Overview
-
Asset ClassFixed Income
-
CategoryAlternative Credit Focused
-
Risk RatingLow to Medium
-
Number of Securities (Long/Short)127/11
-
Yield to Maturity7.5%
-
Current Yield5.7%
-
Average Duration2.3 Years
-
Average Credit QualityBBB-
Objectives
The Fund’s investment objective is to (i) maximize total returns for unitholders while reducing risk; and (ii) provide unitholders with monthly cash distributions, by taking long and short positions primarily in corporate bonds and other income securities.
Investment Focus
The Canso Credit Income Fund is a closed-end fund which seeks to maximize total returns for unit holders while reducing risk and provide unitholders with monthly cash distributions, by taking long and short positions in a portfolio of primarily corporate bonds and other income securities.
Fund Facts
February 28, 2023Inception Date | July 16, 2010 |
Currency | CAD |
Fund Net AUM | $154.2 Million |
Total Long AUM | $204.2 Million |
Total Short AUM | -$50.0 Million |
NAVPU | $14.73 |
Closing Market Price on TSX (February 28, 2023) |
$14.24 |
Management Fee | 0.75% |
Performance Fee | 20.00% |
MER as of June 30, 2022 (unaudited) | 1.02% |
RRSP Eligible | Yes |
Portfolio Characteristics
Number of Securities (Long) | 127 |
Number of Securities (Short) | 11 |
Number of Issuers | 62 |
Average Term to Maturity (Years) | 8.1 |
Average Duration (Years) | 2.3 |
Yield to Maturity (%) | 7.5% |
Current Yield (%) | 5.7% |
Cash Weighting | 6.2% |
Average Credit Quality (long only)2 | BBB- |
Credit Quality Breakdown
AAA | 16.9% |
A | 8.5% |
BBB | 38.6% |
BB | 14.2% |
B & Lower | 17.3% |
NR | 4.6% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
Air Canada 4.625% Aug 15, 2029 | 9.4% | BB- |
US Treasury 1.625% Feb 15, 2026 (USD) | 6.5% | AAA |
Strait Crossing Dev. Inc. (amort) 6.17% Sep 15, 2031 | 5.2% | BBB- |
Manulife Financial Corp (AT1) 4.1% Mar 19, 2027/2082 | 4.8% | BBB+ |
Canada T-Bill Mar 30, 2023 | 4.6% | AAA |
Yellow Pages Limited | 4.2% | N/A |
Pembina Pipeline Corp 4.75% Mar 26, 2048 | 4.1% | BBB |
GE Capital Canada 5.73% Oct 22, 2037 | 4.0% | BBB+ |
AT&T Inc. 4.85% May 25, 2047 | 3.4% | BBB |
MCAP Service NHA MBS (97512340) 2.64% Aug 1, 2023 | 3.1% | AAA |
Total | 49.3% |
Geographic Breakdown
Canada | 66.6% |
USA | 25.5% |
South America | 3.4% |
Europe | 4.5% |
Performance
Inception Date
July 16, 2010
As of Date
February 28, 2023
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
10 Year (Annualized) |
Since Inception (Annualized) |
0.2% | 2.8% | 0.4% | 2.8% | 14.0% | 8.7% | 8.1% | 8.3% |
Calendar Year Returns
Distributions
Distributions
Distribution Frequency | Monthly |
Most Recent Distribution per Unit | $0.0417 |
12-Month Trailing Distribution Yield | 3.4% |
Next Record Date | March 31, 2023 |
Next Distribution Date | April 17, 2023 |
Monthly Distributions
Record Date | Distribution Date | Distribution Rate/Unit |
---|---|---|
January 31, 2023 | February 15, 2023 | $0.0417 |
February 28, 2023 | March 15, 2023 | $0.0417 |
March 31, 2023 | April 17, 2023 | $0.0417 |
April 28, 2023 | May 10, 2023 | $0.0417 |
May 31, 2023 | June 12, 2023 | $0.0417 |
June 29, 2023 | July 10, 2023 | $0.0417 |
July 31, 2023 | August 10, 2023 | $0.0417 |
August 31, 2023 | September 11, 2023 | $0.0417 |
September 29, 2023 | October 10, 2023 | $0.0417 |
October 31, 2023 | November 10, 2023 | $0.0417 |
November 30, 2023 | December 11, 2023 | $0.0417 |
December 29, 2023 | January 10, 2024 | $0.0417 |
Distributions ($)/Unit3 | YTD* | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Distributions | 0.0833 | 1.0578 | 2.1899 | 2.0851 | 0.5000 | 0.5000 | 0.5456 | 0.5000 | 3.5513 | 0.5000 | 0.5000 | 0.5000 | 0.5000 | 0.5000 |
Interest | - | 0.3617 | 0.4034 | 0.3401 | - | 0.1139 | 0.5211 | 0.4819 | - | - | - | - | - | - |
Dividends | - | 0.1826 | 0.0788 | 0.0743 | 0.0248 | 0.0343 | 0.0245 | - | - | - | - | - | - | - |
Capital Gains | - | 0.5135 | 1.7077 | 1.6707 | - | - | - | - | 3.5513 | - | - | - | - | - |
Withholding Tax | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Return of Capital | - | - | - | - | 0.4752 | 0.3518 | - | 0.0181 | - | 0.5000 | 0.5000 | 0.5000 | 0.5000 | 0.5000 |