CCIF A
Canso
Credit Income Fund
Class A

Class

Key Documents

  • Asset Class
    Fixed Income
  • Category
    Global Corporate Fixed Income
  • Risk Rating
    Low to Medium
  • Holdings
    ---
  • Yield to Maturity (%)
    5.9%
  • Current Yield
    6.3%
  • Average Duration
    3.78 Years
  • Average Credit Quality
    BB

NAV - Weekly

  • CDN $ NAV
    14.54
  • Change NAV $
    0.00
  • Change NAV %
    0.00
  • Date
    2021-04-15

Objectives

The Fund’s investment objective is to (i) maximize total returns for unitholders while reducing risk; and (ii) provide unitholders with monthly cash distributions, by taking long and short positions primarily in corporate bonds and other income securities.

Fund Facts

March 31, 2021
Inception Date July 16, 2010
RRSP Eligible Yes
Issue Price $10.00 per Unit
Latest Distribution March 15, 2021 $0.04166 per unit
Next Distribution April 15, 2021 $0.04166 per unit
Cumulative Distributions Since Inception $5.33248 per unit
Initial NAV $9.43
NAV per Unit (March 31, 2021) $14.56
Closing Market price on TSX (Class A) (March 31, 2021) 14.16
Total Long Positions and Other $237.4 Million
Total Short Positions $(84.1) Million
Total Net Assets $153.3 Million

Portfolio Characteristics

Number of Securities Long 121
Number of Securities Short 11
Term to Maturity (Years) 9.9
Yield to Maturity (%) 5.9%
Current Yield (%) 6.3%
Duration (Years) 2.9
Average Credit Quality2 BB

The NAVs posted are post-distribution.

Top 10 Holdings

March 31, 2021
Security % of fund Rating
Royal Bank Of Canada Var Rt 24-Nov-2080 6.6% BBB
Strait Crossing Development 6.170% 15-Sep-2031 144A 6.5% BBB-
Ford Credit Canada Co Var Rt 21-Mar-2024 6.4% BB
AT&T Inc 4.850% 25-May-2047 Restricted 5.9% BBB
Air Canada 9.000% 22-Jun-2024 5.7% B
Yellow Pages Limited 5.1% N/A
Bombardier Inc 144A 7.875% 15-Apr-2027 (USD) 5.0% CCC-
Pembina Pipeline Corp 4.750% 26-Mar-2048 Mtn Ser 11 5.0% BBB
GE Capital Canada Funding Co 5.730% 22-Oct-2037 Mtn 4.6% BBB+
American Airlines Inc 144A 11.750% 07/15/2025 Dd 06/30/20 3.9% B+
Total 54.7%

Inception Date

July 16, 2010

As of Date

March 31, 2021

Compound Returns

  • 1 Month
    1.7%
  • 3 Months
    7.3%
  • 6 Months
    21.0%
  • YTD
    7.3%
  • 1 Year
    64.0%
  • 3 Year
    (Annualized)
    12.3%
  • 5 Year
    (Annualized)
    12.0%
  • 10 Year
    (Annualized)
    9.1%
  • Since Inception
    (Annualized)
    9.1%

Calendar Year Returns

Distributions

Distribution Frequency: Monthly
Most Recent Distribution per Unit:
12-Month Trailing Distribution Yield:
Next Record Date:
Next Distribution Date:

Monthly Distributions

Record Date Distribution Date
March 31, 2021 April 15, 2021
April 30, 2021 May 17, 2021
May 31, 2021 June 15, 2021
June 29, 2021 July 15, 2021
July 30, 2021 August 16, 2021
August 31, 2021 September 15, 2021
September 30, 2021 October 15, 2021
October 29, 2021 November 15, 2021
November 30, 2021 December 15, 2021
December 31, 2021 January 17, 2022
January 31, 2022 February 15, 2022
February 28, 2022 March 15, 2022
March 31, 2022 April 18, 2022

Lysander Funds Limited is the investment fund manager of Canso Credit Income Fund (the “Fund”). Refer to the Fund’s Prospectus and disclosure documents available on sedar.com or Lysander’s website below for more details on the Fund before making an investment decision. This document is not an invitation to invest in the Fund nor does it constitute a public offering of sale. Applications for purchases in the Fund will only be considered on the terms of the Prospectus and public disclosure documents which may also be obtained from your Investment Professional. Each purchaser of units in the Fund may have statutory or contractual rights of action. The information in this document is subject to change without notice. You will usually pay brokerage fees to your dealer if you purchase or sell units of the Fund on the Toronto Stock Exchange (TSX). Only Class A units of the Fund are listed on the TSX. If the units are purchased or sold on the TSX, investors may pay more than the current net asset value when buying units of the Fund and may receive less than the current net asset value when selling them. There are ongoing fees and expenses associated with owning units of the Fund. The Fund must prepare disclosure documents that contain key information about the Fund. You can find more detailed information about the Fund in these documents. The indicated rates of return are based on calculated net asset values per unit, which are net of management fees, operating expenses, any applicable performance fees 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. Investment funds are not guaranteed, their values change frequently and past performance may not be repeated.

Historical fund returns for Class A are shown net of an annual management fee of 0.25%, a service fee of 0.40% and the Fund’s operating expenses. These returns are also net of a management fee of 0.50% received by the Manager from the Canso Credit Trust up to June 25, 2015, plus applicable performance fees and operating expenses. After June 25, 2015 the Canso Credit Trust terminated and the Manager receives an annual management fee of 0.75% from the Fund, plus applicable performance fees on Class A and F units as noted in the Fund’s applicable disclosure documents. There is no service fee paid on class F units. All fees quoted are exclusive of applicable taxes.

The Class A performance numbers shown may be different to the performance of the Class A units of CCIF that are listed on the TSX under the symbol PBY.UN.

Effective July 1, 2020, the Fund discontinued paying servicing fees on Class A units of the Fund.

1Fixed income securities unrated by external agencies are assigned an internal Canso rating for Average Credit Quality.®Lysander Funds is a registered trademark of Lysander Funds Limited.