What to do with losing funds

It is indeed a rough market and the two funds you mention have both taken big hits. I hope these are not the only funds you invested in. If they are, I suggest you sit down and have a long, hard talk with your financial advisor.

A retiree at your age should have a well-balanced investment portfolio, not one that is heavily weighted towards the stock market and certainly not one that is concentrated in just a couple of funds. Depending on what other income sources and assets you have available, it would seem to me that no more than 50% of your assets, at most, should be in equities and a good percentage of that should be in conservative, value-oriented funds.

The funds you mention are very likely to recover at some point in the future but no one can predict with any certainty when that might be. But more to the point is the question of whether either fund is suitable for the RRSP of a 61-year-old retiree. Perhaps Select Managers might pass the test (it does have a value component) but only as a small percentage of the overall position.