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Lysander Bond Fund
Investing from the ground up
As of March 31, 2015
Objective
The Fund’s objective is to provide above average, long-term total returns consisting
principally of interest income by investing primarily in high-quality Canadian dollar
denominated fixed income securities of Canadian and foreign issuers.
LYZ 804A/804F
Fund Information

Investment Approach and Philosophy
Canso Investment Counsel is an independent investment manager with a focus on
corporate credit managing over $15 billion in AUM. The investment team consists of
5 senior investment professionals, each with 20+ years’ experience and 14 additional
analysts with experience in corporate bond, equity, corporate banking, and bondrating agency backgrounds.
The Canso investment approach is focused on fundamental research & security
selection. Canso believes that cheap investments are not popular and buyers must do
independent research to find under-valued securities. Canso does not make
investment decisions based on macro-viewpoints like term or yield curve
forecasting. Canso’s proprietary research emphasizes “bottom up” and “deep value”
credit analysis, concentrating on the selection of individual securities.
This independent credit expertise and investment management experience enables
Canso to buy securities when they are out of favour and priced cheaply. Typically,
investments are purchased with the intention to be held to maturity, however, when
market prices exceed valuation expectations or a better value security is discovered,
the securities may be sold. The portfolio managers will also shift to higher quality
securities if risk premiums are not attractive enough.
Performance*
Calendar Year Annual Returns as at December 31:
2014
2013
2012
5.3%
5.9%
0.1%
0.7%
5.7%
6.1%
Inception Date: Dec 28, 2011
AUM: $76.5 Million
Managed by:
John Carswell, CFA
Canso Investment Counsel Ltd.
Benchmark: FTSE TMX Canada
Overall Bond Index1
Category:
Distribution:
Fixed Income
Quarterly
Min Investment: $5,000
Subsequent:
$100
Liquidity:
Daily
Portfolio Analysis
Yield to Maturity:
2.1%
Current Yield:
3.2%
Term to Maturity:
7.6 years
Duration:
4.2 years
Avg Credit Quality2: A+
# of Holdings:
Series A
Series F
91
Series A NAV: $10.85
Series F NAV: $10.76
Returns as at March 31, 2015:
Since
Inception
Series A Management Fee:
Series F Management Fee:
*Series A MER:
1.15%
0.65%
1.46%
(Annualized)
*Series F MER:
0.89%
1
Month
3
Months
YTD
1
Year
3
Year
Series A
-0.3%
2.6%
2.6%
6.6%
3.9%
4.1%
Series F
-0.3%
2.8%
2.8%
7.2%
4.6%
4.6%
*December 31, 2014
Risk Tolerance
*Performance of Series A and F are different as these units are charged different
management fees. Please see the prospectus for more details.
Low
Medium
High
Lysander Funds Ltd. 100 York Blvd. Suite 501, Richmond Hill, ON, L4B 1J8, 416-640-4275 or 1-877-308-6979 www.lysanderfunds.com
Investing from the ground up
Lysander Bond Fund
Credit Quality
BB and
lower
1%
BBB
21%
Provincial
5%
Federal
Unrated
1%
AAA/AA
47%
Cash and
cash
equivalents
1%
Sector
13%
Communication
9%
Securitization
3%
Energy
8%
Real Estate
3%
Infrastructure
8%
A
30%
Industrial
4%
Financial
46%
Top 10 Holdings as of March 31, 2015
Security Name
% Holding
Rating
Royal Bank of Canada CB FRN Mar 23, 2020 (3M CDOR + 36)
6.5
AAA
TD Bank FRN Apr 21,2016 (Q CDOR +20)
5.0
AA
Shaw Communications Inc 6.75% Nov 9, 2039
4.5
BBB-
CIBC FRN Aug 11, 2016 (Q CDOR + 20)
3.5
AA
Eurofima 4.55% Mar 30, 2027
3.3
AA+
Enbridge Inc. FRN Mar 13, 2017 (Q CDOR +45)
3.2
A-
Central 1 Credit Union FRN Nov 24, 2016 (3M CDOR +40)
3.1
A
I.G Investment NHA MBS FRN (98001006) Feb 1, 2020 (M CDOR+15)
2.9
Royal Bank of Scotland PLC 5.875% May 12, 2016
2.8
AAA
BBB+
Met Life Global Funding I 3.107% Apr 16, 2021
2.6
AA-
Total
37.4
See the Simplified Prospectus for more details on the Lysander Bond Fund (“Fund”). This document is not an invitation to
invest in the Fund, nor does it constitute a public offering of sale. Commissions, trailing commissions, management fees and
expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated
rates of return are the historical annual compounded total returns for the period indicated 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 unit holder that would have reduced returns. Mutual funds are not guaranteed or insured, their
values change frequently and past performance may not be repeated. ®Lysander Funds is a registered trademark of
Lysander Funds Limited.
1
2
Source: FTSE TMX Global Debt Capital Markets. Copyright © FTSE TMX Global Debt Capital Markets. All rights reserved.
Fixed income securities unrated by external agencies are assigned an internal Canso credit rating for Average Credit Quality.
Lysander Funds Ltd. 100 York Blvd. Suite 501, Richmond Hill, ON, L4B 1J8, 416-640-4275 or 1-877-308-6979 www.lysanderfunds.com