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 (offered on a private placement basis since March 31, 2014)|
|MER as of June 30, 2020 (unaudited)||1.33%|
|Minimum Initial Investment||$1,000|
|Minimum Subsequent Investment||$100|
|Next Subscription Deadline6||February 26, 2021|
|Next Redemption Deadline7||February 12, 2021|
|Fund Net AUM||$23.7 Million|
|Total Long AUM||$31.9 Million|
|Total Short AUM||-$16.4 Million|
|Number of Securities Long||140|
|Number of Securities Short||21|
|Number of Issuers||65|
|Average Term to Maturity (Years)||9.4|
|Average Duration (Years)||4.2|
|Yield to Maturity||5.0%|
|Average Credit Quality (long only)||BBB-|
▲The NAVs posted are post-distribution.
|Security||% of fund||Rating|
|RBC (AT1) 4.5% Nov 24, 2025/2080||5.7%||BBB|
|Suncor Energy Inc. 5% Apr 9, 2030||4.7%||BBB+|
|JP Morgan Chase FRN (USD) (Q LIBOR+85) Jan 10, 2025||4.6%||A|
|Ford Credit Canada Co. FRN Mar 21, 2024 (Q CDOR + 314)||4.6%||BB+|
|AT&T Inc. 4.85% May 25, 2047||4.4%||BBB|
|Enbridge Inc. 4.57% Mar 11, 2044||3.3%||BBB+|
|TransCanada Pipelines 4.34% Oct 15, 2049||3.3%||BBB+|
|Bombardier Inc. 7.875% Apr 15, 2027 (USD) 144A||3.2%||CCC|
|Occidental Petroleum Corp. 6.625% Sept 1, 2030 (USD)||2.8%||BB|
|Distribution Frequency: Quarterly|
|Most Recent Distribution per Unit: $0.4546|
|12-Month Trailing Distribution Yield: 6.6%|
|Next Record Date: March 25, 2021|
|Next Distribution Date: March 26, 2021|
|Record Date||Distribution Date|
|March 25, 2021||March 26, 2021|
|June 24, 2021||June 25, 2021|
|September 23, 2021||September 24, 2021|
|December 30, 2021||December 31, 2021|
* 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. 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.