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)113/5
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Yield to Maturity6.3%
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Current Yield4.9%
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Average Duration2.9 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
September 30, 2024Inception Date | July 16, 2010 |
Currency | CAD |
Fund Net AUM | $146.1 Million |
Total Long AUM | $176.8 Million |
Total Short AUM | -$30.7 Million |
NAVPU | $17.67 |
Management Fee | 0.75% |
Performance Fee | 20.00% |
MER as of June 30, 2024 (unaudited) | 2.61% |
RSP Eligible | Yes |
Portfolio Characteristics
Number of Securities (Long) | 113 |
Number of Securities (Short) | 5 |
Number of Issuers | 55 |
Average Term to Maturity (Years) | 6.7 |
Average Duration (Years) | 2.9 |
Yield to Maturity (%) | 6.3% |
Current Yield (%) | 4.9% |
Cash Weighting | 1.2% |
Average Credit Quality (long only)2 | A- |
Credit Quality Breakdown (Long only)
AAA | 30.5% |
AA | 1.3% |
A | 11.3% |
BBB | 30.0% |
BB | 11.8% |
B & Lower | 10.8% |
Not Rated | 4.3% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
GOVERNMENT OF CANADA 1.500% 01-DEC-2031 SER N266 | 14.8% | AAA |
AIR CANADA 4.625% 08/15/2029 DD 08/11/21 | 6.4% | BB+ |
MANULIFE FINL CORP SUB 2 ACRD 4.100% 19-MAR-2082 | 5.4% | BBB+ |
PEMBINA PIPELINE CORP 4.750% 26-MAR-2048 MTN SER 11 | 4.7% | BBB |
STRAIT CROSSING DEVELOPMENT 6.170% 15-SEP-2031 144A | 4.6% | BBB- |
GE CAPITAL CANADA FUNDING CO 5.730% 22-OCT-2037 MTN | 4.3% | BBB+ |
GOVERNMENT OF CANADA 4.250% 01-DEC-2026 REAL RTN BD | 4.2% | AAA |
FLINT CORP. 8% OCT 14, 2027 8.000% OCT 14,2027 | 3.3% | Not Rated |
TORONTO-DOMINION BANK/THE 4.477% 01/18/2028 | 3.1% | A+ |
ROYAL BANK OF CANADA VAR RT 06/29/2085 DD 06/06/86 | 3.1% | A- |
Total | 53.9% |
Geographic Breakdown
Canada | 81.5% |
USA | 14.4% |
South America | 1.4% |
Europe | 2.7% |
Performance
Inception Date
July 16, 2010
As of Date
September 30, 2024
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
10 Year (Annualized) |
Since Inception (Annualized) |
1.8% | 3.4% | 7.6% | 12.3% | 5.0% | 11.5% | 7.8% | 8.6% |
Calendar Year Returns
Distributions
Distributions
Distribution Frequency | Monthly |
Most Recent Distribution per Unit | $0.0417 |
12-Month Trailing Distribution Yield | 2.8% |
Next Record Date | October 31, 2024 |
Next Distribution Date | November 11, 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 27, 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 | 0.3333 | 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 |