Overview
-
Asset ClassFixed Income
-
CategoryAlternative Credit Focused
-
Risk RatingLow to Medium
-
Number of Securities (Long/Short)133/11
-
Yield to Maturity7.9%
-
Current Yield5.6%
-
Average Duration2.1 Years
-
Average Credit QualityBBB
Objectives
The Fund’s investment objective is to (i) maximize total returns for unitholders while reducing risk; and (ii) provide unitholders with monthly cash distributions, by taking long and short positions primarily in corporate bonds and other income securities.
Investment Focus
The Canso Credit Income Fund is a closed-end fund which seeks to maximize total returns for unit holders while reducing risk and provide unitholders with monthly cash distributions, by taking long and short positions in a portfolio of primarily corporate bonds and other income securities.
Fund Facts
May 31, 2023Inception Date | July 16, 2010 |
Currency | CAD |
Fund Net AUM | $152.4 Million |
Total Long AUM | $207.5 Million |
Total Short AUM | -$51.1 Million |
NAVPU | $14.56 |
Closing Market Price on TSX (May 31, 2023) |
$14.29 |
Management Fee | 0.75% |
Performance Fee | 20.00% |
MER as of June 30, 2023 (unaudited) | 1.11% |
RRSP Eligible | Yes |
Portfolio Characteristics
Number of Securities (Long) | 133 |
Number of Securities (Short) | 11 |
Number of Issuers | 60 |
Average Term to Maturity (Years) | 7.8 |
Average Duration (Years) | 2.1 |
Yield to Maturity (%) | 7.9% |
Current Yield (%) | 5.6% |
Cash Weighting | 2.3% |
Average Credit Quality (long only)2 | BBB |
Credit Quality Breakdown (Long only)
AAA | 20.9% |
A | 8.4% |
BBB | 38.2% |
BB | 13.1% |
B & Lower | 15.0% |
NR | 4.5% |
Portfolio
Top 10 Holdings
Security | % of Fund | Rating |
---|---|---|
AIR CANADA 4.625% 08/15/2029 DD 08/11/21 | 9.7% | BB |
U S TREASURY NOTE 1.625% 02/15/2026 DD 02/15/16 | 6.7% | AAA |
STRAIT CROSSING DEVELOPMENT 6.170% 15-SEP-2031 144A | 5.0% | BBB- |
GOVERNMENT OF CANADA 0.750% 01-FEB-2024 SER M920 | 4.9% | AAA |
MANULIFE FINL CORP SUB 2 ACRD 4.100% 19-MAR-2082 | 4.6% | BBB+ |
GOVERNMENT OF CANADA 0.500% 01-NOV-2023 SER M763 | 4.2% | AAA |
PEMBINA PIPELINE CORP 4.750% 26-MAR-2048 MTN SER 11 | 4.2% | BBB |
GE CAPITAL CANADA FUNDING CO 5.730% 22-OCT-2037 MTN | 4.0% | BBB+ |
YELLOW PAGES LIMITED . | 3.6% | N/A |
AT&T INC 4.850% 05/25/2047 DD 05/30/17 | 3.4% | BBB |
Total | 50.3% |
Geographic Breakdown
Canada | 68.4% |
USA | 22.7% |
South America | 3.4% |
Europe | 5.5% |
Performance
Inception Date
July 16, 2010
As of Date
May 31, 2023
Compound Returns
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
10 Year (Annualized) |
Since Inception (Annualized) |
-0.1% | -0.3% | 0.1% | 3.1% | 14.7% | 8.5% | 7.6% | 8.1% |
Calendar Year Returns
Distributions
Distributions
Distribution Frequency | Monthly |
Most Recent Distribution per Unit | $0.0417 |
12-Month Trailing Distribution Yield | 3.4% |
Next Record Date | June 29, 2023 |
Next Distribution Date | July 10, 2023 |
Monthly Distributions
Record Date | Distribution Date | Distribution Rate/Unit |
---|---|---|
January 31, 2024 | February 12, 2024 | $0.0417 |
February 29, 2024 | March 11, 2024 | $0.0417 |
March 28, 2024 | April 10, 2024 | $0.0417 |
April 30, 2024 | May 10, 2024 | $0.0417 |
May 31, 2024 | June 10, 2024 | $0.0417 |
June 27, 2024 | July 10, 2024 | $0.0417 |
July 31, 2024 | August 12, 2024 | $0.0417 |
August 30, 2024 | September 10, 2024 | $0.0417 |
September 29, 2024 | October 10, 2024 | $0.0417 |
October 31, 2024 | November 11, 2024 | $0.0417 |
November 29, 2024 | December 10, 2024 | $0.0417 |
December 31, 2024 | January 10, 2025 | $0.0417 |
Distributions ($)/Unit3 | YTD* | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 |
---|---|---|---|---|---|---|---|---|---|---|---|
Total Distributions | 0.2083 | 1.0578 | 2.1899 | 2.0851 | 0.5000 | 0.5000 | 0.5456 | 0.5000 | 3.5513 | 0.5000 | 0.5000 |
Interest | - | 0.3617 | 0.4034 | 0.3401 | - | 0.1139 | 0.5211 | 0.4819 | - | - | - |
Dividends | - | 0.1826 | 0.0788 | 0.0743 | 0.0248 | 0.0343 | 0.0245 | - | - | - | - |
Capital Gains | - | 0.5135 | 1.7077 | 1.6707 | - | - | - | - | 3.5513 | - | - |
Withholding Tax | - | - | - | - | - | - | - | - | - | - | - |
Return of Capital | - | - | - | - | 0.4752 | 0.3518 | - | 0.0181 | - | 0.5000 | 0.5000 |