Overview
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Asset ClassFixed Income
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CIFSC CategoryGlobal Corporate Fixed Income
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Risk RatingLow
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Holdings200
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Yield to Maturity7.0%
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Current Yield5.6%
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Average Duration2.3 Years
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Average Credit QualityBBB+
Objectives
The Fund seeks to achieve above average income returns through a diversified portfolio composed primarily of debt and money market securities. The Fund may occasionally invest in equity securities. The Fund will attempt to manage the allocation among securities to lower the risk of capital loss as the Investment Manager deems appropriate.
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
April 30, 2023Inception Date | December 31, 2000 |
Currency | CAD |
Fund AUM | $3.6 Billion |
Management Fee | 0.65% |
MER as of December 31, 2022 | 0.79% |
Minimum Initial Investment | $25,000 (accredited investor) |
RRSP Eligible | Yes |
Portfolio Characteristics
Holdings | 200 |
Average Term to Maturity (Years) | 4.7 |
Average Duration (Years) | 2.3 |
Yield to Maturity (%) | 7.0% |
Current Yield (%) | 5.6% |
Average Credit Quality1 | BBB+ |
Credit Quality Breakdown
AA & Higher | 27.1% |
A | 10.9% |
BBB | 19.1% |
BB & Lower | 31.0% |
NR | 11.9% |
Sector
Canso Strategic Credit Fund | 8.8% |
Communication | 4.8% |
Energy | 5.5% |
Federal | 20.9% |
Financial | 31.7% |
Industrial | 23.1% |
Infrastructure | 0.1% |
Publishing/Printing | 0.5% |
Other | 4.6% |
Portfolio
Top 10 Holdings
Canso Corporate Value Fund
Security | % of Fund | Rating |
---|---|---|
Canso Strategic Credit Fund - Series O - 339O | 8.8% | NA |
Air Canada 4.625% Aug 15, 2029 | 5.7% | BB |
Canada 0.5% Nov 1, 2023 | 3.8% | AAA |
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 2.9% | AA- |
Manulife Financial Corp (AT1) 3.375% Jun 19, 2026/2081 | 2.2% | BBB+ |
Delta Airlines SkyMiles TL Oct 20, 2027 (Q LIBOR+375) | 2.2% | BBB |
American Airlines Inc. 11.75% Jul 15, 2025 144A (USD) | 2.1% | B+ |
Bombardier Inc. 7.45% May 1, 2034 REGS (USD) | 2.1% | B- |
Latam Airlines Group SA 13.375% Oct 15, 2029 144A (USD) | 2.0% | B |
Manulife Financial Corp (AT1) 4.1% Mar 19, 2027/2082 | 2.0% | BBB+ |
Total | 33.8% |
Top 10 Holdings
Canso Strategic Credit Fund
Security | % of Fund | Rating |
---|---|---|
Air Canada 4.625% Aug 15, 2029 | 6.5% | BB |
Bombardier Inc. 7.45% May 1, 2034 REGS (USD) | 5.6% | B- |
LATAM Airlines Group SA 13.375% Oct 15, 2029 144A (USD) | 4.0% | B |
Credit Suisse Group AG 6.442% Aug 11, 2027/28 144A (USD) | 3.7% | BBB |
Avis Budget Car/Finance 4.75% Apr 1, 2028 144A (USD) | 2.7% | B+ |
MCAP Service NHA MBS (97512340) 2.64% Aug 1, 2023 | 2.6% | AAA |
American Airlines Inc. RSG 10.75%/12% Feb 15, 2026 (USD) | 2.4% | BB |
Manulife Financial Corp (AT1) 3.375% Jun 19, 2026/2081 | 2.4% | BBB+ |
Canada 0.25% Aug 1, 2023 | 2.4% | AAA |
AMC Entertainment Holdings 7.5% Feb 15,2029 144A (USD) | 2.3% | CCC+ |
Total | 34.6% |
Performance
Inception Date
December 31, 2000
As of Date
April 30, 2023
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) |
0.5% | 1.2% | 3.8% | 1.9% | 10.6% | 7.3% | 6.6% | 8.2% | 8.7% |
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 19, 2024 | December 20, 2024 |