Fidelity to Close Eight Canada Funds as Freedom 2045, 2015 Beat Benchmarks in Q4

TORONTO, April 1, 2026, 07:03 EDT

Fidelity Investments Canada ULC plans to wind down eight funds, part of an effort to trim its roster, the firm said Tuesday. Quarterly reports out this week also showed Fidelity’s Freedom 2045 and 2015 retirement funds outperformed their composite benchmarks late in 2025. The Canadian funds on the chopping block have already stopped accepting new investors; most closures are set for around July 24.

This puts holders on the clock: they’ll need to choose whether to switch or cash out before the expected July 24 deadline. The backdrop? Managers are continuing to pare down their offerings. Just a day prior, Invesco Canada announced it will wind up two funds by around May 29, shelving a previously planned transfer of those mandates to CI Global Asset Management. In the U.S. retirement sector, Sway Research founder Chris Brown pointed out that smaller target-date managers still face the “scale advantages held by market leaders.” Newswire

Fidelity is shutting down several Canadian products, including the Fidelity Canadian Monthly High Income ETF and its fund counterpart, as well as the Fidelity Global Monthly High Income ETF and its fund version. Also on the chopping block: Fidelity Long-Term Leaders Currency Neutral Fund and Fidelity Long-Term Leaders Fund. Two corporate-class funds—Fidelity Disruptors Class and Fidelity Disruptive Automation Class—are headed for closure too, though those require securityholder sign-off at virtual meetings penciled in for around June 25. The ETFs themselves won’t leave the Toronto Stock Exchange until after that step.

Fidelity’s latest quarterly reviews put the $24.8 billion Freedom 2045 Fund up 3.70% for the fourth quarter, with a 23.77% advance for 2025. Both figures outpaced the composite benchmark, which posted 3.14% and 21.40%, respectively. As for the $4.3 billion Freedom 2015 Fund, it gained 1.86% over the quarter and 13.19% for the year—topping its benchmark’s 1.69% and 11.90%.

Active asset allocation and stock picking worked in the funds’ favor, Fidelity said. The biggest boost came from a tilt toward non-U.S. equities, as international and emerging-market shares topped U.S. stocks for the quarter. On the domestic side, large-cap strategies managed by Steve Wymer and Matt Fruhan added value. The main drag: Vincent Montemaggiore’s Overseas Fund.

Target-date funds, which gradually move assets from equities into bonds as investors near retirement, continue to dominate the retirement landscape. Morningstar put the market’s 2025 growth at 20.3%, reaching $4.8 trillion. Vanguard, Fidelity, T. Rowe Price, BlackRock, and Capital Group together accounted for 80% of the pie. Analyst Mahi Roy described the space as “highly competitive,” adding, “scale and distribution are key.” Plan Adviser

In its 2025 review, Fidelity said it’s already making changes to the Freedom funds’ glide path—the preset mix of stocks and bonds that shifts toward conservatism as time goes on. The firm is boosting early-career investors’ equity exposure, and for those approaching or in retirement, it’s adding more equities along with inflation-sensitive assets.

The Canadian plan remains in flux. Those two corporate-class funds still face a shareholder vote, and while ETF delistings are anticipated, they haven’t happened yet. Investors holding the affected funds will need to choose between switching or redeeming ahead of the slated July deadline. As of March 18, Fidelity Canada managed $363 billion and said it will issue notices at least 60 days before the expected effective date.

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