CANSO CORPORATE BOND FUND: Q3 2014

CANSO CORPORATE BOND FUND: Q3 2014
CANSO INVESTMENT COUNSEL LTD.
Established in 1997 by John Carswell, Canso currently manages over $13 billion in assets. Canso is a leading investment management firm with
proven independent research expertise in fundamental analysis.
THE CANSO INVESTMENT PHILOSOPHY:
SIGNIFICANT VALUE-ADDED BY INFORMED SECURITY SELECTION
Canso has access to institutional fund management capabilities
Canso emphasizes 'bottom up' and 'deep value' security selection
Canso exploits market liquidity to the advantage of our investors
Canso's investment portfolios are built on a foundation of proprietary and independent research
The Fund has achieved excellent returns through a diversified portfolio comprised primarily of Canadian dollar denominated corporate debt and
money market securities. The Fund will have a maximum of 50% in issues rated BBB, and no security will be purchased that is rated below BBB- or
equivalent.
KEY FUND DATA
Fund Category
Fund Code
CALENDAR YEAR RETURNS
(Period Ending December 31)
Fixed Income
CFM124A
CFM124F
$613.8 Million
June 30, 2004
$25,000 (accredited
investor)
Quarterly
Class A: 1.35%
Class F: 0.60%
Class A: 1.65%
Class F: 0.81%
101
9.1 Years
3.0%
4.1%
5.4 Years
A-
Total Fund Assets
Inception Date
Minimum Investment
Distribution Frequency
Management Fee
MER (Dec 31, 2013)
Holdings
Term to Maturity
Yield to Maturity
Current Yield
Duration
Average Credit Quality 1
16%
14%
13.6%
12%
10%
9.8%
8.4%
8%
6%
6.6%
5.7%
4%
3.4%
0%
2005
2006
3.0%
2007
2008
2009
2010
2011
2012
2013
COMPOUND ANNUAL RETURNS
Risk Tolerance
Low
3.1%
3.0%
2%
(Period Ending September 30, 2014)
Medium
High
3 Months
YTD
1 Year
3 Years
5 Years
10 Years
0.7%
6.4%
7.9%
7.2%
7.0%
6.6%
Since Inception
(June 30, 2004)
6.7%
Growth of $100,000 Invested Since Inception (June 30, 2004)
$193,652
200k
180k
160k
$182,807
140k
120k
For more information contact Lysander Funds Ltd. 100 York Blvd. Suite 501 Richmond Hill, ON L4B 1J8
(416) 640-4275 or Toll Free (877) 308-6979 www.lysanderfunds.com
Lysander Funds Ltd. is an affiliate of Canso Investment Counsel Ltd.
Jun-14
Sep-14
Dec-13
Mar-14
Jun-13
FTSE TMX Canada Universe Corporate Bond Index*
Sep-13
Dec-12
Mar-13
Jun-12
Sep-12
Dec-11
Mar-12
Jun-11
Sep-11
Dec-10
Mar-11
Jun-10
Sep-10
Dec-09
Mar-10
Jun-09
Sep-09
Dec-08
Mar-09
Jun-08
Canso Corporate Bond Fund Class C
Sep-08
Mar-08
Sep-07
Dec-07
Jun-07
Dec-06
Mar-07
Jun-06
Sep-06
Dec-05
Mar-06
Jun-05
Sep-05
Dec-04
Mar-05
Jun-04
Sep-04
100k
CANSO CORPORATE BOND FUND: Q3 2014
TOP 10 HOLDINGS AS AT SEPTEMBER 30, 2014
Canso Corporate Bond
Canso Private Debt Fund
Shaw Communications Inc 6.75% Nov 9, 2039
Met Life Global Funding I 3.107% Apr 16, 2021
TD Dep Note. 3.226% Jul 24, 2024
Royal Bank of Scotland PLC Sub 10.50% Mar 16, 2017/22
Canso Private Debt Fund
Arrow Lakes Power Corp (amort) 5.516% Apr 5, 2041 Series B
Green Timbers LP (amort) 6.838% Jun 30, 2037
FSCC (amort) 6.915% Jul 31, 2042
G.T.A.A. (amort) 6.45% Jul 30, 2029
University Ont Institute of Tech (amort) 6.351% 15 Oct 2034
% of
Assets
9.9
5.0
5.0
4.3
4.0
Canso Corporate Bond
% of
Assets
9.4
7.2
7.0
5.9
5.9
Canso Private Debt Fund
Unicredit FRN May 29, 2018 (Q CDOR +217)
SNC Lavalin 6.19% Jul 3, 2019
Cogeco Cable Inc. 4.175 % May 26, 2023
Royal Bank of Scotland PLC 5.875% May 12, 2016
Heathrow Funding Limited 3.0% Jun 17, 2021
Total
Inpower BC GP (amort) 4.471% Mar 31, 2033
Blue Water Bridge Authority 6.41% Jul 9, 2027
N.B. Highway 6.47% Nov 30, 2027
St.Clair Holding ULC (amort) 4.881% Aug 31, 2031
WTH Car Rental ULC ( AVIS) 4.143% Mar 20, 2015
Total
Credit
Quality
Unrated
BB and below
% of
Assets
5.8
5.6
5.3
4.1
3.4
59.6
Sector
3.2%
Canso Private Debt Fund 9.9%
AAA/AA
4.2%
% of
Assets
3.1
2.8
2.7
2.5
2.5
41.8
29.9%
Cash and equivalents 5.7%
Provincial 1.9%
BBB
Federal 5.5%
33.3%
Securitization 1.7%
Communication 11.9%
Energy 3.7%
Real Estate 4.7%
Infrastructure 6.7%
A
29.4%
Financial 38.1%
Industrial 10.2%
See the Offering Memorandum ("OM") for more details on the Canso Corporate Bond Fund ("Fund"). This document is not an invitation to
invest in the Fund nor does it constitute a public offering of sale. Applications for purchases in the Fund will only be considered on the
terms of the OM, which may be obtained from your Investment Advisor. Each purchaser of units in the Fund may have statutory or
contractual rights of action. The information in this document is subject to change without notice. The Fund is sold via OM and pursuant to
exemption from prospectus requirements. As such, the Fund is not available to the general public and is only available to, for example,
accredited investors, within the meaning of National Instrument 45-106 — Prospectus and Registration Exemptions. Commissions, trailing
commissions, management fees and expenses are all associated with Fund investments and will reduce returns commensurate with their
amounts. Refer to the Fund offering documents before investing. The Fund's values are not guaranteed, its value may frequently change
and past performance may not be repeated. Historical fund returns are based on Class C NAVs which include a management fee of 0.40%.
1
Securities unrated by external agencies are assigned an internal Canso credit rating for Average Credit Quality.
* Source: FTSE TMX Global Debt Capital Markets. Copyright © FTSE TMX Global Debt Capital Markets. All rights reserved.
THE USER AGREES THAT FTSE TMX GLOBAL DEBT CAPITAL MARKETS ("FTSE TMX") AND THE PARTIES FROM WHOM FTSE TMX OBTAINS
DATA DO NOT HAVE ANY LIABILITY FOR THE ACCURACY OR COMPLETENESS OF THE DATA PROVIDED OR FOR DELAYS, INTERRUPTIONS OR
OMISSIONS THEREIN OR THE RESULTS TO BE OBTAINED THROUGH THE USE OF THIS DATA. THE USER FURTHER AGREES THAT NEITHER FTSE
TMX NOR THE PARTIES FROM WHOM IT OBTAINS DATA MAKE ANY REPRESENTATION, WARRANTY OR CONDITION, EITHER EXPRESS OR
IMPLIED, AS TO THE RESULTS TO BE OBTAINED FROM THE USE OF THE DATA, OR AS TO THE MERCHANTABLE QUALITY OR FITNESS OF THE
DATA FOR A PARTICULAR PURPOSE.
For more information contact Lysander Funds Ltd. 100 York Blvd. Suite 501 Richmond Hill, ON L4B 1J8
(416) 640-4275 or Toll Free (877) 308-6979 www.lysanderfunds.com
Lysander Funds Ltd. is an affiliate of Canso Investment Counsel Ltd.

Download Report