Canso Credit Trust - Canso Credit Income Fund
PBY-UN.TO
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- Canso Credit Income Fund (TSX: PBY-UN) operates as a closed-end balanced fixed income investment fund launched by Lysander Funds Limited and managed by Canso Investment Counsel Ltd. The fund seeks to maximize total returns for unitholders on a tax-advantaged basis while reducing risk and providing monthly cash distributions through an actively managed portfolio consisting primarily of long and short positions in corporate bonds, other income securities, government bonds, and derivatives for hedging purposes; its portfolio features approximately 112 long securities across 53 issuers with an average duration of 3.3 years, yield to maturity of 5.0%, and average credit quality of A (long-only), including top holdings such as Canada RRB 4.25% Dec 1, 2026 (7.8%), Manulife Financial Corp AT1 4.1% (6.0%), and Air Canada 4.625% (5.6%); Class A and Class F units are offered, with Class A units listed on the Toronto Stock Exchange. Founded on June 28, 2010, and commencing trading on July 16, 2010, following an initial public offering that raised $140 million, the fund is headquartered in Richmond Hill, Ontario, Canada, and primarily invests in Canadian securities (85.7% geographic weighting) with exposure to the United States (14.3%). Canso Credit Income Fund obtains exposure to a portfolio held by Canso Credit Trust via a forward purchase and sale agreement with a counterparty, enabling tax-efficient return of capital distributions targeted initially at 5% annual yield. Recent developments include the announcement on November 25, 2025, of estimated special distributions payable December 31, 2025 ($0.41753 per Class A unit; $0.62846 per Class F unit), to be settled through unit issuance and consolidation without altering outstanding unit counts; ongoing monthly distributions of $0.0417 per unit through December 2025; and unit recirculations, such as in June 2025, alongside dispositions by Lysander Funds Limited in November 2025. The fund serves retail, fee-based, and institutional investors eligible for RRSPs, with net assets under management of $148.9 million (Class A, as of October 31, 2025).