Addenda Commercial Mortgages Pooled Fund
Managed by Addenda Capital
Data as of: March 31, 2026 · View latest fund facts
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.
AUM
$3.8B CAD
2025 return
5.45%
First mortgages
100%
2024 return
7.14%
About Addenda Commercial Mortgages Pooled Fund
The Addenda Commercial Mortgages Pooled Fund is targeted toward institutional investors seeking income maximization and capital preservation. Managed by Addenda Capital, the fund invests primarily in a diversified portfolio of first-rank commercial mortgages secured by real property across Canada. The fund's investment process relies on disciplined underwriting, continuous loan administration, and risk management throughout the investment cycle. Additionally, environmental, social, and governance (ESG) factors are integrated into the fundamental analysis and decision-making process for the underlying mortgage assets.
The fund reports approximately $3.8B CAD in assets.
The portfolio is predominantly composed of first mortgages.
The latest annual return declined from 7.14% in 2024 to 5.45% in 2025.
At a glance
| Assets under management (AUM) | $3.8B CAD |
| 2025 return | 5.45% |
| First mortgages (as a % of the portfolio) | 100% |
| Property focus | Commercial (70%) / Multi-Residential (30%) |
| Structure | Trust |
| Investor access | Institutional only |
Addenda Commercial Mortgages Pooled Fund portfolio and performance
The portfolio is composed of commercial mortgages (70%) and multi-residential mortgages (30%).
| Property Type | Share (%) |
| Commercial | 70% |
| Multi-Residential | 30% |
Addenda Commercial Mortgages Pooled Fund returns
| Calendar year | Net return |
| 2023 | 7.15% |
| 2024 | 7.14% |
| 2025 | 5.45% |
Return objective (2026)
Addenda Commercial Mortgages Pooled Fund's target for 2026: FTSE Canada Short Term Bond + 1.00%
Addenda Commercial Mortgages Pooled Fund facts
Fund structure
| Structure | Trust |
| Manager | Addenda Capital |
| Latest data | March 31, 2026 |
Mortgage portfolio
| First mortgages | 100% |
| 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
The portfolio consists of 592 mortgages with an average loan size of $5.8 million. It has a duration of 2.0 years and a yield to maturity of 4.6%.
Who can invest in Addenda Commercial Mortgages Pooled 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 Addenda Capital
Addenda Capital Inc. is a Montréal-based institutional investment manager, majority-owned by Co-operators, offering fixed income, equities, multi-asset and commercial mortgage strategies. Through its commercial mortgage platform, the firm originates and manages diversified portfolios of first mortgages secured by Canadian commercial real estate, applying conservative underwriting with an emphasis on income and capital preservation. Its mortgage funds are offered primarily to institutional investors, with retail access available indirectly through insurance and group-savings products distributed by affiliated and third-party carriers. Addenda integrates sustainability considerations across its investment processes.
Compare other funds by Addenda Capital
Addenda Capital manages several mortgage investment entities (MIEs) with different loan and investment objectives. Compare its other funds below.
| Fund | Primary strategy | Approx. size | |
|---|---|---|---|
| Addenda Eco-Social Commercial Mortgages Pooled Fund | Commercial mortgages | $141M CAD | Learn More |
Frequently asked questions
It invests in commercial mortgages.
No. It is offered to institutional investors.
The fund is managed by Addenda Capital.
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