Overview
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Asset ClassFixed Income
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CIFSC CategoryHigh Yield Fixed Income
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Risk RatingLow
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Number of Securities107
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Yield to Maturity8.1%
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Current Yield5.9%
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Average Duration1.7 Years
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Average Credit QualityBBB-
Objectives
The Fund’s objective is to provide income and capital growth by investing in fixed income, floating rate, convertible, preferred equity, and common equity securities of corporations anywhere in the world.
Investment Focus
The fund invests primarily in fixed income securities of small and mid-cap companies with the tactical inclusion of equity investments. It is unconstrained both geographically and by credit quality.
Fund Facts
November 30, 2024| Inception Date | December 30, 2016 |
| Currency | CAD |
| Fund AUM | $601.9 Million |
| NAVPU | $9.79 |
| Management Fee | 1.35% |
| MER as of June 30, 2024 (unaudited) | 1.60% |
| Minimum Initial Investment | $500 |
| Minimum Subsequent Investment | $100 |
| Liquidity | Daily |
| RSP Eligible | Yes |
Portfolio Characteristics
| Number of Securities | 107 |
| Number of Issuers | 62 |
| Average Term to Maturity (Years) | 2.3 |
| Average Duration (Years) | 1.7 |
| Average Coupon (%) | 5.5% |
| Yield to Maturity (%) | 8.1% |
| Current Yield (%) | 5.9% |
| Average Credit Quality | BBB- |
| Cash Weighting | 3.5% |
| Average Bond Price | $96.59 |
Credit Quality Breakdown
| AAA | 18.9% |
| AA | 3.0% |
| A | 4.0% |
| BBB | 7.8% |
| BB | 19.5% |
| B | 14.9% |
| CCC | 6.5% |
| Not Rated | 25.4% |
Portfolio
Top 10 Holdings
| Security | % of Fund | Rating |
|---|---|---|
| CAN 3.750 2/1/2025 Corp | 6.7% | AAA |
| CAN 1.500 4/1/2025 | 5.0% | AAA |
| EG GLOBAL FINANCE PLC 12.0 11/30/2028 | 3.6% | B |
| CASCN 5.125 01/15/25 | 3.0% | BB- |
| DNDCN 3 ¾ 03/01/26 | 2.9% | Not Rated |
| T 3 ½ 09/30/29 GOVT | 2.9% | AA+ |
| Rogers Communications Inc 5% Dec 17, 2081 | 2.8% | BB |
| US Dollar | 2.6% | NA |
| Treasury Bill 0 12/26/24 | 2.4% | AAA |
| RCICN 3.100 4/15/2025 | 2.3% | BBB- |
| Total | 34.2% |
Geographic Breakdown
| Canada | 66.5% |
| USA | 28.6% |
| Other | 4.9% |
Performance
Inception Date
December 30, 2016
As of Date
November 30, 2024
Compound Returns
| 1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
Since Inception (Annualized) |
| 0.3% | 1.0% | 4.1% | 5.4% | 3.6% | 5.0% | 4.7% |
Calendar Year Returns
Distributions
Distributions
| Distribution Frequency | Quarterly |
| Most Recent Distribution per Unit | $0.1528 |
| 12-Month Trailing Distribution Yield | 4.4% |
| Next Record Date | December 19, 2024 |
| Next Distribution Date | December 20, 2024 |
Quarterly Distributions
| Record Date | Distribution Date |
|---|---|
| March 20, 2025 | March 21, 2025 |
| June 19, 2025 | June 20, 2025 |
| September 18, 2025 | September 19, 2025 |
| December 18, 2025 | December 19, 2025 |
| Distributions ($)/Unit1 | YTD* | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|
| Total Distributions | 0.3513 | 0.4698 | 0.4411 | 0.6863 | 0.6943 | 0.5776 | 0.3782 | 0.2685 |
| Interest | - | 0.4661 | 0.4313 | 0.3928 | 0.3879 | 0.3547 | 0.3445 | 0.1815 |
| Dividends | - | 0.0056 | 0.0108 | 0.0174 | 0.0155 | 0.0327 | 0.0337 | 0.0185 |
| Capital Gains | - | - | - | 0.2761 | 0.2909 | 0.1902 | - | 0.0704 |
| Withholding Tax | - | (0.0019) | (0.0009) | - | - | - | - | (0.0020) |
Documents
Fund Profile
Regulatory Documents
Final Tax Year End Distributions
Final Tax Factors
Resources
Fulcra Commentary – Q3 2024
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Fulcra Commentary – Q2 2024
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Fulcra Commentary – November 2023
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Lysander Funds Wins Again at the LSEG Lipper Fund Awards Canada 2023
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