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
    160
  • Yield to Maturity
    5.5%
  • Current Yield
    4.5%
  • Average Duration
    3.4 Years
  • Average Credit Quality
    A+

NAV

  • CAD $ NAV
    12.83
  • Change NAV $
    0.01
  • Change NAV %
    0.08
  • Date
    2024-10-11

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

September 30, 2024
Inception Date December 31, 2000
Currency CAD
Fund AUM $6.4 Billion
Management Fee 0.65%
MER as of December 31, 2023 0.78%
Minimum Initial Investment N/A
RSP Eligible Yes
▲ The NAVs posted are post-distribution

Portfolio Characteristics

Holdings 160
Average Term to Maturity (Years) 4.6
Average Duration (Years) 3.4
Yield to Maturity (%) 5.5%
Current Yield (%) 4.5%
Average Credit Quality1 A+

Credit Quality Breakdown

AA & Higher 48.3%
A 9.3%
BBB 11.5%
BB & Lower 19.9%
Not Rated 11.1%

Sector

Communication 1.3%
Energy 2.1%
Federal 35.1%
Financial 36.8%
Industrial 11.5%
Publishing/Printing 0.1%
Other 13.1%

Portfolio

Top 10 Holdings
Canso Corporate Value Fund

Security % of Fund Rating
Canada 1.5% Dec 1, 2031 19.6% AAA
Canso Strategic Credit Fund Series O 9.5% Not Rated
Canada 0.5% Dec 1, 2030 5.1% AAA
RBC CB 4.256% Dec 21, 2026 4.1% AAA
Air Canada 4.625% Aug 15, 2029 3.7% BB+
BNS FRN May 3, 2027 (CORRA +75) 2.5% A
Scotia Capital Inc. NHA MBS (97528147) 3.7% Mar 1, 2029 2.5% AAA
Manulife Financial Corp (AT1) 3.375% Jun 19, 2026/2081 2.1% BBB+
MetLife Global Funding l 4.642% Apr 1, 2027 2.0% AA-
TD Bank CB 4.516% Jan 29, 2027 1.9% AAA
Total 52.8%

Top 10 Holdings
Canso Strategic Credit Fund

Security % of Fund Rating
Canada 0.25% Mar 1, 2026 10.0% AAA
Canada RRB 0.5% Dec 1, 2050 7.7% AAA
Bird Construction Inc. 7.2% NA
Air Canada 4.625% Aug 15, 2029 4.5% BB+
Canada 0.5% Sep 1, 2025 4.1% AAA
Canso Private Loan Fund 3.2% Not Rated
Manulife Financial Corp (AT1) 3.375% Jun 19, 2026/2081 2.7% BBB+
BNS FRN May 3, 2027 (CORRA +75) 2.6% A
RBC (AT1) pref 4.2% (5y GoC + 271) Feb 24, 2027 2.2% BBB
Cineplex Inc. 7.75% Mar 1, 2030 2.0% Not Rated
Total 46.2%

Performance

Inception Date

December 31, 2000

As of Date

September 30, 2024

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)
1.6% 3.0% 6.5% 10.3% 3.2% 8.8% 6.5% 7.6% 8.7%

Calendar Year Returns - Series C

Distributions

Quarterly Distributions

Record Date Distribution Date
March 21, 2024 March 22, 2024
June 20, 2024 June 21, 2024
September 19, 2024 September 20, 2024
December 19, 2024 December 20, 2024

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.

*Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. 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.

1Fixed 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.