TORONTO, Feb. 6, 2026 – Middlefield is proud to announce that four funds have earned Fundata FundGrade A+® ratings for 2025: Middlefield Real Estate Dividend ETF, Middlefield Real Estate Dividend Class, Middlefield Innovation Dividend Class, and Middlefield Healthcare Dividend Fund.
The FundGrade A+® distinction is awarded annually to Canadian investment funds that demonstrate superior risk-adjusted performance over a full calendar year, providing investors with a clear and consistent performance measure based on up to 10 years of results.
“Receiving this recognition across multiple mandates underscores the depth and expertise of our portfolio management team,” said Dean Orrico, President and CEO of Middlefield. “Dividend-focused strategies play a crucial role in building resilient portfolios by delivering dependable income while managing risk. Combined with disciplined active management, we believe these strategies offer real diversification for investors.”
These FundGrade A+® ratings build on Middlefield’s success in 2025, when the firm was also recognized as an LSEG Lipper Fund Awards Canada 2025 winner for Middlefield Real Estate Dividend Class Series F and Middlefield U.S. Equity Dividend Class Series F.*
About the Award-Winning Funds
Middlefield Real Estate Dividend ETF (MREL)
MREL is designed to provide investors with stable monthly income and long-term capital appreciation through a diversified portfolio of high-quality global real estate companies. Since 2011, the fund has taken an active approach, leveraging Middlefield’s investment expertise to identify leading real estate businesses with growing cash flows and rising dividends. This recognition marks the third consecutive year MREL has earned a FundGrade A+® rating.
Middlefield Real Estate Dividend Class
Middlefield Real Estate Dividend Class is designed to provide investors with stable monthly income and long-term capital appreciation through a diversified portfolio of high-quality global real estate companies. Since 2011, the strategy has followed an active approach focused on companies with growing cash flows and dividends. The fund was also recognized as an LSEG Lipper Fund Awards Canada 2025 Winner for the three and five-year periods ended July 31, 2025.
Middlefield Innovation Dividend Class
Middlefield Innovation Dividend Class is a high-conviction portfolio of global companies focused on artificial intelligence, software, e-commerce, and online advertising. Since its inception in 2022, the fund has emphasized large-cap, high-quality businesses with durable models and a strong track record of earnings growth.
Middlefield Healthcare Dividend Fund
Middlefield Healthcare Dividend Fund is a high-conviction, diversified portfolio of companies operating across the global healthcare sector. The strategy focuses on businesses with commercial or clinical catalysts that may drive positive earnings revisions, while benefiting from healthcare’s defensive, needs-based demand and long-term growth supported by ongoing innovation and R&D investment.
For any questions or media requests, please contact Cassandra Coleman at ccoleman@middlefield.com.
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About Middlefield
Founded in 1979, Middlefield is an income focused asset manager with offices in Toronto, Canada and London, England. Our investment team has developed a disciplined investment process over many years that seeks to identify attractive opportunities while evaluating the risks that impact returns. Our specialized suite of innovative investment solutions for both individual and institutional investors include Exchange-Traded Funds trading in Canada, the UK, Italy and Germany as well as Canadian Mutual Funds, Split Share Corporations, Closed-End Funds and Flow-through LPs. Our core business currently includes seven income mandates: Real Estate, Healthcare, Innovation, Infrastructure, Energy, Diversified Income and Fixed Income, all of which incorporate our focus on diversification across market sectors and companies which have the ability to generate growing levels of cash flows.
Disclosure: FundGrade A+® is used with permission from Fundata Canada Inc., all rights reserved. The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata. For more information on the rating system, please visit https://www.fundata.com/fundgrade.
Performance for Funds: Middlefield Real Estate Dividend ETF (MREL) won the 2025 FundGrade A+® in the Real Estate Equity Category, out of 31 funds. The FundGrade A+® performance start date was 12/31/2015 and the FundGrade A+® performance end date was 12/31/2025. Performance for the fund for the period ended December 31, 2025, is as follows: 12.2% (1 year), 9.0% (3 years), 6.5% (5 years), 6.7% (10 years) and since inception 7.5% (since inception – April 20, 2011). Middlefield Real Estate Dividend Class won the 2025 FundGrade A+® in the Real Estate Equity Category, out of 31 funds. The FundGrade A+® performance start date was 12/31/2015 and the FundGrade A+® performance end date was 12/31/2025. Performance for the fund for the period ended December 31, 2025, is as follows: 11.9% (1 year), 9.0% (3 years), 6.4% (5 years), 5.9% (10 years) and since inception 8.9% (since inception – September 30, 2011). Middlefield Innovation Dividend Class won the 2025 FundGrade A+® in the Global Equity Category, out of 314 funds. The FundGrade A+® performance start date was 12/31/2022 and the FundGrade A+® performance end date was 12/31/2025. Performance for the fund for the period ended December 31, 2025, is as follows: 1.2% (1 year), 29.5% (3 years) and since inception 21.8% (since inception – May 31, 2022). Middlefield Healthcare Dividend Fund won the 2025 FundGrade A+® in the Health Care Equity Category, out of 21 funds. The FundGrade A+® performance start date was 12/31/2015 and the FundGrade A+® performance end date was 12/31/2025. Performance for the fund for the period ended December 31, 2025, is as follows: 9.0% (1 year), 7.2% (3 years), 8.4% (5 years), 7.9% (10 years) and since inception 10.0% (since inception – October 23, 2014).
Disclaimer: This material has been prepared for informational purposes only without regard to any particular user’s investment objectives or financial situation. This communication constitutes neither a recommendation to enter into a particular transaction nor a representation that any product described herein is suitable or appropriate for you. Investment decisions should be made with guidance from a qualified professional. The opinions contained in this report are solely those of Middlefield Limited (“ML”) and are subject to change without notice. ML makes every effort to ensure that the information has been derived from sources believed to reliable, but we cannot represent that they are complete or accurate. However, ML assumes no responsibility for any losses or damages, whether direct or indirect which arise from the use of this information. ML is under no obligation to update the information contained herein. This document is not to be construed as a solicitation, recommendation or offer to buy or sell any security, financial product, or instrument. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
*For more information on the LSEG Lipper Fund Awards, please visit: Middlefield Wins Three 2025 LSEG Lipper Fund Awards.
