Overview
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Asset ClassFixed Income
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CIFSC CategoryGlobal Corporate Fixed Income
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Risk RatingLow
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Holdings180
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Yield to Maturity6.9%
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Current Yield5.4%
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Average Duration1.9 Years
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Average Credit QualityA-
Objectives
The Fund seeks to achieve above average income returns through a diversified portfolio composed primarily of debt and money market securities. The Fund may occasionally invest in equity securities. The Fund will attempt to manage the allocation among securities to lower the risk of capital loss as the Investment Manager deems appropriate.
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
August 31, 2023Inception Date | December 31, 2000 |
Currency | CAD |
Fund AUM | $4.0 Billion |
Management Fee | 1.40% |
MER as of December 31, 2022 | 1.63% |
Minimum Initial Investment | $25,000 (accredited investor) |
RRSP Eligible | Yes |
Portfolio Characteristics
Holdings | 180 |
Average Term to Maturity (Years) | 4.1 |
Average Duration (Years) | 1.9 |
Yield to Maturity (%) | 6.9% |
Current Yield (%) | 5.4% |
Average Credit Quality1 | A- |
Credit Quality Breakdown
AA & Higher | 36.5% |
A | 14.3% |
BBB | 13.3% |
BB & Lower | 24.8% |
NR | 11.2% |
Sector
Communication | 3.5% |
Energy | 4.6% |
Federal | 23.6% |
Financial | 33.5% |
Industrial | 18.7% |
Infrastructure | 0.1% |
Publishing/Printing | 0.4% |
Other | 15.6% |
Portfolio
Top 10 Holdings
Canso Corporate Value Fund
Security | % of Fund | Rating |
---|---|---|
Canso Strategic Credit Fund - Series O - 339O | 8.2% | NA |
Air Canada 4.625% Aug 15, 2029 | 5.1% | BB |
Canada 0.5% Nov 1, 2023 | 3.3% | AAA |
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 2.6% | AA- |
TD Bank CB FRN Jun 8, 2026 (CORRA+65) | 2.3% | AAA |
Canada 0.75% Feb 1, 2024 | 2.2% | AAA |
Canada 0.25% Apr 1, 2024 | 2.1% | AAA |
Latam Airlines Group SA 13.375% Oct 15, 2029 144A (USD) | 2.0% | B |
BNS CB FRN Sept 8, 2026 (CORRA +60) | 2.0% | AAA |
Bombardier Inc. 7.45% May 1, 2034 REGS (USD) | 1.9% | B |
Total | 31.7% |
Top 10 Holdings
Canso Strategic Credit Fund
Security | % of Fund | Rating |
---|---|---|
Canada RRB 0.5% Dec 1, 2050 | 9.8% | AAA |
Air Canada 4.625% Aug 15, 2029 | 6.3% | BB |
Bombardier Inc. 7.45% May 1, 2034 REGS (USD) | 5.5% | B |
Canada 0.75% Feb 1, 2024 | 4.9% | AAA |
LATAM Airlines Group SA 13.375% Oct 15, 2029 144A (USD) | 4.2% | B |
Canada 0.5% Nov 1, 2023 | 3.8% | AAA |
UBS Group AG 6.442% Aug 11, 2027/28 144A (USD) | 3.4% | A- |
Canada 0.75% Oct 1, 2024 | 2.7% | AAA |
Avis Budget Car/Finance 4.75% Apr 1, 2028 144A (USD) | 2.6% | B+ |
American Airlines Inc. RSG 10.75%/12% Feb 15, 2026 (USD) | 2.4% | BB |
Total | 45.6% |
Performance
Inception Date
December 31, 2000
As of Date
August 31, 2023
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) |
0.5% | 1.9% | 5.9% | 6.4% | 7.3% | 7.5% | 6.7% | 8.2% | 8.6% |
Calendar Year Returns - Series C
Distributions
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 30, 2023 | March 31, 2023 |
June 29, 2023 | June 30, 2023 |
September 28, 2023 | September 29, 2023 |
December 28, 2023 | December 29, 2023 |