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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Holdings35
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Yield to Maturity5.7%
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Current Yield2.1%
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Average Duration2.3 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 currently manages over $36 billion in assets. Canso is an investment management firm that has demonstrated independent research expertise in fundamental analysis.
Fund Facts
October 31, 2023Inception Date | January 31, 2006 |
Currency | CAD |
Fund AUM | $42.8 Million |
Management Fee | 0.95% |
MER as of December 31, 2022 | 1.13% |
Minimum Initial Investment | $25,000 (accredited investor) |
RRSP Eligible | Yes |
Portfolio Characteristics
Holdings | 35 |
Average Term to Maturity (Years) | 2.5 |
Average Duration (Years) | 2.3 |
Yield to Maturity (%) | 5.7% |
Current Yield (%) | 2.1% |
Average Credit Quality1 | AA- |
Credit Quality Breakdown
AA & Higher | 52.7% |
A | 26.3% |
BBB | 21.0% |
Sector
Communication | 2.9% |
Energy | 7.8% |
Federal | 41.4% |
Financial | 31.4% |
Industrial | 2.6% |
Infrastructure | 11.8% |
Real Estate | 0.7% |
Other | 0.2% |
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 0.25% Mar 01, 2026 | 35.8% | AAA |
MetLife Global Funding I 3.257% Apr 1, 2025 | 5.1% | AA- |
TD Bank 4.477% Jan 18, 2028 | 4.8% | A+ |
Toyota Credit Canada Inc. 2.31% Oct 23, 2024 | 4.6% | A+ |
RBC 4.642% Jan 17, 2028 | 4.6% | A+ |
Nav Canada 0.555% Feb 9, 2024 | 4.0% | AA- |
Hydro One Inc. CPN Oct 22, 2028 | 3.9% | A- |
Enbridge Pipeline Inc. CPN Dec 11, 2026 | 3.9% | BBB+ |
Canada RRB 4.25% Dec 1, 2026 | 3.6% | AAA |
Honda Canada Finance Inc 1.646% Feb 25, 2028 | 3.5% | A- |
Total | 73.8% |
Performance
Inception Date
January 31, 2006
As of Date
October 31, 2023
Compound Returns - Series C
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
10 Year (Annualized) |
Since Inception (Annualized) |
0.7% | 1.0% | 3.4% | 4.0% | 0.6% | 1.6% | 1.7% | 2.9% |
Calendar Year Returns - Series C
Distributions
Quarterly Distributions
Record Date | Distribution Date |
---|---|
March 30, 2023 | March 31, 2023 |
June 29, 2023 | June 30, 2023 |
September 28, 2023 | September 29, 2023 |
December 28, 2023 | December 29, 2023 |