CCIF F
Canso
Credit Income Fund
Class F

Class

  • Asset Class
    Fixed Income
  • Category
    Global Corporate Fixed Income
  • Risk Rating
    Low to Medium
  • Number of securities (Long/Short)
    114/9
  • Yield to Maturity (%)
    5.2%
  • Current Yield
    4.9%
  • Duration
    2.4 Years
  • Average Credit Quality
    BB+

NAV - Weekly

  • CAD $ NAV
    17.15
  • Change NAV $
    0.00
  • Change NAV %
    0.00
  • Date
    2022-01-20

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

December 31, 2021
Inception Date July 16, 2010
RRSP Eligible Yes
Issue Price $10.00 per Unit
Latest Distribution Dec 15, 2021 $0.04166 per unit
Next Distribution Jan 17, 2022 $0.04166 per unit
Cumulative Distributions Since Inception $5.70742 per unit
Initial NAV $9.73
NAV per Unit (December 31, 2021) $17.09
Closing Market price on TSX (Class A) (December 31, 2021) $15.15
Total Long Positions and Other $208.2 Million
Total Short Positions $(47.6) Million
Total Net Assets $160.6 Million

Portfolio Characteristics

Number of Securities Long 114
Number of Securities Short 9
Term to Maturity (Years) 8.0
Yield to Maturity (%) 5.2%
Current Yield (%) 4.9%
Duration (Years) 2.4
Average Credit Quality (long only)2 BB+

The NAVs posted are post-distribution.

Top 10 Holdings

December 31, 2021
Security % of fund Rating
Air Canada 4.625% Aug 15, 2029 7.2% BB-
Strait Crossing Development 6.170% 15-Sep-2031 144A 6.0% BBB-
Yellow Pages Limited 5.5% N/A
Manulife Financial Corp (AT1) 4.1% Mar 19, 2027/2082 5.0% BBB+
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+
AT&T Inc 4.850% 25-May-2047 Restricted 4.2% BBB
American Airlines Inc 144A 11.750% 07/15/2025 4.1% B
Hertz Global Holdings Inc 4.0% N/A
RBC (AT1) 4.5% Nov 24, 2025/2080 2.9% BBB
Total 48.5%

Inception Date

July 16, 2010

As of Date

December 31, 2021

Compound Returns

  • 1 Month
    3.5%
  • 3 Months
    3.2%
  • 6 Months
    5.4%
  • YTD
    17.4%
  • 1 Year
    17.4%
  • 3 Year
    (Annualized)
    18.0%
  • 5 Year
    (Annualized)
    11.3%
  • 10 Year
    (Annualized)
    11.4%
  • Since Inception
    (Annualized)
    9.6%

Calendar Year Returns

Distributions

Distribution Frequency: Monthly
Latest Distribution: Dec 15, 2021 $0.04166 per unit
Next Distribution: Jan 17, 2022 $0.04166 per unit
Cumulative Distributions Since Inception: $5.70742 per unit

Monthly Distributions

Record Date Distribution Date Distribution Rate/Unit
March 31, 2021 April 15, 2021 $0.04166
April 30, 2021 May 17, 2021 $0.04166
May 31, 2021 June 15, 2021 $0.04166
June 29, 2021 July 15, 2021 $0.04166
July 30, 2021 August 16, 2021 $0.04166
August 31, 2021 September 15, 2021 $0.04166
September 30, 2021 October 15, 2021 $0.04166
October 29, 2021 November 15, 2021 $0.04166
November 30, 2021 December 15, 2021 $0.04166
December 31, 2021 January 17, 2022 $0.04166
January 31, 2022 February 15, 2022 $0.04166
February 28, 2022 March 15, 2022 $0.04166
March 31, 2022 April 18, 2022 $0.04166

Final Tax Factors

Monthly Historical NAV

Announcements


    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.

    Performance returns for Class A and Class F units are based on the net asset values of the relevant class. Prior to June 25, 2015, the Fund used a fund-on-fund investment strategy whereby the Fund gained exposure to Canso Credit Trust through a forward agreement. On June 25, 2015, as a result of changes to the Income Tax Act (Canada), the Fund changed its investment objectives, ceased to use a fund-on-fund strategy and began investing in securities directly. In addition, prior to July 1, 2020, the Fund paid servicing fees at 0.40% per annum on Class A units. On July 1, 2020, the Fund discontinued the payment of servicing fees. These changes could have affected the performance of the Fund had these changes been in effect throughout the performance measurement period.

    The Class A performance numbers shown may be different from the performance provided by sources that obtain performance information from the TSX under the symbol PBY.UN, which performance is based on the trading price of the units.

    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.

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