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.

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…

Canso Market Observer – April 2022

The first quarter of 2022 saw the violent invasion of Ukraine by Russia. This upended the peaceful order in Europe that existed after the end of the Cold War between the Soviet Union and the NATO…

Canso Corporate Bond Newsletter – February 2022

Lather, Rinse, Repeat We started 2021 talking the pandemic and central banks. We ended the year talking the pandemic and central banks. In January, U.S. headline inflation hit 7.5% for the first time in nearly 40…

The Interest Rate Tide is Shifting – Is your Bond Portfolio Prepared?

Inflating yields There are growing concerns the Bank of Canada is falling behind in achieving its stated mandate of “using its monetary policy framework to keep inflation low and stable”1. As illustrated in Chart 1, in…