Addition of Fidelity ClearPath® Active Target Date Funds to the Core investment platform
Plan sponsors may wish to consider whether this investment news has any implications for the investment options available within their plans. Sun Life Assurance Company of Canada purchases units of the funds listed below, which are established as segregated funds in accordance with the Insurance Companies Act (Canada).
You don’t need to take any immediate action as a result of this announcement, but you may consider whether the new funds are a suitable addition to your line-up.
Sun Life Group Retirement Services (GRS) is pleased to announce the addition of the Fidelity ClearPath® Active Series of Target Date Segregated Funds (ClearPath Active) to our core investment platform. With this addition, we now offer all three of the available Fidelity ClearPath Target Date Fund series – Active, Blend and Index Plus.
About the ClearPath Active Funds
Launched in November 2005, the ClearPath Active funds seek to help members maintain their standard of living in retirement by balancing risk and reward throughout their lifetime. The strategy embraces members’ long-term investment horizons and seeks to deliver investment results that support their needs for inflation-protected income in retirement.
ClearPath Active leverage the same portfolio management team and resources as the other two Fidelity ClearPath fund series (Blend and Index Plus) which we already offer on Sun Life’s core investment platform.
There are three key differences between the ClearPath Active and ClearPath Blend/Index Plus offerings:
- ClearPath Active has a higher allocation to Fidelity’s actively-managed strategies versus ClearPath Blend. On average across the glidepath, passive strategies currently account for approximately 16% of ClearPath Active vs. approximately 30% of Blend and 99% of Index Plus building blocks.
- The underlying building blocks (investment strategies) differ as ClearPath Active utilizes Fidelity’s mutual funds, whereas Blend utilizes Fidelity’s institutional pooled funds.
- ClearPath® Active does not have a dedicated allocation to direct Canadian real estate via the Brookfield Canadian Real Estate Fund that is included in Blend and Index Plus.
The key decision makers for all three ClearPath series are Co-Portfolio Managers Bruno Crocco, Andrew Dierdorf and Brett Sumsion. They have been managing the Fidelity ClearPath® Canadian Target Date Funds since 2005 (Active), 2014 (Blend), and 2019 (Index Plus). The Co-Portfolio Managers are responsible for all investment decisions, including glidepath design, fund selection, implementation and risk management.
The ClearPath® Active glidepath is identical to that of the Blend and Index Plus series. Like the other ClearPath series, the glidepath is ‘Through’ retirement. This means that the strategic asset allocation continues to adjust after retirement to reflect the changing mix of risks that plan members face through their lifetime. Below is an illustration of the glidepath for all three ClearPath series.
Glide paths: Allocation to equity (%)1
1 Charts are for illustrative purposes only and based on data provided by Fidelity as of 12/31/25. Through is the actual glidepath for ClearPath. Assumes retirement age is 65.
2 Source: Environics Research, Fidelity Asset Allocation Study. Study sampled advisors from July 15th to July 27th, 2025.
The benchmark asset allocations for ClearPath® Active as of March 31, 2026, are below:
|
2065 |
2060 |
2055 |
2050 |
2045 |
2040 |
2035 |
2030 |
2025 |
2020 |
2015 |
2010 |
Income |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
S&P/TSX Capped Composite |
23.3% |
23.3% |
23.3% |
23.3% |
22.8% |
19.0% |
16.8% |
14.5% |
11.8% |
9.0% |
6.7% |
5.8% |
5.2% |
Dow Jones U.S. Total Stock Market Index |
35.5% |
35.5% |
35.5% |
35.5% |
34.7% |
28.9% |
25.6% |
22.0% |
17.9% |
13.7% |
10.2% |
8.9% |
7.9% |
MSCI EAFE + MSCI Emerging Markets |
33.1% |
33.1% |
33.1% |
33.1% |
32.4% |
26.9% |
23.9% |
20.6% |
16.8% |
12.8% |
9.5% |
8.3% |
7.3% |
FTSE Canada Universe Bond Index |
2.0% |
2.0% |
2.0% |
2.0% |
3.1% |
10.7% |
14.7% |
15.6% |
16.0% |
17.9% |
18.5% |
13.4% |
10.0% |
FTSE Canada Real Return Federal Bond Index |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.7% |
5.7% |
8.4% |
8.9% |
8.6% |
7.3% |
6.0% |
FTSE Canada Long Term Government Index |
4.1% |
4.1% |
4.1% |
4.1% |
4.0% |
3.8% |
3.5% |
3.3% |
3.0% |
2.7% |
2.4% |
2.2% |
2.0% |
Bloomberg Global Treasury Developed Index (CAD Hedged) |
2.0% |
2.0% |
2.0% |
2.0% |
3.0% |
10.7% |
14.6% |
15.6% |
15.9% |
17.9% |
18.5% |
13.4% |
10.0% |
Bloomberg Global Inflation-Linked 1-10yrs Index (CAD Hedged) |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.2% |
2.7% |
6.2% |
10.0% |
14.6% |
20.2% |
24.4% |
FTSE Canada Short Term Bond Index |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.1% |
4.0% |
7.1% |
10.1% |
17.8% |
22.2% |
FTSE Canada 91 Day T-Bill Index |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.0% |
0.9% |
2.8% |
5.1% |
The Statement of Investment Policies and Procedures documents for all three Fidelity ClearPath® series is available on the plan sponsor website.
We are committed to providing choice between Fidelity’s ClearPath® suite
The GRS core investment platform now offers all three versions of Fidelity’s ClearPath® target date suites.
With this addition, we now offer plan sponsors nine unique Target Date investment options on the core investment platform, as follows:
Target Date Series |
Active Vs. Passive |
Glidepath |
Underlying Manager |
Sustainable Investing* |
Alternative assets |
|---|---|---|---|---|---|
BlackRock LifePath Index |
Passive |
To retirement |
Single manager |
ESG Integration |
Listed securities only (real estate, infrastructure, commodities) |
Fidelity ClearPath® Active |
Primarily Active |
Through retirement |
Primarily single manager |
ESG Integration |
Listed commodities |
Fidelity ClearPath® Blend |
Primarily Active |
Through retirement |
Primarily single manager |
ESG Integration |
Direct Canadian real estate, listed commodities |
Fidelity ClearPath® Index Plus |
Primarily Passive |
Through retirement |
Primarily single manager |
Traditional Investing |
Direct Canadian real estate, listed commodities |
MFS LifePlan |
Active |
To retirement |
Single manager |
ESG Integration |
Listed securities only (real estate) |
Sun Life Granite |
Primarily active |
To retirement |
Multi-manager |
ESG Integration |
Private fixed income, commercial mortgages, listed & direct infrastructure, listed & direct real estate, listed commodities, liquid alternatives |
Sun Life Granite Multi-Risk |
Primarily active |
To retirement |
Multi-manager |
ESG Integration |
Private fixed income, commercial mortgages, listed & direct infrastructure, listed & direct real estate, listed commodities, liquid alternatives |
Sun Life Granite Index+ |
Primarily passive |
To retirement |
Multi-manager |
Traditional Investing |
Private fixed income, commercial mortgages, global direct real estate, listed commodities |
TD Greystone Target Date Plus |
Active |
To retirement |
Single manager |
ESG Integration |
Direct real estate and infrastructure, commercial mortgages, listed commodities |
* Sustainable Investing Definitions:
- ESG Integration: These funds integrate material ESG factors into their investment processes (e.g., research, portfolio management) to inform investment decisions.
- Traditional Investing: These funds invest based on financial analysis with informal or limited regard for ESG factors in investment decisions.
As published in our recent Designed for Savings, 42% of GRS plan member assets are invested in target date funds. Additionally, target date funds are the default fund choice for 81% of plan sponsors.
While target date funds are often thought of as a “set-it-and-forget-it” option for members, we encourage plan sponsors to review their target date option, which is often the default choice, every few years. The updated CAPSA Guideline No. 3 also outlines the importance of selecting an appropriate default option for plans.
Note that the name of the Fidelity ClearPath® Blend Series was recently updated to include the word “Blend”. You can view the communication here.
The fees for ClearPath® Active are higher than ClearPath® Blend and ClearPath® Index Plus, due to the higher allocation to active funds.
About Fidelity Investments Canada
Fidelity Investments Canada ULC was established in 1987 and is part of Fidelity Management and Research (FMR), one of the world’s largest privately owned financial services companies. FMR, which was founded in 1946 and is based in Boston, Massachusetts, manages over $3 trillion in assets. Fidelity is well known for its actively managed equity and fixed income solutions but also manages alternative and multi-asset solutions for its institutional and retail clients.
Fidelity has a large worldwide network of research offices and analysts. Its investment strategies rely on analysts conducting on-the-ground proprietary research. Fidelity focuses on four major principles: individual security selection, extensive fundamental research, manager-driven decision-making, and an adherence to proven investment discipline.
Do you have to take any action?
You don’t need to take any action. You may consider whether the new funds are a suitable addition to your lineup. The GRS Investment Solutions team, in partnership with your consultant or advisor, can help with a thorough review of target date options available on the platform.
Questions?
Please contact your Sun Life Group Retirement Services representative*.
*In Quebec, registered as a Group annuity plans advisor.