LYZ805F

Lysander-Canso
Short Term and Floating Rate Fund
Series F

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

Overview

  • Asset Class
    Fixed Income
  • Category
    Canadian Short-Term Fixed Income
  • Risk Rating
    Low
  • Number of Securities
    86
  • Yield to Maturity
    4.9%
  • Current Yield
    3.2%
  • Average Duration
    1.3 Years
  • Average Credit Quality
    A

NAV

  • CAD $ NAV
    10.09
  • Change NAV $
    -0.02
  • Change NAV %
    -0.20
  • Date
    2022-09-23

Objectives

The Fund’s objective is to provide total returns consisting principally of interest income by investing primarily in short term fixed income and floating rate debt securities of Canadian and foreign issuers.

Investment Focus

The fund invests primarily in short term fixed income and floating rate debt securities of Canadian and foreign issuers with a minimum of 75% of the portfolio in BBB or higher.

Fund Facts

August 31, 2022
Inception Date September 18, 2013
Currency CAD
Fund AUM $419.3 Million
NAVPU $10.13
Management Fee 0.55%
MER as of June 30, 2022 (unaudited) 0.84%
Minimum Initial Investment $1,000
Minimum Subsequent Investment $100
Liquidity Daily
RRSP Eligible Yes
▲ The NAVs posted are post-distribution

Portfolio Characteristics

Number of Securities 86
Number of Issuers 55
Average Term to Maturity (Years) 5.7
Average Duration (Years) 1.3
Average Coupon (%) 2.0%
Yield to Maturity (%) 4.9%
Current Yield (%) 3.2%
Average Credit Quality A

Credit Quality Breakdown

AA & Higher 37.0%
A 29.2%
BBB 17.3%
BB & Lower 15.9%
Not Rated 0.5%

Portfolio

Top 10 Holdings

Security % of Fund Rating
Canada 0.25% Feb 1, 2023 11.3% AAA
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) 6.5% AA-
Goldman Sachs FRN Apr 29, 2025 (CDOR+37) 5.1% A
BNS FRN Aug 4, 2026 (CORRA+54) 4.6% A
Canada 0.75% Oct 1, 2024 3.9% AAA
Canada 0.25% Apr 1, 2024 3.4% AAA
TransCanada Pipelines FRN Jun 9, 2024 (Q CDOR+29) 3.2% BBB+
Morgan Stanley FRN Mar 21, 2025 (Q CDOR +33) 3.1% A
Bank of America Corp FRN Sep 15, 2027 (Q CDOR+60) 3.0% A
Honda Canada Finance Inc. FRN Sep 27, 2024 (Q CDOR+20) 2.9% A-
Total 47.0%

Geographic Breakdown

Canada 69.5%
USA 27.9%
Europe 2.6%

Performance

Inception Date

September 18, 2013

As of Date

August 31, 2022

Compound Returns

1 Month 3 Months YTD 1 Year 3 Year
(Annualized)		 5 Year
(Annualized)		 Since Inception
(Annualized)
-0.3% -0.4% -3.6% -3.8% 1.8% 1.7% 2.0%

Calendar Year Returns

Distributions

Distributions

Distribution Frequency Quarterly
Most Recent Distribution per Unit $0.0511
12-Month Trailing Distribution Yield 1.8%
Next Record Date September 29, 2022
Next Distribution Date September 30, 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* 2021 2020 2019 2018 2017 2016 2015 2014 2013
Total Distributions 0.0926 0.1515 0.2140 0.2307 0.1787 0.1711 0.2153 0.2100 0.2200 0.0285
Interest - 0.1181 0.2027 0.2307 0.1787 0.1552 0.2160 0.1910 0.2206 0.0285
Dividends - 0.0003 0.0001 - - - - - - -
Capital Gains - 0.0332 0.0112 - - 0.0167 0.0000 0.0194 - -
Withholding Tax - - - - - (0.0008) (0.0007) (0.0004) (0.0006) -
*The final tax character will be determined based on the Fund’s tax year end information.

Resources

Canso and GICs – May 2022

1. Greater Initial Yield–Lysander-Canso fixed income funds’ portfolios generally have greater yields than 1-Year, 3-Year, and 5-Year GICs as of March 31st, 2022 2. Historical Outperformance–Lysander-Canso fixed income funds have demonstrated outperformance compared to GICs, as…
Read More

Lysander Funds Limited is the investment fund manager of Lysander-Canso Short Term and Floating Rate 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.

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