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Mawer Global Credit Opportunities Fund
As at September 30, 2026
Morningstar Rating™ *:
N/A
Fund Managers:
Brian Carney, CIM
Series Start Date:
Jan 31, 2024
Fund Net Asset Value:
$862.90 million
Total Net Asset Value (Series F):
$18.80 million
Net Asset Value Per Unit:
$9.80
RRSP Eligibility:
Yes
Management Expense Ratio† :
0.92% (as at June 30, 2026)
Fund Code:
MAW190
Related Links
Quarterly Update | Q3 2026 | EP 232
October 14, 2026
22 Mins
Global Credit: Revisiting the Risks, One Year Later | EP 230
October 7, 2026
24 Mins
Extra Credit: “Hey Google, how much can I borrow before I break the bond market?”
March 18, 2026
Performance
Performance
Fund Documents
Fund Documents
Prices
Prices
Fund Commentary
Fund Commentary
What Does this Fund Invest In?
The Fund is primarily invested in a portfolio of corporate bonds, debentures and other debt like instruments from issuers around the world. The Fund may also invest in asset-backed and mortgage-backed securities, and other securitized products. Equities issued as part of an issuer's restructuring may be held. The Fund intends to hedge its foreign currency exposure back to Canadian Dollars.
Investor Suitability
Investors seeking income and stability. Low to medium risk.
Investment Strategy
The Fund will be managed as an absolute return focused credit fund. The Fund will primarily invest in a portfolio of corporate bonds, debentures and other debt like instruments from issuers around the world. The Fund may also invest in asset-backed and mortgage-backed securities, and other securitized products. Equities issued as part of an issuer's restructuring may be held. Government bonds including, but not limited to, US Treasuries and Canadian Government bonds, may be held. There are no specific limits on the portion of the Fund's assets that may be invested in foreign securities. However, the Fund intends to hedge its foreign currency exposure back to Canadian Dollars.
Top Holdings
Top HoldingsWeight (%)
Cash and Cash Equivalents11.4
Canadian Imperial Bank of Commerce 4.95% June 29, 20277.2
Bank of America Corp 3.62% March 16, 20285.3
Royal Bank of Canada 4.88% January 19, 20274.1
Heathrow Funding Ltd 2.69% October 13, 20273.5
Royal Bank of Canada 4.61% July 26, 20273.2
Algoma Steel Inc 9.13% April 15, 20293.0
Toronto-Dominion Bank 4.11% June 8, 20273.0
Thomson Reuters Corp 3.07% September 17, 20292.9
CoreWeave Inc 9% February 1, 20312.8
CI Financial Corp 3.2% December 17, 20302.6
Citigroup Inc 4.3% November 20, 20262.6
FMC Corp 4.5% October 1, 20492.3
Ford Motor Co 5.29% December 8, 20462.2
Whirlpool Corp 7.5% July 1, 20312.1
Nestle Holdings Inc 1.5% September 14, 20282.0
Lloyds Banking Group PLC 4.87% November 4, 20312.0
Amazon.com Inc 3.7% June 12, 20312.0
Vmed O2 UK Financing I PLC 4.25% January 31, 20311.8
JPMorgan Chase Bank NA 4.87% December 8, 20261.8
Getty Images Inc 11.25% February 21, 20301.7
PepsiCo Inc 5.13% November 10, 20261.7
PepsiCo Inc 2.38% October 6, 20261.7
Exxon Mobil Corp 3.45% April 15, 20511.6
Bank of Nova Scotia 2.95% March 8, 20271.6
Net Performance
As at September 30, 2026
1 Yr3 Yr5 Yr10 Yr
Mawer Global Credit Opportunities Fund1.0---
ICE BofA Global Corporate & High Yield Index-2.3---
Number of Holdings53
Sector Weights
Portfolio
Asset Backed
Automotive
Banking
Basic Industry
Capital Goods
Consumer Goods
Energy
Financial Services
Healthcare
Insurance
Media
Retail
Technology & Electronics
Telecommunications
Cash and Cash Equivalents
3.5
2.2
34.8
6.2
4.0
8.3
2.5
9.1
2.4
0.4
3.2
4.0
2.4
5.6
11.4
Security Type Weights
Portfolio
Corporate
Cash and Cash Equivalents
88.6
11.4
Regional Weights
Portfolio
Canada
Europe E.x. U.K.
United Kingdom
United States
Cash and Cash Equivalents
28.1
2.8
9.9
47.8
11.4
Credit Ratings (%)
Portfolio
AAA
AA
A
BBB
BB
B
CCC
12.2
10.0
44.1
17.1
8.1
6.9
1.7
Related Links
Quarterly Update | Q3 2026 | EP 232
October 14, 2026
22 Mins
Global Credit: Revisiting the Risks, One Year Later | EP 230
October 7, 2026
24 Mins
Extra Credit: “Hey Google, how much can I borrow before I break the bond market?”
March 18, 2026
Disclaimers
* Funds with less than three years of performance history are not rated.
† The Fund’s MER is made up of the management fee and operating expenses. The Fund’s annual management fee is 0.75% 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 0.95%; without the subsidy the MER may be higher. 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. After the subsidized period ends, the actual MER for the Fund may be higher than 0.95%.