Fund Profiles

Tax Effective Balanced Fund

  • As at June 30, 2015
  • Morningstar RatingTM: 5Stars RED
  • Fund Manager:
    Craig Senyk, CFA
    Travis Goldfeldt, CFA
  • Fund Inception Date: January 8, 1988
  • Fund Net Asset Value: $639.8 million
  • Total Net Asset Value (Series A): $458.8 million
  • Net Asset Value Per Unit: $30.84
  • RRSP Eligibility: Yes
  • Management Expense Ratio: 0.98% (as at Dec 31, 2014)
  • Trading Expense Ratio: 0.03% (as at Dec 31, 2014)
  • 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, US 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

As at March 31, 2015

1-Yr

3-Yr

5-Yr

10-Yr

Mawer Tax Effective Balanced Fund

11.6

15.3

12.9

7.9

Internal Tax Effective
Balanced Benchmark*

7.7

11.8

9.8

6.3

* 5% FTSE TMX 91 Day T-Bill Index, 35% 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 Holdings (Equities):

284

Number of Countries:

26


Equity Sector Weights

TBAL SectorWeights 2Q15


Asset Mix

TBAL AssetMix 2Q15


Top 25 Holdings

% Share

Cash Equivalents

9.2

Mawer Global Small Cap Fund Series O

7.1

Government of Canada 1.50% Jun 01, 2023

1.8

Canada Housing Trust No 1 FRN Sep 15, 2019

1.3

Province of Ontario 3.45% Jun 02, 2045

1.2

Government of Canada 2.50% Jun 01, 2024

1.2

Province of Quebec 3.00% Sep 01, 2023

1.2

Government of Canada 4.00% Jun 01, 2041

1.2

Government of Canada 2.25% Jun 01, 2025

1.0

Canada Housing Trust No 1 1.45% Jun 15, 2020

1.0

Province of Ontario 3.50% Jun 02, 2024

0.9

Canada Housing Trust No 1 2.35% Dec 15, 2018

0.9

Canada Housing Trust No 1 2.40% Dec 15, 2022

0.8

JPMorgan Chase & Co

0.8

Wells Fargo & Co

0.8

Toronto-Dominion Bank 2.621% Dec 22, 2021

0.8

Becton Dickinson and Co

0.7

Blackrock Inc

0.7

Province of British Columbia 2.85% Jun 18, 2025

0.7

Province of Quebec 4.50% Dec 01, 2020

0.7

AON PLC

0.7

United Technologies Corporation

0.7

Brookfield Asset Management Inc CL A

0.7

Oracle Corp

0.6

Intertek Group PLC

0.6


Read Full Disclosure

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

The prospectus and other information about the underlying investment funds are available on the internet at www.sedar.com.

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.

© 2015 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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