Lysander-Canso Balanced Fund – Series A

  • Fund Code: LYZ800A
  • Portfolio Manager: Canso Investment Counsel Ltd.
  • As of: June 30, 2025
  • Asset Class: Balanced
  • CIFSC Category: Global Equity Balanced
  • Benchmark: 50% FTSE Canada All Corporate Bond Index and 50% MSCI All Country World (CAD) Index1

Investment Focus

The Fund seeks to provide capital growth while moderating equity volatility by investing in a diversified portfolio of equities and bonds. It is unrestricted in both credit quality and geographic allocation.

Risk Rating

Why Invest in this Fund?

Established in 1997, Canso Investment Counsel Ltd. is an independent firm focused on bottom-up security selection and fundamental credit research.

Canso utilizes its proprietary Maximum Loss analysis as a risk management tool to size positions while maintaining concentrated portfolios with high conviction in their best ideas.

This independent credit expertise and investment management experience enables Canso to buy securities when they are out of favour and priced at a discount to their intrinsic value.

  • Long Term Capital Growth – Concentrated, high-conviction portfolio of value oriented global debt and equity securities that Canso has identified as trading at a discount to their intrinsic value.
  • Active Management – The portfolio’s neutral mix is 50/50, with the latitude to be within +/- 25% of the default asset mix allowing Canso the flexibility to position the portfolio according to market conditions.
  • Extensive Investment Management Expertise – Large investment team with experienced credit specialists with expertise in determining default risks and recovery values of issuers to identify opportunities. The continuity of the team has contributed to the successful management of investor portfolios over different market cycles.

Compound Returns – Series A

1 Month 3 Months YTD 1 Year 3 Year
(Annualized)		 5 Year
(Annualized)		 10 Year
(Annualized)		 Since Inception
(Annualized)
1.6% 5.2% 5.9% 13.5% 12.5% 16.6% 7.5% 10.1%

Fund Facts

Inception Date December 28, 2011
Currency CAD
Fund AUM $170.2 Million
NAVPU $22.68
Management Fee 1.50%
MER as of December 31, 2024 1.78%
Minimum Initial Investment $500
Minimum Subsequent Investment $100
Liquidity Daily
RSP Eligible Yes

Calendar Year Returns – Series A

Lysander Funds Limited
Lysander-Canso Balanced Fund – Series A

Equity

Top 10 Holdings

Security % of Fund
AtkinsRealis Group Inc 2.0%
Air Canada 2.0%
Manulife Financial Corp. 2.0%
Bird Construction Inc. 1.9%
Commerzbank AG – ORD 1.9%
Spirit Aerosystems Holdings Inc. 1.8%
UniCredit S.p.A 1.7%
MDA Space Ltd 1.6%
BT Group PLC 1.5%
The Boeing Company 1.5%
Total 17.9%

Portfolio Characteristics

Number of Securities 43
Dividend Yield (%) 1.4%

Fixed Income

Top 10 Holdings

Security % of Fund Rating
Canada 0.25% Mar 1, 2026 19.4% AAA
Canada 0.5% Dec 1, 2030 8.5% AAA
Scotia Capital Inc. NHA MBS (97528147) 3.7% Mar 1, 2029 2.7% AAA
MetLife Global Funding I 4.149% Jun 6, 2033 2.2% AA-
Hydro Ottawa Capital 4.372% Jan 30, 2035 1.8% A-
Canada RRB 4.0% Dec 1, 2031 1.8% AAA
Union Gas Ltd. 4.2% Jun 2, 2044 1.6% A-
TD Bank Sr. Unsec. 4.133% Jan 9, 2032/33 1.3% A
Toyota Credit Canada Inc 4.33% Jan 24, 2028 1.2% A+
TransCanada Pipelines 3.8% Apr 5, 2027 1.0% BBB+
Total 41.5%

Portfolio Characteristics

Number of Securities 89
Number of Issuers 86
Average Term to Maturity (Years) 5.9
Average Duration (Years) 4.2
Average Coupon (%) 2.6%
Yield to Maturity (%) 3.6%
Current Yield (%) 2.6%
Average Credit Quality2 AA-

Credit Quality Breakdown

AA & Higher 66.8%
A 18.4%
BBB 9.8%
BB & Lower 4.8%
Not Rated 0.2%
Lysander Funds Limited
Lysander-Canso Balanced Fund – Series A

Geographic Breakdown

Canada 75.7%
USA 19.0%
South America 0.1%
Europe 5.2%

Asset Mix

Canadian Equity 18.1%
Canadian Fixed Income 56.1%
Cash & Equivalents 1.7%
European Equity 6.4%
Foreign Fixed Income 4.7%
US Equity 13.0%

Distributions

  • Distribution Frequency: Quarterly
  • Most Recent Distribution per Unit: $0.0591
  • 12-Month Trailing Distribution Yield: 1.3%
  • Next Record Date: September 18, 2025
  • Next Distribution Date: September 19, 2025
Distributions ($)/Unit3 YTD* 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Total Distributions 0.0950 0.3003 0.1771 1.1296 2.6543 0.0301 0.1112 1.2100 0.0210 0.5712 0.7556
Interest – 0.0118 0.0480 0.0154 0.0046 0.0048 0.0151 0.0115 – 0.0004 –
Dividends – 0.1558 0.1356 0.2880 0.1449 0.0268 0.1046 0.1643 0.0191 0.0915 0.0218
Capital Gains – 0.1421 – 0.8345 2.5117 – – 1.0395 0.0019 0.4799 0.7338
Withholding Tax – (0.0094) (0.0065) (0.0083) (0.0069) (0.0015) (0.0085) (0.0052) – (0.0006) –
*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-Canso Balanced 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. Please read the prospectus before investing. Commissions, trailing commissions, management fees and expenses all may be associated with investment funds.

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. Investment funds are not guaranteed or insured, their values change frequently and past performance may not be repeated.

1Copyright © 2025 FTSE Global Debt Capital Markets Inc. All rights reserved. FTSE Global Debt Capital Markets Inc (“FTDCM”), FTSE International Limited (“FTSE”) or the London Stock Exchange Group companies (the “Exchange” and, together with FTDCM and FTSE, the “Licensor Parties”). The Licensor Parties make no warranty or representation whatsoever, expressly or impliedly, either as to the results to be obtained from the use of the FTSE Canada Indices (the “Indices”) and/or the figure at which the said Indices stand at any particular time on any particular day or otherwise. The Indices are compiled and calculated by FTDCM and all copyright in the Indices values and constituent lists vests in FTDCM. The Licensor Parties shall not be liable (whether in negligence or otherwise) to any person for any error in the Indices and the Licensor Parties shall not be under any obligation to advise any person of any error therein. “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTDCM under licence. “FTSE®” is a trade mark of the FTSE International Limited and is used by FTDCM under license. Source: MSCI. The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this

Lysander Funds Limited
Lysander-Canso Balanced Fund – Series A

information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

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 of the Fund. If the Fund’s 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 such 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-Canso Balanced Fund was awarded the 2024 Fundata FundGrade A+® Award in the Global Equity Balanced Category, out of 187 funds. The FundGrade start date was 12/31/2014 and FundGrade end date was 12/31/2024. Performance for the fund (Series A) for the period ended June 30, 2025 was 13.5% (1 year), 12.5% (3 years), 16.6% (5 years) and 7.5% (10 years).

FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata. Note: The FundGrade ratings for each fund are subject to change every month.

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

Lysander Funds Ltd., 3080 Yonge St., Suite 4000, Toronto, ON, M4N 3N1
Toll Free: (877) 308-6979 Website: www.lysanderfunds.com
Lysander Funds Limited