Overview
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Asset ClassFixed Income
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CIFSC CategoryCanadian Short-Term Fixed Income
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Risk RatingLow
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Holdings43
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Yield to Maturity3.7%
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Current Yield3.1%
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Average Duration2.5 Years
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Average Credit QualityAA-
Objectives
The Fund seeks to achieve a total return greater than the return achieved by a representative Canadian fixed income index, such as the FTSE Canada Short Term Corporate Bond Index.
Investment Focus
Established in 1997 by John Carswell, Canso is an investment management firm that has demonstrated independent research expertise in fundamental analysis.
Fund Facts
September 30, 2024Inception Date | January 31, 2006 |
Currency | CAD |
Fund AUM | $40.1 Million |
Management Fee | 0.95% |
MER as of December 31, 2023 | 1.13% |
Minimum Initial Investment | N/A |
RSP Eligible | Yes |
Portfolio Characteristics
Holdings | 43 |
Average Term to Maturity (Years) | 2.7 |
Average Duration (Years) | 2.5 |
Yield to Maturity (%) | 3.7% |
Current Yield (%) | 3.1% |
Average Credit Quality1 | AA- |
Credit Quality Breakdown
AA & Higher | 47.1% |
A | 34.8% |
BBB | 18.1% |
Sector
Communication | 5.9% |
Energy | 7.9% |
Federal | 23.6% |
Financial | 48.9% |
Industrial | 3.1% |
Infrastructure | 9.6% |
Securitization | 0.6% |
Other | 0.3% |
Portfolio
Top 10 Holdings
Canso Short Term and Floating Rate Income Fund
Security | % of Fund | Rating |
---|---|---|
Canada 0.25% Aug 1, 2022 | 13.1% | AAA |
Canada 0.25% Feb 1, 2023 | 7.7% | AAA |
TD CB FRN Jun 28, 2023 (Q CDOR+31) | 6.5% | AAA |
TransCanada Pipelines FRN Jun 9, 2024 (Q CDOR+29) | 5.9% | BBB+ |
Morgan Stanley FRN Mar 21, 2025 (Q CDOR+33) | 5.8% | A |
Goldman Sachs FRN Apr 29, 2025 (CDOR+37) | 5.4% | A |
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 5.4% | AA- |
Bank of America Corp FRN Sep 15, 2027 (Q CDOR+60) | 5.2% | A |
CIBC FRN Mar 4, 2025 (CORRA+46) | 5.0% | A |
Sun Life Financial Inc. FF 3.05% Sep 19, 2023/2028 | 4.4% | A |
Total | 64.4% |
Top 10 Holdings
Canso Short Term and Floating Rate Income Fund
Security | % of Fund | Rating |
---|---|---|
Canada 2% Jun 1, 2028 | 11.2% | AAA |
MetLife Global Funding I 3.257% Apr 1, 2025 | 5.7% | AA- |
RBC NHA MBS (97522557) 2.14% Aug 1, 2027 | 5.6% | AAA |
TD Bank 4.477% Jan 18, 2028 | 5.5% | A+ |
RBC 4.642% Jan 17, 2028 | 5.2% | A+ |
Honda Canada Finance Inc. 1.646% Feb 25, 2028 | 4.9% | A- |
Hydro One Inc. CPN Oct 22, 2028 | 4.7% | A- |
Enbridge Pipeline Inc. CPN Dec 11, 2026 | 4.6% | BBB+ |
Toyota Credit Canada Inc 4.33% Jan 24, 2028 | 4.5% | A+ |
CIBC Sr. Unsec. 4.9% Apr 2, 2027 | 4.1% | A |
Total | 56.1% |
Performance
Inception Date
January 31, 2006
As of Date
September 30, 2024
Compound Returns - Series C
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
10 Year (Annualized) |
Since Inception (Annualized) |
1.3% | 2.7% | 4.8% | 8.9% | 2.8% | 2.8% | 2.2% | 3.2% |
Calendar Year Returns - Series C
Distributions
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 21, 2024 | March 22, 2024 |
June 20, 2024 | June 21, 2024 |
September 19, 2024 | September 20, 2024 |
December 30, 2024 | December 31, 2024 |