CFM134F

Canso
Short Term and Floating Rate Income Fund
Series F

Series
Key Documents
Fund Profile
Lysander Funds Ltd.

Overview

  • Asset Class
    Fixed Income
  • CIFSC Category
    Canadian Short-Term Fixed Income
  • Risk Rating
    Low
  • Holdings
    44
  • Yield to Maturity
    5.9%
  • Current Yield
    3.9%
  • Average Duration
    1.5 Years
  • Average Credit Quality
    A+

NAV

  • CAD $ NAV
    10.08
  • Change NAV $
    0.00
  • Change NAV %
    0.00
  • Date
    2024-03-28

Objectives

The Fund seeks to achieve a total return greater than the return achieved by a representative Canadian fixed income index, such as the FTSE Canada Short Term Corporate Bond Index.

Investment Focus

Established in 1997 by John Carswell, Canso is an investment management firm that has demonstrated independent research expertise in fundamental analysis.

Fund Facts

June 30, 2023
Inception Date January 31, 2006
Currency CAD
Fund AUM $43.5 Million
Management Fee 0.45%
MER as of December 31, 2022 0.56%
Minimum Initial Investment $25,000 (accredited investor)
RRSP Eligible Yes
▲ The NAVs posted are post-distribution

Portfolio Characteristics

Holdings 44
Average Term to Maturity (Years) 2.3
Average Duration (Years) 1.5
Yield to Maturity (%) 5.9%
Current Yield (%) 3.9%
Average Credit Quality1 A+

Credit Quality Breakdown

AA & Higher 36.0%
A 43.7%
BBB 20.3%

Sector

Communication 2.9%
Energy 7.2%
Federal 20.8%
Financial 56.7%
Industrial 2.5%
Infrastructure 7.1%
Real Estate 0.7%
Other 0.2%

Portfolio

Top 10 Holdings
Canso Short Term and Floating Rate Income Fund

Security % of Fund Rating
Canada 0.75% Feb 1, 2024 9.1% AAA
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) 6.3% AA-
MetLife Global Funding I 3.257% Apr 1, 2025 5.0% AA-
Canada 2% Jun 1, 2028 4.9% AAA
TD Bank 4.477% Jan 18, 2028 4.8% A+
RBC 4.642% Jan 17, 2028 4.6% A+
Toyota Credit Canada Inc. 2.31% Oct 23, 2024 4.5% A+
JP Morgan Chase FRN Jan 10, 2025 (Q LIBOR+85)(USD) 4.3% A+
Bank of America Corp FRN Sep 15, 2027 (Q CDOR+60) 4.1% A+
Morgan Stanley FRN Mar 21, 2025 (Q CDOR +33) 4.1% A+
Total 51.7%

Performance

Inception Date

January 31, 2006

As of Date

June 30, 2023

Compound Returns - Series C

1 Month 3 Months YTD 1 Year 3 Year
(Annualized)		 5 Year
(Annualized)		 10 Year
(Annualized)		 Since Inception
(Annualized)
0.2% 0.4% 2.0% 2.4% 0.7% 1.5% 1.7% 2.9%

Calendar Year Returns - Series C

Distributions

Quarterly Distributions

Record Date Distribution Date
March 21, 2024 March 22, 2024
June 20, 2024 June 21, 2024
September 19, 2024 September 20, 2024
December 30, 2024 December 31, 2024

Resources

Canso Fund Management Ltd. is the investment fund manager of the Canso Short Term and Floating Rate Income 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. Information presented in this material should not be construed as investment or financial advice. Please consult a Financial Advisor. Please read the offering memorandum before investing. Commissions, trailing commissions, management fees and expenses all may be associated with investment funds.

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.

*Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2024. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE ®” is a trade mark of the relevant LSE Group companies and is used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

1Fixed income securities unrated by external agencies are assigned an internal Canso rating for Average Credit Quality.

Historical fund returns are based on Series C NAVs which include a management fee of 0.30%. All information is subject to modification from time to time without notice. Information provided is believed to be reliable when published.

Prior to January 2011 the fund was not charged a management fee. The Fund’s returns prior to this date have been reduced to reflect the impact of a management fee of 0.30% plus taxes and applicable operating costs.