PH&N Mortgage Pension Trust
Pooled fund trust (institutional) · Commercial
Managed by RBC Global Asset Management
Data as of: May 31, 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 PH&N Mortgage Pension Trust is an institutional pooled-fund trust (Series O, qualified investors) managed by RBC GAM (Phillips, Hager & North), investing directly in a diversified portfolio of first mortgages on income-producing Canadian commercial real estate. As at March 31, 2026 it held ~$5.15B in assets (90.3% direct mortgages) across 295 mortgages at a 49% weighted-average LTV, spread across office, industrial, retail and multi-residential property. Net returns were 7.2% (2023), 6.4% (2024) and 5.0% (2025). Inception November 2001.
At a glance
| Assets under management (AUM) | $5.1B CAD |
| 2025 return | 5% |
| Overall LTV | 49% |
| First mortgages | 100% |
| Property focus | Commercial (91%) / Multi-Residential (9%) |
| Structure | Pooled fund trust (institutional) |
Portfolio & performance
The portfolio is composed of commercial mortgages (91%) and multi-residential mortgages (9%).
| Property Type | Share (%) |
| Commercial | 91% |
| Multi-Residential | 9% |
PH&N Mortgage Pension Trust has a focus on Ontario, with 45.3% of its mortgages located in Ontario, followed by BC (31.1%), Alberta (12.8%).
| Province/Region | Share (%) |
| Ontario | 45.3% |
| BC | 31.1% |
| Alberta | 12.8% |
| Other Categories | 10.8% |
PH&N Mortgage Pension Trust returns
| Calendar year | Net return |
| 2023 | 7.2% |
| 2024 | 6.4% |
| 2025 | 5% |
Fund facts
| Structure | Pooled fund trust (institutional) |
| Managed by | RBC Global Asset Management (PH&N) |
| First mortgages | 100% |
| Leverage | Unleveraged |
| Latest data | May 31, 2026 |
Additional fund details
The fund is available through Series O to qualified institutional investors. It held 295 direct commercial mortgages with a 49% weighted-average loan-to-value ratio, a 4.2% yield to maturity and a 2.5-year duration. The portfolio is rated AAA and includes office, industrial, retail and multi-residential properties, with multi-residential accounting for 8.8%. Its benchmark is the FTSE Canada Short Term Bond Index, and the portfolio manager is David Nygren. The RBC Commercial Mortgage Fund invests in this trust.
Investor access
Investor access
Minimum investment terms are not publicly disclosed.
About the manager
Phillips, Hager & North (RBC Global Asset Management) manages the PH&N Mortgage Pension Trust, an institutional pooled fund and one of Canada's largest commercial mortgage funds, run by RBC GAM's Private Markets Mortgage Investments team.
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