CFM134A

Canso
Short Term and Floating Rate Income Fund
Series A

Series
Key Documents
Fund Profile
Lysander Funds Ltd.

IMPORTANT NOTICE FOR ADVISORS: Canso Fund Management Ltd. has updated the process for completing subscription agreement forms.  Please contact your local sales team or contact our head office at 1-877-308-6979 / manager@lysanderfunds.com for further details.

Overview

  • Asset Class
    Fixed Income
  • CIFSC Category
    Canadian Short-Term Fixed Income
  • Risk Rating
    Low
  • Holdings
    47
  • Yield to Maturity
    3.2%
  • Current Yield
    3.2%
  • Average Duration
    2.4 Years
  • Average Credit Quality2
    AA-

NAV

  • CAD $ NAV
    9.80
  • Change NAV $
    0.00
  • Change NAV %
    0.01
  • Date
    2025-07-17

Objectives

The Fund seeks to achieve a total return greater than the return achieved by a representative Canadian fixed income index, such as the FTSE Canada Short Term Corporate Bond Index.

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

June 30, 2025
Inception Date January 31, 2006
Currency CAD
Fund AUM $53.2 Million
Management Fee 0.95%
MER as of December 31, 2024 1.14%
Minimum Initial Investment N/A
RSP Eligible Yes
▲ The NAVs posted are post-distribution

Portfolio Characteristics

Holdings 47
Average Term to Maturity (Years) 2.6
Average Duration (Years) 2.4
Yield to Maturity (%) 3.2%
Current Yield (%) 3.2%
Average Credit Quality2 AA-

Credit Quality Breakdown

AA & Higher 42.6%
A 43.1%
BBB 14.3%

Sector

Communication 2.1%
Energy 12.5%
Federal 24.6%
Financial 46.3%
Industrial 2.4%
Infrastructure 5.0%
Other 7.0%

Portfolio

Top 10 Holdings
Canso Short Term and Floating Rate Income Fund

Security % of Fund Rating
Canada 0.25% Aug 1, 2022 13.1% AAA
Canada 0.25% Feb 1, 2023 7.7% AAA
TD CB FRN Jun 28, 2023 (Q CDOR+31) 6.5% AAA
TransCanada Pipelines FRN Jun 9, 2024 (Q CDOR+29) 5.9% BBB+
Morgan Stanley FRN Mar 21, 2025 (Q CDOR+33) 5.8% A
Goldman Sachs FRN Apr 29, 2025 (CDOR+37) 5.4% A
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) 5.4% AA-
Bank of America Corp FRN Sep 15, 2027 (Q CDOR+60) 5.2% A
CIBC FRN Mar 4, 2025 (CORRA+46) 5.0% A
Sun Life Financial Inc. FF 3.05% Sep 19, 2023/2028 4.4% A
Total 64.4%

Top 10 Holdings
Canso Short Term and Floating Rate Income Fund

Security % of Fund Rating
Canada 2% Jun 1, 2028 7.3% AAA
Scotia Capital NHA MBS (97527888) 3.54% Jan 1, 2029 6.1% AAA
BMO 4.42% Jul 17, 2029 5.9% A
New York Life Global FDG 2% Apr 17, 2028 4.9% AA+
BNS Sr. Unsecured 3.807% Nov 15, 2027/28 4.8% A
TD Bank 4.477% Jan 18, 2028 4.2% A
VW Credit Canada Inc. 4.25% Feb 18, 2028 4.0% BBB+
RBC NHA MBS (97522557) 2.14% Aug 1, 2027 4.0% AAA
RBC 4.642% Jan 17, 2028 4.0% A+
Honda Canada Finance Inc. 1.646% Feb 25, 2028 3.8% A-
Total 49.0%

Performance

Inception Date

January 31, 2006

As of Date

June 30, 2025

Compound Returns - Series C

1 Month 3 Months YTD 1 Year 3 Year
(Annualized)		 5 Year
(Annualized)		 10 Year
(Annualized)		 Since Inception
(Annualized)
0.3% 0.6% 2.2% 6.3% 5.1% 3.0% 2.4% 3.2%

Calendar Year Returns - Series C

Distributions

Quarterly Distributions

Record Date Distribution Date
March 20, 2025 March 21, 2025
June 19, 2025 June 20, 2025
September 18, 2025 September 19, 2025
December 30, 2025 December 31, 2025

Resources

Canso Fund Management Ltd. is the investment fund manager of the Canso Short Term and Floating Rate Income 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.

1Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE ®” is a trademark 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.

2Fixed 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 0.30%. All information is subject to modification from time to time without notice. Information provided is believed to be reliable when published.

Prior to January 2011 the fund was not charged a management fee. The Fund’s returns prior to this date have been reduced to reflect the impact of a management fee of 0.30% plus taxes and applicable operating costs.