Overview
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Asset ClassFixed Income
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CategoryCanadian Corporate Fixed Income
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Risk RatingLow
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Holdings166
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Yield to Maturity5.5%
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Current Yield3.9%
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Average Duration5.4 Years
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Average Credit QualityA
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 Corporate Bond Index.
Investment Focus
Established in 1997 by John Carswell, Canso currently manages over $36 billion in assets. Canso is a investment management firm that has demonstrated independent research expertise in fundamental analysis.
Fund Facts
December 31, 2022Inception Date | June 30, 2004 |
Currency | CAD |
Fund AUM | $847.7 Million |
Management Fee | 1.30% |
MER as of December 31, 2021 | 1.54% |
Minimum Initial Investment | $25,000 (accredited investor) |
RRSP Eligible | Yes |
Portfolio Characteristics
Holdings | 166 |
Average Term to Maturity (Years) | 8.6 |
Average Duration (Years) | 5.4 |
Yield to Maturity (%) | 5.5% |
Current Yield (%) | 3.9% |
Average Credit Quality1 | A |
Credit Quality Breakdown
AA & Higher | 38.4% |
A | 29.6% |
BBB | 32.0% |
Sector
Canso Private Debt Fund | 10.0% |
Communication | 6.0% |
Energy | 9.8% |
Federal | 20.4% |
Financial | 24.6% |
Industrial | 14.5% |
Infrastructure | 10.9% |
Real Estate | 1.0% |
Provincial | 2.7% |
Other | 0.2% |
Portfolio
Top 10 Holdings
Canso Corporate Bond Fund
Security | % of Fund | Rating |
---|---|---|
Canso Private Debt Fund | 10.0% | A- |
Nestle Holdings Inc. 2.192% Jan 26, 2029 | 7.7% | AA- |
Canada 0.5% Dec 01, 2030 | 4.2% | #N/A |
Canada 1% Jun 1, 2027 | 4.1% | AAA |
MetLife Global Funding l 1.95% Mar 20, 2028 | 3.5% | AA- |
Bank of America Corp FRN Sep 15, 2027 (Q CDOR+60) | 3.2% | A |
Heathrow Funding Limited 3.661% Jan 13, 2031/33 REGS | 3.0% | BBB+ |
Canada 1.5% Dec 1, 2031 | 2.8% | AAA |
Manulife Financial Corp (AT1) 3.375% Jun 19, 2026/2081 | 2.7% | BBB+ |
New York Life Global FDG 2% Apr 17, 2028 | 2.7% | AAA |
Total | 43.9% |
Top 10 Holdings
Canso Private Debt Fund
Security | % of Fund | Rating |
---|---|---|
Arrow Lakes Power Corp (amort) 5.516% Apr 5, 2041 Series B | 6.6% | A+ |
Plenary Properties LTAP LP -CSEC (amort) 6.288% Jan 31, 2044 | 4.7% | A |
Green Timbers LP (amort) 6.838% Jun 30, 2037 | 4.5% | A- |
Inpower BC GP (amort) 4.471% Mar 31, 2033 | 4.4% | BBB+ |
North Battleford Power L.P (amort) 4.958% Dec 31, 2032 | 4.3% | A- |
N.B. Highway (amort) 6.47% Nov 30, 2027 | 3.9% | A+ |
Pembina Pipeline Corp 4.75% Mar 26, 2048 | 3.7% | BBB |
University Ont Institute of Tech (amort) 6.351% Oct 15, 2034 | 3.5% | A- |
FSCC (amort) 6.915% Jul 31, 2042 | 3.4% | A- |
Hydro Quebec FRN Perpetual (S/A US LIBOR +6.25) (USD) | 3.3% | AA- |
Total | 42.3% |
Performance
Inception Date
June 30, 2004
As of Date
December 31, 2022
Compound Returns - Series C
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
10 Year (Annualized) |
15 Year (Annualized) |
Since Inception (Annualized) |
-1.1% | 0.3% | -10.8% | -10.8% | 0.2% | 1.8% | 2.9% | 4.6% | 4.7% |
Calendar Year Returns - Series C
Distributions
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 24, 2022 | March 25, 2022 |
June 23, 2022 | June 24, 2022 |
September 29, 2022 | September 30, 2022 |
December 29, 2022 | December 30, 2022 |