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
    59
  • Yield to Maturity
    7.5%
  • Current Yield
    6.7%
  • Average Duration
    2.0 Years
  • Average Credit Quality
    B+

NAV

  • CDN $ NAV
    9.67
  • Change NAV $
    0.01
  • Change NAV %
    0.10
  • Date
    2020-10-23

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

September 30, 2020
Series Inception Date December 30, 2016
Currency CAD
Fund AUM $103.2 Million
NAVPU $9.61
Management Fee 1.35%
MER (As of June 30, 2020 - unaudited) 1.66%
Minimum Initial Investment $1,000
Minimum Subsequent Investment $100
Liquidity Daily
RRSP Eligible Yes

Portfolio Characteristics

Number of Securities 59
Number of Issuers 38
Average Term to Maturity (Years) 2.5
Average Duration (Years) 2.0
Average Coupon (%) 5.9%
Yield to Maturity (%) 7.5%
Current Yield (%) 6.7%
Average Credit Quality B+
Average Bond Price $93.38
Cash Weighting 13.9%

Credit Quality Breakdown

The NAVs posted are post-distribution.

Top 10 Holdings

September 30, 2020
Security % of fund Rating
Millar Western 9.50% June 20, 2023 6.2% B-
RockPoint Gas Storage 7.00% March 31, 2023 4.5% B
Tidewater Midstream & Infrastructure 6.75% December 19, 2022 4.1% NR
Frontier Communications 8.5% April 1, 2026 3.8% NR
Optiva Inc 9.75% Jul 20, 2025 3.4% NR
Petsmart L+300 02/03/2022 3.2% B
Global Ship Lease Inc 9.875% November 15, 2022 3.1% B
Kelt Exploration 5% May 31, 2021 3.1% NR
Montage Resources Corporation 8.875 July 15, 2023 3.1% B-
Russel Metals Inc 6% April 19, 2022 2.7% B+
Total 37.3%  

Geographic Breakdown

Inception Date

December 30, 2016

As of Date

September 30, 2020

Compound Returns

  • 1 Month
    1.3%
  • 3 Months
    3.2%
  • YTD
    -2.2%
  • 1 Year
    -1.2%
  • 3 Year
    (Annualized)
    1.7%
  • Since Inception
    (Annualized)
    2.9%

Calendar Year Returns

Distributions

Distribution Frequency: Quarterly
Most Recent Distribution per Unit: $0.0468
12-Month Trailing Distribution Yield: 5.6%
Next Record Date: December 17, 2020
Next Distribution Date: December 18, 2020

Quarterly Distributions

Record Date Distribution Date
March 26, 2020 March 27, 2020
June 25, 2020 June 26, 2020
September 24, 2020 September 25, 2020
December 17, 2020 December 18, 2020
Distributions ($)/Unit1 YTD* 2019 2018 2017
Total Distributions 0.2610 0.5776 0.3782 0.2685
Interest   0.3547 0.3445 0.1815
Dividends   0.0327 0.0337 0.0185
Capital Gains   0.1902 - 0.0704
Withholding Tax     - (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. 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 trrademark of Lysander Funds Limited.