Mawer Canadian Bond Fund

As at September 30, 2022
Morningstar Rating™
(as at Sep 30, 2022)
Fund Managers:
Crista Caughlin, CFA
Series Start Date:
Jun 21, 1991
Fund Net Asset Value:
$3,867.9 million
Total Net Asset Value (Series A):
$121.5 million
Net Asset Value Per Unit:
$11.33
RRSP Eligibility:
Yes
Management Expense Ratio * :
0.67% (as at Jun 30, 2022)
Fund Code:
MAW100

Fund Profile

Morningstar Rating™
(as at Sep 30, 2022)
Fund Managers:
Crista Caughlin, CFA
Series Start Date:
Jun 21, 1991
Fund Net Asset Value:
$3,867.9 million
Total Net Asset Value (Series A):
$121.5 million
Net Asset Value Per Unit:
$11.33
RRSP Eligibility:
Yes
Management Expense Ratio * :
0.67% (as at Jun 30, 2022)
Fund Code:
MAW100

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, not exceeding three years to maturity, may still be used from time to time.

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.

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, not exceeding three years to maturity, may still be used from time to time.

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 Holdings Weight (%)
Canada Housing Trust No 1 1.95% Dec 15, 2025 12.6
Province of Ontario 4.65% Jun 02, 2041 4.4
Province of Quebec 3.1% Dec 01, 2051 3.6
Bank of Nova Scotia 2.95% Mar 08, 2027 3.6
Government of Canada Dec 01, 2045 3.4
Canadian Pacific Railway Co 2.54% Feb 28, 2028 3.1
Toronto-Dominion Bank 2.667% Sep 09, 2025 2.8
Province of Quebec 1.5% Sep 01, 2031 2.7
Thomson Reuters Corp 2.239% May 14, 2025 2.6
Royal Bank of Canada 3.369% Sep 29, 2025 2.5
Province of Ontario 4.6% Jun 02, 2039 2.3
JPMorgan Chase & Co 1.896% Mar 05, 2027 2.2
Toronto-Dominion Bank 2.496% Dec 02, 2024 1.6
Bank of Montreal 3.65% Apr 01, 2027 1.5
Province of Quebec 6.25% Jun 01, 2032 1.4
Government of Canada Sep 01, 2025 1.4
Canadian Imperial Bank of Commerce 2.43% Jun 09, 2023 1.4
Province of Ontario 3.5% Jun 02, 2043 1.4
Government of Canada Dec 01, 2053 1.3
Province of Ontario 1.75% Sep 08, 2025 1.3
Enbridge Pipelines Inc 3.52% Feb 22, 2029 1.3
Province of Alberta 1.65% Jun 01, 2031 1.2
Loblaw Cos Ltd 4.488% Dec 11, 2028 1.1
Royal Bank of Canada 2.609% Nov 01, 2024 1.0
Province of Ontario 2.65% Dec 02, 2050 1.0

Net Performance

1 Yr 3 Yr 5 Yr 10 Yr
Mawer Canadian Bond Fund -11.0 -2.9 0.2 1.0
FTSE Canada Universe Bond Index -10.5 -2.5 0.7 1.7
Morningstar Rating™ 3 3 3 3
Number of Funds in Morningstar Category 528 466 397 241
Number of Holdings 110
Yield to Maturity § 4.4%
Modified Duration 7.5 years

Bond Sector Weights

Sector: Corporate
  • Portfolio : 48.3
  • FTSE Canada Universe Bond Index : 26
Sector: Municipal
  • Portfolio : 0
  • FTSE Canada Universe Bond Index : 2.1
Sector: Provinical
  • Portfolio : 28
  • FTSE Canada Universe Bond Index : 34.8
Sector: Federal
  • Portfolio : 24.1
  • FTSE Canada Universe Bond Index : 37.1

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.

Mawer Mutual Funds are managed by Mawer Investment Management Ltd. Mawer Mutual Fund returns are reported in Canadian dollars and calculated after management fees and operating expenses have been deducted. In comparison, index returns do not incur management fees or operating expenses.

Index returns are supplied by a third party—we believe the data to be accurate, however, cannot guarantee its accuracy. Index returns are sourced from FTSE Russell, FactSet and BMO Capital Markets.

Performance returns for the Mawer Mutual Funds and benchmarks are calculated by Mawer Investment Management Ltd. These returns are historical simple returns for the 3 month, YTD and 1 year periods, and annualized compounded total returns for periods after 1 year. Since Inception performance has been calculated from the month-end after the initial funding of the mutual fund in order to provide a comparison against a monthly benchmark.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund facts and the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including 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. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated. Mawer Mutual Funds are managed by Mawer Investment Management Ltd.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com)

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