The Globe and Mail reports in its Thursday edition that Phillips Hager & North offers actively managed blended portfolios. Globe columnist Andrew Hallam writes that Tangerine also offers blended portfolios. However, unlike the managers at PH&N, nobody at Tangerine tries to pick winning stocks -- nor does Tangerine tweak its funds to favour geographic sectors. The firm simply blends index funds. It ignores market forecasts and rebalances once a year. Mr. Hallam put Phillips Hager & North toe-to-toe with Tangerine. He compared funds with 25 per cent to 30 per cent in bonds and cash. Tangerine prevailed, with a 9.96-per-cent annual return during the three years ended April 30. Phillips Hager & North's contender gained 9.5 per cent a year. In the end, Tangerine prevailed, winning three of five contests in varying kinds of fund performance that Mr. Hallam presented. The test was close. Categorized into slightly different groupings of stocks and bonds, Mr. Hallam says it is possible PH&N might have eked out a win. It is, after all, a legend. Two years in a row, Lipper awarded it Canada's Best Overall Fund Group. He adds that investors should not underestimate Tangerine's index funds.