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.
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