• Asset Class
    Fixed Income
  • Category
    Global Corporate Fixed Income
  • Risk Rating
    Low
  • Number of Securities
    232
  • Yield to Maturity (%)
    3.4%
  • Current Yield
    3.6%
  • Average Duration
    2.7 Years
  • Average Credit Quality
    BBB-

NAV

  • CAD $ NAV
    14.69
  • Change NAV $
    -0.05
  • Change NAV %
    -0.34
  • Date
    2022-01-21

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

December 31, 2021
Inception Date December 23, 2011
Currency CAD
Fund AUM $7.6 Billion
NAVPU $14.84
Management Fee 0.75%
MER as of June 30, 2021 (unaudited) 0.92%
Minimum Initial Investment $1,000
Minimum Subsequent Investment $100
Liquidity Daily
RRSP Eligible Yes

Portfolio Characteristics

Number of Securities 232
Number of Issuers 76
Average Term to Maturity (Years) 5.0
Average Duration (Years) 2.7
Average Coupon (%) 3.7%
Yield to Maturity (%) 3.4%
Current Yield (%) 3.6%
Average Credit Quality BBB-

Credit Quality Breakdown

The NAVs posted are post-distribution.

Top 10 Holdings

December 31, 2021
Security % of fund Rating
Air Canada 4.625% Aug 15, 2029 6.1% BB-
Hertz Global Holdings Inc 3.2% NA
American Airlines Inc. 11.75% Jul 15, 2025 (USD) 144A 2.7% B
BNS FRN Aug 4, 2026 (CORRA +54) 2.5% A
Bombardier Inc. 7.45% May 1, 2034 (USD) REGS 2.3% CCC+
Delta Airlines SkyMiles TL (3M LIBOR +375) Oct 20, 2027 2.3% BBB+
Manulife Financial Corp (AT1) 4.1% Mar 19, 2027/2082 2.2% BBB+
Canada T-Bill Jan 6, 2022 2.0% AAA
Manulife Financial Corp (AT1) 3.375% Jun 19, 2026/2081 1.9% BBB+
CIBC FRN Mar 4, 2025 (CORRA +46) 1.8% A
Total 27.0%

Geographic Breakdown

Inception Date

December 23, 2011

As of Date

December 31, 2021

Compound Returns

  • 1 Month
    0.8%
  • 3 Months
    1.6%
  • YTD
    12.6%
  • 1 Year
    12.6%
  • 3 Year
    (Annualized)
    13.1%
  • 5 Year
    (Annualized)
    8.3%
  • 10 Year
    (Annualized)
    7.8%
  • Since Inception
    (Annualized)
    7.8%

Calendar Year Returns

Distributions

Distribution Frequency: Quarterly
Most Recent Distribution per Unit: $0.7645
12-Month Trailing Distribution Yield: 7.8%
Next Record Date: March 24, 2022
Next Distribution Date: March 25, 2022

Quarterly Distributions

Record Date Distribution Date
March 24, 2022 March 25, 2022
June 23, 2022 June 24, 2022
September 29, 2022 September 30, 2022
December 15, 2022 December 16, 2022
Distributions ($)/Unit3 YTD* 2020 2019 2018 2017 2016 2015 2014 2013 2012
Total Distributions 1.1593 0.9963 0.3037 0.2335 0.6161 0.4666 0.4566 0.4079 0.3672 0.2977
Interest 0.4312 0.2972 0.2177 0.2745 0.4559 0.4178 0.4098 0.3672 0.2797
Dividends 0.0442 0.0065 0.0024 0.0018 0.0038 0.0017
Capital Gains 0.5220 0.0136 0.3411 0.0082 0.0383 0.0180
Withholding Tax (0.0011) (0.0002) (0.0013) (0.0013) (0.0012) (0.0019)

*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.

Refinitiv Lipper Fund Awards 2021 Winner Canada

Lysander-Canso Corporate Value Bond Fund Series F. Best Global Corporate Fixed Income Fund Over 3 Years.

The Refinitiv Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong risk-adjusted performance relative to their peers. The Refinitiv Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is a risk-adjusted performance measure calculated over 36, 60 and 120 months. The highest 20% of funds in each category are named Lipper Leaders for Consistent Return and receive a score of 5, the next 20% receive a score of 4, the middle 20% are scored 3, the next 20% are scored 2, and the lowest 20% are scored 1. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the Refinitiv Lipper Fund Award. For more information, see lipperfundawards.com. Although Refinitiv Lipper makes reasonable efforts to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Refinitiv Lipper.

Lysander-Canso Corporate Value Bond Fund (Series F) was named Best Global Corporate Fixed Income Fund for 3 years ending July 31, 2021, out of a classification total of 16 funds (3 years). Performance for the fund (Series F) for the period ended July 31, 2021 was 21.9% (1 year), 11.9% (3 years), and 7.9% (5 years). Performance for the fund (Series F) for the period ended December 31, 2021, was 12.65% (1 year), 13.12% (3 years), and 8.33% (5 years). The corresponding Refinitiv Lipper Leader ratings for Consistent Return of the fund for the same period were: N/A (1 year), 5 (3 years), and 5 (5 years). The Lipper Leader Ratings for the fund are subject to change every month.

Refinitiv Lipper Fund Awards, ©2021 Refinitiv. All rights reserved. Used under license.

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