Very Conservative
Highest defensive requirement. At least 65% defensive exposure, no more than 35% equity-like exposure, 5% real-assets cap, and 10% alternatives cap.
- Return
- 9.48%
- Volatility
- 3.63%
- Holdings
- 12
What was built
The analysis started with Fund Library search and detail pages, which state that fund and ETF data comes from Fundata Canada. The model retained CAD standard Series F funds with complete 10-year monthly growth history, combined the 3-, 5-, and 10-year windows, and solved long-only profile portfolios under fund, category, and allocation constraints.
Search universe4,592 rows
Eligible complete-history funds1,246
Optimization universe236 funds
Frontier points solved505
FundServ codes82/82
This is backward-looking portfolio research, not personalized investment advice. Historical return, volatility, and correlation can change materially.
Portfolio profiles
The return and volatility figures are annualized model outputs from the equal-weighted 3-, 5-, and 10-year historical windows. Sharpe ratios use a 3% annual risk-free-rate assumption.
Conservative
Lower-risk growth balance. At least 50% defensive exposure, no more than 50% equity-like exposure, 10% real-assets cap, and 12% alternatives cap.
- Return
- 13.95%
- Volatility
- 4.98%
- Holdings
- 20
Balanced
Middle risk profile. At least 35% defensive exposure, no more than 65% equity-like exposure, 15% real-assets cap, and 15% alternatives cap.
- Return
- 17.52%
- Volatility
- 6.47%
- Holdings
- 20
Growth
Higher equity allowance. At least 15% defensive exposure, no more than 85% equity-like exposure, 20% real-assets cap, and 15% alternatives cap.
- Return
- 23.19%
- Volatility
- 9.45%
- Holdings
- 17
Aggressive Growth
Highest risk profile. No required defensive allocation, full equity-like exposure allowed, 30% real-assets cap, and 20% alternatives cap.
- Return
- 28.18%
- Volatility
- 12.89%
- Holdings
- 13
| Profile | Alternative | Balanced / allocation | Cash / money market | Equity | Fixed income | Real assets / resources |
|---|---|---|---|---|---|---|
| Very Conservative | 10.0% | 29.0% | 0.0% | 21.3% | 36.0% | 3.7% |
| Conservative | 12.0% | 19.1% | 0.0% | 28.0% | 30.9% | 10.0% |
| Balanced | 12.0% | 18.5% | 0.0% | 38.0% | 16.5% | 15.0% |
| Growth | 6.5% | 15.0% | 0.0% | 58.5% | 0.0% | 20.0% |
| Aggressive Growth | 0.0% | 0.0% | 0.0% | 70.0% | 0.0% | 30.0% |
Holdings by profile
Weights are rounded to two decimals on this page. The downloadable CSV includes full precision, FundServ codes, Fund Library IDs, source URLs, and fund-level return and volatility metrics.
| Fund | Weight | FundServ code | Category | Asset group | Fund return | Fund vol. |
|---|---|---|---|---|---|---|
| Fidelity American High Yield Fund Series F | 12.00% | FID655 | High Yield Fixed Income | Fixed income | 8.29% | 5.74% |
| Phillips, Hager & North High Yield Bond Fund Series F | 12.00% | PHN5280; RBF5280 | Multi-Sector Fixed Income | Fixed income | 6.38% | 3.32% |
| Dynamic Premium Yield Fund Series F | 12.00% | DYN2853 | Misc - Inc&Real Property | Equity | 9.86% | 6.41% |
| Purpose Strategic Yield Fund Series F | 12.00% | PFC4601 | High Yield Fixed Income | Fixed income | 7.77% | 5.14% |
| Exemplar Growth and Income Fund Series F | 12.00% | AHP1710 | Tactical Balanced | Balanced / allocation | 10.48% | 6.58% |
| RBC Qube Market Neutral World Equity Fund (CAD Hedged) Series F | 10.00% | RBF10090; RBF941 | Alternative Market Neutrl | Alternative | 9.31% | 6.23% |
| IG Income Portfolio - Growth plus Series F | 9.21% | IGI1359 | Global Neutral Balanced | Balanced / allocation | 8.49% | 5.53% |
| Mackenzie Monthly Income Balanced Portfolio Series F | 7.79% | MFC4781 | Global Neutral Balanced | Balanced / allocation | 8.65% | 5.54% |
| Fidelity Canadian Large Cap Fund Series F | 5.89% | FID631 | Canadian Focused Equity | Equity | 12.21% | 7.77% |
| Fidelity Concentrated Value Private Pool Series F | 3.37% | FID921 | Canadian Focused Equity | Equity | 12.30% | 7.80% |
| Mackenzie Gold Bullion Fund Series F | 2.02% | MFC8422 | Commodity | Real assets / resources | 21.93% | 15.54% |
| Ninepoint Gold Bullion Fund Series F | 1.72% | NPP226 | Commodity | Real assets / resources | 22.21% | 15.62% |
| Fund | Weight | FundServ code | Category | Asset group | Fund return | Fund vol. |
|---|---|---|---|---|---|---|
| Fidelity American High Yield Fund Series F | 12.00% | FID655 | High Yield Fixed Income | Fixed income | 8.29% | 5.74% |
| Phillips, Hager & North High Yield Bond Fund Series F | 12.00% | PHN5280; RBF5280 | Multi-Sector Fixed Income | Fixed income | 6.38% | 3.32% |
| Exemplar Growth and Income Fund Series F | 12.00% | AHP1710 | Tactical Balanced | Balanced / allocation | 10.48% | 6.58% |
| RBC Qube Market Neutral World Equity Fund (CAD Hedged) Series F | 12.00% | RBF10090; RBF941 | Alternative Market Neutrl | Alternative | 9.31% | 6.23% |
| Fidelity U.S. Growth and Income Private Pool Series F | 6.96% | FID1978 | Global Neutral Balanced | Balanced / allocation | 12.92% | 7.89% |
| Fidelity Canadian Large Cap Fund Series F | 6.96% | FID631 | Canadian Focused Equity | Equity | 12.21% | 7.77% |
| Purpose Strategic Yield Fund Series F | 6.86% | PFC4601 | High Yield Fixed Income | Fixed income | 7.77% | 5.14% |
| Fidelity Concentrated Value Private Pool Series F | 5.87% | FID921 | Canadian Focused Equity | Equity | 12.30% | 7.80% |
| Purpose Global Resource Fund Series F | 5.05% | PFC5101 | Natural Resources Equity | Real assets / resources | 42.81% | 26.61% |
| IG Mackenzie Global Science & Technology Fund II Series F | 4.48% | IGI1970 | Sector Equity | Equity | 26.82% | 20.20% |
| Ninepoint Gold Bullion Fund Series F | 3.21% | NPP226 | Commodity | Real assets / resources | 22.21% | 15.62% |
| Brandes Global Small Cap Equity Fund Series F | 3.09% | BIP552 | Global Small/Mid Cap Eq | Equity | 22.25% | 13.55% |
| Lysander-Crusader Equity Income Fund Series F | 2.76% | LYZ900F | Canadian Div & Inc Equity | Equity | 19.15% | 14.02% |
| Scotia Nasdaq Index Fund - Series F | 2.08% | BNS597 | U.S. Equity | Equity | 23.68% | 17.39% |
| Mackenzie Gold Bullion Fund Series F | 1.74% | MFC8422 | Commodity | Real assets / resources | 21.93% | 15.54% |
| RBC Life Science and Technology Fund Series F | 1.43% | RBF619 | U.S. Equity | Equity | 22.59% | 15.99% |
| Canoe Energy Income Portfolio Class Series F | 0.57% | GOC2003 | Energy Equity | Equity | 22.24% | 22.09% |
| Fidelity Technology Innovators Fund Series F | 0.55% | FID697 | Sector Equity | Equity | 23.50% | 15.68% |
| IG Mackenzie Global Financial Services Fund Series F | 0.22% | IGI1292 | Financial Services Equity | Equity | 19.91% | 14.22% |
| Fidelity American Balanced Fund Series F | 0.19% | FID2961 | Global Equity Balanced | Balanced / allocation | 14.22% | 8.80% |
| Fund | Weight | FundServ code | Category | Asset group | Fund return | Fund vol. |
|---|---|---|---|---|---|---|
| RBC Qube Market Neutral World Equity Fund (CAD Hedged) Series F | 12.00% | RBF10090; RBF941 | Alternative Market Neutrl | Alternative | 9.31% | 6.23% |
| Fidelity American High Yield Fund Series F | 9.09% | FID655 | High Yield Fixed Income | Fixed income | 8.29% | 5.74% |
| Purpose Global Resource Fund Series F | 8.77% | PFC5101 | Natural Resources Equity | Real assets / resources | 42.81% | 26.61% |
| Fidelity U.S. Growth and Income Private Pool Series F | 8.63% | FID1978 | Global Neutral Balanced | Balanced / allocation | 12.92% | 7.89% |
| Exemplar Growth and Income Fund Series F | 7.95% | AHP1710 | Tactical Balanced | Balanced / allocation | 10.48% | 6.58% |
| IG Mackenzie Global Science & Technology Fund II Series F | 7.45% | IGI1970 | Sector Equity | Equity | 26.82% | 20.20% |
| Phillips, Hager & North High Yield Bond Fund Series F | 7.43% | PHN5280; RBF5280 | Multi-Sector Fixed Income | Fixed income | 6.38% | 3.32% |
| Brandes Global Small Cap Equity Fund Series F | 7.12% | BIP552 | Global Small/Mid Cap Eq | Equity | 22.25% | 13.55% |
| Lysander-Crusader Equity Income Fund Series F | 5.93% | LYZ900F | Canadian Div & Inc Equity | Equity | 19.15% | 14.02% |
| Fidelity Canadian Large Cap Fund Series F | 4.57% | FID631 | Canadian Focused Equity | Equity | 12.21% | 7.77% |
| Ninepoint Gold Bullion Fund Series F | 4.19% | NPP226 | Commodity | Real assets / resources | 22.21% | 15.62% |
| Fidelity Concentrated Value Private Pool Series F | 3.82% | FID921 | Canadian Focused Equity | Equity | 12.30% | 7.80% |
| RBC Life Science and Technology Fund Series F | 2.97% | RBF619 | U.S. Equity | Equity | 22.59% | 15.99% |
| Scotia Nasdaq Index Fund - Series F | 2.94% | BNS597 | U.S. Equity | Equity | 23.68% | 17.39% |
| Mackenzie Gold Bullion Fund Series F | 2.04% | MFC8422 | Commodity | Real assets / resources | 21.93% | 15.54% |
| Fidelity American Balanced Fund Series F | 1.90% | FID2961 | Global Equity Balanced | Balanced / allocation | 14.22% | 8.80% |
| Fidelity Technology Innovators Fund Series F | 1.51% | FID697 | Sector Equity | Equity | 23.50% | 15.68% |
| IG Mackenzie Global Financial Services Fund Series F | 1.12% | IGI1292 | Financial Services Equity | Equity | 19.91% | 14.22% |
| Canoe Energy Income Portfolio Class Series F | 0.40% | GOC2003 | Energy Equity | Equity | 22.24% | 22.09% |
| Fidelity Canadian Growth Company Fund Series F | 0.16% | FID665 | Canadian Focused Equity | Equity | 26.25% | 16.65% |
| Fund | Weight | FundServ code | Category | Asset group | Fund return | Fund vol. |
|---|---|---|---|---|---|---|
| Brandes Global Small Cap Equity Fund Series F | 12.00% | BIP552 | Global Small/Mid Cap Eq | Equity | 22.25% | 13.55% |
| IG Mackenzie Global Science & Technology Fund II Series F | 12.00% | IGI1970 | Sector Equity | Equity | 26.82% | 20.20% |
| Purpose Global Resource Fund Series F | 12.00% | PFC5101 | Natural Resources Equity | Real assets / resources | 42.81% | 26.61% |
| Lysander-Crusader Equity Income Fund Series F | 11.12% | LYZ900F | Canadian Div & Inc Equity | Equity | 19.15% | 14.02% |
| Fidelity American Balanced Fund Series F | 8.95% | FID2961 | Global Equity Balanced | Balanced / allocation | 14.22% | 8.80% |
| Fidelity Canadian Growth Company Fund Series F | 7.69% | FID665 | Canadian Focused Equity | Equity | 26.25% | 16.65% |
| RBC Qube Market Neutral World Equity Fund (CAD Hedged) Series F | 6.51% | RBF10090; RBF941 | Alternative Market Neutrl | Alternative | 9.31% | 6.23% |
| Ninepoint Gold Bullion Fund Series F | 6.10% | NPP226 | Commodity | Real assets / resources | 22.21% | 15.62% |
| Fidelity U.S. Growth and Income Private Pool Series F | 6.05% | FID1978 | Global Neutral Balanced | Balanced / allocation | 12.92% | 7.89% |
| RBC Life Science and Technology Fund Series F | 4.63% | RBF619 | U.S. Equity | Equity | 22.59% | 15.99% |
| Fidelity Technology Innovators Fund Series F | 3.41% | FID697 | Sector Equity | Equity | 23.50% | 15.68% |
| Scotia Nasdaq Index Fund - Series F | 3.28% | BNS597 | U.S. Equity | Equity | 23.68% | 17.39% |
| Canoe Energy Income Portfolio Class Series F | 2.15% | GOC2003 | Energy Equity | Equity | 22.24% | 22.09% |
| Mackenzie Gold Bullion Fund Series F | 1.84% | MFC8422 | Commodity | Real assets / resources | 21.93% | 15.54% |
| IG Mackenzie Global Financial Services Fund Series F | 1.60% | IGI1292 | Financial Services Equity | Equity | 19.91% | 14.22% |
| RBC Global Technology Fund Series F | 0.60% | RBF620 | Sector Equity | Equity | 24.83% | 19.00% |
| IG Mackenzie Global Precious Metals Fund Series F | 0.07% | IGI1945 | Precious Metals Equity | Real assets / resources | 34.86% | 33.45% |
| Fund | Weight | FundServ code | Category | Asset group | Fund return | Fund vol. |
|---|---|---|---|---|---|---|
| IG Mackenzie Global Science & Technology Fund II Series F | 12.00% | IGI1970 | Sector Equity | Equity | 26.82% | 20.20% |
| IG Mackenzie Global Precious Metals Fund Series F | 12.00% | IGI1945 | Precious Metals Equity | Real assets / resources | 34.86% | 33.45% |
| Purpose Global Resource Fund Series F | 12.00% | PFC5101 | Natural Resources Equity | Real assets / resources | 42.81% | 26.61% |
| RBC Global Technology Fund Series F | 12.00% | RBF620 | Sector Equity | Equity | 24.83% | 19.00% |
| Fidelity Canadian Growth Company Fund Series F | 12.00% | FID665 | Canadian Focused Equity | Equity | 26.25% | 16.65% |
| Brandes Global Small Cap Equity Fund Series F | 12.00% | BIP552 | Global Small/Mid Cap Eq | Equity | 22.25% | 13.55% |
| Canoe Energy Income Portfolio Class Series F | 7.20% | GOC2003 | Energy Equity | Equity | 22.24% | 22.09% |
| Scotia Nasdaq Index Fund - Series F | 6.49% | BNS597 | U.S. Equity | Equity | 23.68% | 17.39% |
| Fidelity Special Situations Fund Series F | 4.84% | FID1698 | Canadian Focused Equity | Equity | 26.29% | 18.07% |
| Fidelity Technology Innovators Fund Series F | 3.47% | FID697 | Sector Equity | Equity | 23.50% | 15.68% |
| Dynamic Strategic Gold Class Series F | 3.10% | DYN2303; DYN2309 | Commodity | Real assets / resources | 29.32% | 26.98% |
| Ninepoint Gold Bullion Fund Series F | 2.34% | NPP226 | Commodity | Real assets / resources | 22.21% | 15.62% |
| CI Precious Metals Fund Series F | 0.56% | CIG54203 | Precious Metals Equity | Real assets / resources | 32.26% | 32.98% |
Methodology
The optimizer solved 101 target-return points for each of five profile-constrained efficient frontiers, for 505 solved frontier portfolios. It did not brute-force every raw subset of funds; the raw subset space is too large to enumerate directly.
| Profile | Selected holdings | Raw subsets at that size |
|---|---|---|
| Very Conservative | 12 | 4.690e+19 |
| Conservative | 20 | 5.157e+28 |
| Balanced | 20 | 5.157e+28 |
| Growth | 17 | 3.405e+25 |
| Aggressive Growth | 13 | 8.080e+20 |
Universe and filters
- Started from Fund Library mutual fund search for Series F Canadian mutual funds.
- Kept exact CAD Series F / F Series / Class F naming and excluded U$/US$/USD rows.
- Excluded F5, F8, FT5, FV, FD, and U.S. money-market variants.
- Required complete 120-month growth history ending May 31, 2026.
- Removed near-duplicate same-category Fund/Class strategy clones before optimization.
Return and risk model
- Expected return is the average of 3-, 5-, and 10-year geometric annual returns.
- Portfolio covariance is the average of 3-, 5-, and 10-year annualized monthly covariance matrices.
- Applied 15% diagonal shrinkage to reduce overfitting from a large universe and limited history.
- Each profile is solved as a long-only minimum-variance frontier under its own allocation constraints.
Portfolio constraints
- Maximum weight per fund: 12%.
- Maximum CIFSC category weight: 35%.
- Very Conservative requires at least 65% defensive exposure.
- Conservative requires at least 50% defensive exposure.
- Balanced requires at least 35% defensive exposure.
- Growth requires at least 15% defensive exposure.
- Aggressive Growth has no required defensive allocation.
How to read the chart
- Each line is the efficient frontier for that profile's constraints.
- The highlighted marker is the selected portfolio closest to the profile target volatility.
- Higher points are higher historical return; farther right is higher historical volatility.
- FundServ codes are parsed from each selected fund's Fund Library detail page.
Sources and caveats
Fund Library displays the search table fields used for FundGrade, ESG grade, short-term returns, and 3-, 5-, and 10-year annualized returns. Fund Library also states that its fund and ETF data comes from Fundata Canada.
| Source | Used for | Link |
|---|---|---|
| Fund Library mutual fund search | Initial Series F universe and displayed annualized return fields. | Open source |
| Fund Library fund detail pages | Fund category, FundServ codes, growth-series data, monthly return context, and annualized key-ratio fields. | Example detail page |
| Fundata Canada attribution | Underlying fund and ETF data source as stated by Fund Library. | Fundata Canada |
The optimized returns are unusually strong because the backward-looking period favored several resource, gold, technology, and growth-equity categories. This site should not be read as a recommendation to buy these funds without suitability, tax, liquidity, concentration, cost, and forward-looking risk review.
Downloads
The page is static, but the underlying files are included for inspection or re-use.
Portfolio weights CSVFull holdings by profile with weights, FundServ codes, Fund Library IDs, and fund-level metrics.
Profile metrics CSVReturn, volatility, Sharpe, selected frontier point, and holding count.
Frontier points CSVAll 505 solved points for the five profile-constrained frontiers.
Eligible universe CSVAll funds with complete 10-year monthly history after filters.
Frontier chart SVGVector version of the efficient-frontier chart.
Methodology notePlain-text methodology and optimization counts.
