Institutions
Mawer Canadian Bond Fund
As at December 31, 2025
Morningstar Rating™
(As at Dec 31, 2025)
Fund Managers:
Crista Caughlin, CFA
Series Start Date:
Jun 21, 1991
Fund Net Asset Value:
$3,348.30 million
Total Net Asset Value (Series A):
$97.80 million
Net Asset Value Per Unit:
$11.70
RRSP Eligibility:
Yes
Management Expense Ratio* :
0.68% (as at 31 Dec 2025)
Fund Code:
MAW100
Related Links
Quarterly Update | Q4 2025 | EP206
January 15, 2026
21 Mins
The Canadian Bond Balancing Act: Trade Policy, Central Banks, and Economic Growth Impacts | EP199
October 6, 2025
18 Mins
What Does this Fund Invest In?
The Fund invests primarily in bonds and debentures of Canadian government and corporate issuers. Treasury bills or short-term investments will also be used.
Investor Suitability
Investors seeking income and stability. Low risk.
Investment Strategy
In order to achieve its investment objectives, the Manager positions the Fund along points on the yield curve which offers the most attractive yields relative to the duration of the security, maintaining a bias for the part of the curve that offers attractive characteristics in the context of the central bank policy. The Fund will typically overweight sectors that provide attractive yields relative to Government of Canada Bonds with an emphasis on investment-grade corporate, provincial and municipal bonds. The Manager will utilize in-house, bottom-up credit analysis and will monitor bond markets in an effort to identify mispriced securities.
Top Holdings
Top HoldingsWeight (%)
Province of Quebec 3.6% September 1, 20335.3
Canadian Government Bond 2% December 1, 20514.9
Canada Housing Trust No 1 2.85% December 15, 20304.9
Province of Ontario 3.65% June 2, 20334.2
Canada Housing Trust No 1 1.1% March 15, 20313.3
Canada Housing Trust No 1 2.15% December 15, 20313.2
Canada Housing Trust No 1 2.85% June 15, 20303.2
Canadian Government Bond 1.5% June 1, 20312.7
Bank of Montreal 4.42% July 17, 20292.5
Province of Ontario 2.95% September 8, 20302.3
Province of Ontario 3.8% December 2, 20342.2
Province of Alberta 3.1% June 1, 20502.1
Verizon Communications Inc 2.38% March 22, 20282.0
North West Redwater Partnership / NWR Financing Co Ltd 2.8% June 1, 20312.0
Province of Ontario 2.9% December 2, 20462.0
Canadian National Railway Co 4.6% May 2, 20291.8
Canadian Government Bond 3.5% December 1, 20571.8
Bank of Montreal 4.54% December 18, 20281.8
Toronto-Dominion Bank 3.61% September 10, 20311.6
Province of Alberta 3.05% December 1, 20481.6
Province of Ontario 2.8% June 2, 20481.6
Royal Bank of Canada 4.63% May 1, 20281.5
Canadian Pacific Railway Co 2.54% February 28, 20281.5
North West Redwater Partnership / NWR Financing Co Ltd 4.25% June 1, 20291.5
Province of Quebec 3.1% December 1, 20511.4
Net Performance
As at December 31, 2025
1 Yr3 Yr5 Yr10 Yr
Mawer Canadian Bond Fund2.14.1-0.81.4
FTSE Canada Universe Bond Index2.64.5-0.41.9
Morningstar Rating™
2
2
3
3
Number of Funds in Morningstar Category
391
352
332
225
Number of Holdings87
Yield to Maturity§3.6%
Modified Duration6.9 years
Related Links
Quarterly Update | Q4 2025 | EP206
January 15, 2026
21 Mins
The Canadian Bond Balancing Act: Trade Policy, Central Banks, and Economic Growth Impacts | EP199
October 6, 2025
18 Mins
Disclaimers
* Management expense ration (“MER”) is based on total expenses for the stated period and is expressed as an annualized percentage of daily net assets during the period.
Performance has been presented for the A-series mutual funds and has been calculated net of fees. Performance has been expressed in Canadian dollars.
Fixed Income holdings, excluding cash.
§ The expected annual total return if all portfolio holdings are held to maturity.
The estimated percentage price change of the portfolio given a change in yields.