# Lipper 2025 Canada F-Class Frontier Methodology

## Sources And Timing

- Official award universe: LSEG Lipper Fund Awards Canada 2025 mutual-fund winner table.
- Award calculation period: 36, 60 and 120 months ending 2025-07-31.
- Return-history source: Fund Library/Fundata monthly growth series from Fund Library detail pages.
- RBC comparison: RBC Select Series F funds identified in Fund Library and evaluated with the same monthly-history engine.

## Counts

- Official LSEG mutual-fund award rows: 109.
- Unique award-winning fund names: 86.
- Unique F-class/F-series-like winner names: 75.
- F-class winner names included in optimizer: 59.
- Eligible Fund Library F-class funds with complete 120-month histories ending 2025-07-31: 59.
- Final optimizer universe after duplicate screening: 59.

## Model

- Expected return is the equal-weight average of each fund's trailing 3-, 5- and 10-year geometric annual returns through 2025-07-31.
- Covariance is the equal-weight average of 3-, 5- and 10-year annualized monthly covariance matrices through 2025-07-31.
- Long-only optimization with no practical single-fund cap; maximum 35% per CIFSC category.
- Profile points maximize expected return under the profile volatility cap and allocation constraints; if the cap is below the feasible set, the minimum-volatility profile portfolio is used.

## Profile Metrics

| profile | frontier_profile | frontier_point | combined_return_pct | combined_volatility_pct | combined_sharpe_rf_3pct | target_return_pct | selection_method | nonzero_holdings |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Very Conservative | Very Conservative | target_volatility | 9.180978147936377 | 3.5000000004216942 | 1.7659937563404766 | 9.180978147936377 | Maximum-return portfolio subject to the profile target-volatility cap. | 15 |
| Conservative | Conservative | target_volatility | 12.231650860754495 | 5.00000000025053 | 1.8463301720583867 | 12.231650860754495 | Maximum-return portfolio subject to the profile target-volatility cap. | 10 |
| Balanced | Balanced | target_volatility | 15.07386616075594 | 6.500000000251759 | 1.857517870813584 | 15.07386616075594 | Maximum-return portfolio subject to the profile target-volatility cap. | 9 |
| Growth | Growth | target_volatility | 19.588999304188274 | 9.500000001442384 | 1.746210452807323 | 19.588999304188274 | Maximum-return portfolio subject to the profile target-volatility cap. | 8 |
| Aggressive Growth | Aggressive Growth | target_volatility | 23.389088490375958 | 13.000000000027729 | 1.568391422333267 | 23.389088490375958 | Maximum-return portfolio subject to the profile target-volatility cap. | 5 |

## RBC Select Comparison

| profile | rbc_fund_id | rbc_select_fund | rbc_return_pct | rbc_volatility_pct | rbc_sharpe_rf_3pct | optimized_return_pct | optimized_volatility_pct | optimized_sharpe_rf_3pct | return_advantage_pct | volatility_difference_pct | sharpe_difference |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Very Conservative | 243854 | RBC Select Very Conservative Portfolio Series F | 4.163031122067914 | 5.901510931210599 | 0.19707345044760205 | 9.180978147936377 | 3.5000000004216942 | 1.7659937563404766 | 5.017947025868463 | -2.401510930788905 | 1.5689203058928745 |
| Conservative | 241565 | RBC Select Conservative Portfolio Series F | 6.085110445224854 | 6.832064650847395 | 0.451563414998159 | 12.231650860754495 | 5.00000000025053 | 1.8463301720583867 | 6.146540415529642 | -1.8320646505968643 | 1.3947667570602276 |
| Balanced | 241566 | RBC Select Balanced Portfolio Series F | 8.124213071573909 | 8.46221216354503 | 0.6055406048135823 | 15.07386616075594 | 6.500000000251759 | 1.857517870813584 | 6.949653089182032 | -1.9622121632932705 | 1.2519772660000017 |
| Growth | 241567 | RBC Select Growth Portfolio Series F | 9.470930389256866 | 9.372235032098757 | 0.6904362051415401 | 19.588999304188274 | 9.500000001442384 | 1.746210452807323 | 10.118068914931408 | 0.1277649693436267 | 1.055774247665783 |
| Aggressive Growth | 241568 | RBC Select Aggressive Growth Portfolio Series F | 12.158505578084517 | 11.089488209413808 | 0.8258727008077713 | 23.389088490375958 | 13.000000000027729 | 1.568391422333267 | 11.23058291229144 | 1.9105117906139206 | 0.7425187215254956 |