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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Holdings44
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Yield to Maturity5.9%
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Current Yield3.9%
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Average Duration1.5 Years
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Average Credit QualityA+
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 is an investment management firm that has demonstrated independent research expertise in fundamental analysis.
Fund Facts
June 30, 2023Inception Date | January 31, 2006 |
Currency | CAD |
Fund AUM | $43.5 Million |
Management Fee | 0.45% |
MER as of December 31, 2022 | 0.56% |
Minimum Initial Investment | $25,000 (accredited investor) |
RRSP Eligible | Yes |
Portfolio Characteristics
Holdings | 44 |
Average Term to Maturity (Years) | 2.3 |
Average Duration (Years) | 1.5 |
Yield to Maturity (%) | 5.9% |
Current Yield (%) | 3.9% |
Average Credit Quality1 | A+ |
Credit Quality Breakdown
AA & Higher | 36.0% |
A | 43.7% |
BBB | 20.3% |
Sector
Communication | 2.9% |
Energy | 7.2% |
Federal | 20.8% |
Financial | 56.7% |
Industrial | 2.5% |
Infrastructure | 7.1% |
Real Estate | 0.7% |
Other | 0.2% |
Portfolio
Top 10 Holdings
Canso Short Term and Floating Rate Income Fund
Security | % of Fund | Rating |
---|---|---|
Canada 0.75% Feb 1, 2024 | 9.1% | AAA |
Pacific Life Global Funding II FRN Feb 1, 2027 (Q CDOR+38) | 6.3% | AA- |
MetLife Global Funding I 3.257% Apr 1, 2025 | 5.0% | AA- |
Canada 2% Jun 1, 2028 | 4.9% | AAA |
TD Bank 4.477% Jan 18, 2028 | 4.8% | A+ |
RBC 4.642% Jan 17, 2028 | 4.6% | A+ |
Toyota Credit Canada Inc. 2.31% Oct 23, 2024 | 4.5% | A+ |
JP Morgan Chase FRN Jan 10, 2025 (Q LIBOR+85)(USD) | 4.3% | A+ |
Bank of America Corp FRN Sep 15, 2027 (Q CDOR+60) | 4.1% | A+ |
Morgan Stanley FRN Mar 21, 2025 (Q CDOR +33) | 4.1% | A+ |
Total | 51.7% |
Performance
Inception Date
January 31, 2006
As of Date
June 30, 2023
Compound Returns - Series C
1 Month | 3 Months | YTD | 1 Year | 3 Year (Annualized) |
5 Year (Annualized) |
10 Year (Annualized) |
Since Inception (Annualized) |
0.2% | 0.4% | 2.0% | 2.4% | 0.7% | 1.5% | 1.7% | 2.9% |
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 30, 2024 | December 31, 2024 |