Mawer Global Balanced Fund

As at September 30, 2018

Morningstar RatingTM: (as at Sep 30, 2018)
Fund Inception Date: July 2, 2013
Fund Net Asset Value: $920.6 million
Total Net Asset Value (Series A): $297.8 million
Net Asset Value Per Unit: $15.53
RRSP Eligibility: Yes
Management Expense Ratio: 1.13% (as at Dec 31, 2017)
Trading Expense Ratio1: 0.03% (as at Dec 31, 2017)
Fund Code: MAW130

What does this Fund Invest In?

The Fund invests primarily in equity and equity-related securities and fixed-income securities from around the world. The Fund may invest in any part of the capital structure in both public and private entities.

Investor Suitability

Investors seeking long-term growth at medium risk.

Investment Strategy

A bottom up approach is taken to construct this Fund. The equities are chosen on a global basis and are coupled with the stability of investment grade Canadian and Global bonds. Risk is further managed through extensive diversification across many industries, countries, and currencies.

Net Performance

1-Yr 3-Yr 5-Yr 10-Yr Since Inception
Mawer Global Balanced Fund 10.4 7.6 10.0 - 9.8
Internal Global Balanced Benchmark 8.7 7.5 9.6 - 9.6
Morningstar Rating 5 4 5 - N/A
Number of Funds in Morningstar Category Global Equity Balanced 1038 804 551 - N/A

Number of Holdings2: 70
Number of Countries2: 19

Top 25 Holdings1% Weight
Mawer Canadian Bond Fund Series O 24.7
Cash & Cash Equivalents 8.7
Mawer Global Bond Fund Series O 8.0
S&P Global, Inc. 2.6
JPMorgan Chase & Co. 2.5
Alphabet Inc. Class C 2.4
Becton, Dickinson and Company 2.1
Aon plc 2.0
Air Liquide SA 1.9
Wolters Kluwer NV 1.8
Visa Inc. Class A 1.7
Croda International Plc 1.6
Union Pacific Corporation 1.5
DBS Group Holdings Ltd 1.5
BlackRock, Inc. 1.4
Deutsche Boerse AG 1.4
Constellation Software Inc. 1.4
Intertek Group plc 1.3
Novartis AG Sponsored ADR 1.1
KAR Auction Services, Inc. 1.0
Johnson & Johnson 1.0
CSX Corporation 1.0
AMETEK, Inc. 1.0
AIA Group Limited 1.0
DCC Plc 0.9

1 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.

2 Number of Holdings: Fund level exposure; Equity and fixed income holdings excluding cash
Number of Countries: Security level exposure; Equity holdings excluding cash
Asset Mix: Fund level exposure
Equity Sector Weights: Security level exposure

Benchmark History

Mawer Global Balanced Benchmark History (changes made prospectively):

July 2013: 5% 91 Day Treasury Bill, 35% FTSE TMX Canada Universe Bond, 60% MSCI World Net (Cdn$) 
Aug 2013: MSCI World Net (Cdn $) returns is used to calculate the blended benchmark from inception. Previously, MSCI World Gross (Cdn $) was used.
Oct 2015: 20% FTSE TMX Canada Universe Bond, 20% Citi WGBI, 60% MSCI World Net (Cdn$)
Oct 2016: 20% FTSE TMX Canada Universe Bond, 20% Citi WGBI, 60% MSCI ACWI (net)

Rationale for Change: Changes were made to underlying asset class benchmarks as noted in above in the Equity Asset Class Tables. Because the   benchmarks for the Mawer Global Balanced Fund are based on those of the underlying funds, the internal Global Balanced benchmark changes accordingly.

Mawer Global Equity Benchmark History (changes made prospectively):

Oct: 2009: MSCI World (net)
Oct 2016: MSCI ACWI (net)

Rationale for Change: MSCI ACWI (net) Index is a better representation of the mandate in our opinion. Past benchmark does not include Emerging Markets whereas the fund has holdings in these markets consistent with its prospectus and investment policy statement.) 

Benchmarks returns are rebalanced on a monthly basis.

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. 

Performance returns for the Mawer Mutual Funds are calculated by Mawer Investment Management Ltd. These returns are historical simple returns for the 3 month, YTD and 1 year periods, and are annualized compounded total returns for periods after 1 year. Index returns are supplied by a third party—we believe the data to be accurate, however, cannot guarantee its accuracy. Index returns sourced from FTSE russell, FactSet, and BMO Capital Markets.

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.

Additionally for money market funds, the performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. 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 the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you.

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