LYZ935 A
Lysander-Fulcra
Corporate Securities Fund
Series A

Series

  • Asset Class
    Fixed Income
  • Category
    High Yield Fixed Income
  • Risk Rating
    Low
  • Number of Securities
    55
  • Yield to Maturity (%)
    5.7%
  • Current Yield
    6.6%
  • Average Duration
    1.9 Years
  • Average Credit Quality
    B

NAV

  • CAD $ NAV
    10.41
  • Change NAV $
    0.01
  • Change NAV %
    0.10
  • Date
    2021-07-27

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

June 30, 2021
Inception Date December 30, 2016
Currency CAD
Fund AUM $167.1 Million
NAVPU $10.40
Management Fee 1.35%
MER as of December 31, 2020 1.59%
Minimum Initial Investment $1,000
Minimum Subsequent Investment $100
Liquidity Daily
RRSP Eligible Yes

Portfolio Characteristics

Number of Securities 55
Number of Issuers 36
Average Term to Maturity (Years) 2.2
Average Duration (Years) 1.9
Average Coupon (%) 6.4%
Yield to Maturity (%) 5.7%
Current Yield (%) 6.6%
Average Credit Quality B
Cash Weighting 13.1%
Average Bond Price $98.54

Credit Quality Breakdown

The NAVs posted are post-distribution.

Top 10 Holdings

June 30, 2021
Security % of fund Rating
Tidewater Midstream & Infrastructure 6.75% December 19, 2022 5.9% NR
Spencer Spirit TL 5.2% B+
VIDTRON LTD 6.625% January 15, 2023 5.2% BB-
Nuvista Energy 6.5% March 02, 2023 4.7% B
Millar Western 9.50% June 20, 2023 4.1% B
Chemtrade Logistics Inc. 5.00% August 31, 2023 3.1% NR
Sherritt International Inc 8.5 Nov 30, 2026 3.1% CCC+
US Silica Co Term Loan 3.0% B-
Tervita 11% December 1, 2025 2.9% CCC+
RockPoint Gas Storage 7.00% March 31, 2023 2.8% B
Total 40.0%

Geographic Breakdown

Inception Date

December 30, 2016

As of Date

June 30, 2021

Compound Returns

  • 1 Month
    0.5%
  • 3 Months
    2.3%
  • YTD
    8.8%
  • 1 Year
    19.1%
  • 3 Year
    (Annualized)
    5.5%
  • Since Inception
    (Annualized)
    5.7%

Calendar Year Returns

Distributions

Distribution Frequency: Quarterly
Most Recent Distribution per Unit: $0.1095
12-Month Trailing Distribution Yield: 6.8%
Next Record Date: September 23, 2021
Next Distribution Date: September 24, 2021

Quarterly Distributions

Record Date Distribution Date
June 24, 2021 June 25, 2021
September 23, 2021 September 24, 2021
December 16, 2021 December 17, 2021
Distributions ($)/Unit1 YTD* 2020 2019 2018 2017
Total Distributions 0.2249 0.6943 0.5776 0.3782 0.2685
Interest 0.3879 0.3547 0.3445 0.1815
Dividends 0.0155 0.0327 0.0337 0.0185
Capital Gains 0.2909 0.1902 0.0704
Withholding Tax 0.0000 (0.0020)

*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-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 trrademark of Lysander Funds Limited.