Lysander-Canso Bond Fund – Series A

  • Fund Code: LYZ804A
  • Portfolio Manager: Canso Investment Counsel Ltd.
  • As of: May 31, 2025
  • Asset Class: Fixed Income
  • CIFSC Category: Canadian Fixed Income
  • Benchmark: FTSE Canada Universe Bond Index1

Investment Focus

The Fund invests in high-quality Canadian dollar denominated fixed income securities of Canadian issuers and up to 60% in foreign issuers. Portfolio is unable to purchase fixed income securities rated below BBB-.

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.

  • Core Fixed Income Solution – Portfolio comprises primarily of investment grade corporate bonds that seek to provide income and preserve capital.
  • Adaptable to Market Conditions – Portfolio has the flexibility to shorten duration and diversify across all geographies while maintaining primarily CAD currency exposure.
  • Extensive Investment Management Expertise – Large investment team with experienced credit specialists with expertise in determining default risks and recovery values of issuers to identify corporate bond 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)
0.8% -1.3% 0.9% 6.5% 3.2% 1.8% 1.7% 2.2%

Fund Facts

Inception Date December 28, 2011
Currency CAD
Fund AUM $103.0 Million
NAVPU $10.80
Management Fee 1.05%
MER as of December 31, 2024 1.37%
Minimum Initial Investment $500
Minimum Subsequent Investment $100
Liquidity Daily
RSP Eligible Yes

Calendar Year Returns – Series A

Lysander Funds Limited
Lysander-Canso Bond Fund – Series A

Top 10 Holdings

Security % of Fund Rating
Canada RRB 0.5% Dec 1, 2050 14.6% AAA
MetLife Global Funding I 1.95% Mar 20, 2028 5.4% AA-
Canada 0.25% Mar 1, 2026 5.2% AAA
Canada RRB 4.25% Dec 1, 2026 4.4% AAA
Nestle Holdings Inc. 2.192% Jan 26, 2029 4.1% AA-
Honda Canada Finance Inc. 1.646% Feb 25, 2028 3.9% A-
Enbridge Inc. 6.51% Nov 9, 2052 3.8% BBB+
Pembina Pipeline Corp 5.67% Jan 12, 2054 3.7% BBB
Union Gas Ltd. 4.2% Jun 2, 2044 2.8% A-
Equitable Bank NHA MBS (97527023) 3.79% Nov 1, 2028 2.6% AAA
Total 50.5%

Portfolio Characteristics

Number of Securities 69
Number of Issuers 42
Average Term to Maturity (Years) 11.3
Average Duration (Years) 7.9
Average Coupon (%) 3.2%
Yield to Maturity (%) 4.0%
Current Yield (%) 3.2%
Average Credit Quality2 A+

Credit Quality Breakdown

AA & Higher 46.9%
A 25.8%
BBB 27.3%

Geographic Breakdown

Canada 85.2%
USA 8.5%
Europe 6.3%

Distributions

  • Distribution Frequency: Quarterly
  • Most Recent Distribution per Unit: $0.0510
  • 12-Month Trailing Distribution Yield: 2.3%
  • Next Record Date: June 19, 2025
  • Next Distribution Date: June 20, 2025
Distributions ($)/Unit3 YTD* 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Total Distributions 0.0510 0.2572 0.3090 0.0936 0.1749 0.2415 0.1657 0.1372 0.0862 0.0748 0.2416
Interest – 0.2572 0.3090 0.0936 0.0700 0.2415 0.1657 0.1372 0.0869 0.0754 0.1586
Dividends – – – – – – – – – – –
Capital Gains – – – – 0.1049 – – – – – 0.0838
Withholding Tax – – – – – – – – (0.0007) (0.0006) (0.0008)
*The final tax character will be determined based on the Fund’s tax year end information.
Lysander Funds Limited
Lysander-Canso Bond Fund – Series A

Lysander Funds Limited is the investment fund manager of Lysander-Canso Bond 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.

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. 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.

Effective January 1, 2025, the management fee for Series A changed from 1.15% to 1.05% and Series F changed from 0.65% to 0.55%. This change could have affected the performance of the Fund had this change been in effect throughout the performance measurement period.

®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