Fund Profiles

Mawer Balanced Fund Profile

  • As at December 31, 2016
  • Morningstar RatingTM: 5Stars RED
  • Fund Manager:
    Greg Peterson, CFA
  • Fund Inception Date: March 31, 1988
  • Fund Net Asset Value: $2,558.3 million
  • Total Net Asset Value (Series A): $1,944.7 million
  • Net Asset Value Per Unit: $25.89
  • RRSP Eligibility: Yes
  • Management Expense Ratio: 0.94% (as at Dec 31, 2016)
  • Trading Expense Ratio1: 0.03%  (as at Dec 31, 2016)
  • Fund Code: MAW104

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What does this Fund Invest In?

The Fund invests in Canadian, US, and International equity securities, as well as bonds and other funds managed by Mawer that invest in debentures of government and corporate issues or in those securities directly.

Investor Suitability

Investors seeking long-term growth at medium risk.

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.


Net Performance*

 

1-Yr

3-Yr

5-Yr

10-Yr

Mawer Balanced Fund

3.2

8.5

11.4

6.9

Balanced Benchmark**

7.4

7.7

9.1

5.4

* 5% FTSE TMX 91 Day T-Bill Index, 5% Citi World Government Bond Index, 30% FTSE TMX Canada 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)


Number of Holdings1:

7

Number of Countries1:

33



Top Holdings1

% Share

Mawer Canadian Bond Fund Series O

30.6

Mawer US Equity Fund Series O

20.0

Mawer International Equity Fund Series O

18.5

Mawer Canadian Equity Fund Series O

13.9

Mawer Global Small Cap Fund Series O

6.8

Mawer New Canada Fund Series O

3.7

[Cash]

3.3

Mawer Global Bond Fund Series O

3.3

 

 

Total

100.0


1  Equity holdings, excluding cash.

2  The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily  average   net assets during the year.

*   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.

** Mawer  Balanced Benchmark History:

Jan 2002: 2.5% 91 Day Treasury Bill, 42.5% FTSE TMX Canada Universe Bond, 25% S&P/TSX Composite, 15% S&P 500, 15% MSCI EAFE (net)
Jan 2012: 5% 91 Day Treasury Bill, 35% FTSE TMX Canada Universe Bond, 15% S&P/TSX Composite, 15% S&P 500, 15% MSCI EAFE (net), 7.5% BMO   Weighted Small Cap (Blended), 7.5% Russell Global Small Cap
Aug 2013: MSCI EAFE (net) returns is used to calculate the blended benchmark from inception. Previously, MSCI EAFE (gross) was used.
Oct 2015: 5% 91 Day Treasury Bill, 30% FTSE TMX Canada Universe Bond, 5% Citi WGBI, 15% S&P/TSX Composite, 7.5% BMO Small Cap (blended), 15% S&P 500, 15% MSCI EAFE (net), 7.5% Russell Global Small Cap
Oct 2016: 5% 91 Day Treasury Bill, 30% FTSE TMX Canada Universe Bond, 5% Citi WGBI, 15% S&P/TSX Composite, 7.5% S&P/TSX Small Cap, 15% S&P 500, 15% MSCI ACWI ex-USA (net), 7.5% ACWI Small Cap (net)

Rationale for Change: Changes were made to underlying asset class benchmarks as noted in above in the Equity Asset Class Tables. Because the benchmarks for the Mawer Balanced Fund are based on those of the underlying funds, the internal Balanced benchmark changes accordingly.

Mawer International Equity Benchmark History:

Jan 1988: MSCI EAFE (net)
Oct 2016: MSCI ACWI ex-USA (net) 

Rationale for Change: MSCI ACWI (net) excluding US Index is a better representation of the mandate in our opinion. For example, the past benchmark does not include Emerging Markets whereas the fund has holdings in these markets consistent with its prospectus and   investment policy statement.

Mawer New Canada Benchmark History:

Jan 1988: BMO Weighted Small Cap (Blended)
Oct 2016: S&P/TSX Small Cap

Rationale for Change: MSCI ACWI (net) Index is a better representation of the mandate in our opinion. Past benchmark does not include Emerging Markets whereas the fund has holdings in these markets consistent with its prospectus and investment policy statement.

Mawer Global Small Cap Benchmark History:

Oct 2007: Russell Global Small Cap 
Oct 2016: ACWI Small Cap (net)

Rationale for Change: MSCI ACWI Small Cap (Net) Index is consistent with using MSCI benchmarks in other asset classes outside of Canada and the United States. In addition, the MSCI ACWI Small Cap (Net) Index follows the Global Investment Classification Standards (GICS) whereas the Russell Global Small Cap Index does not.

Read Full Disclosure

This document is for information purposes only. Before investing, please consult the simplified prospectus, available at www.sedar.com, and the Fund Facts. Both   documents provide additional information about the funds.

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.

© 2016 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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