RBCGAM reopens fund
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 shortterm 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.