Canso Corporate Value Fund – Series A

  • Fund Code: CFM111A
  • Portfolio Manager: Canso Investment Counsel Ltd.
  • As of: May 31, 2025
  • Asset Class: Fixed Income
  • CIFSC Category: Global Corporate Fixed Income

Investment Focus

Established in 1997 by John Carswell, Canso is an investment management firm that has demonstrated independent research expertise in fundamental analysis.

Risk Rating

Why Invest in this Fund?

SIGNIFICANT VALUE‐ADDED BY INFORMED SECURITY SELECTION

  • Canso has access to institutional fund management capabilities.
  • Canso emphasizes ’bottom up’ and ’deep value’ security selection.
  • Canso exploits market liquidity to the advantage of our investors.
  • Canso’s investment portfolios are built on a foundation of proprietary and independent research.

The Fund has achieved returns through a diversified portfolio comprised primarily of corporate debt and money market securities. There are no limits on the percentage of the Fund that can be invested in securities rated below BBB. From time to time the Fund may also hold up to 20% in other securities such as convertible bonds, equities, or income trusts.

Fund Facts

Inception Date December 31, 2000
Currency CAD
Fund AUM $7.5 Billion
Management Fee 1.40%
MER as of December 31, 2024 1.61%
Holdings 177
Minimum Initial Investment N/A
Distribution Frequency Quarterly
Average Term to Maturity (Years) 4.4
Average Duration (Years) 3.4
Yield to Maturity (%) 5.3%
Current Yield (%) 4.2%
Average Credit Quality2 A+
RSP Eligible Yes

Compound Returns – Series C

1 Month 3 Months YTD 1 Year 3 Year
(Annualized)		 5 Year
(Annualized)		 10 Year
(Annualized)		 15 Year
(Annualized)		 20 Year
(Annualized)		 Since Inception
(Annualized)
1.4% 0.5% 1.8% 7.3% 6.1% 8.9% 6.1% 7.4% 7.6% 8.6%

Calendar Year Returns – Series C

Canso Fund Management Ltd. is an affiliate of Canso Investment Counsel Ltd. and Lysander Funds Limited
Canso Corporate Value Fund – Series A

Growth of $100,000 Invested Since Inception (December 31, 2000) – Series C

Top 10 Holdings
Canso Corporate Value Fund

Security % of Fund Rating
Canada 1.5% Dec 1, 2031 15.6% AAA
Canso Strategic Credit Fund Series O 8.7% Not Rated
Canada 0.5% Dec 1, 2030 7.3% AAA
Canada 2.25% Jun 1, 2029 3.5% AAA
RBC CB 4.256% Dec 21, 2026 3.5% AAA
Air Canada 4.625% Aug 15, 2029 3.2% BB+
Hertz 12.625% Jul 15, 2029 144A (USD) 2.2% B+
BNS Sr. Unsecured 3.807% Nov 15, 2027/28 2.2% A
Scotia Capital Inc. NHA MBS (97528147) 3.7% Mar 1, 2029 2.0% AAA
Manulife Financial Corp (AT1) 3.375% Jun 19, 2026/2081 1.8% BBB+
Total 50.0%

Top 10 Holdings
Canso Strategic Credit Fund

Security % of Fund Rating
Bird Construction Inc. 6.8% N/A
Black Press Group Ltd. (Oahu Mtg Loan) 6.494% Mar 7, 2035 6.4% Not Rated
Canada RRB 0.5% Dec 1, 2050 6.2% AAA
Air Canada 4.625% Aug 15, 2029 4.2% BB+
TD Bank Sr. Unsec. 4.133% Jan 9, 2032/33 3.8% A
Canada 0.25% Mar 1, 2026 2.8% AAA
Canso Private Loan Fund 2.8% Not Rated
Manulife Financial Corp (AT1) 3.375% Jun 19, 2026/2081 2.6% BBB+
The Boeing Company 2.5% N/A
Canada T-Bill Jun 18, 2025 2.5% AAA
Total 40.6%
Canso Fund Management Ltd. is an affiliate of Canso Investment Counsel Ltd. and Lysander Funds Limited
Canso Corporate Value Fund – Series A

Credit Quality Breakdown

AA & Higher 52.6%
A 9.7%
BBB 9.4%
BB & Lower 17.3%
Not Rated 11.0%

Sector

Communication 1.9%
Energy 1.8%
Federal 40.8%
Financial 34.3%
Industrial 8.4%
Publishing/Printing 0.1%
Other 12.7%

Canso Fund Management Ltd. is the investment fund manager of the Canso Corporate Value Fund (the “Fund”). This document is not an invitation to invest in the Fund and does not constitute a public offering of sale. The Fund is only available under prospectus exemptions and other exemptions available to investors who meet certain eligibility or minimum purchase requirements. Currently these exemptions include the accredited investor exemption and the $150,000 minimum purchase exemption for non-individual investors. Each purchaser of Units in the Fund may have statutory or contractual rights of action. The offering of Units of the Fund is made pursuant to an Offering Memorandum and the information contained herein is a summary only and is qualified by the more detailed information in the Offering Memorandum. Information presented in this material should not be construed as investment or financial advice. Please consult a Financial Advisor. Please read the offering memorandum before investing. Commissions, trailing commissions, management fees and expenses all may be associated with investment funds.

The indicated rates of return are historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Investment funds are not guaranteed or insured, their values change frequently and past performance may not be repeated.

1Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2025. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE ®” is a trade mark of the relevant LSE Group companies and is used by any other LSE Group company under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

2Fixed income securities unrated by external agencies are assigned an internal Canso rating for Average Credit Quality.

Historical fund returns are based on Series C NAVs which include a management fee of 0.50%. All information is subject to modification from time to time without notice. Information provided is believed to be reliable when published.

Client Services, Canso Fund Management Ltd., 100 York Blvd, Suite 550, Richmond Hill, ON L4B 1J8
Telephone: (905) 881-8853
Canso Fund Management Ltd. is an affiliate of Canso Investment Counsel Ltd. and Lysander Funds Limited