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Mawer Tax Effective Balanced Fund

What Does The Fund Invest In?

Mawer Tax Effective Balanced FundThe fund may invest up to all of its assets in equity and equity-related securities, treasury bills, short-term notes, debentures and bonds from Canadian, US and international issuers or in other funds managed by Mawer. They can be of any size and from any industry.

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Fund Details - Series A

The information summarized below is for the quarter ended March 31, 2015.

Fund Manager:
Craig Senyk, CFA
Fund Code:
Inception Date: January 8, 1988
Fund Net Asset Value: $616.9 million
Total Net Asset Value (Series A): $442.3 million
Net Asset Value Per Unit: $31.32
RRSP Eligibility: Yes
Management Expense Ratio: 0.98% (as at Dec 31, 2014)


Top 25 Holdings


% Share

Cash Equivalents 9.0
Mawer Global Small Cap Fund Series O 7.1
Province of Ontario 3.45% Jun 02, 2045 1.4
Government of Canada 2.50% Jun 01, 2024 1.3
Canada Housing Trust No 1 FRN Sep 15, 2019 1.3
Province of Quebec 3.00% Sep 01, 2023 1.3
Government of Canada 1.50% Jun 01, 2023 1.2
Government of Canada 4.00% Jun 01, 2041 1.1
Government of Canada 1.25% Sep 01, 2018 1.1
Canada Housing Trust No 1 1.70% Dec 15, 2017 1.0
Province of Ontario 3.50% Jun 02, 2024 1.0
Canada Housing Trust No 1 2.35% Dec 15, 2018 0.9
Canada Housing Trust No 1 2.40% Dec 15, 2022 0.9
Blackrock Inc 0.8
Government of Canada 2.25% Jun 01, 2025 0.8
JPMorgan Chase & Co 0.7
Becton Dickinson and Co 0.7
World Fuel Services Corp 0.7
Wells Fargo & Co 0.7
Oracle Corp 0.7
United Technologies Corporation 0.7
Brookfield Asset Management Inc CL A 0.7
AutoZone Inc. 0.7
Whirlpool Corp. 0.6
Number of Holdings: 284
Number of Countries: 27

Asset Mix



Equity Sector Weights


Asset Mix - Mawer Canadian Balanced Retirement Savings Fund


Net Performance


1-yr 3-Yr 5-Yr
Mawer Tax Effective Balanced Fund
15.3 15.3
Internal Tax Effective Balanced Benchmark* 11.6

* 5% FTSE TMX 91 Day T-Bill Index, 35% DEX Universe Bond Index, 15% S&P/TSX Composite Index, 15% S&P 500 Index (CAD), 15% MSCI EAFE Index (Net, CAD), 7.5% BMO Small Cap Index (Blended, Weighted) and 7.5% Russell Global Small Cap Index (Gross, CAD)

Investor Suitability

Investors seeking long-term growth at medium risk with tax effectiveness.

Investment Strategy

The Manager’s traditional equity approach of systematically buying wealth creating companies at a discount to intrinsic value is used to construct the equity part of the portfolio. The fixed income part of the portfolio follows our traditional fixed income approach of focusing on sector allocation, security selection, and trading strategies. For asset mix, the Manager analyzes which combination of asset classes is most likely to offer the most attractive risk/return characteristics within a medium to long-term time frame, and carries out asset mix changes gradually to reduce risk. The manager minimizes taxes through the application of a tax overlay strategy, with the objective to minimize taxable distributions.

Mawer Fund returns are calculated after management fees and operating expenses have been deducted. In comparison, index returns do not incur management fees or operating expenses.

This document is for information purposes only. Please consult the Simplified Prospectus or Fund Facts before investing.

Mutual funds are not guaranteed. Values can change frequently and past performance is not indicative of future performance. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. (Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per share or that the full amount of your investment will be returned to you.)

Performance returns for the Mawer Mutual Funds are calculated by Mawer Investment Management Ltd. These returns are historical simple returns for the 1 year period and are annualized compounded total returns for periods after 1 year. They include 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.

Index returns are supplied by a third party – we believe the data to be accurate, however, cannot guarantee its accuracy.

© 2014 Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) in not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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