LYZ801 A
Lysander-Canso
Corporate Value Bond Fund
Series A
  • Asset Class
    Fixed Income
  • Category
    Global Corporate Fixed Income
  • Risk Rating
    Low
  • Number of Securities
    232
  • Yield to Maturity (%)
    3.5%
  • Current Yield
    3.7%
  • Average Duration
    2.8 Years
  • Average Credit Quality
    BBB-

NAV

  • CAD $ NAV
    13.98
  • Change NAV $
    -0.06
  • Change NAV %
    -0.43
  • Date
    2021-11-26

Objectives

The Fund’s objective is to provide above average, long-term total returns consisting of interest income and some capital gains by investing primarily in fixed income securities.

Investment Focus

The fund employs a deep value investment strategy with an unrestricted mandate both geographically and by credit quality. It invests primarily in fixed income securities, but can occasionally invest in equities.

Fund Facts

October 31, 2021
Inception Date December 28, 2011
Currency CAD
Fund AUM $7.2 Billion
NAVPU $14.08
Management Fee 1.25%
MER as of June 30, 2021 (unaudited) 1.49%
Minimum Initial Investment $1,000
Minimum Subsequent Investment $100
Liquidity Daily
RRSP Eligible Yes

Portfolio Characteristics

Number of Securities 232
Number of Issuers 74
Average Term to Maturity (Years) 5.1
Average Duration (Years) 2.8
Average Coupon (%) 3.8%
Yield to Maturity (%) 3.5%
Current Yield (%) 3.7%
Average Credit Quality BBB-

Credit Quality Breakdown

The NAVs posted are post-distribution.

Top 10 Holdings

October 31, 2021
Security % of fund Rating
Air Canada 4.625% Aug 15, 2029 6.3% BB-
Hertz Global Holdings Inc 2.9% NA
American Airlines Inc. 11.75% Jul 15, 2025 (USD) 144A 2.7% B
BNS FRN Aug 4, 2026 (CORRA +54) 2.6% A
Canadian Dollar 2.4% NA
Bombardier Inc. 7.45% May 1, 2034 (USD) REGS 2.4% CCC+
Canada T-Bill Jan 6, 2022 2.1% AAA
RBC (AT1) pref 4.2% (5y GoC + 271) Feb 24, 2027 1.9% BBB-
Manulife Financial Corp (AT1) 3.375% Jun 19, 2026/2081 1.9% BBB+
BNS (AT1) 3.7% Jul 27, 2026/2081 1.7% BBB-
Total 27.0%

Geographic Breakdown

Inception Date

December 28, 2011

As of Date

October 31, 2021

Compound Returns

  • 1 Month
    1.0%
  • 3 Months
    2.2%
  • YTD
    11.6%
  • 1 Year
    22.5%
  • 3 Year
    (Annualized)
    12.1%
  • 5 Year
    (Annualized)
    7.9%
  • Since Inception
    (Annualized)
    7.3%

Calendar Year Returns

Distributions

Distribution Frequency: Quarterly
Most Recent Distribution per Unit: $0.1003
12-Month Trailing Distribution Yield: 6.0%
Next Record Date: December 16, 2021
Next Distribution Date: December 17, 2021

Quarterly Distributions

Record Date Distribution Date
March 25, 2021 March 26, 2021
June 24, 2021 June 25, 2021
September 23, 2021 September 24, 2021
December 16, 2021 December 17, 2021
Distributions ($)/Unit3 YTD* 2020 2019 2018 2017 2016 2015 2014 2013 2012
Total Distributions 0.3028 0.8185 0.1939 0.1361 0.4670 0.3126 0.3205 0.2777 0.2695 0.2047
Interest 0.3543 0.1897 0.1269 0.2080 0.3054 0.2932 0.2790 0.2695 0.1897
Dividends 0.0363 0.0042 0.0014 0.0014 0.0026 0.0012
Capital Gains 0.4289 0.0080 0.2586 0.0055 0.0269 0.0150
Withholding Tax (0.0009) (0.0001) (0.0010) (0.0009) (0.0008) (0.0013)

*The final tax character will be determined based on the Fund’s tax year end information

Lysander Funds Limited is the investment fund manager of Lysander-Canso Corporate Value Bond Fund (the “Fund”). This document is not an invitation to invest in the Fund and does not constitute a public offering of sale. Purchases in the Fund can only be made through an Investment Professional on the terms in the Fund’s offering document by eligible investors. Each purchaser of units in a fund may have statutory or contractual right of action. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. 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. Mutual funds are not guaranteed or insured, their values change frequently and past performance may not be repeated. 1Source: FTSE Canada Global Debt Capital Markets. Copyright © FTSE Canada Global Debt Capital Markets. All rights reserved. 2Fixed income securities unrated by external agencies are assigned an internal Canso rating for Average Credit Quality. 3Distributions are based on the actual number of units outstanding at the relevant time. Distributions are paid in cash or reinvested in additional units. 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 and not reinvest distributions, 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. ®Lysander Funds is a registered trademark of Lysander Funds Limited.