Nicola Canadian Mortgage Fund
Trust · Commercial
Managed by Nicola Wealth Management Ltd.
Data as of: April 30, 2026
This review is compiled by WOWA for informational purposes only and is not investment advice, an offer, or a solicitation. Figures are drawn from the manager's published materials as of the dates shown and may change. Returns are historical and do not guarantee future results. Verify all details with the manager or a licensed advisor before investing.
About the fund
The Nicola Canadian Mortgage Fund is an open-ended trust seeking stable income through senior and subordinate mortgage loans on income-producing commercial properties across Canada. The fund holds approximately $1.07 billion in AUM as of Q1 2026, with geographic concentration in BC (46%) and Ontario (39%). Portfolio composition is primarily commercial, with approximately 18% multi-residential and 12% retail.
At a glance
| Assets under management (AUM) | $1.0B CAD |
| 2025 return | 6.7% |
| Overall LTV | 68.9% |
| First mortgages | 80% |
| Property focus | Residential (12%) / Commercial (70%) / Multi-Residential (18%) |
| Structure | Trust |
| Investor access | Available to individual investors |
Portfolio & performance
The portfolio is composed of residential mortgages (12%), commercial mortgages (70%) and multi-residential mortgages (18%).
| Property Type | Share (%) |
| Residential | 12% |
| Commercial | 70% |
| Multi-Residential | 18% |
Nicola Canadian Mortgage Fund has a focus on Ontario, with 44% of its mortgages located in Ontario, followed by BC (41%), Quebec (8%).
| Province/Region | Share (%) |
| Ontario | 44% |
| Quebec | 8% |
| BC | 41% |
| Other Categories | 7% |
Nicola Canadian Mortgage Fund returns
| Calendar year | Net return |
| 2023 | 8% |
| 2024 | 8.2% |
| 2025 | 6.7% |
Return objective (2026)
Nicola Canadian Mortgage Fund has a target return of 6%-7% for 2026.
Fund facts
| Structure | Trust |
| Managed by | Nicola Wealth Management Ltd. |
| First mortgages | 80% |
| Leverage | Leveraged |
| Latest data | April 30, 2026 |
Additional fund details
The fund was launched in November 2009 and was formerly known as the Nicola Balanced Mortgage Fund before being renamed in October 2023. Its portfolio includes 78 directly held loans and investments in five other funds, with approximately 15% held in cash.
Investor access
Available to individual investors
This fund is available to individual investors.
Minimum investment terms are not publicly disclosed.
About the manager
Nicola Wealth Management Ltd. is a Vancouver-based independent wealth management firm founded in 1994, managing approximately $17.6 billion in assets as of March 2026. Registered as a Portfolio Manager, Exempt Market Dealer, and Investment Fund Manager, the firm serves high-net-worth families, entrepreneurs, foundations, and institutions across Canada. Nicola offers a suite of proprietary alternative funds spanning commercial mortgages, private equity, real estate, private debt, and infrastructure, alongside traditional public market portfolios.
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