PH&N Short Term Bond & Mortgage Fund
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.
AUM
$607M CAD
Management fee
0.49%
First mortgages
100%
About PH&N Short Term Bond & Mortgage 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.
The fund reports approximately $607M CAD in assets.
The portfolio is predominantly composed of first mortgages.
The portfolio is concentrated in Multi-Residential mortgages.
At a glance
| Assets under management (AUM) | $607M CAD |
| First mortgages (as a % of the portfolio) | 100% |
| Property focus | Commercial (2%) / Multi-Residential (99%) |
| Structure | Trust (open-ended mutual fund) |
| Investor access | Available to individual investors |
PH&N Short Term Bond & Mortgage Fund portfolio and performance
The portfolio is composed of commercial mortgages (2%) and multi-residential mortgages (99%).
| Property Type | Share (%) |
| Commercial | 2% |
| Multi-Residential | 99% |
PH&N Short Term Bond & Mortgage Fund facts
Fund structure
| Structure | Trust (open-ended mutual fund) |
| Manager | RBC Global Asset Management |
| Series | F |
| Latest data | June 26, 2025 |
Mortgage portfolio
| First mortgages | 100% |
| Property focus | Multi-Residential |
| 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 | 0.49% |
| Performance fee | None disclosed |
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.
Who can invest in PH&N Short Term Bond & Mortgage Fund?
Available to individual investors
This fund is available to individual investors.
The minimum investment amount for accredited investors is $500.
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 Mortgage Pension Trust | Commercial mortgages | $5.1B CAD | Learn More |
Frequently asked questions
It invests in multi-Residential mortgages.
Yes. It is available to individual investors.
The fund is managed by RBC Global Asset Management.
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