Lysander Corporate Value Bond Fund

Transcription

Lysander Corporate Value Bond Fund
Lysander Corporate Value Bond Fund
Investing from the ground up
As of March 31, 2015
Objective
LYZ 801A/801F
LYZ 801A5/F5
The Fund’s objective is to provide above average, long-term total returns consisting
of interest income and some capital gains by investing primarily in fixed income
securities.
Fund Information
Investment Approach and Philosophy
Canso Investment Counsel is an independent investment manager with a focus on
corporate credit managing over $15 billion AUM. The investment team consists of 5
senior investment professionals, each with 20+ years’ experience and 14 additional
analysts with experience in corporate bond, equity, corporate banking, and bondrating agency backgrounds.
The Canso investment approach is focused on fundamental research & security
selection. Canso believes that cheap investments are not popular and buyers must
do independent research to find under-valued securities. Canso does not make
investment decisions based on macro-viewpoints like term or yield curve
forecasting. Canso’s proprietary research emphasizes “bottom up” and “deep value”
credit analysis, concentrating on the selection of individual securities.
This independent credit expertise & investment management experience enables
Canso to buy securities when they are out of favour and priced cheaply. Typically,
investments are purchased with the intention to be held to maturity, however, when
market prices exceed valuation expectations or a better value security is discovered,
the securities may be sold. The portfolio managers will also shift to higher quality
securities if risk premiums are not attractive enough.
Performance*
Calendar Year Annual Returns as at December 31:

Inception Date: Dec 23, 2011
AUM: $1,053.1 Million
Managed by:
John Carswell, CFA
Canso Investment Counsel Ltd.
Benchmark: FTSE TMX All
Corporate Bond Index1
Category:
Fixed Income
Distribution:
Class A/ F
Quarterly
Class A5/F5 5%/Annum
Monthly Paid on 15th
Min Investment: $5,000
Subsequent:
$100
Liquidity:
Daily
Portfolio Analysis
Yield to Maturity:
4.1%
Current Yield:
4.6%
Term to Maturity:
5.3 years
Duration:
Series A
Series F
2014
2013
2012
7.6%
8.2%
7.7%
8.3%
8.8%
9.4%
Avg Credit Quality : BBB# of Holdings:
118
Returns as at March 31, 2015:
Series A
Series F
1
Month
3
Months
-0.5%
-0.4%
2.6%
2.7%
YTD
1
Year
3
Year
2.6%
2.7%
6.6%
7.2%
8.0%
8.6%
2.8 years
2
Since
Inception
(Annualized)
8.3%3
8.9%4
*Performance of Series A and F are different as these units are charged different
management fees. Please see the prospectus for more details.
3 Since inception December 28, 2011 4 Since Inception December 23, 2011
Series A NAV: $11.26
Series F NAV: $12.58
Series A5 NAV: $10.13
Series F5 NAV: $10.15
Series A&A5 Management Fee: 1.25%
Series F&F5 Management Fee: 0.75%
*Series A MER:
1.53%
*Series F MER:
0.96%
*December 31, 2014
Risk Tolerance
Low
Medium
High
Lysander Funds Ltd. 100 York Blvd. Suite 501, Richmond Hill, ON, L4B 1J8, 416-640-4275 or 1-877-308-6979 www.lysanderfunds.com
Lysander Corporate Value Bond Fund
Investing from the ground up
Credit Quality
Sector
Federal
7%
Unrated
15%
AAA/AA
21%
Infrastructure
10%
Communication
17%
Publishing
/Printing
7%
Energy
5%
A
10%
BB and
Below
43%
BBB
11%
Industrial
2%
Financial
52%
Top 10 Holdings as of March 31, 2015
Security Name
% Holding
Rating
Royal Bank of Canada CB FRN Mar 23, 2020 (3M CDOR + 36)
6.9
AAA
Yellow Pages Digital & Media Solutions Ltd 9.25% Nov30, 2018
3.6
B-
Blackberry Ltd. 6% Nov 13, 2020
3.4
NR
Bombardier Inc. 7.50% 144A (USD) March 15, 2025
3.4
B+
Navient Corp 5.5% Jan 25, 2023(USD)
3.4
BB-
MetLife Global Funding I 2.3% April 10, 2019 (144A) USD
3.3
AA-
Bombardier Inc.
3.0
Royal Bank of Scotland Group Tier 1 6.666% Oct 5, 2017
2.9
B+
Lloyds Bank PLC 10.125% December 16, 2016/2021
2.9
BBB-
Navient Corp 5.875% Mar 25, 2021 (USD)
Total
2.9
35.7
BB-
See the Simplified Prospectus for more details on the Lysander Corporate Value Bond Fund (“Fund”). This document is not an
invitation to invest in the Fund, nor does it constitute a public offering of sale. 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 the historical annual compounded total returns for the period indicated 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 unit holder that would have reduced returns. Mutual funds are not guaranteed
or insured, their values change frequently and past performance may not be repeated. ®Lysander Funds is a registered
trademark of Lysander Funds Limited.
1 Source: FTSE TMX Global Debt Capital Markets. Copyright © FTSE TMX Global Debt Capital Markets. All rights reserved.
2 Fixed income securities unrated by external agencies are assigned an internal Canso credit rating for Average Credit Quality.
Lysander Funds Ltd. 100 York Blvd. Suite 501, Richmond Hill, ON, L4B 1J8, 416-640-4275 or 1-877-308-6979 www.lysanderfunds.com