Mawer Global Bond Fund

As at September 30, 2018

Morningstar RatingTM: (as at Sep 30, 2018)
Fund Inception Date: May 28, 2015
Fund Net Asset Value: $270.8 million
Total Net Asset Value (Series A): $13.2 million
Net Asset Value Per Unit: $10.03
RRSP Eligibility: Yes
Management Expense Ratio: 0.75%1 (as at Dec 31, 2017)
Fund Code: MAW140

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.

Investor Suitability

The Fund is suitable for investors seeking income and global currency, country and yield diversification at a medium risk.

Investment Strategy

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.

Net Performance

1-Yr 3-Yr 5-Yr 10-Yr Since Inception
Mawer Global Bond Fund 0.7 -1.3 - - 0.8
FTSE World Government Bond Index 1.8 0.4 - - 3.2
Morningstar Rating 2 3 - - N/A
Number of Funds in Morningstar Category Global Fixed Income 348 209 - - N/A

Number of Holdings2: 27
Yield to Maturity (%): 1.5
Modified Duration (Yrs): 3.5

Top 25 Holdings% Weight
Japanese Yen 19.7
Euro 8.5
Government Of The USA 2.125% 15-may-2025 6.2
Government Of The USA 2.75% 15-nov-2023 5.8
Government Of The USA 2.25% 15-aug-2027 5.0
Government Of The USA 1.75% 15-may-2022 4.8
Province Of Ontario 1.875% 21-may-2024 4.1
European Investment Bank 1.375% 15-SEP-2021 4.1
Province Of Quebec 2.5% 20-apr-2026 4.0
Government Of The USA 2.5% 15-feb-2046 3.3
Government Of United Kingdom 0.5% 22-jul-2022 3.2
Government Of United Kingdom 1.5% 22-jul-2026 2.9
Government Of The USA 1.375% 31-mar-2020 2.4
Province Of Alberta 0.625% 18-apr-2025 2.2
Government Of Canada 0.0% 29-nov-2018 2.0
Province Of Quebec 2.25% 17-jul-2023 2.0
Government Of The USA 1.5% 31-mar-2019 1.9
Government Of Mexico 6.5% 09-jun-2022 1.8
Government Of Canada 0.0% 27-dec-2018 1.8
Int'l Bank for Reconstruction & Dev. 0.125% 23-oct-2020 1.3
Government Of Norway 1.75% 13-mar-2025 1.3
European Investment Bank 3.5% 14-jan-2021 1.2
Province Of Ontario 4.0% 03-dec-2019 1.2
Government Of Sweden 1.5% 13-nov-2023 1.2
Government Of Canada 0.0% 18-oct-2018 1.1

1 The Fund’s MER is made up of the management fee and operating expenses. The Fund’s annual management fee is 0.60% of the Fund’s value. 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%; without the subsidy the MER would have been 0.83%. 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%.

2 Fixed income holdings excluding cash.

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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