Mawer Canadian Bond Fund

As at March 31, 2021

Morningstar RatingTM: (as at Mar 31, 2021)
Fund Managers:
Crista Caughlin, CFA
Series Start Date: June 21, 1991
Fund Net Asset Value: $3,853.1 million
Total Net Asset Value (Series A): $156.3 million
Net Asset Value Per Unit: $13.01
RRSP Eligibility: Yes
Management Expense Ratio: 0.68% (as at Dec 31, 2020)
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

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 2.0 3.4 2.2 3.4
FTSE Canada Universe Bond Index 1.6 3.8 2.8 4.0
Morningstar Rating 3 3 3 3
Number of Funds in Morningstar Category Cdn Fixed Income 526 452 368 191
- - - -

Number of Holdings1: 105
Yield to Maturity (%): 1.8
Modified Duration (Yrs): 7.9

Top 25 Holdings% Weight
Canada Housing Trust No 1 2.35% Sep 15,2023 10.6
Government of Canada 2% Sep 01,2023 4.1
Government of Canada 0.5% Sep 01,2025 4.0
Province of Ontario 4.65% Jun 02,2041 4.0
Province of Ontario 2.6% Jun 02,2027 3.9
Province of Quebec 3.1% Dec 01,2051 3.5
Thomson Reuters Corp 2.239% May 14,2025 3.0
Province of Ontario 2.8% Jun 02,2048 2.9
Canada Housing Trust No 1 1.4% Mar 15,2031 2.6
Canada Housing Trust No 1 1.8% Dec 15,2024 2.3
Canada Housing Trust No 1 1.9% Sep 15,2026 2.1
Province of Alberta 3.1% Jun 01,2050 1.8
Canada Housing Trust No 1 2.35% Jun 15,2023 1.7
Province of Quebec 6.25% Jun 01,2032 1.7
Canada Housing Trust No 1 2.35% Jun 15,2027 1.6

Government of Canada 0.5% Dec 01,2030

Province of Ontario 2.4% Jun 02,2026 1.6

Government of Canada 4% Jun 01,2041

TransCanada PipeLines Ltd 3.8% Apr 05,2027 1.4

Canada Housing Trust No 1 2.9% Jun 15,2024

Province of Ontario 2.05% Jun 02,2030 1.2
Loblaw Cos Ltd 4.488% Dec 11,2028 1.2
Wells Fargo & Co 2.568% May 01,2025 1.2
Province of Ontario 4.6% Jun 02,2039 1.1
Province of British Columbia 4.95% Jun 18,2040 1.1

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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The Morningstar Rating, commonly referred to as the Star Rating, relates how a fund has performed on a risk-adjusted basis against its Morningstar category peers and is subject to change every month. Funds are ranked by their Morningstar Risk-Adjusted Return scores with the top 10% of funds in a category receiving 5 stars, the top 22.5% receiving 4 stars; a fund in the middle 35% receiving 3 stars; and a fund in the bottom 22.5% receiving 2 stars. The Overall Star Rating for a fund is a weighted combination of its 3, 5 and 10 year ratings. Overall ratings are adjusted where a fund has less than 5 or 10 years of history. For greater detail see