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For the past 12 years Fundata has recognized outstanding performance among funds with a responsible investing mandate at its annual Fundata FundGrade A+ Awards. The RI Awards use a similar methodology to the A+ Awards; however, the universe only includes mutual funds and ETFs identified by the CIFSC RI Identification Framework. The awards are given to the best-performing RI funds – across the A+ risk-adjusted metrics – in each of three categories: Balanced, Fixed Income, and Equity.
Last year’s winners included three ETFs:
We’re only at the halfway point of 2025, and there is still a lot that can change, but let’s look at some of the top performing RI funds that might be in contention for this year’s honours (all performance figures as of June 30).
In the RI Fixed income category, NEI Investments has two funds in the top five: NEI Global Total Return Bond Fund in the Global Core Plus Fixed Income category and NEI Canadian Bond Fund in the Canadian Fixed Income category. Other contenders include BMO Sustainable Global Multi-Sector Bond Fund in the Multi-Sector Fixed Income category as well as last year’s winner, iShares ESG Advanced 1-5 Year Canadian Corporate Bond Index ETF (TSX: XSHG) in the Canadian Short Term Fixed Income category.
And lastly, the betting favorite through the first six months of 2025 is NBI Sustainable Canadian Short-Term Bond ETF (TSX: NSSB). NSSB has been a first-quartile performer in the Canadian Short Term Fixed Income category since its inception in 2022. Its average annual compounded 3-year rate of return of 5.6% outpaces both the category benchmark (ICE Bank of America 1-5 Year Canada Broad Market Index) return of 4.3% and the category average of 4%. The actively managed ETF is sub advised by AlphaFixe Capital, which focuses on debt instruments designed to raise funds that promote a positive environmental and social impact, and/or contribute to sustainable development. The MER is 0.28%.
In the RI Balanced category, there are a handful of funds battling it out for the top spot. This includes a pair of mutual funds offered by Tangerine: Tangerine Balanced SRI Portfolio in the Global Neutral Balanced category and Tangerine Balanced Growth SRI Portfolio in the Global Equity Balanced category. Other contenders include iShares ESG Balanced ETF Portfolio (TSX: GBAL), also in the Global Neutral Balanced category, as well as last year’s winner from the Global Equity Balanced category, iShares ESG Growth ETF Portfolio (TSX: GGRO).
But the fund with the slight edge at the halfway point of the year is iShares ESG Conservative Balanced ETF Portfolio (TSX: GCNS). GCNS is a first-quartile performer and one of the top-ranked funds in the Global Fixed Income Balanced category since its inception in 2020. It has an average annual compounded 3-year rate of return of 11.1% compared with 8.1% for the blended category benchmark and 6.9% for the category average. GCNS has a long-term strategic asset allocation target of 40% equity and 60% fixed income. The fund invests in underlying iShares ETFs that have either ESG-oriented investment strategies or invest primarily in government bonds. It has an MER of 0.25%
Finally, in the RI Equity category, the top five contenders include three funds from the Global Equity category: CI Global Climate Leaders Fund, Fidelity Sustainable World ETF (Cboe CAN: FCSW), and Tangerine Equity Growth SRI Portfolio. Another top performer is NBI Sustainable Canadian Equity ETF (TSX: NSCE) from the Canadian Equity category.
However, Canadian Equity fund Desjardins RI Canada Multifactor - Net-Zero Emissions Pathway ETF (TSX: DRFC) is looking especially strong in the very competitive RI Equity category. It is a first-quartile performer over the past six years and has outperformed the benchmark S&P/TSX Composite and the category average each of the past four calendar years. It has an average annual compounded 5-year rate of return of 19.4%, handily beating the TSX, which gained just 15%, and the category average return of 13.7%. The fund, which launched in 2018, is actively managed and uses a multi-factor approach to invest in equity securities of large- and mid-cap companies in Canada that meet pre-determined ESG standards. It has an MER of 0.46%.
Brian Bridger, CFA, FRM, is Senior Vice President, Analytics & Data, at Fundata Canada Inc. and is a member of the Canadian Investment Funds Standards Committee.
Notes and Disclaimers
Content copyright © 2025 by Fundata Canada. All rights reserved. Reproduction in whole or in part by any means without prior written permission is prohibited.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the simplified prospectus before investing. Mutual funds are not guaranteed and are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you. Fund values change frequently and past performance may not be repeated. The foregoing is for general information purposes only and is the opinion of the writer. No guarantee of performance is made or implied. This information is not intended to provide specific personalized advice including, without limitation, investment, financial, legal, accounting or tax advice.
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