Lysander-Canso Aviation and Space Fund – Series F

  • Fund Code: LYZ850F
  • Portfolio Manager: Canso Investment Counsel
  • As of: April 30, 2023
  • Asset Class: Equity

Investment Focus

The Fund invests primarily in securities associated with the aviation and space industries. It is unconstrained by security type, capitalization, geographic and sector considerations.

Risk Tolerance

Why Invest in this Fund?

Established in 1997, Canso is an independent firm focused on bottom up security selection. Proprietary research developed over multiple market cycles guides the investment of approximately $36 billion in AUM.

Each security is assessed on its own merits using bottom-up, fundamental research. Canso uses its proprietary Maximum Loss grade, where the max loss quantifies recovery value in the event of a default. The greater the potential downside, the lower the portfolio weight. Canso believes in concentrating their best ideas and having high conviction portfolios with limited holdings.

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

  • Targeted Exposure – Focused on the bottom-up analysis of companies involved in the growing aviation and space industries.
  • Specialization – Canso benefits from having investment professionals with first-hand experience in these sectors.
  • Proven Investment Expertise – Large investment team with experienced credit specialists with an 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 F

1 Month 3 Months YTD 1 Year 3 Year
(Annualized)		 Since Inception
(Annualized)
-2.1% 0.3% 9.8% 22.1% 23.8% 28.1%

Fund Facts

Inception Date March 31, 2020
Currency CAD
Fund AUM $1.9 Million
NAVPU $16.84
Management Fee 0.80%
MER as of December 31, 2022 1.20%
Minimum Initial Investment $500
Minimum Subsequent Investment $100
Liquidity Daily
RRSP Eligible Yes

Portfolio Characteristics

Number of Securities 20
Dividend Yield (%) 0.1%

Calendar Year Returns – Series F

*For the period of Mar 31th to Dec 31st 2020

Geographic Breakdown

Canada 55.4%
USA 24.2%
South America 5.0%
Europe 15.4%
Lysander Funds Limited
Lysander-Canso Aviation and Space Fund – Series F

Top 10 Holdings

Security % of Fund
Maxar Technologies Inc. 17.0%
Canadian Dollar 9.3%
Bombardier Inc. 8.6%
CAE Inc. 7.8%
Air Canada 7.4%
Howmet Aerospace Inc. 7.2%
Safran SA 5.6%
Rolls-Royce Holdings PLC 5.4%
Spirit Aerosystems Holdings Inc. 5.3%
The Boeing Company 5.1%
Total 78.7%

Distributions

  • Distribution Frequency: Quarterly
  • Most Recent Distribution per Unit: $0.0000
  • 12-Month Trailing Distribution Yield: 0.1%
  • Next Record Date: June 29, 2023
  • Next Distribution Date: June 30, 2023
Distributions ($)/Unit3 YTD* 2022 2021 2020
Total Distributions 0.0000 0.0669 3.8216 0.1871
Interest – – – –
Dividends – – – 0.1457
Capital Gains – – 3.8216 0.0414
Withholding Tax – – – –
Return of Capital – 0.0669 – –
*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 Aviation and Space Fund (the “Fund”). This document is not an invitation to invest in the Fund and does not constitute a public offering of sale. The Fund is only available under prospectus exemptions and other exemptions available to investors who meet certain eligibility or minimum purchase requirements. Currently these exemptions include the accredited investor exemption and the $150,000 minimum purchase exemption for non-individual investors. Each purchaser of Units in the Fund may have statutory or contractual rights of action. The offering of Units of the Fund is made pursuant to an Offering Memorandum and the information contained herein is a summary only and is qualified by the more detailed information in the Offering Memorandum. Commissions, trailing commissions, management fees and expenses all may be associated with investment funds. Please read the Offering Memorandum 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. Investment funds are not guaranteed or insured, 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. 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.

Lysander Funds Ltd., 3080 Yonge St., Suite 3037, Toronto, ON, M4N 3N1
Toll Free: (877) 308-6979 Website: www.lysanderfunds.com
Lysander Funds Limited