PH&N Mortgage Pension Trust
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.
AUM
$5.1B CAD
2025 return
5%
LTV
49%
First mortgages
100%
About PH&N Mortgage Pension Trust
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.
The fund reports approximately $5.1B CAD in assets.
The portfolio is predominantly composed of first mortgages.
The latest annual return declined from 6.4% in 2024 to 5% in 2025.
The portfolio is concentrated in Commercial mortgages.
The portfolio is diversified across Ontario, BC and Alberta.
At a glance
| Assets under management (AUM) | $5.1B CAD |
| 2025 return | 5% |
| Overall LTV | 49% |
| First mortgages (as a % of the portfolio) | 100% |
| Property focus | Commercial (91%) / Multi-Residential (9%) |
| Structure | Pooled fund trust (institutional) |
PH&N Mortgage Pension Trust portfolio and 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% |
| Unclassified | 10.8% |
PH&N Mortgage Pension Trust returns
| Calendar year | Net return |
| 2023 | 7.2% |
| 2024 | 6.4% |
| 2025 | 5% |
PH&N Mortgage Pension Trust facts
Fund structure
| Structure | Pooled fund trust (institutional) |
| Manager | RBC Global Asset Management |
| Latest data | May 31, 2026 |
Mortgage portfolio
| First mortgages | 100% |
| Overall LTV | 49% |
| 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 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.
Who can invest in PH&N Mortgage Pension Trust?
Investor access
Minimum investment terms are not publicly disclosed.
About RBC Global Asset Management
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.
Compare other funds by RBC Global Asset Management
RBC Global Asset Management manages several mortgage investment entities (MIEs) with different loan and investment objectives. Compare its other funds below.
| Fund | Primary strategy | Approx. size | |
|---|---|---|---|
| PH&N Short Term Bond & Mortgage Fund | Multi-Residential mortgages | $607M CAD | Learn More |
Frequently asked questions
It invests in commercial mortgages.
The fund reports a weighted-average LTV of 49%.
The fund is managed by RBC Global Asset Management.
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