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.
|Date of inception:||July 16, 2010|
|Issue price:||$10.00 per Unit|
|Ticker Symbol (TSX):||PBY.UN (Class A)|
|Initial NAV (July 16, 2010):||$9.43 (Class A)
$9.73 (Class F)
|Latest distribution:||January 15, 2020 $0.04166 per unit|
|Next distribution:||February 18, 2020 $0.04166 per unit|
|Cumulative distributions since inception:||$4.74924 per unit|
|NAV per Unit: January 31, 2020:||$11.45 (Class A)
$12.52 (Class F)
|Closing Market price on TSX (Class A): January 31, 2020:||$11.11|
|Total Long Positions and other:||$239.6 Million|
|Total Short Positions:||$ (81.4) Million|
|Total Net Assets:||$158.2 Million|
|# of Holdings:||89 Long, 9 Short|
|Term to Maturity:||9.1 Years|
|Yield to Maturity:||4.9%|
|Average Credit Quality1:||BBB|
▲The NAVs posted are post-distribution.
|Security||% of fund||Rating|
|AT&T Inc. 4.85% May 25, 2047||15.1%||BBB|
|Shaw Communications Inc. 6.75% Nov 9, 2039||9.5%||BBB-|
|BMO CB FRN Feb 1, 2023 (3M CDOR + 19)||8.7%||AAA|
|Ford Credit Canada Co. FRN Mar 21, 2024 (3M CDOR + 314)||8.2%||BBB-|
|Strait Crossing Dev. Inc. (amort) 6.17% Sep 15, 2031||6.9%||BBB-|
|Enbridge Inc. 4.57% Mar 11, 2044||5.8%||BBB+|
|Maxar Technologies Inc. 9.75% Dec 31, 2023 (USD)||5.4%||B|
|TransCanada Pipelines 4.34% Oct 15, 2049||5.3%||BBB+|
|Kraft Heinz Foods Co 4.875% Oct 1, 2049 144A (USD)||5.1%||BBB-|
|Lloyds Bank PLC FRN Jul 11, 2023 (3M CDOR + 55)||4.9%||A+|
|Record Date||Payment Date|
|December 31, 2019||January 15, 2020|
|January 31, 2020||February 18, 2020|
|February 28, 2020||March 16, 2020|
Refer to the Fund’s Prospectus and disclosure documents available on sedar.com or Lysander’s website below for more details on the Canso Credit Income Fund (“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. The Class F units of CCIF are not listed on the TSX. ®Lysander Funds is a registered trademark of Lysander Funds Limited.
Fixed income securities unrated by external agencies are assigned an internal Canso rating for Average Credit Quality.
Distributions are based on the actual number of units outstanding at the relevant time. Distributions are paid in cash. If the series’ net income/capital gains is less than the amounts distributed in the year, the distribution will include a return of capital. In these circumstances, if an investor elects to receive their distributions in cash, it is expected that the value of their investment will decline over time. Distributions are not an indication of performance, rate of return or yield.