Business Details
29 Years
experience
Expert Investment Management in Richmond Hill
Founded in 1997, Canso Investment Counsel has built a reputation for rigorous fundamental analysis and disciplined investment strategies. Our team of seasoned professionals, all owners of the firm, specializes in corporate bond portfolio management for institutional and private clients. We prioritize credit risk assessment and value-oriented approaches, leveraging decades of collective experience in banking, trading, and credit analysis. Our investment philosophy focuses on identifying undervalued securities while maintaining strict risk management protocols.Headquartered in Richmond Hill, Ontario, we combine Canadian heritage with global investment expertise. Our commitment to community is reflected in 100% employee participation in annual charitable initiatives supporting veterans, education, and health causes. With all employees investing in our funds, our interests remain perfectly aligned with clients. We deliver long-term value through economic cycles by adhering to proven principles of financial analysis and portfolio construction.
Services
Corporate Bond Management
Institutional Investment Services
Private Investor Portfolios
Credit Analysis
Portfolio Management
Risk Assessment
Fixed Income Strategies
Equity Investment
Client Advisory Services
ESG Integration
Details
- Year established: 1997
Highlights and features
- We have generated top-quartile returns since 1997 through disciplined credit analysis
- Our investment team comprises CFA charterholders with banking and trading expertise
- 100% employee ownership ensures perfect alignment with client interests
- We pioneered Maximum Loss analysis for rigorous risk management
- Community involvement through veteran and education-focused charitable initiatives
Services
Corporate Bond Management
Specializing in Canadian corporate bond portfolios, we employ fundamental credit analysis to identify undervalued securities across all credit ratings. Our disciplined approach combines Maximum Loss analysis with market timing to deliver risk-adjusted returns. With expertise in distressed debt and liquidity management, we create customized solutions for institutional and sophisticated investors seeking long-term value.
Institutional Investment Services
We provide tailored investment solutions for institutions with $50M+ assets, offering segregated and pooled mandates across credit spectrums. Our strategies include Investment Grade Corporate, Broad Corporate, and Corporate Value portfolios, complemented by specialty options in infrastructure debt and inflation-linked bonds. Backed by 25+ years of top-quartile performance, we serve corporations, endowments, and pension funds.
Private Investor Portfolios
Private investors access our expertise through pooled funds and mutual funds managed by affiliates Lysander Funds and PBY Capital. We focus on capital preservation through rigorous credit analysis, offering diversified fixed income and equity products. Our approach prioritizes downside protection while capturing market opportunities through cyclical economic conditions.
Credit Analysis
Our proprietary Maximum Loss analysis framework evaluates potential issuer defaults and recovery values to inform position sizing. Combining decades of banking experience with real-time market data, we assess creditworthiness beyond traditional ratings. This approach enables identification of mispriced securities while maintaining strict risk controls across economic cycles.
Portfolio Management
We implement value-oriented strategies across fixed income and equity markets, leveraging contrarian positioning during periods of market stress. Our team employs active security selection and duration management to capitalize on valuation extremes. With all employees invested in our funds, we maintain absolute alignment with client objectives through transparent, research-driven decision-making.
People
John Carswell
Executive Chair and Chief Investment Officer
CFA charterholder with 30+ years in investment management. Former Air Force navigator and Royal Military College graduate. Founded Canso in 1997 after senior roles at Mutual Life of Canada and Foyston, Gordon & Payne.
Heather Mason-Wood
Chief Executive Officer
CFA charterholder with 25+ years in finance. Joined Canso in 2003 after 15 years at Bank of Nova Scotia. Holds MBA from McMaster University. Leads strategic direction and corporate objectives as CEO since 2023.
Patrick McCalmont
President
CFA charterholder with expertise in credit analysis and portfolio management. Joined Canso in 2010, became President in 2023. Holds Master of Philosophy from Trinity College Dublin. Oversees non-investment operations.
Jeff Carter
Portfolio Manager
CFA charterholder with 17 years at Merrill Lynch before joining Canso in 2015. Former Canadian Head of Credit Trading. Specializes in risk management and fixed income strategies.
Vivek Verma
Portfolio Manager
CFA charterholder with experience in credit rating and investor relations. Joined Canso in 2002 after roles at Moody's affiliate and HCL Technologies. Specializes in corporate bond analysis and portfolio construction.
Questions
What investment strategies does Canso specialize in?
We focus on value-oriented corporate bond management using fundamental credit analysis and Maximum Loss assessment to identify undervalued securities across all credit ratings.
How does Canso approach risk management?
Our proprietary Maximum Loss analysis evaluates potential issuer defaults and recovery values to determine appropriate position sizing while maintaining disciplined portfolio risk controls.
What services are available for private investors?
Private investors access our strategies through pooled funds and mutual funds managed by affiliates Lysander Funds and PBY Capital, with minimum investments below $50 million.
How does Canso ensure alignment with client interests?
All employees invest in our funds, ensuring perfect alignment with client objectives. Our ownership structure as an employee-owned firm reinforces this commitment.
What community initiatives does Canso support?
We maintain 100% employee participation in annual charitable initiatives supporting veterans (True Patriot Love, Veterans House), education, and health causes through United Way campaigns.
How has Canso performed historically?
Our Investment Grade and Broad Corporate mandates have consistently ranked in the top quartile of Canadian fixed income managers since inception in 1997 according to Pavilion Performance Appraisal Report.
