LYZ935A

Lysander-Fulcra
Corporate Securities Fund
Series A

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

Overview

  • Asset Class
    Fixed Income
  • Category
    High Yield Fixed Income
  • Risk Rating
    Low
  • Number of Securities
    65
  • Yield to Maturity
    8.0%
  • Current Yield
    6.4%
  • Average Duration
    1.8 Years
  • Average Credit Quality
    BB-

NAV

  • CAD $ NAV
    9.48
  • Change NAV $
    -0.01
  • Change NAV %
    -0.11
  • Date
    2022-10-05

Objectives

The Fund’s objective is to provide income and capital growth by investing in fixed income, floating rate, convertible, preferred equity, and common equity securities of corporations anywhere in the world.

Investment Focus

The fund invests primarily in fixed income securities of small and mid-cap companies with the tactical inclusion of equity investments. It is unconstrained both geographically and by credit quality.

Fund Facts

August 31, 2022
Inception Date December 30, 2016
Currency CAD
Fund AUM $240.8 Million
NAVPU $9.79
Management Fee 1.35%
MER as of June 30, 2022 (unaudited) 1.61%
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 65
Number of Issuers 44
Average Term to Maturity (Years) 2.1
Average Duration (Years) 1.8
Average Coupon (%) 5.7%
Yield to Maturity (%) 8.0%
Current Yield (%) 6.4%
Average Credit Quality BB-
Cash Weighting 7.2%
Average Bond Price $95.26

Credit Quality Breakdown

A 3.2%
BBB 20.0%
BB 33.4%
B 12.1%
Not Rated 22.2%

Portfolio

Top 10 Holdings

Security % of Fund Rating
SNC Lavalin 3.235% Mar 2, 2023 4.0% BB+
Spencer Spirit TL 3.7% B+
Rite Aid Corp. 7.50% July 01, 2025 3.5% B-
Seaspan 6.5% 02/05/2024 3.4% BB
Kar Auction Services Inc 5.125% June 01, 2025 3.3% B-
Osisko Gold Royalties 4.00% Dec 31, 2022 3.3% NR
NFICN 5% 1/15/2027 3.2% NR
Ford 3.349 Sep/19/2022 3.2% BB+
Sherritt International Inc 8.5 Nov 30, 2026 2.8% CCC+
Ford Credit Canada Co. FRN Mar 21, 2024 (Q CDOR+314) 2.7% BB+
Total 33.1%

Geographic Breakdown

Canada 56.7%
USA 36.1%
Other 7.2%

Performance

Inception Date

December 30, 2016

As of Date

August 31, 2022

Compound Returns

1 Month 3 Months YTD 1 Year 3 Year
(Annualized)		 5 Year
(Annualized)		 Since Inception
(Annualized)
0.0% -1.1% -0.3% 0.7% 5.3% 4.5% 4.8%

Calendar Year Returns

Distributions

Distributions

Distribution Frequency Quarterly
Most Recent Distribution per Unit $0.1131
12-Month Trailing Distribution Yield 7.5%
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
Total Distributions 0.2692 0.6863 0.6943 0.5776 0.3782 0.2685
Interest - 0.3928 0.3879 0.3547 0.3445 0.1815
Dividends - 0.0174 0.0155 0.0327 0.0337 0.0185
Capital Gains - 0.2761 0.2909 0.1902 - 0.0704
Withholding Tax - - - - - (0.0020)
*The final tax character will be determined based on the Fund’s tax year end information.

Resources

Winding Road

Macro Musings Since the beginning of the year, the threat of higher interest rates has played out. The result has been a bond / growth stock rout for the ages, despite the US Federal Reserve (the…
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The Dot Plot Thickens

The Federal Reserve’s dot plot was created in 2012 post the financial recession of 2008 / 2009. In 2012, like recent times, interest rates were virtually at zero. The dot plot was created to give Fed…
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To the Moon and Back

Series F of Lysander-Fulcra Corporate Securities Fund (the “Fund”) returned 11.1 % in 2021. This marked the 3rd best annual result since the Fund’s inception. Someone visiting the planet for the first time might think this…
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Lysander Funds Limited is the investment fund manager of Lysander-Fulcra Corporate Securities 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, their values change frequently and past performance may not be repeated. 1Distributions 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.