The Fund’s objective is to achieve long term capital growth by investing in, or gaining exposure to, a diversified portfolio composed primarily of debt and money market securities. The Fund will use alternative investment strategies such as engaging in short sales and purchasing securities on margin or with borrowed funds.
The Fund is an alternative mutual fund that primarily invests in a diversified portfolio of corporate debt. The Fund may also sell securities short and deploy leverage to achieve its investment objectives. There are no limits on the percentage of the Fund that can be invested in securities rated below BBB. From time to time the Fund may also invest up to 20% in other securities such as convertible bonds, equities, or income trusts.
| Inception Date | May 11, 2020 |
| Currency | CAD |
| NAVPU | $10.61 |
| Management Fee | 1.25% |
| Performance Fee | 20.00% |
| MER as of June 30, 2020 (unaudited) | 10.40% |
| Minimum Initial Investment | $1,000 |
| Minimum Subsequent Investment | $100 |
| Liquidity | Monthly |
| RRSP Eligible | Yes |
| Fund Net AUM | $17.8 Million |
| Total Long AUM | $26.8 Million |
| Total Short AUM | -$9.0 Million |
| Cash Weighting | 3.8% |
| Number of Securities Long | 140 |
| Number of Securities Short | 18 |
| Number of Issuers | 66 |
| Average Term to Maturity (Years) | 9.6 |
| Average Duration (Years) | 3.9 |
| Average Coupon | 6.4% |
| Yield to Maturity | 7.5% |
| Current Yield | 6.7% |
| Average Credit Quality (long only) | BB+ |
▲The NAVs posted are post-distribution.
| Security | % of fund | Rating |
|---|---|---|
| Shaw Communications Inc. 6.75% Nov 9, 2039 | 7.8% | BBB- |
| RBC (AT1) 4.5% Nov 24, 2025/2080 | 7.4% | BBB |
| AT&T Inc. 4.85% May 25, 2047 | 6.0% | BBB |
| Ford Credit Canada Co. FRN Mar 21, 2024 (Q CDOR + 314) | 5.7% | BB+ |
| Enbridge Inc. 4.57% Mar 11, 2044 | 4.3% | BBB+ |
| TransCanada Pipelines 4.34% Oct 15, 2049 | 4.3% | BBB+ |
| Suncor Energy Inc. 5% Apr 9, 2030 | 3.8% | BBB+ |
| Fedex Corp. 5.25 May 15, 2050 (USD) | 3.8% | BBB |
| Bombardier Inc. 7.875% Apr 15, 2027 (USD) 144A | 3.6% | CCC |
| Spirit Aerosystems Inc. 4.6% Jun 15, 2028 (USD) | 3.4% | CCC+ |
| Total | 50.1% |
Performance data is not available as Series A has not been offered under a prospectus for 12 consecutive months.
| Distribution Frequency: Quarterly |
| Most Recent Distribution per Unit: $0.1439 |
| 12-Month Trailing Distribution Yield: 2.1% |
| Next Record Date: December 17, 2020 |
| Next Distribution Date: December 18, 2020 |
| Record Date | Distribution Date |
|---|---|
| March 26, 2020 | March 27, 2020 |
| June 25, 2020 | June 26, 2020 |
| September 24, 2020 | September 25, 2020 |
| December 17, 2020 | December 18, 2020 |
| Distributions ($)/Unit3 | YTD* |
|---|---|
| Total Distributions | $0.2197 |
| Interest | |
| Dividends | |
| Capital Gains | |
| Withholding Tax |
* 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 Credit Opportunities Fund (the “Fund”). This document is not an invitation to invest in the Fund and does not constitute a public offering of sale. This Fund is an alternative mutual fund. It has the ability to invest in asset classes or use investment strategies that are not permitted for other types of mutual funds. The specific strategies that differentiate this Fund from other types of mutual funds include: increased use of derivatives for non-hedging purposes; increased ability to sell securities short; and the ability to borrow cash to use for investment purposes. While these strategies will be used in accordance with the Fund’s investment objectives and strategies, during certain market conditions they may accelerate the pace at which your investment decreases in value. 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. Mutual funds are not guaranteed or insured, their values change frequently and past performance may not be repeated. Prior to May 11, 2020, the Fund was offered on a private placement basis. Distributions 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. Fixed income securities unrated by external agencies are assigned an internal Canso rating for Average Credit Quality. ®Lysander Funds is a registered trademark of Lysander Funds Limited.