LYZ494 F
Lysander-Canso
Credit Opportunities Fund
Series F

Series

  • Asset Class
    Fixed Income
  • Category
    Alternative Credit Focused
  • Risk Rating
    Low to Medium
  • Number of securities (Long/Short)
    134/14
  • Yield to Maturity (%)
    3.5%
  • Current Yield
    3.9%
  • Average Duration
    1.8 Years
  • Average Credit Quality
    BBB-

NAV

  • CAD $ NAV
    11.21
  • Change NAV $
    0.04
  • Change NAV %
    0.36
  • Date
    2021-12-07

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

October 31, 2021
Inception Date May 11, 2020 (offered on a private placement basis since March 31, 2014)
Currency CAD
NAVPU $11.20
Management Fee 0.75%
Performance Fee 20.00%
MER as of June 30, 2021 (unaudited) 7.37%
Minimum Initial Investment $1,000
Minimum Subsequent Investment $100
Liquidity Monthly
Next Subscription Deadline6 November 30, 2021
Next Redemption Deadline7 November 15, 2021
Subsequent Redemption Deadline7 December 15, 2021
RRSP Eligible Yes
Fund Net AUM $45.9 Million
Total Long AUM $52.7 Million
Total Short AUM -$8.5 Million

Portfolio Characteristics

Number of Securities Long 134
Number of Securities Short 14
Number of Issuers 63
Average Term to Maturity (Years) 4.5
Average Duration (Years) 1.8
Average Coupon (%) 3.8%
Yield to Maturity (%) 3.5%
Current Yield (%) 3.9%
Average Credit Quality (long only) BBB-
Cash Weighting 15.6%

Credit Quality Breakdown

The NAVs posted are post-distribution.

Top 10 Holdings

October 31, 2021
Security % of fund Rating
Air Canada 4.625% Aug 15, 2029 5.0% BB
BNS FRN Aug 4, 2026 (CORRA +54) 3.9% A
Merrill Lynch NHA MBS FRN (98004599) Jul 1, 2026(M CDOR-23) 3.7% AAA
TransCanada Pipelines FRN Jun 9, 2024 (Q CDOR +29) 3.3% BBB+
CIBC FRN Jul 15, 2026 (CORRA +58) 3.0% A
RBC (AT1) 4.5% Nov 24, 2025/2080 3.0% BBB
Hertz Global Holdings Inc 2.9% NA
American Airlines Inc. 11.75% Jul 15, 2025 (USD) 144A 2.8% B
CIBC FRN Mar 4, 2025 (CORRA +46) 2.7% A
Ford Credit Canada Co. FRN Mar 21, 2024 (Q CDOR + 314) 2.4% BB+
Total 32.7%

Geographic Breakdown

Inception Date

May 11, 2020 (offered on a private placement basis since March 31, 2014)

As of Date

October 31, 2021

Compound Returns

  • 1 Month
    1.0%
  • 3 Months
    2.0%
  • YTD
    10.4%
  • 1 Year
    23.8%
  • 3 Year
    (Annualized)
    10.8%
  • 5 Year
    (Annualized)
    8.2%
  • 10 year
    (Annualized)
    9.6%
  • Since Inception3
    (Annualized)
    12.2%

Calendar Year Returns

Distributions

Distribution Frequency: Quarterly
Most Recent Distribution per Unit: $0.0774
12-Month Trailing Distribution Yield: 4.8%
Next Record Date: December 16, 2021
Next Distribution Date: December 17, 2021

Quarterly Distributions

Record Date Distribution Date
March 25, 2021 March 26, 2021
June 24, 2021 June 25, 2021
September 23, 2021 September 24, 2021
December 16, 2021 December 17, 2021
Distributions ($)/Unit5 YTD* 2020 2019 2018 2017 2016 2015 2014
Total Distributions 0.0831 0.6825 0.5177 0.1896 0.4794 0.4795 0.4539 0.3941
Interest 0.2892 0.0755 0.1729 0.1889 0.3287 0.3831 0.2718
Dividends 0.0249 0.0217 0.0167 0.0138 0.0170 0.0111 0.0007
Capital Gains 0.3684 0.4205 0.2768 0.1338 0.0596 0.1219
Withholding Tax 0.0000 (0.0001) (0.0004)

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

Final Tax Year End Distributions

Final Tax Factors

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. 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 unitholder 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 © 2021. FTSE Canada Global Debt Capital Markets. All rights reserved.2Prior to May 11, 2020, Series F was offered on a private placement basis. The inception date of Series F Units is March 31, 2014. The inception date of the Fund is December 19, 2008. Performance information for the period December 19, 2008 to March 30, 2014 is that of the Fund but with Series F fees and expenses applied. Prior to May 11, 2020, the operating expenses of the Fund would have been higher had the Fund been subject to the additional regulatory requirements applicable to a reporting issuer. 3December 19, 2008 (Fund inception date). 4Fixed income securities unrated by external agencies are assigned an internal Canso rating for Average Credit Quality. 5Distributions 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. 6Monthly, by the last business day of the calendar month. 7Monthly, 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). ®Lysander Funds is a registered trademark of Lysander Funds Limited.

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