Morningstar Canada has elevated 13 mutual funds to its top five star rating. The current ratings are based on data at August 31.

Ten of the 13 new funds ascended from their previous four star rating. Two funds, Sprott Canadian Equity and Clarington Global Equity, received five star status in their first eligible rating period. Another fund, London Life Balanced (BG), made the leap from a three Star rating. On the flip side, nine funds fell to one star status, down from two star ratings.

CI Mutual Funds Inc. continues to have more five star funds than any other Canadian fund manager, with eight of its 62 ranked funds accruing the top rating. Next on the list is Mackenzie Financial Corp. with seven five star funds, followed by three other companies with six each. According to Morningstar a total of 150 funds had five-star Ratings at August 31.