Overview
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Asset ClassFixed Income
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CategoryGlobal Corporate Fixed Income
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Risk RatingLow to Medium
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Number of Securities (Long/Short)104/9
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Yield to Maturity (%)6.8%
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Current Yield4.9%
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Average Duration2.2 Years
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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
May 31, 2022Inception Date | July 16, 2010 |
RRSP Eligible | Yes |
Issue Price | $10.00 per Unit |
Latest Distribution | $0.0417 per unit (May 16, 2022) |
Next Distribution | $0.0417 per unit (Jun 15, 2022) |
Cumulative Distributions Since Inception | $5.9157 per unit |
Initial NAV | $9.73 |
NAVPU | $16.38 |
Closing Market price on TSX (Class A) (May 31, 2022) | $14.10 |
Total Long Positions and Other | $188.5 Million |
Total Short Positions | -$35.0 Million |
Total Net Assets | $153.4 Million |
Portfolio Characteristics
Number of Securities (Long) | 104 |
Number of Securities (Short) | 9 |
Term to Maturity (Years) | 7.7 |
Yield to Maturity (%) | 6.8% |
Current Yield (%) | 4.9% |
Average Duration (Years) | 2.2 |
Average Credit Quality (long only)2 | BBB- |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
Air Canada 4.625% Aug 15, 2029 | 6.7% | BB- |
Yellow Pages Limited | 5.9% | N/A |
Strait Crossing Development 6.170% 15-Sep-2031 144A | 5.6% | BBB- |
Cenovus Energy Inc. Warrant | 5.4% | N/A |
Canada 0.25% Aug 1, 2022 | 5.1% | AAA |
Manulife Financial Corp (AT1) 4.1% Mar 19, 2027/2082 | 4.6% | BBB+ |
GE Capital Canada 5.73% Oct 22, 2037 | 4.1% | BBB+ |
Pembina Pipeline Corp 4.75% Mar 26, 2048 | 4.1% | BBB |
American Airlines Inc. 11.75% Jul 15, 2025 144A (USD) | 4.0% | B |
AT&T Inc. 4.85% May 25, 2047 | 3.4% | BBB |
Total | 48.9% |
Performance
Inception Date
July 16, 2010
As of Date
May 31, 2022
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
10 Year (Annualized) |
Since Inception (Annualized) |
0.2% | -0.4% | -3.2% | 3.6% | 14.5% | 10.0% | 10.0% | 9.0% |
Calendar Year Returns
Distributions
Distributions
Distribution Frequency: Monthly |
Latest Distribution: May 16, 2022 $0.0417 per unit |
Next Distribution: Jun 15, 2022 $0.0417 per unit |
Cumulative Distributions Since Inception: $5.9157 per unit |
Monthly Distributions
Record Date | Distribution Date | Distribution Rate/Unit |
---|---|---|
April 29, 2022 | May 16, 2022 | $0.04166 |
May 31, 2022 | June 15, 2022 | $0.04166 |
June 29, 2022 | July 15, 2022 | $0.04166 |
July 29, 2022 | August 15, 2022 | $0.04166 |
August 31, 2022 | September 15, 2022 | $0.04166 |
September 30, 2022 | October 17, 2022 | $0.04166 |
October 31, 2022 | November 15, 2022 | $0.04166 |
November 30, 2022 | December 15, 2022 | $0.04166 |
December 30, 2022 | January 16, 2023 | $0.04166 |
January 31, 2023 | February 15, 2023 | $0.04166 |
February 28, 2023 | March 15, 2023 | $0.04166 |
March 31, 2023 | April 17, 2023 | $0.04166 |