Toronto-based RBC Global Asset Management Inc. (RBCGAM) has reopened Phillips Hager & North Short Term Bond & Mortgage Fund to new investors. The fund was closed to new investors in July 2016 as a means to manage money inflows. However, the fund's portfolio managers have determined that there now is enough capacity in the short-term bond market to allow for new investors in the fund. RBCGAM reserves the right to cap or restrict investment in the fund at a later date. This short-term bond fund invests primarily in a diversified portfolio of short-term, fixed-income securities that are issued by Canadian governments and corporations, as well as first mortgages on properties located in Canada. Trailing commissions for the fund are 0.5%. Management fees are 0.9% for A-class units and 0.4% for F-class units. Minimum investment is $500.
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