NEW YORK — RBC Global Asset Management Inc. reopened its Phillips, Hager & North High Yield Bond Fund to new investors on Aug. 6, 2026. The fund, which manages approximately $10 billion in assets, had been closed to new investors since June 28, 2024.
Hanif Mamdani, managing director and head of alternative investments at RBC GAM Inc. manages the fund. It aims to deliver income and capital appreciation through a diversified portfolio of fixed-income securities.
The reopening signals a shift in the manager's outlook on the high-yield debt market. The firm identified attractive investment opportunities, prompting the decision to accept new capital.
The fund's portfolio includes debt issued by Canadian, U.S. and foreign corporations and governments, giving the manager flexibility to source yield across diverse geographies and credit profiles.
The closure in June 2024 indicated a period where the manager found less compelling risk-adjusted returns or faced capacity constraints. The fund's current limited additional capacity suggests a measured approach to growth.
Mamdani's decision to reopen the fund reflects a conviction that current spreads offer sufficient compensation for non-investment-grade credit risk — a view that contrasts with the caution exercised two years prior.
RBC Global Asset Management is the asset management division of Royal Bank of Canada. The Phillips, Hager & North High Yield Bond Fund has a track record spanning more than 20 years.
RBC GAM Inc. said it maintains the right to cap the fund or restrict investment again in response to evolving market conditions.
