Mawer Global Bond Fund
As at June 30, 2020
Crista Caughlin, CFA
What does this Fund Invest In?
The Fund invests primarily in investment grade government and government related fixed income securities denominated in local and foreign currencies around the world.
The Fund is suitable for investors seeking income and global currency, country and yield diversification at a low-medium risk.
The Fund is broadly diversified across many currencies, countries and yield curves. The research process is focused on identifying and managing risk. Similar to a Central Bank, an emphasis is placed on reserve currencies and countries because they tend to hold their store of value in periods of uncertainty. Within the desired currency and country, securities are selected and actively traded with a focus on positive real returns. The Fund’s currency positions are unhedged which can increase the resilience of a balanced portfolio through additional diversification.
|Mawer Global Bond Fund||6.6||3.3||2.8||-||2.8|
|FTSE World Government Bond Index||9.0||5.6||5.5||-||5.5|
|Number of Funds in Morningstar Category Global Fixed Income||525||376||219||-||-|
|Number of Holdings3:||22|
|Yield to Maturity (%):||0.2|
|Modified Duration (Yrs):||3.7|
|Top 25 Holdings||% Weight|
|Government Of The USA 0.0% 03-sep-2020||8.5|
|Government Of The USA 2.25% 15-aug-2027||7.2|
|Government Of The USA 1.75% 15-nov-2029||6.6|
Government Of The USA 2.125% 15-may-2025
|Province Of Ontario 1.875% 21-may-2024||5.1|
|Government Of The USA 2.5% 15-feb-2046||5.0|
|Government Of The USA 1.75% 15-may-2022||4.3|
|Province Of Quebec 2.5% 20-apr-2026||3.8|
|Province Of Quebec 2.25% 17-jul-2023||3.6|
|Government Of Canada 2.25% 01-jun-2029||3.3|
|European Investment Bank 1.375% 15-SEP-2021||3.2|
|Government Of United Kingdom 0.5% 22-jul-2022||2.6|
|Government Of United Kingdom 1.5% 22-jul-2026||2.5|
|Province Of Alberta 0.625% 18-apr-2025||1.8|
|Government Of Canada 0.25% 01-aug-2022||1.4|
|Government Of Sweden 1.5% 13-nov-2023||1.3|
|Government Of New Zealand 2.75% 15-apr-2025||1.3|
|Int'l Bank for Reconstruction & Dev. 0.125% 23-oct-2020||1.1|
|European Investment Bank 3.5% 14-jan-2021||0.9|
|Province Of Ontario 2.5% 10-sep-2021||0.8|
|Government Of Australia 2.75% 21-apr-2024||0.7|
|Int'l Bank for Reconstruction & Dev. 2.25% 24-jun-2021||0.6|
|Government Of Canada 0.0% 20-aug-2020||0.2|
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 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. The MER for the period ended June 30, is a six-month annualized MER and is subject to change due to changes in the average net assets of the Fund and may differ from the final MER for the year ended December 31. Because this fund is new, its operating expenses are relatively large in comparison to the fund’s assets. Mawer Investment Management Ltd. has committed to subsidize the operating expenses of the Fund from its inception so that the MER is no more than 0.75%. Mawer Investment Management Ltd. reserves the right to terminate the subsidy at any time. Management plans to review the subsidy periodically with the intent to remove the subsidy once the MER of the Fund has stabilized from asset growth at approximately 0.75%. After the subsidized period ends, the actual MER for the Fund may be higher than 0.75%.
3 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. (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.
© 2019 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