Institutions
Mawer Canadian Equity Fund
As at September 30, 2025
Morningstar Rating™
(As at Sep 30, 2025)
Series Start Date:
Jan 21, 1991
Fund Net Asset Value:
$4,072.90 million
Total Net Asset Value (Series A):
$811.50 million
Net Asset Value Per Unit:
$112.00
RRSP Eligibility:
Yes
Management Expense Ratio* :
1.15% (as at 30 Jun 2025)
Trading Expense Ratio:
0.01% (as at 30 Jun 2025)
Fund Code:
MAW106
Related Links
Quarterly Update | Q3 2025 | EP 200
October 10, 2025
23 Mins
What Does this Fund Invest In?
The Fund invests primarily in securities of larger capitalization Canadian companies. Treasury bills or short-term investments not exceeding three years to maturity will also be used.
Investor Suitability
Investors seeking long-term, above-average growth who can tolerate equity volatility. Medium risk.
Investment Strategy
In order to achieve its investment objectives, the Manager systematically creates a broadly diversified portfolio of wealth-creating companies with excellent management teams bought at discounts to their intrinsic values. The Manager employs a highly disciplined, research-driven, bottom-up process and long-term holding period to allow for investor recognition or corporate growth, and to minimize transaction costs.
Top Holdings
Top HoldingsWeight (%)
Royal Bank of Canada5.6
Toronto-Dominion Bank/The4.9
Shopify Inc4.6
Canadian Natural Resources Ltd4.1
Brookfield Corp3.9
Bank of Montreal3.5
Franco-Nevada Corp3.5
Cash and Cash Equivalents3.4
AltaGas Ltd3.2
Canadian Pacific Kansas City Ltd3.1
Finning International Inc2.9
Bank of Nova Scotia/The2.8
iA Financial Corp Inc2.8
Fairfax Financial Holdings Ltd2.5
Suncor Energy Inc2.5
Manulife Financial Corp2.4
Topicus.com Inc2.3
Gibson Energy Inc2.3
Granite Real Estate Investment Trust2.2
Toromont Industries Ltd2.2
Constellation Software Inc/Canada2.1
CCL Industries Inc1.9
Loblaw Cos Ltd1.9
Colliers International Group Inc1.9
Intact Financial Corp1.8
Net Performance
As at September 30, 2025
1 Yr3 Yr5 Yr10 Yr
Mawer Canadian Equity Fund16.215.612.99.2
S&P/TSX Composite Index28.621.316.711.8
Morningstar Rating™
2
3
2
3
Number of Funds in Morningstar Category
615
570
475
323
Number of Holdings§46
Equity Sector Weights
Portfolio
S&P/TSX Composite Index
Communication Services
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Real Estate
Utilities
Cash and Cash Equivalents
0.0
2.1
3.2
3.1
3.1
3.4
8.9
15.8
35.1
32.0
0.0
0.3
16.6
11.3
11.4
9.9
8.2
16.9
4.0
1.7
6.1
3.5
3.4
0.0
Related Links
Quarterly Update | Q3 2025 | EP 200
October 10, 2025
23 Mins
Disclaimers
* Management expense ratio (“MER”) is based on total expenses for the stated period and is expressed as an annualized percentage of daily average net assets during the period.
The trading expense ratio represents total commissions and other portfolio transaction costs expressed as an annualized percentage of daily average net assets during the year.
Performance has been presented for the A-series mutual funds and has been calculated net of fees. Performance has been expressed in Canadian dollars.
§ Equity 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 third parties—we believe the data to be accurate, however, cannot guarantee its accuracy.

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.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund facts and prospectus before investing. The indicated rates of return (other than for a money market fund) are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions. The indicated rates of return for a money market fund is an annualized historical yield based on the seven-day period ended as indicated and annualized in the case of effective yield by compounding the seven-day return and does not represent an actual one-year return. The indicated rates of return 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. 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 a money market fund will be able to maintain its net asset value per unit at a constant amount or that the full amount of your investment will be returned to you. Mawer Mutual Funds are managed by Mawer Investment Management Ltd.

Mawer Mutual Funds do not have trailing commissions. If you purchased units of the Mawer Mutual Funds through a third-party dealer, you may be subject to commissions or additional sales charges. Please contact your dealer for more information.

© 2025 Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is 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. 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 www.morningstar.ca.

The Morningstar Rating displayed is the weighted average of the 3, 5 and 10 year ratings, as applicable.  Only funds with at least a three-year track record are rated. Please refer to the individual fund’s profile page to view the rating for each applicable period that the Morningstar Ratings are available for.