Mawer Canadian Bond Fund

As at September 30, 2019

Morningstar RatingTM: (as at Sep 30, 2019)
Fund Managers:
James Redpath, CFA
Series Start Date: June 21, 1991
Fund Net Asset Value: $2,958.3 million
Total Net Asset Value (Series A): $151.7 million
Net Asset Value Per Unit: $13.38
RRSP Eligibility: Yes
Management Expense Ratio: 0.68% (as at Jun 30, 2019)
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 to medium risk.

Investment Strategy

Portfolios are all investment grade. Core positions in Government of Canada bonds are established based on the shape of the yield curve and level of interest rates. To add value, we construct enhanced positions in provincial, municipal and corporate bonds based on yield spread, security selection, and trading strategies.

Net Performance

1-Yr 3-Yr 5-Yr 10-Yr
Mawer Canadian Bond Fund 9.3 1.8 3.2 3.7
FTSE Canada Universe Bond Index 9.7 2.7 3.9 4.4
Morningstar Rating 4 2 3 3
Number of Funds in Morningstar Category Cdn Fixed Income 537 463 351 166

Number of Holdings1: 102
Yield to Maturity (%): 2.1
Modified Duration (Yrs): 8.2

Top 25 Holdings% Weight
Government Of Canada 2.75% 01-Jun-2022 5.4
Canada Housing Trust No. 1 3.8% 15-Jun-2021 3.7
Canada Housing Trust No. 1 1.25% 15-Jun-2021 3.4
Government Of Canada 3.5% 01-Dec-2045 3.4
Government Of Canada 4.0% 01-Jun-2041 3.3

Province Of Ontario 4.65% 02-Jun-2041

Canada Housing Trust No. 1 2.55% 15-Mar-2025 2.7
Canada Housing Trust No. 1 2.65% 15-Dec-2028 2.1
Province Of Quebec 3.1% 01-Dec-2051 2.0
Government Of Canada 2.0% 01-Dec-2051 2.0
Province Of Quebec 3.0% 01-Sep-2023 2.0
Canada Housing Trust No. 1 1.9% 15-Sep-2026 2.0
Province Of Quebec 6.25% 01-Jun-2032 1.9
Government Of Canada 2.25% 01-Jun-2029 1.6
Province Of Saskatchewan 3.3% 02-Jun-2048 1.5
Province Of British Columbia 6.35% 18-Jun-2031 1.4
Apple Inc. 2.513% 19-Aug-2024 1.3
Province Of Ontario 2.8% 02-Jun-2048 1.3
Province Of British Columbia 4.95% 18-Jun-2040 1.3
Province Of Ontario 3.5% 02-Jun-2024 1.2
Government Of Canada 5.75% 01-Jun-2029 1.2
Bell Telephone Company Of Canada Or Bell Canada 4.7% 11-Sep-2023 1.1
Bank Of Montreal 3.19% 01-Mar-2028 1.1
Province Of Alberta 2.35% 01-Jun-2025 1.0
Royal Bank Of Canada 2.352% 02-Jul-2024 1.0

1 Fixed income holdings excluding cash.

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 disseminated 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. (

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