# PH&N LifeTime 2015 Fund



## leoc2 (Dec 28, 2010)

I am retiring soon. I do not work for PH&N. What are your thoughts on this basket of funds?

https://www.phn.com/Default.aspx?tabid=1274

This Fund is appropriate for investors who:
• are saving to support an income stream in retirement that begins on or around the target date of the Fund (2015);
• want a Fund that will maintain a diversified asset mix which is appropriate for the target date of the Fund (2015); or
• are planning to hold their investment for the medium to long term and can tolerate low to medium investment risk.

Thanks in advance!


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## andrewf (Mar 1, 2010)

It's a diversified 40/60 bond/equity fund. The fees on the equity components are about 1% higher than a similar ETF, and about 0.5% higher for the bond component, for a blended 0.7% in additional fees (or so) over the whole basket. Not too bad for active mutual funds, but that is 0.7%* your nest egg you're giving up each year, which might be substantial.


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## CanadianCapitalist (Mar 31, 2009)

One potential negative with balanced funds you should keep in mind is that on your own you can locate assets where it makes the most sense tax-wise.


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## leoc2 (Dec 28, 2010)

CanadianCapitalist said:


> One potential negative with balanced funds you should keep in mind is that on your own you can locate assets where it makes the most sense tax-wise.


CC your comments are always appreciated and valued ... Belguy, chime in please


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## yyzvoyageur (Apr 10, 2009)

I'm trying to figure out the MER on these funds. According the prospectus, the 2015 fund has a management fee of 0.80% and an administration fee of 0.05%. I can't find it clearly stated anywhere whether or not these fees are in addition to the fees of the underlying funds.

Any ideas?


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## zylon (Oct 27, 2010)

> The fund's expenses are made up of the management fee, operating expenses and trading costs. The fund's annual management fee is 0.80% of the fund's value. Because the series of this fund is new, its operating expenses and trading costs are not yet available. source


The MERs of the underlying funds would reduce the fund's returns, but there would not be a combined MER.


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## yyzvoyageur (Apr 10, 2009)

zylon said:


> The MERs of the underlying funds would reduce the fund's returns, but there would not be a combined MER.


So, for example, if the weighted average MER of the underlying funds is 1.2%, one would in effect be paying a 2.0% management fee?


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## zylon (Oct 27, 2010)

yyzvoyageur said:


> So, for example, if the weighted average MER of the underlying funds is 1.2%, one would in effect be paying a 2.0% management fee?


It seems that the policy on "double MER-ing" varies from one fund company to another. A previous discussion took place here:
http://www.canadianmoneyforum.com/showthread.php?t=6288


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## yyzvoyageur (Apr 10, 2009)

PH&N advised me that the estimated "all-in" MER for the 2025 fund is 1.05%. I imagine the MER for the 2015 fund will be slightly lower.


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## OhGreatGuru (May 24, 2009)

How times change. Before ETFs people would have killed for a balanced fund with an MER of only 1%. Some institutions charge almost 1% for their index funds.

PH&N has a good reputation for sound funds at reasonable MER's. If you want the convenience of letting PH&N manage your portfolio it's not a bad price. You can do it yourself more cheaply, but it will take a lot more of your time. It's your choice.


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