Lysander Corporate Value Bond Fund - Lysander Funds
Lysander Short Term and Floating Rate Fund As of September 30, 2014
Investing from the ground up
Objective The Fund’s objective is to provide total returns consisting principally of interest income by investing primarily in short term fixed income and floating rate debt securities of Canadian and foreign issuers.
LYZ 805A/805F
Fund Information (as of September 30, 2014)
Investment Approach and Philosophy Canso Investment Counsel is an independent investment manager with a focus on corporate credit managing over $13 billion in 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.
Inception Date: Sep 18, 2013 AUM: $44.7 Million Managed by: John Carswell, CFA Heather Mason-Wood, CFA, MBA, Bsc Canso Investment Counsel Ltd.
Benchmark: FTSE TMX Canada Short Term Overall Bond Index1 Category: Distribution:
Fixed Income Quarterly
Min Investment: $5,000 Subsequent:
$100
Liquidity:
Daily
Portfolio Analysis Yield to Maturity:
Performance* Returns as at September 30, 2014: 1 Month Series A Series F
0.1% 0.1%
3 Months 0.4% 0.5%
6 Months 0.7% 1.0%
2.5%
Current Yield:
3.7%
Term to Maturity:
3.0 years
Duration:
2.0 years
Avg Credit Quality2: A
YTD 1.6% 2.0%
1 Year 2.0% 2.6%
Since Inception (Annualized) 1.9% 2.4%
*Performance of Series A and F are different as these units are charged different management fees. Please see the prospectus for more details.
# of Holdings:
65
Series A NAV: $10.05 Series F NAV: $10.07 Series A Management Fee: Series F Management Fee: *Series A MER:
1.05% 0.55% 1.40%
*Series F MER:
0.82%
*June 30, 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
Investing from the ground up
Lysander Short Term and Floating Rate Fund
Credit Quality Federal 20%
Unrated 4%
BB and Below 15%
AAA/AA 37%
BBB 12%
Industrial 3%
Sector
Communication 4%
Securitization 1% Real Estate 2%
A 32%
Infrastructure 9%
Cash and Cash Equivalents 2%
Financial 58% Energy 1%
Top 10 Holdings as of September 30, 2014 Security Name
% Holding
Rating
Honda Canada Finance Inc FRN Dec 3, 2018(Q CDOR +65)
4.4
A+
Canada 1.5% March 1, 2017
3.7
AAA
GE Capital Canada FRN Feb 6, 2023 (Q CDOR +120)
3.7
A+
Manufacturers Life Insurance FF 4.165 % Jun 1, 2017/22
3.6
A+
407 East Development GRP 2.813% Dec 23, 2015
3.5
A-
YPG Financing Inc. 9.25% Nov 30, 2018
3.4
B-
Standard Life FF 3.938% Sep 21, 2017/2022
3.3
A
BNS DN 3.61% Feb 22, 2016
3.1
AA
SNC Lavalin 6.19% Jul 3, 2019
3.0
BBB
Hypothekenbank FRA LUX 4.38% Dec 15, 2015
3.0
NR
Total
34.7
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. 1 2
Source: FTSE TMX, a business unit of TSX Inc. Copyright © TSX Inc. All rights reserved. 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
Investing from the ground up
Objective The Fund’s objective is to provide total returns consisting principally of interest income by investing primarily in short term fixed income and floating rate debt securities of Canadian and foreign issuers.
LYZ 805A/805F
Fund Information (as of September 30, 2014)
Investment Approach and Philosophy Canso Investment Counsel is an independent investment manager with a focus on corporate credit managing over $13 billion in 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.
Inception Date: Sep 18, 2013 AUM: $44.7 Million Managed by: John Carswell, CFA Heather Mason-Wood, CFA, MBA, Bsc Canso Investment Counsel Ltd.
Benchmark: FTSE TMX Canada Short Term Overall Bond Index1 Category: Distribution:
Fixed Income Quarterly
Min Investment: $5,000 Subsequent:
$100
Liquidity:
Daily
Portfolio Analysis Yield to Maturity:
Performance* Returns as at September 30, 2014: 1 Month Series A Series F
0.1% 0.1%
3 Months 0.4% 0.5%
6 Months 0.7% 1.0%
2.5%
Current Yield:
3.7%
Term to Maturity:
3.0 years
Duration:
2.0 years
Avg Credit Quality2: A
YTD 1.6% 2.0%
1 Year 2.0% 2.6%
Since Inception (Annualized) 1.9% 2.4%
*Performance of Series A and F are different as these units are charged different management fees. Please see the prospectus for more details.
# of Holdings:
65
Series A NAV: $10.05 Series F NAV: $10.07 Series A Management Fee: Series F Management Fee: *Series A MER:
1.05% 0.55% 1.40%
*Series F MER:
0.82%
*June 30, 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
Investing from the ground up
Lysander Short Term and Floating Rate Fund
Credit Quality Federal 20%
Unrated 4%
BB and Below 15%
AAA/AA 37%
BBB 12%
Industrial 3%
Sector
Communication 4%
Securitization 1% Real Estate 2%
A 32%
Infrastructure 9%
Cash and Cash Equivalents 2%
Financial 58% Energy 1%
Top 10 Holdings as of September 30, 2014 Security Name
% Holding
Rating
Honda Canada Finance Inc FRN Dec 3, 2018(Q CDOR +65)
4.4
A+
Canada 1.5% March 1, 2017
3.7
AAA
GE Capital Canada FRN Feb 6, 2023 (Q CDOR +120)
3.7
A+
Manufacturers Life Insurance FF 4.165 % Jun 1, 2017/22
3.6
A+
407 East Development GRP 2.813% Dec 23, 2015
3.5
A-
YPG Financing Inc. 9.25% Nov 30, 2018
3.4
B-
Standard Life FF 3.938% Sep 21, 2017/2022
3.3
A
BNS DN 3.61% Feb 22, 2016
3.1
AA
SNC Lavalin 6.19% Jul 3, 2019
3.0
BBB
Hypothekenbank FRA LUX 4.38% Dec 15, 2015
3.0
NR
Total
34.7
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. 1 2
Source: FTSE TMX, a business unit of TSX Inc. Copyright © TSX Inc. All rights reserved. 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
