Commentary Archives

Insights

At Lysander Funds we strive to inform and educate Canadian investors. In this section you'll find resources that highlight the thinking of our Portfolio Managers.

Patient Capital Quarterly Commentary – Q2 2022

Concern over rising inflation was the major theme during the second quarter of 2022. Investors started to conclude that inflation was not going to be transitory and instead might be a persistent problem into the future.…

Canso Market Observer – July 2022

Once it looked like inflation was not a “temporary supply side” phenomenon, central banks rushed to correct their now very obvious mistake. They had created far too much money than was necessary for actual economic activity…

Central Banks are Losing Credibility and Interest Rates are Rising: Now is the Time for Bond Investors to Act

Ian Marthinsen, CFA, Portfolio Manager

Watershed Moment On Friday, June 10th, 2022, Headline YoY US CPI was reported at a level of 8.6%, exceeding market expectations and was the largest print since December 1981. The May 2022 US CPI print could…

The Dot Plot Thickens

The Federal Reserve’s dot plot was created in 2012 post the financial recession of 2008 / 2009. In 2012, like recent times, interest rates were virtually at zero. The dot plot was created to give Fed…

Understanding the Value of Limited Recourse Capital Notes vs. Preferred Shares & Traditional Bonds

Ian Marthinsen, CFA, Portfolio Manager

Part-Bond-Part-Preferred Share On July 28th, 2020, the Royal Bank of Canada (“RBC”) introduced the first Limited Recourse Capital Note (“LRCN”) to the Canadian marketplace. Nearly two years later (as of the time of writing), the LRCN…

Canso Corporate Bond Newsletter – April 2022

The Day the Music Died Historically, war or a large corporate insolvency, or both occurring at the same time, would have roiled the global capital markets. The invasion of Ukraine and the Evergrande restructuring are impacting…