Toronto November 5, 2025: LSEG Lipper has announced the winners in the acclaimed 2025 Canadian LSEG Lipper Fund Awards. These annual awards shine the spotlight on the asset management industry and recognize the funds that have consistently delivered strong risk-adjusted returns against their peers.
The LSEG Lipper Fund Awards honor those funds with the highest score in the Lipper Leader rating for Consistent Return over the three-, five- and/or 10-year periods. Overall, 64 funds won an award for the three-year period ended July 31, 2025. An additional 56 funds were recognized with a Lipper Fund Award over the five-year period, and 40 funds won the prestigious award for the 10-year period. (View the complete list: Canada 2025 | LSEG Lipper Fund Awards | Find Winners).
A Tried & True Quantitative Approach
The LSEG Lipper award winners are not simply determined by picking the funds with the highest returns within classifications over the respective awards periods; much more goes into this process.
The LSEG Lipper Fund Awards are based on the Lipper Leader rating for Consistent (Effective) Return. These ratings are calculated using a risk-adjusted return model based on the fund’s effective return over multiple non-overlapping periods—within the respective three-, five-, and/or 10-year horizons. The calculations over multiple periods ensure that all periods in which a fund underperforms the average of its peer group are identified.
Next, LSEG Lipper uses a utility function based on behavioral finance theory—relative loss avoidance—to penalize periods of underperformance against the peer-group average of eligible funds, with more significant weightings given to excess losses.
Consistent return is a risk-adjusted performance measure for investors with a stronger risk aversion to clustering losses than gains. The calculation methodology ensures that the winners are funds that have provided superior consistency and risk-adjusted returns compared to a group of similar funds.
This is more in line with how investors view financial gains and losses, meaning that funds receiving a Lipper fund award may be best suited for investors who value a fund’s year-over-year performance consistency relative to other funds in a particular peer group. (View the full methodology: here).
Brandon Adkins, Lipper Research U.S. & Canada Lead, comments:
““The LSEG Lipper Fund Awards continue to celebrate not only the top-performing fund managers in the industry but also the dedicated teams and professionals who support them. These awards highlight the enduring consistency, resilience, and excellence of their investment processes. While the firms take home the trophies, it’s the investors within these funds who ultimately experience the lasting benefits of this achievement.”
The best asset management firms in Canada
On top of the individual classification awards, LSEG Lipper gives group awards which are divided into four asset categories: Bond, Equity, Mixed Assets, and Overall. There are two distinct universes for group awards: Mutual Funds & Exchange-Traded Funds (ETFs).
The fund family with the lowest average decile rank of their eligible funds with a three-year Consistent Return score within each asset class and group determined the award winner. This process is followed for both the mutual fund and ETF universes. (View the complete list: Canada 2025 | LSEG Lipper Fund Awards | Find Winners). With 11 eligible funds Capital Group took home the mutual fund overall group award, while Fidelity Investments won the ETF overall group award, having 29 eligible funds in consideration.
Within the equity asset class, Capital Group won the mutual fund firm award and Scotia took home the equity ETF award.
In fixed income, Guardian Capital and Manulife were awarded the mutual fund and ETF group award, respectively.
The mixed-assets mutual fund group award was celebrated by Capital Group, with Fidelity Investments being recognized as the mixed-assets ETFs winner.
LSEG Lipper covers more than 380,000 share classes in more than 83 countries. The Lipper Leader ratings are available for mutual funds and ETFs registered for sale in 45 markets.
Two additional highlights:
- CI Global Asset Management received the greatest number of trophies for the third consecutive year.
- Two funds accomplished the incredible feat of “sweeping their classification,” meaning the fund won each the three-, five-, and 10-year periods:
- Multi-Sector Fixed Income: Pender Corporate Bond Fund
- Canadian Short Term Fixed Income: Global X Active Ultra-Short Term Investment Grade Bond ETF
- Precious Metals Equity: Mackenzie Precious Metals Fund
Congratulations to all 2025 Canadian LFA winners!
About LSEG Lipper Fund Awards:
For more than 32 years and in over 17 countries worldwide, the highly respected LSEG Lipper Awards have honored funds and fund management firms that have excelled in providing consistently strong risk-adjusted performance relative to their peers and focus the investment world on top funds. The merit of the winners is based on entirely objective, quantitative criteria. This coupled with the unmatched depth of fund data results in a unique level of prestige and ensures the award has lasting value. Renowned fund data and proprietary methodology is the foundation of this prestigious award qualification, recognizing excellence in fund management. Find out more at www.lipperfundawards.com.
About LSEG Lipper
With a track record of more than 50 years of independent content, LSEG Lipper was the first to develop fund classifications that place funds in their respective peer group. LSEG Lipper data covers more than 380,000+ share classes in over 83 countries. The Lipper Leader ratings are available for mutual funds registered for sale in 47 markets. LSEG Lipper provides independent insight on global collective investments, including mutual funds, retirement funds, hedge funds, and fund fees and expenses. LSEG Lipper offers premium-quality data, fund ratings, analytical tools, and global commentary through specialized product offerings. Trusted by investment professionals for 50 years, LSEG Lipper provides unparalleled expertise and insight to the funds industry. Lipper Fund Performance | LSEG
About LSEG
LSEG (London Stock Exchange Group) is more than a diversified global financial markets infrastructure and data business. We are dedicated, open-access partners with a commitment to excellence in delivering the services our customers expect from us. With extensive experience, deep knowledge, and worldwide presence across financial markets, we enable businesses and economies around the world to fund innovation, manage risk, and create jobs. It’s how we’ve contributed to supporting the financial stability and growth of communities and economies globally for more than 300 years. Discover more at www.lseg.com.
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