RBC Global Asset Management (RBC GAM) announced that the Phillips, Hager & North Short Term Bond & Mortgage Fund will re-open to new investors effective July 26.
In a statement, RBC GAM explained that the fund was capped to new investors on July 4, 2016 to manage inflows. “The managers of the Fund have since determined that capacity in the short-term bond market makes it possible to re-open the Fund for purchases by new investors,” says the company.
Short-term fixed income securities
The Phillips, Hager & North Short Term Bond & Mortgage Fund aims to provide “relatively high yields and stability of capital by investing primarily in a well-diversified portfolio of short-term fixed income securities issued by Canadian governments and corporations, and first mortgages on property located in Canada,” says RBC GAM.