Fund Profiles

Mawer Tax Effective Balanced Fund Profile

  • As at September 30, 2016
  • Morningstar RatingTM: 5Stars RED
  • Fund Manager:
    Craig Senyk, CFA
    Travis Goldfeldt, CFA
  • Fund Inception Date: January 8, 1988
  • Fund Net Asset Value: $864.0 million
  • Total Net Asset Value (Series A): $629.5 million
  • Net Asset Value Per Unit: $32.66
  • RRSP Eligibility: Yes
  • Management Expense Ratio: 0.93% (as at Dec 31, 2015)
  • Trading Expense Ratio: 0.04% (as at Dec 31, 2015)
  • Fund Code: MAW105

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What does this Fund Invest In?

The 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, U.S. and international issuers or in other funds managed by Mawer. They can be of any size and from any industry.

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.


Net Performance

 

1-Yr

3-Yr

5-Yr

10-Yr

Mawer Tax Effective Balanced Fund

9.2

11.6

12.6

7.7

Internal Tax Effective
Balanced Benchmark*

10.5

9.5

9.7

6.0

* 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 Holdings1,3:

306

Number of Countries2,3:

34


Top 25 Holdings1

% Share

[Cash]

8.8

Mawer Global Small Cap Fund Series O

6.3

Mawer Global Bond Fund Series O

3.0

Province Of Quebec 3.0% 01-sep-2023

1.5

Government Of Canada 1.5% 01-jun-2023

1.4

Province Of Ontario 3.45% 02-jun-2045

1.2

Government Of Canada 4.0% 01-jun-2041

1.1

Government Of Canada 2.5% 01-jun-2024

1.0

Province Of British Columbia 2.85% 18-jun-2025

0.9

Becton, Dickinson and Company

0.9

LKQ Corporation

0.9

Aon plc

0.9

Government Of Canada 0.75% 01-mar-2021

0.8

Intertek Group plc

0.8

Marsh & McLennan Companies, Inc.

0.8

Province Of Ontario 2.85% 02-jun-2023

0.7

Government Of Canada 1.0% 01-jun-2027

0.7

Government Of Canada 3.5% 01-dec-2045

0.7

Government Of Canada 1.5% 01-jun-2026

0.7

Alphabet Inc. Class C

0.7

IHS Markit Ltd.

0.7

Province Of British Columbia 3.3% 18-dec-2023

0.7

Comcast Corporation Class A

0.7

JPMorgan Chase & Co.

0.7

Mastercard Inc Class A

0.7


1 Fund level exposure.

2 Security level exposure.

3 Equity and Fixed Income holdings, excluding cash.

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.

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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