LYZ494A

Lysander-Canso
Credit Opportunities Fund
Series A

Series
Key Documents
Fund Profile
Fund Facts
Prospectus
Lysander Funds Ltd.

Overview

  • Asset Class
    Fixed Income
  • CIFSC Category
    Alternative Credit Focused
  • Risk Rating
    Low to Medium
  • Number of Securities (Long/Short)
    86/4
  • Yield to Maturity
    6.0%
  • Current Yield
    4.5%
  • Average Duration
    2.7 Years
  • Average Credit Quality2
    A-

NAV

  • CAD $ NAV
    12.24
  • Change NAV $
    0.01
  • Change NAV %
    0.12
  • Date
    2025-05-23

Objectives

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.

Investment Focus

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.

Fund Facts

April 30, 2025
Inception Date May 11, 2020
Currency CAD
NAVPU $12.07
Management Fee 1.25%
MER as of December 31, 2024 2.26%
Minimum Initial Investment $500
Minimum Subsequent Investment $100
Liquidity Monthly
RSP Eligible Yes
Performance Fee 20.00%
Fund Net AUM $40.0 Million
Total Long AUM $42.3 Million
Total Short AUM -$2.3 Million
Next Subscription Deadline4 May 30, 2025
Next Redemption Deadline5 May 15, 2025
Subsequent Redemption Deadline5 June 13, 2025
▲ The NAVs posted are post-distribution

Portfolio Characteristics

Number of Securities (Long) 86
Number of Securities (Short) 4
Number of Issuers 49
Average Term to Maturity (Years) 4.4
Average Duration (Years) 2.7
Average Coupon (%) 3.9%
Yield to Maturity (%) 6.0%
Current Yield (%) 4.5%
Average Credit Quality (long only)2 A-
Cash Weighting 1.6%

Credit Quality Breakdown (Long only)

AAA 36.5%
AA 4.3%
A 16.6%
BBB 16.9%
BB 10.0%
B & Lower 13.2%
Not Rated 2.5%

Portfolio

Top 10 Holdings

Security % of Fund Rating
Canada 1.5% Dec 1, 2031 14.9% AAA
Canada RRB 4.25% Dec 1, 2026 10.9% AAA
Air Canada 4.625% Aug 15, 2029 5.2% BB+
Hertz 5% Dec 1, 2029 144A (USD) 5.0% CCC+
TD Bank Sr. Unsec. 4.133% Jan 9, 2032/33 5.0% A
Equitable Bank NHA MBS (97527023) 3.79% Nov 1, 2028 3.6% AAA
Manulife Financial Corp (AT1) 4.1% Mar 19, 2027/2082 3.5% BBB+
TD Bank 4.477% Jan 18, 2028 3.1% A
Spirit Aerosystems Inc. 4.6% Jun 15, 2028 (USD) 2.6% CCC+
Canada 0.25% Mar 1, 2026 2.5% AAA
Total 56.3%

Geographic Breakdown

Canada 76.8%
USA 19.7%
South America 1.3%
Europe 2.2%

Performance

Inception Date

May 11, 2020

As of Date

April 30, 2025

Compound Returns

1 Month 3 Months YTD 1 Year 3 Year
(Annualized)		 Since Inception
(Annualized)
0.5% -1.5% -0.5% 6.2% 5.2% 9.3%

Calendar Year Returns

*For the period of May 11th to Dec 31st 2020

Distributions

Distributions

Distribution Frequency Quarterly
Most Recent Distribution per Unit $0.0271
12-Month Trailing Distribution Yield 2.5%
Next Record Date June 19, 2025
Next Distribution Date June 20, 2025

Quarterly Distributions

Record Date Distribution Date
March 20, 2025 March 21, 2025
June 19, 2025 June 20, 2025
September 18, 2025 September 19, 2025
December 18, 2025 December 19, 2025
Lysander Funds 2024 Final Distribution December 15, 2024
Distributions ($)/Unit3 YTD* 2024 2023 2022 2021 2020
Total Distributions 0.0271 0.2708 0.4915 0.8619 0.5570 0.7714
Interest - 0.1850 0.4622 0.1689 0.2399 0.3268
Dividends - 0.0512 0.0293 0.0361 0.0401 0.0282
Capital Gains - 0.0347 - 0.6569 0.2773 0.4164
Withholding Tax - 0.0000 - - (0.0003) 0.0000
*The final tax character will be determined based on the Fund’s tax year end information.

Resources

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. 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. Please read the prospectus before investing. Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. 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.

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. Investment funds are not guaranteed or insured, their values change frequently and past performance may not be repeated.

1Copyright © 2025 FTSE Global Debt Capital Markets Inc. All rights reserved. FTSE Global Debt Capital Markets Inc (“FTDCM”), FTSE International Limited (“FTSE”) or the London Stock Exchange Group companies (the "Exchange" and, together with FTDCM and FTSE, the “Licensor Parties”). The Licensor Parties make no warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE Canada Indices (“the Indices”) and/or the figure at which the said Indices stand at any particular time on any particular day or otherwise. The Indices are compiled and calculated by FTDCM and all copyright in the Indices values and constituent lists vests in FTDCM. The Licensor Parties shall not be liable (whether in negligence or otherwise) to any person for any error in the Indices and the Licensor Parties shall not be under any obligation to advise any person of any error therein. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTDCM under licence. “FTSE®” is a trade mark of the FTSE International Limited and is used by FTDCM under license.

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.

4Monthly, by the last business day of the calendar month.

5Monthly, provided notice is received by the Fund no later than the 15th day of the month (or, if the 15th day is not a valuation day, the preceding immediate valuation day).

Prior to May 11, 2020, Series F was offered on a private placement basis.

®Lysander Funds is a registered trademark of Lysander Funds Limited.