LYZ808 A
Lysander-Canso
U.S Credit Fund (USD)
Series A

Series

  • Asset class
    Fixed Income
  • Category
    Global Corporate Fixed Income
  • Risk Rating
    Low
  • Number of Securities
    62
  • Yield to Maturity
    3.3%
  • Current Yield
    3.7%
  • Average Duration
    1.1 Years
  • Average Credit Quality
    BBB+

NAV

  • CDN $ NAV
    9.98
  • Change NAV $
    0.00
  • Change NAV %
    0.00
  • Date
    2020-02-24

Objectives

The Fund’s objective is to achieve long term capital growth of returns consisting of income and some capital gains primarily through investments in U.S. debt and money market securities either denominated in U.S. dollars or hedged to U.S. dollars using forward currency contracts.

Investment Focus

The Fund invests primarily in U.S. debt and money market securities either denominated in U.S. dollars or hedged to U.S. dollars and is unrestricted across all credits.

Fund Facts

Series Inception Date December 30, 2014
Currency USD
Fund AUM $36.2 Million
NAVPU $9.88
Management Fee 1.25%
MER (As of June 30, 2019 - unaudited) 1.58%
Minimum Initial Investment $1,000
Minimum Subsequent Investment $100
Liquidity Daily
RRSP Eligible Yes

Portfolio Characteristics

Number of Securities 62
Number of Issuers 32
Average Term to Maturity (Years) 4.6
Average Duration (Years) 1.1
Average Coupon (%) 3.8%
Yield to Maturity (%) 3.3%
Current Yield (%) 3.7%
Average Credit Quality2 BBB+

Credit Quality Breakdown (%)

The NAVs posted are post-distribution.

Top 10 Holdings

December 31, 2019
Security % of fund Rating
GE Capital Corp FRN May 5, 2026 (USD) (Q LIBOR +38) 8.9% BBB+
Lloyds Bank PLC FRN May 7, 2021 (Q LIBOR+49) (USD) 7.6% A+
TD Bank CB 1.68% Jun 8, 2021 6.8% AAA
Maxar Technologies Inc. 9.75% Dec 31, 2023 (USD) 6.8% B
RBC FRN Feb 1, 2022 (3M LIBOR +73) USD 6.5% AA
JP Morgan Chase FRN (USD) (Q LIBOR +100) Jan 15, 2022/2023 5.4% A-
UniCredit S.p.A Sr Pref 3.75% Apr 12, 2022 (USD) 144A 4.6% BBB
Cigna Corp FRN (Q LIBOR + 65) Sept 17, 2021 (USD) 144A 4.4% BBB
Ford Motor Credit Co LLC FRN Jan 7, 2022 (USD)(Q LIBOR+314) 4.1% BBB-
Goldman Sachs FRN Nov 15, 2021 (USD) (Q LIBOR +117) 3.8% BBB+
Total 58.8%  

Geographic Breakdown

Inception Date

December 30, 2014

As of Date

December 31, 2019

Compound Returns

  • 1 Month
    0.7%
  • 3 Months
    2.0%
  • YTD
    7.9%
  • 1 Year
    7.9%
  • 3 Year
    (Annualized)
    3.3%
  • 5 Year
    (Annualized)
    2.3%
  • Since Inception
    (Annualized)
    2.3%

Calendar Year Returns

Distributions

Distribution Frequency: Quarterly
Most Recent Distribution per Unit: $0.0697
12-Month Trailing Distribution Yield: 2.6%
Next Record Date: March 26, 2020
Next Distribution Date: March 27, 2020

Quarterly Distributions

Record Date Distribution Date
December 19, 2019 December 20, 2019
March 26, 2020 March 27, 2020
Distributions ($)/Unit3 YTD* 2018 2017 2016 2015
Total Distributions 0.2603 0.2078 0.1758 0.2063 0.3357
Interest   0.2078 0.1760 0.2063 0.2397
Dividends          
Capital Gains         0.0960
Withholding Tax     (0.0002)    

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

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Lysander Funds Limited is the investment fund manager of Lysander-Canso U.S. Credit 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.
Fixed income securities unrated by external agencies are assigned an internal Canso rating for Average Credit Quality. Distributions are based on the actual number of units outstanding at the relevant time. Distributions are paid in cash or reinvested in additional units, or both. 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.