Top 10 performing mutual funds in Canada to look at now

 Updated: March 27, 2025 

Whether you’re an experienced investor or starting on your investment journey, investing in mutual funds is a good strategy for accumulating wealth and securing a better financial future. 

There’s an overwhelming number and variety in this type of investment. That’s why it can be difficult to pick out the ones that offer the most consistent and significant returns. 

In this guide, Wealth Professional provides you an updated list of the best-performing Canadian mutual funds for this year. Here is a curated selection of funds that have consistently shown exceptional performance in their stability and returns. Let’s dive into the list of top performing mutual funds in Canada for 2025. 

The 10 best-performing Canadian mutual funds 

To come up with the list, we used data from the investment analytics firm Morningstar’s screener tool. Our choices are based on 10-year returns for an initial investment of $10,000 (growth of 10K). We will also provide a list of each fund’s top 10 holdings to give you an idea of what the portfolio looks like. 

We narrowed down our picks to mostly Series F mutual funds. If you want to learn more about the different fund classes and how to start investing in mutual funds, this guide can help.  

Our list is arranged alphabetically. Note that the figures here are for informational purposes only. They are not intended for trading. If you need guidance on finding the mutual funds that align with your investment goals, it’s best to consult with an experienced financial advisor. 

These are our picks for the best-performing Canadian mutual funds.   

1. AGF Global Select Series F 

Investment size: $5.6 billion 
Investment style: Large growth 
Risk level: Medium 

A global equity fund, AGF Global Select is made up of around 75 percent US assets, 4 percent Canadian assets, and the rest invested in the EU, Asia, and Latin America. This fund can provide investors with instant diversification. 

Initially launched 23 years ago, this fund had an unimpressive start, shedding more than half its value during the bear market of 2002 to 2003. It also suffered setbacks in the 2008 financial crisis. It has rebounded since then to provide excellent returns. 

AF Global Select now beats its benchmark index by almost 5 percent per year in the last 10 years. It continues to give solid returns, with a cash-flow growth of more than 21 percent. Its management expense ratio (MER) is at a comfortable 1.01 percent, but larger investors can get a discount. The initial investment is only $500, and a minimum of $25 for subsequent investments. 

AGF Global Select Series F – 10 largest holdings 

2. BlueBay Emerging Markets Corporate Bond Fund

Investment size: $927.4 million 
Investment style: N/A 
Risk level: Low to medium 

 As an asset manager based in London, BlueBay focuses on managing European fixed-income debt. It was acquired by Royal Bank of Canada in 2010. BlueBay’s financial services, however, were on the Canadian market for a decade before its acquisition. 

The Blue Bay Emerging Markets Corporate Bond Fund suits investors looking for low- to medium-risk funds. At first glance, this fund may not appear very impressive since its return to the Canadian market, but it has performed rather well. 

This fund has an MER of 0.94 percent, about a third of its total returns. Having assets outside North America is also attractive to investors, providing a high degree of diversification. 

BlueBay Emerging Markets Corporate Bond Fund – 10 largest holdings 

3. CI Canadian Dividend Funds Series F 

Investment size: $1.7 billion 
Investment style: Large blend 
Risk level: Medium 

This mutual fund is invested in both US and Canadian equities, with an over 95 percent allocation in local stocks. 

As of this writing, there are few mutual funds in Canada that can boast of outperforming other funds for 10 years and counting. CI Canadian Dividend Funds have surpassed their benchmark index, even after investors have paid 1.33 percent MER. 

Interestingly, this fund has only around 40 choice stocks; the average fund can have hundreds in its portfolio. This is a fund that’s been patiently built up with stocks from stellar companies for decades en route to becoming among the best-performing Canadian mutual funds. 

Considering the potential high returns for investors, all it takes to invest is a relatively small initial buy-in of $500. 

CI Canadian Dividend Funds Series F – 10 largest holdings 

4. Dynamic Canadian Dividend Series F 

Investment size: $639 million 
Investment style: Large value 
Risk level: Low to medium 

One of the top-performing mutual funds in the past ten years (and possibly longer) has been the Dynamic Canadian Dividend Fund. This is a conservatively managed fund brimming with stocks of some of the best companies in Canada, including Toronto Dominion Bank, Power Corporation of Canada, and Enbridge. 

This is a fund that’s designed to pay a generous dividend, and it consistently delivers. The current yield is 3.4 percent and has a 1.14 percent MER. Around 83 percent of the fund consists of Canadian assets, while US assets make up 12 percent. International equities and cash comprise the rest.  

Dynamic Canadian Dividend Series F – 10 largest holdings 

5. Mackenzie Bluewater Canadian Group Balanced Fund Series F 

Investment size: $5.4 billion 
Investment style: Large growth 
Risk level: Low to medium 

This fund is composed of 66 percent stocks and 30 percent fixed-income bonds from mostly Canadian and American companies. It also has a few international asset investments. 

Owned by IG Wealth Management, this fund is managed by its subsidiary, Mackenzie Financial. Previously known as Investors Group, IG Wealth Management was ranked poorly by investors in the past. IG had a reputation for selling lackluster funds and charging high fees. 

This fund has since grown to an impressive $5.4 billion in investments and now gives considerably good returns. Its management fee now sits at a more investor-friendly 0.7 percent. 

This turnaround in performance might be attributed to Mackenzie’s strategic changes, including the appointments of experienced and capable portfolio managers. Still, it pays to do a little homework to see if a fund is worth investing in. 

Mackenzie Bluewater Canadian Group Balanced Fund Series F – 10 largest holdings 

6. Mawer Global Equity Fund 

Investment size: $9.3 billion 
Investment style: Large blend 
Risk level: Medium 

Mawer is an independent asset manager based in Calgary. Its mandate is simple: to deliver solid long-term returns via investment portfolios of steady, seemingly unspectacular, unglamorous stocks. Its strategy is perfectly captured by its slogan: “Be Boring. Make Money.” 

Investors will see from its fund facts that it’s chock-full of “boring” stocks from around the world, from companies that appear in everyday life. Its most notable holdings are Johnson & Johnson, Microsoft, and convenience store giant Alimentation Couche-Tard. 

Most Canadian online brokerages offer the fund. Apart from its minimum initial investment of $500, another benefit is that it’s also RRSP and TFSA eligible. 

Since its establishment in 2009, the Mawer Global Equity Fund has beaten other comparable equity funds over the last ten years, by about 1% per year after expenses. While there is no guarantee this historical annual outperformance will continue, its long track record of good results puts it on our list of the best-performing Canadian mutual funds. 

Mawer Global Equity Fund – 10 largest holdings 

7. North Growth Canadian Equity Fund Series F 

Investment size: $44 million 
Investment style: Mid blend 
Risk level: Medium to high 

The North Growth Canadian Equity Fund runs a concentrated portfolio of small stocks that offer solid growth opportunities and trading at reasonable valuations. This strategy is very different from the top-heavy TSX Composite Index and can lead to massive outperformance. 

This is a small fund, with just about $44 million worth of investment and a 0.70 percent MER. Here’s a good reason why this fund outperforms its benchmark: the fund company requires all its fund managers to invest in their funds. This investor-friendly provision also ensures that fund managers work in their investors’ best interests! 

North Growth Canadian Equity Fund Series F – 10 largest holdings 

8. PH&N Small Float Fund Series F 

Investment size: $1.2 billion 
Investment style: Mid growth 
Risk level: Medium to high 

This fund has posted nearly unheard-of returns since its creation in 2002, growing the portfolio by almost 10 percent annually. The fund uses a couple of different strategies to generate these amazing returns: 

• it takes concentrated positions in top holdings, with approximately half the fund's assets in its top 10 holdings 
• its index gives a significant weight towards larger names 

Sounds like a great investment, but there’s a catch: this fund is reserved only for Royal Bank clients. Plus, the management fee is not a fixed rate. It’s a negotiated amount based on how much is invested. 

PH&N Small Float Fund Series F – 10 largest holdings 

9. RBC Life Science and Technology Series F 

Investment size: $2.3 billion 
Investment style: Large growth 
Risk level: Medium 

Many tech stocks benefit the most from a strong economy and increased optimism – that's why this fund is worth considering during good times. This could explain why the RBC Life Science and Technology Fund has surpassed its benchmark by almost 4 percent per year. That might not look like much, but over time this can add up to significant growth. This is why the fund is among our picks for the best-performing Canadian mutual funds.  

The fund has two caveats, though. It tends to perform much worse than safer investments when market sentiment turns negative. Also, its 0.94 percent MER eats up any dividends. These, however, haven't hurt the fund’s long-term gains in the past. 

Want to know more about mutual funds from Canada’s largest bank? Here’s everything you need to know about RBC mutual funds. 

RBC Life Science and Technology Series F – 10 largest holdings 

  
10. TD US Mid-Cap Growth – F 

Investment size: $3.2 billion 
Investment style: Mid growth 
Risk level: Medium 

Upon closer inspection, you can observe top holdings in boring, unfamiliar names like Hologic, Marvell Technology, and Textron. However, even investors who are skilled and prefer to have actively managed funds can still learn a thing or two from this fund. The companies in it are usually underfollowed but make no mistake – this is fertile hunting ground for seasoned mutual fund managers. 

You’ll pay a higher management fee for this expertise, with this fund charging a 1.11 percent MER. But that's acceptable, since you can get good long-term value, with the fund consistently delivering returns higher than its benchmark. 

You’ll only need $500 to begin investing in this fund, and it can easily be purchased through your online broker. 

For an overview of what TD Bank offers in this area, read our article on TD mutual funds. 

TD US Mid-Cap Growth – F – 10 largest holdings 

 
What are the advantages of mutual funds? 

There are several advantages mutual funds can offer Canadian investors, including: 

Diversification  

This is part of a mutual fund’s nature and works to protect investors from risk. Since a mutual fund is a collection of different stocks, bonds, or other assets, any adverse event that affects one asset is cushioned by the others.   

Expert management  

This is what you can expect from the fund or portfolio managers. These experts make sure that the fund is professionally managed while taking into account their clients’ budget, goals, and risk tolerance. 

Low cost  

This attracts more investors to Canadian mutual funds. By pooling assets and resources with more investors, transaction costs are much less than if a single investor dealt in securities. 

Convenience  

Investing in mutual funds is made easier with online brokerages. You can choose to reinvest your dividends back into the fund or forward the earnings of your RRSP or TFSAs. 

Remember that you aren’t limited to this list of the best-performing Canadian mutual funds. There’s no rule that says you can’t use these funds with other mutual funds, index funds of those funds, or even growth stocks. 

Here’s a video explaining the differences between index funds, mutual funds, and exchange-traded funds (ETFs):  

Are mutual funds a good investment in Canada? 

The short answer is yes, but that largely depends on the individual investor’s or fund manager’s risk appetite, budget, and financial goals. If this investment instrument aligns well with all three criteria, then mutual funds are a good investment. 

Another reason why mutual funds in Canada are a good investment is they do away with the risk and hassle of picking individual stocks and bonds. Simply choosing a mutual fund or funds can save you a lot of time and energy. This is more efficient than researching individual stocks, then choosing which ones conform to your needs, then adding them to your portfolio. 

There are many mutual funds in Canada to suit any financial advisor’s or investor’s budget, investment objectives, and risk tolerance. The key to finding the best mutual funds is to defer to the knowledge and expertise of more experienced professional fund managers. If you’re searching for one, our Best in Wealth Special Reports page is the place to go. 

The companies and professionals featured in our special reports have been vetted by our panel of experts as reliable and respected market leaders. By partnering with them, you know that you’ll be receiving the right guidance in every step of your investment journey.  

Did you like our picks for the best-performing Canadian mutual funds for this year? Let us know in the comments