LYZ801 A5
Lysander-Canso
Corporate Value Bond Fund
Series A5
  • Asset class
    Fixed Income
  • Category
    Global Corporate Fixed Income
  • Risk Rating
    Low
  • Number of Securities
    169
  • Yield to Maturity
    3.2%
  • Current Yield
    3.6%
  • Average Duration
    1.3 Years
  • Average Credit Quality
    A

NAV

  • CDN $ NAV
    8.67
  • Change NAV $
    -0.01
  • Change NAV %
    -0.12
  • Date
    2020-02-24

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

Series Inception Date December 31, 2014
Currency CAD
Fund AUM $2.9 Billion
NAVPU $8.66
Management Fee 1.25%
MER (As of June 30, 2019 - unaudited) 1.51%
Minimum Initial Investment $1,000
Minimum Subsequent Investment $100
Liquidity Daily
RRSP Eligible Yes

Portfolio Characteristics

Number of Securities 169
Number of Issuers 79
Average Term to Maturity (Years) 4.4
Average Duration (Years) 1.3
Average Coupon (%) 3.7%
Yield to Maturity (%) 3.2%
Current Yield (%) 3.6%
Average Credit Quality2 A

Credit Quality Breakdown (%)

The NAVs posted are post-distribution.

Top 10 Holdings

December 31, 2019
Security % of fund Rating
BMO CB FRN Feb 1, 2023 (3M CDOR + 19) 7.8% AAA
Maxar Technologies Inc. 9.75% Dec 31, 2023 (USD) 5.7% B
Lloyds Bank PLC FRN Jul 11, 2023 (3M CDOR + 55) 4.9% A+
Ford Credit Canada Co. FRN Mar 21, 2024 (3M CDOR + 314) 3.6% BBB-
AT&T Inc. FRN (Q LIBOR + 118) Jun 12, 2024 (USD) 3.6% BBB
TD Bank CB 1.68% Jun 8, 2021 3.5% AAA
GE Capital Canada 4.60% Jan 26, 2022 3.2% BBB+
RBC CB FRN Jun 27, 2022 (3M CDOR + 14) 3.0% AAA
TD CB FRN Jun 28, 2023 (3M CDOR + 31) 2.8% AAA
Ford Motor Credit Co LLC FRN Jan 7, 2022 (USD)(Q LIBOR+314) 2.1% BBB-
Total 40.1%  

Geographic Breakdown

Inception Date

December 31, 2014

As of Date

December 31, 2019

Compound Returns

  • 1 Month
    0.6%
  • 3 Months
    1.4%
  • YTD
    4.8%
  • 1 Year
    4.8%
  • 3 Year
    (Annualized)
    2.2%
  • 5 Year
    (Annualized)
    3.2%
  • Since Inception
    (Annualized)
    3.2%

Calendar Year Returns

Distributions

Distribution Frequency: Monthly
Most Recent Distribution per Unit: $0.0459
12-Month Trailing Distribution Yield: 5.8%
Next Record Date: January 14, 2020; February 14, 2020; March 13, 2020
Next Distribution Date: January 15, 2020; February 18, 2020; March 16, 2020

Monthly Distributions

Record Date Distribution Date
January 14, 2020 January 15, 2020
February 14, 2020 February 18, 2020
March 13, 2020 March 16, 2020
April 14, 2020 April 15, 2020
May 14, 2020 May 15, 2020
June 12, 2020 June 15, 2020
July 14, 2020 July 15, 2020
August 14, 2020 August 17, 2020
September 14, 2020 September 15, 2020
October 14, 2020 October 15, 2020
November 13, 2020 November 16, 2020
December 14, 2020 December 15, 2020
Distributions ($)/Unit3 YTD* 2018 2017 2016 2015
Total Distributions 0.5046 0.5111 0.7434 0.5087 0.5335
Interest   0.4765 0.3312 0.4969 0.4881
Dividends   0.0053 0.0022 0.0042 0.0020
Capital Gains   0.0299 0.4115 0.0090 0.0448
Withholding Tax   (0.0005) (0.0015) (0.0014) (0.0014)

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

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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. 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. Mutual funds are not guaranteed or insured, their values change frequently and past performance may not be repeated. 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 or reinvested in additional units, or both. The actual distribution rates are fixed on an annual basis of 5% for this series based on the original issue price of $10.00 per unit. 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.