PH&N Short Term Bond & Mortgage Fund
Trust (open-ended mutual fund) · Multi-Residential
Managed by RBC Global Asset Management
Data as of: June 26, 2025
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 Short Term Bond & Mortgage Fund is an open-ended RBC GAM (Phillips, Hager & North) mutual fund pairing short-term Canadian fixed income with a directly-held mortgage portfolio. As of May, 2026 the mortgage book was 5.5% of the funds 11,029.32 M assets. As at Dec 31, 2024 the mortgage book was ~$276.9M principal (fair value $270.2M) across 20 loans - about 98.5% multi-unit residential (apartment buildings over 8 units) and the rest commercial, essentially all conventional first mortgages plus one CMHC-insured loan. Mortgages are originated through CMLS Financial, Royal Bank, First National Financial and Portage Capital. The fund has no minimum mortgage allocation, so mortgage weight varies.
At a glance
| Assets under management (AUM) | $607M CAD |
| First mortgages | 100% |
| Property focus | Commercial (2%) / Multi-Residential (99%) |
| Structure | Trust (open-ended mutual fund) |
| Investor access | Available to individual investors |
Portfolio & performance
The portfolio is composed of commercial mortgages (2%) and multi-residential mortgages (99%).
| Property Type | Share (%) |
| Commercial | 2% |
| Multi-Residential | 99% |
Fund facts
| Structure | Trust (open-ended mutual fund) |
| Managed by | RBC Global Asset Management (PH&N) |
| Management fee | 0.49% |
| First mortgages | 100% |
| Leverage | Unleveraged |
| Series/classes | F |
| Latest data | June 26, 2025 |
Additional fund details
The fund combines short-term fixed-income investments with a directly held mortgage portfolio. As of December 31, 2024, the mortgage portfolio had approximately $276.9 million in principal and a fair value of $270.2 million. About 98.5% of the mortgage exposure was secured by multi-unit residential properties with more than eight units, and nearly all holdings were conventional first mortgages, along with one CMHC-insured mortgage. Mortgages were originated through CMLS Financial, RBC, First National Financial and Portage Capital. The fund does not maintain a minimum mortgage allocation, so its mortgage exposure may change over time.
Investor access
Available to individual investors
This fund is available to individual investors.
The minimum investment amount for accredited investors is $500.
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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