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
    247
  • Yield to Maturity
    4.4%
  • Current Yield
    5.0%
  • Average Duration
    3.6 Years
  • Average Credit Quality
    BB

NAV

  • CDN $ NAV
    9.85
  • Change NAV $
    0.04
  • Change NAV %
    0.41
  • Date
    2021-03-05

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

January 31, 2021
Inception Date December 31, 2014
Currency CAD
Fund AUM $4.7 Billion
NAVPU $9.67
Management Fee 1.25%
MER as of June 30, 2020 (unaudited) 1.50%
Minimum Initial Investment $1,000
Minimum Subsequent Investment $100
Liquidity Daily
RRSP Eligible Yes

Portfolio Characteristics

Number of Securities 247
Number of Issuers 73
Average Term to Maturity (Years) 6.5
Average Duration (Years) 3.6
Average Coupon 5.1%
Yield to Maturity 4.4%
Current Yield 5.0%
Average Credit Quality BB

Credit Quality Breakdown

The NAVs posted are post-distribution.

Top 10 Holdings

January 31, 2021
Security % of fund Rating
Air Canada 9% Jun 22, 2024 4.8% B
American Airlines Inc. 11.75% Jul 15, 2025 (USD) 144A 3.4% B+
Maxar Technologies Inc. 9.75% Dec 31, 2023 (USD) 2.9% B
TransCanada Pipelines FRN May 15, 2067 (Q LIBOR+221) (USD) 2.5% BBB
Scotia Capital Inc NHA MBS (97518704) 0.55% Jan 1, 2026 2.2% AAA
Ford Credit Canada Co. FRN Mar 21, 2024 (Q CDOR + 314) 2.2% BB
RBC (AT1) 4.5% Nov 24, 2025/2080 2.1% BBB
GE Capital Canada 4.60% Jan 26, 2022 1.9% BBB+
Canadian Dollar 1.9% NA
Bombardier Inc. 7.875% Apr 15, 2027 (USD) 144A 1.9% CCC-
Total 25.8%

Geographic Breakdown

Inception Date

December 31, 2014

As of Date

January 31, 2021

Compound Returns

  • 1 Month
    1.4%
  • 3 Months
    11.3%
  • YTD
    1.4%
  • 1 Year
    22.2%
  • 3 Year
    (Annualized)
    8.7%
  • 5 Year
    (Annualized)
    7.6%
  • Since Inception
    (Annualized)
    6.1%

Calendar Year Returns

Distributions

Distribution Frequency: Monthly
Most Recent Distribution per Unit: $0.0417
12-Month Trailing Distribution Yield: 8.8%
Next Record Date: February 12, 2021
Next Distribution Date: February 16, 2021

Monthly Distributions

Record Date Distribution Date
January 14, 2021 January 15, 2021
February 12, 2021 February 12, 2021
March 12, 2021 March 15, 2021
April 14, 2021 April 15, 2021
May 14, 2021 May 17, 2021
June 14, 2021 June 15, 2021
July 14, 2021 July 15, 2021
August 13, 2021 August 16, 2021
September 14, 2021 September 15, 2021
October 14, 2021 October 15, 2021
November 12, 2021 November 15, 2021
December 14, 2021 December 15, 2021
Distributions ($)/Unit3 YTD* 2020 2019 2018 2017 2016 2015
Total Distributions 0.0417 0.8522 0.5046 0.5111 0.7434 0.5087 0.5335
Interest 0.3689 0.4937 0.4765 0.3312 0.4969 0.4881
Dividends 0.0378 0.0109 0.0053 0.0022 0.0042 0.0020
Capital Gains 0.4465 0.0299 0.4115 0.0090 0.0448
Withholding Tax (0.0010) (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. 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, 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.