Nicola Canadian Mortgage Fund
Managed by Nicola Wealth Management Ltd.
Data as of: April 30, 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
$1.0B CAD
2025 return
6.7%
LTV
68.9%
First mortgages
80%
About Nicola Canadian Mortgage 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.
The fund reports approximately $1.0B CAD in assets.
Most of the portfolio is in first mortgages, with some subordinate exposure.
The latest annual return declined from 8.2% in 2024 to 6.7% in 2025.
The portfolio is diversified across Ontario and BC.
At a glance
| Assets under management (AUM) | $1.0B CAD |
| 2025 return | 6.7% |
| Overall LTV | 68.9% |
| First mortgages (as a % of the portfolio) | 80% |
| Property focus | Residential (12%) / Commercial (70%) / Multi-Residential (18%) |
| Structure | Trust |
| Investor access | Available to individual investors |
Nicola Canadian Mortgage Fund portfolio and 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% |
| Unclassified | 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.
Nicola Canadian Mortgage Fund facts
Fund structure
| Structure | Trust |
| Manager | Nicola Wealth Management Ltd. |
| Latest data | April 30, 2026 |
Mortgage portfolio
| First mortgages | 80% |
| Overall LTV | 68.9% |
| Property focus | Commercial |
| Leverage | Yes, the fund uses leverage. This means the fund borrows additional money and combines it with investor capital to fund more mortgages. Leverage can increase returns when the portfolio performs well, but it also adds interest costs and can magnify losses. |
Fees
| Management fee | None disclosed |
| Performance fee | None disclosed |
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.
Who can invest in Nicola Canadian Mortgage Fund?
Available to individual investors
This fund is available to individual investors.
Minimum investment terms are not publicly disclosed.
About Nicola Wealth Management Ltd.
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.
Compare other funds by Nicola Wealth Management Ltd.
Nicola Wealth Management Ltd. manages several mortgage investment entities (MIEs) with different loan and investment objectives. Compare its other funds below.
| Fund | Primary strategy | Approx. size | |
|---|---|---|---|
| Nicola U.S. Mortgage Fund | Commercial mortgages | $201M CAD | Learn More |
Frequently asked questions
It invests in commercial mortgages.
The fund reports a weighted-average LTV of 68.9%.
Yes. It is available to individual investors.
The fund is managed by Nicola Wealth Management Ltd..
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