CFM111 A
Canso
Corporate Value Fund
Series A

Series

Key Documents

  • Asset Class
    Fixed Income
  • Category
    Global Corporate Fixed Income
  • Risk Rating
    Low
  • Holdings
    223
  • Yield to Maturity
    7.0%
  • Current Yield
    6.2%
  • Average Duration
    3.5 Years
  • Average Credit Quality
    BB-

NAV

  • CDN $ NAV
    12.77
  • Change NAV $
    0.03
  • Change NAV %
    0.24
  • Date
    2020-10-23

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.

Fund Facts

September 30, 2020
Inception Date December 31, 2000
Currency CAD
Fund AUM $2.0 Billion
Management Fee 1.40%
MER as of December 31, 2019 1.64%
Minimum Initial Investment $25,000 (accredited investor)
RRSP Eligible Yes

Portfolio Characteristics

Holdings 223
Term to Maturity (Years) 6.9
Yield to Maturity 7.0%
Current Yield 6.2%
Duration (Years) 3.5
Average Credit Quality BB-

Credit Quality Breakdown

Sector

The NAVs posted are post-distribution.

Top Ten Holdings - Canso Strategic Credit Fund

September 30, 2020
Security % of NAV Rating
American Airlines Inc. 11.75% Jul 15, 2025 (USD) 144A 15.8% B+
Spirit Aerosystems Inc. 7.5% Apr 15, 2025 (USD) 144A 6.3% B
Bombardier Inc. 7.875% Apr 15, 2027 (USD) 144A 5.9% CCC
Ford Credit Canada Co. FRN Mar 21, 2024 (Q CDOR + 314) 5.7% BB+
Air Canada 9% Jun 22, 2024 5.5% B
Ford Credit Canada Co. 2.71% Feb 23, 2022 5.2% BB+
Boeing Co 3.9% May 1, 2049 (USD) 4.3% BBB
Occidental Petroleum Corp. 4.5% Jul 15, 2044 (USD) 4.3% BB
AMC Entertainment Holdings 10.5% Apr 15, 2025 (USD) 3.8% CCC
Hertz 6% Jan 15, 2028 (USD) 3.4% NR
Total 60.2%

Top Ten Holdings - Canso Corporate Value Fund

September 30, 2020
Security % of NAV Rating
Air Canada 9% Jun 22, 2024 6.1% B
Canso Strategic Credit Fund - Series O - 339O 5.2% NA
Maxar Technologies Inc. 9.75% Dec 31, 2023 (USD) 4.1% B
American Airlines Inc. 11.75% Jul 15, 2025 (USD) 144A 3.9% B+
Ford Credit Canada Co. FRN Mar 21, 2024 (Q CDOR + 314) 2.9% BB+
RBC (AT1) 4.5% Nov 24, 2025/2080 2.6% BBB
Avis Budget Car Rental LLC 10.5% May 15, 2025 (USD) 2.3% BB-
Bombardier Inc. 7.875% Apr 15, 2027 (USD) 144A 2.3% CCC
TransCanada Pipelines FRN May 15, 2067 (Q LIBOR+221) (USD) 2.2% BBB
BMO Laddered Preferred Share ETF 2.2% NA
Total 33.8%

Inception Date

December 31, 2000

As of Date

September 30, 2020

Compound Returns

  • 1 Month
    -0.9%
  • 3 Months
    5.2%
  • YTD
    9.7%
  • 1 Year
    11.6%
  • 3 Year
    (Annualized)
    5.8%
  • 5 Year
    (Annualized)
    5.4%
  • 10 Year
    (Annualized)
    6.8%
  • 15 Year
    (Annualized)
    7.7%
  • Since Inception
    (Annualized)
    8.8%

Calendar Year Returns

Performance shown is that of Series C

Quarterly Distributions

Record Date Distribution Date
March 26, 2020 March 27, 2020
June 25, 2020 June 26, 2020
September 24, 2020 September 25, 2020
December 30, 2020 December 31, 2020
No posts found.

Canso Fund Management Ltd. is the investment fund manager of the Canso Corporate Value Bond Fund (the “Fund”). This document is not an invitation to invest in the Fund and does not constitute a public offering of sale. The Fund is only available under prospectus exemptions and other exemptions available to investors who meet certain eligibility or minimum purchase requirements. Currently these exemptions include the accredited investor exemption and the $150,000 minimum purchase exemption for non-individual investors. Each purchaser of Units in the Fund may have statutory or contractual rights of action. The offering of Units of the Fund is made pursuant to an Offering Memorandum and the information contained herein is a summary only and is qualified by the more detailed information in the Offering Memorandum. Information presented in this material should not be construed as investment or financial advice. Please consult a Financial Advisor. Please read the offering memorandum before investing.

Commission, trailing commissions, management fee and expenses may be associated with investments. Products are not guaranteed, their values change frequently and past performance may not be repeated. The indicated rates of return are historical annual compounded total returns 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 unitholder that would have reduced returns. Historical fund returns are based on Series C NAVs which include a management fee of 0.50%. Information provided is believed to be reliable when published. All information is subject to modification from time to time without notice. Please read the offering document carefully before investing.

1 Fixed income securities unrated by external agencies are assigned an internal Canso rating for Average Credit Quality.