, 2029 144A (USD) 2.0% B
BNS CB FRN Sept 8, 2026 (CORRA +60) 2.0% AAA
Bombardier Inc. 7.45% May 1, 2034 REGS (USD) 1.9% B
Total 31.7%

Top 10 Holdings
Canso Strategic Credit Fund

Security % of Fund Rating
Canada RRB 0.5% Dec 1, 2050 9.8% AAA
Air Canada 4.625% Aug 15, 2029 6.3% BB
Bombardier Inc. 7.45% May 1, 2034 REGS (USD) 5.5% B
Canada 0.75% Feb 1, 2024 4.9% AAA
LATAM Airlines Group SA 13.375% Oct 15, 2029 144A (USD) 4.2% B
Canada 0.5% Nov 1, 2023 3.8% AAA
UBS Group AG 6.442% Aug 11, 2027/28 144A (USD) 3.4% A-
Canada 0.75% Oct 1, 2024 2.7% AAA
Avis Budget Car/Finance 4.75% Apr 1, 2028 144A (USD) 2.6% B+
American Airlines Inc. RSG 10.75%/12% Feb 15, 2026 (USD) 2.4% BB
Total 45.6%

Performance

Inception Date

December 31, 2000

As of Date

August 31, 2023

Compound Returns - Series C

1 Month 3 Months YTD 1 Year 3 Year
(Annualized)		 5 Year
(Annualized)		 10 Year
(Annualized)		 15 Year
(Annualized)		 Since Inception
(Annualized)
0.5% 1.9% 5.9% 6.4% 7.3% 7.5% 6.7% 8.2% 8.6%

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 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.

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 0.50%. 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.

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