Mawer Global Balanced Fund

As at September 30, 2020

Morningstar RatingTM: (as at Jun 30, 2020)
Series Start Date: June 28, 2013
Fund Net Asset Value: $1,682.7 million
Total Net Asset Value (Series A): $620.6 million
Net Asset Value Per Unit: $18.11
RRSP Eligibility: Yes
Management Expense Ratio: 1.09%1 (as at Jun 30, 2020)
Trading Expense Ratio2: 0.03% (as at Jun 30, 2020)
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 10.6 9.8 8.3 - 9.7
Internal Global Balanced Benchmark 10.2 8.5 7.9 - 9.3
Morningstar Rating 5 5 5 - -
Number of Funds in Morningstar Category Global Equity Balanced 1206 1001 750 - -

Number of Holdings3,4: 70
Number of Countries3,4: 17


Top 25 Holdings1 % Weight
Mawer Canadian Bond Fund Series O 26.4
Cash & Cash Equivalents 7.5
Mawer Global Bond Fund Series O 6.6
Microsoft Corporation 2.3
Wolters Kluwer NV 2.1
Aon Plc Class A 2.1
Intercontinental Exchange, Inc. 2.0
Marsh & McLennan Companies, Inc.  1.9
Novartis AG Sponsored ADR 1.9
S&P Global, Inc. 1.9
Intertek Group plc 1.8
Roche Holding AG 1.8
Alphabet Inc. Class C 1.8
Visa Inc. Class A 1.7
Accenture Plc Class A 1.7
Air Liquide SA

1.7
Johnson & Johnson 1.7
Amazon.com, Inc. 1.6
Nestle S.A. 1.6
Alimentation Couche-Tard Inc. Class B 1.3
Bunzl plc 1.3
CME Group Inc. Class A 1.2
Diploma PLC 1.2
Deutsche Boerse AG 1.2
Union Pacific Corporation 1.1


1 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 Manager, at its discretion, absorbed certain expenses otherwise payable by each Series. The Manager may change the amount absorbed or discontinue absorbing these expenses at any time without notice.

2 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.

3 Equity holdings excluding cash.

4 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 $) was used.
Oct 2015: 20% FTSE Canada Universe Bond, 20% FTSE WGBI, 60% MSCI World Net (Cdn$)
Oct 2016: 20% FTSE Canada Universe Bond, 20% FTSE 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 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. (www.msci.com)

London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. FTSE® is a trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication. 

© 2020 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