Canso Canadian Bond Fund – Series F

  • Fund Code: CFM174F
  • Portfolio Manager: Canso Investment Counsel Ltd.
  • As of: March 31, 2025
  • Asset Class: Fixed Income
  • CIFSC Category: Canadian 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 Canadian dollar denominated Government and corporate debt and money market securities. The Fund will be invested at least 50% in issues rated AA or higher, the Fund will have a maximum of 40% in issues rated BBB, and no security will be purchased that is rated below BBB-, or equivalent.

Fund Facts

Inception Date March 31, 2008
Currency CAD
Fund AUM $36.6 Million
Management Fee 0.55%
MER as of December 31, 2024 0.66%
Holdings 50
Minimum Initial Investment N/A
Distribution Frequency Quarterly
Average Term to Maturity (Years) 10.3
Average Duration (Years) 7.2
Yield to Maturity (%) 4.1%
Current Yield (%) 3.8%
Average Credit Quality2 AA-
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)		 Since Inception
(Annualized)
-0.4% 1.9% 1.9% 8.3% 3.6% 2.3% 2.4% 3.8% 4.1%

Calendar Year Returns – Series C

Canso Fund Management Ltd. is an affiliate of Canso Investment Counsel Ltd. and Lysander Funds Limited
Canso Canadian Bond Fund – Series F

Growth of $100,000 Invested Since Inception (March 31, 2008) – Series C

Top 10 Holdings
Canso Canadian Bond Fund

Security % of Fund Rating
New York Life Global FDG 2% Apr 17, 2028 7.2% AAA
MetLife Global Funding I 3.394% Apr 9, 2030 6.6% AA-
Muskrat Falls/Labrador Transmission Assets 3.83% Jun 1, 2037 5.0% AAA
Enbridge Gas Inc. 4.0% Aug 22, 2044 4.6% A-
Canada 0.25% Mar 1, 2026 4.5% AAA
BNS CB 4.246% Mar 20, 2034 4.5% AAA
East Coast CU NHA MBS (97528106) 3.28% Mar 1, 2029 4.1% AAA
TD Bank CB 4.516% Jan 29, 2027 3.7% AAA
407 International Inc. Jr Secured 7.125% Jul 26, 2040 3.4% A-
Canada 3.25% Dec 1, 2033 3.3% AAA
Total 46.9%

Sector

Energy 20.7%
Financial 33.3%
Federal 21.7%
Industrial 3.2%
Infrastructure 13.3%
Provincial 3.9%
Other 3.9%

Credit Quality Breakdown

AA & Higher 64.0%
A 24.4%
BBB 11.6%
Canso Fund Management Ltd. is an affiliate of Canso Investment Counsel Ltd. and Lysander Funds Limited
Canso Canadian Bond Fund – Series F

Canso Fund Management Ltd. is the investment fund manager of the Canso Canadian Bond 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 0.40%. 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