Overview
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Asset ClassFixed Income
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CategoryAlternative Credit Focused
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Risk RatingLow to Medium
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Number of Securities (Long/Short)126/8
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Yield to Maturity7.0%
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Current Yield4.6%
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Average Duration2.5 Years
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Average Credit QualityA
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
March 31, 2024Inception Date | July 16, 2010 |
Currency | CAD |
Fund Net AUM | $141.9 Million |
Total Long AUM | $203.4 Million |
Total Short AUM | -$61.5 Million |
NAVPU | $17.10 |
Management Fee | 0.75% |
Performance Fee | 20.00% |
MER as of December 31, 2023 | 2.50% |
RSP Eligible | Yes |
Portfolio Characteristics
Number of Securities (Long) | 126 |
Number of Securities (Short) | 8 |
Number of Issuers | 57 |
Average Term to Maturity (Years) | 5.9 |
Average Duration (Years) | 2.5 |
Yield to Maturity (%) | 7.0% |
Current Yield (%) | 4.6% |
Cash Weighting | 1.5% |
Average Credit Quality (long only)2 | A |
Credit Quality Breakdown (Long only)
AAA | 40.0% |
AA | 2.7% |
A | 8.8% |
BBB | 23.8% |
BB | 8.0% |
B & Lower | 12.8% |
Not Rated | 3.7% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
GOVERNMENT OF CANADA 0.500% 01-SEP-2025 BD SER K940 | 9.4% | AAA |
GOVERNMENT OF CANADA 0.500% 01-DEC-2050 REAL RTN BD | 8.6% | AAA |
AIR CANADA 4.625% 08/15/2029 DD 08/11/21 | 6.3% | BB+ |
GOVERNMENT OF CANADA 2.75% AUG 1,2024 | 6.0% | AAA |
MANULIFE FINL CORP SUB 2 ACRD 4.100% 19-MAR-2082 | 5.3% | BBB+ |
GOVERNMENT OF CANADA 1.750% 01-DEC-2053 BD SER M680 | 4.9% | AAA |
STRAIT CROSSING DEVELOPMENT 6.170% 15-SEP-2031 144A | 4.8% | BBB- |
PEMBINA PIPELINE CORP 4.750% 26-MAR-2048 MTN SER 11 | 4.6% | BBB |
GOVERNMENT OF CANADA 4.250% 01-DEC-2026 REAL RTN BD | 4.4% | AAA |
GE CAPITAL CANADA FUNDING CO 5.730% 22-OCT-2037 MTN | 4.3% | BBB+ |
Total | 58.6% |
Geographic Breakdown
Canada | 78.0% |
USA | 17.6% |
South America | 1.7% |
Europe | 2.7% |
Performance
Inception Date
July 16, 2010
As of Date
March 31, 2024
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
10 Year (Annualized) |
Since Inception (Annualized) |
1.0% | 2.7% | 2.7% | 7.1% | 5.5% | 10.9% | 7.7% | 8.5% |
Calendar Year Returns
Distributions
Distributions
Distribution Frequency | Monthly |
Most Recent Distribution per Unit | $0.0417 |
12-Month Trailing Distribution Yield | 2.9% |
Next Record Date | April 30, 2024 |
Next Distribution Date | May 10, 2024 |
Monthly Distributions
Record Date | Distribution Date | Distribution Rate/Unit |
---|---|---|
January 31, 2024 | February 12, 2024 | $0.0417 |
February 29, 2024 | March 11, 2024 | $0.0417 |
March 28, 2024 | April 10, 2024 | $0.0417 |
April 30, 2024 | May 10, 2024 | $0.0417 |
May 31, 2024 | June 10, 2024 | $0.0417 |
June 27, 2024 | July 10, 2024 | $0.0417 |
July 31, 2024 | August 12, 2024 | $0.0417 |
August 30, 2024 | September 10, 2024 | $0.0417 |
September 29, 2024 | October 10, 2024 | $0.0417 |
October 31, 2024 | November 11, 2024 | $0.0417 |
November 29, 2024 | December 10, 2024 | $0.0417 |
December 31, 2024 | January 10, 2025 | $0.0417 |
Distributions ($)/Unit3 | YTD* | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 |
---|---|---|---|---|---|---|---|---|---|---|---|
Total Distributions | 0.0833 | 0.7980 | 1.1956 | 3.2320 | 2.2207 | 0.5000 | 0.5000 | 0.5579 | 0.5000 | 3.9473 | 0.5000 |
Interest | - | 0.3339 | 0.1656 | 0.4210 | 0.4263 | - | 0.1024 | 0.5294 | 0.4316 | - | - |
Dividends | - | 0.1313 | 0.0837 | 0.0822 | 0.0932 | 0.0227 | 0.0363 | 0.0285 | - | - | - |
Capital Gains | - | 0.3327 | 0.9463 | 2.7288 | 1.7012 | - | - | - | - | 3.9473 | - |
Withholding Tax | - | - | - | - | - | - | - | - | - | - | - |
Return of Capital | - | - | - | - | - | 0.4773 | 0.3613 | - | 0.0684 | - | 0.5000 |