TD Greystone Mortgage Fund
Managed by TD Asset Management Inc.
Data as of: December 31, 2025 · View latest fund facts
This review, compiled by WOWA for informational purposes only, is not investment advice, an offer, or a solicitation. Past returns don't guarantee future results.
AUM
$11B CAD
2025 return
5.62%
First mortgages
100.00%
2024 return
6.20%
About TD Greystone Mortgage Fund
The TD Greystone Mortgage Fund is an open-end pooled fund managed by TD Asset Management Inc. and offered to institutional investors. Launched in September 2007 from commercial-mortgage portfolios TDAM had managed on a segregated basis since 1988, it invests in a diversified portfolio of Canadian commercial mortgages, aiming to provide a stable, sustainable long-term income stream with enhanced yield relative to traditional fixed income. The portfolio consists mainly of first mortgages on stabilized commercial real estate, with conservative loan-to-value ratios. It is among the largest funds of its type in Canada.
The fund reports approximately $11B CAD in assets.
The portfolio is predominantly composed of first mortgages.
Return of the mortgage funds are closely related to bank prime lending rate of interest, which has been declining. The latest annual return declined from 6.2% in 2024 to 5.62% in 2025.
The portfolio is concentrated in Commercial mortgages.
At a glance
| Assets under management (AUM) | $11B CAD |
| 2025 return | 5.62% |
| First mortgages (as a % of the portfolio) | 100.00% |
| Property focus | Commercial (100%) |
| Structure | Trust (Open-end pooled fund) |
| Investor access | Institutional only |
TD Greystone Mortgage Fund portfolio and performance
The portfolio is composed of commercial mortgages (100%).
| Property Type | Share (%) |
| Commercial | 100% |
Note: Land and pre-construction mortgages are classified under commercial mortgages.
TD Greystone Mortgage Fund returns
| Calendar year | Net return |
| 2023 | 6.57% |
| 2024 | 6.20% |
| 2025 | 5.62% |
Return objective (2026)
TD Greystone Mortgage Fund has a target return of the FTSE Canada Short Term Overall Bond (60%) + Mid Term Overall Bond (40%) return, plus 0.5%.
TD Greystone Mortgage Fund facts
Fund structure
| Structure | Trust (Open-end pooled fund) |
| Manager | TD Asset Management Inc. |
| Latest data | December 31, 2025 |
Mortgage portfolio
| First mortgages | 100.00% |
| Property focus | Commercial |
| Leverage | No, the fund does not use leverage. This means the fund uses only investor capital, rather than borrowed money, to fund its mortgage portfolio. This avoids borrowing costs and reduces the additional risks associated with leverage. |
Fees
| Management fee | None disclosed |
| Performance fee | None disclosed |
Additional fund details
For Canadian institutional investment professionals only
Who can invest in TD Greystone Mortgage Fund?
Institutional access only
This fund is offered to Canadian institutional investment professionals only and is not available to individual investors.
Minimum investment terms are not publicly disclosed.
About TD Asset Management Inc.
TD Asset Management Inc. (TDAM) is the institutional and retail asset-management arm of The Toronto-Dominion Bank, operating under the TD Global Investment Solutions brand alongside affiliate TD Epoch. It manages public-market and private-alternative strategies, including commercial mortgages, commercial real estate, infrastructure, and private debt, for institutional, private-client, and retail investors. TDAM's alternative-investments platform began managing Canadian commercial real estate and mortgages for institutional clients in 1988. Its mortgage strategies are offered to institutional investors, with portfolios focused on first mortgages secured by high-quality Canadian commercial real estate.
Frequently asked questions
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