Mawer Global Small Cap Fund

As at September 30, 2024
Morningstar Rating™
(as at Sept 30, 2024)
Fund Managers:
John Wilson, CFA
Christian Deckart, CFA, PhD
Karan Phadke, CFA
Series Start Date:
Oct 2, 2007
Fund Net Asset Value:
$3,125.70 million
Total Net Asset Value (Series A):
$571.70 million
Net Asset Value Per Unit:
$16.36
RRSP Eligibility:
Yes
Management Expense Ratio * :
1.76% (as at Jun 28, 2024)
Trading Expense Ratio :
0.06% (as at Jun 28, 2024)
Fund Code:
MAW150

Fund Profile

Morningstar Rating™
(as at Sept 30, 2024)
Fund Managers:
John Wilson, CFA
Christian Deckart, CFA, PhD
Karan Phadke, CFA
Series Start Date:
Oct 2, 2007
Fund Net Asset Value:
$3,125.70 million
Total Net Asset Value (Series A):
$571.70 million
Net Asset Value Per Unit:
$16.36
RRSP Eligibility:
Yes
Management Expense Ratio * :
1.76% (as at Jun 28, 2024)
Trading Expense Ratio :
0.06% (as at Jun 28, 2024)
Fund Code:
MAW150

What Does this Fund Invest In?

The Fund invests in global corporations that at the time of purchase have a market capitalization less than or equal to the unadjusted market capitalization of the largest company in the bottom 98% of the MSCI ACWI Small Cap Index as of the previous quarter end. The amount invested in any one country will vary depending upon individual company by company opportunities in each area. The Fund will diversify through currencies, industries, and countries to increase safety, and to increase the growth and liquidity of the investments. Treasury bills or short-term investments, not exceeding three years to maturity will also be used.

Investor Suitability

Investors seeking long-term, above-average growth who can tolerate significant volatility. Medium-high risk.

Investment Strategy

In order to achieve its investment objectives, the Manager systematically creates a broadly diversified portfolio of wealth-creating companies with excellent management teams bought at discounts to their intrinsic values. The Manager employs a highly disciplined, research-driven, bottom-up process and long-term holding period to allow for investor recognition or corporate growth, and to minimize transaction costs.

What Does this Fund Invest In?

The Fund invests in global corporations that at the time of purchase have a market capitalization less than or equal to the unadjusted market capitalization of the largest company in the bottom 98% of the MSCI ACWI Small Cap Index as of the previous quarter end. The amount invested in any one country will vary depending upon individual company by company opportunities in each area. The Fund will diversify through currencies, industries, and countries to increase safety, and to increase the growth and liquidity of the investments. Treasury bills or short-term investments, not exceeding three years to maturity will also be used.

Investor Suitability

Investors seeking long-term, above-average growth who can tolerate significant volatility. Medium-high risk.

Investment Strategy

In order to achieve its investment objectives, the Manager systematically creates a broadly diversified portfolio of wealth-creating companies with excellent management teams bought at discounts to their intrinsic values. The Manager employs a highly disciplined, research-driven, bottom-up process and long-term holding period to allow for investor recognition or corporate growth, and to minimize transaction costs.

Top Holdings

Top Holdings Weight (%)
Ipsos 5.5
Hikma Pharmaceuticals PLC 4.8
De' Longhi SpA 4.8
Donnelley Financial Solutions Inc 4.8
Cash and Cash Equivalents 4.6
Alten SA 4.5
GPS Participacoes e Empreendimentos SA 4.1
Orkla ASA 3.8
RS Group PLC 3.6
Fagron 3.5
Dermapharm Holding SE 3.5
Insperity Inc 3.0
Softcat PLC 3.0
Atea ASA 3.0
Softwareone Holding AG 2.8
Global Industrial Co 2.5
VZ Holding AG 2.4
Technogym SpA 2.3
Barrett Business Services Inc 2.2
Bilia AB 2.1
Bravida Holding AB 1.9
Synsam AB 1.9
TriNet Group Inc 1.8
Netcompany Group A/S 1.8
Bakkafrost P/F 1.7

Net Performance

1 Yr 3 Yr 5 Yr 10 Yr
Mawer Global Small Cap Fund 9.6 -2.6 4.5 8.3
Global Small Cap Benchmark 24.5 4.8 9.8 9.8
Morningstar Rating™ 2 2 2 4
Number of Funds in Morningstar Category 233 203 150 77
Number of Holdings 44
Number of Countries 15

Equity Sector Weights

Sector: Communication services
  • Portfolio : 6.1
  • Global Small Cap Benchmark : 3.2
Sector: Consumer discretionary
  • Portfolio : 13.5
  • Global Small Cap Benchmark : 13.3
Sector: Consumer staples
  • Portfolio : 9.3
  • Global Small Cap Benchmark : 5
Sector: Energy
  • Portfolio : 1.9
  • Global Small Cap Benchmark : 3.8
Sector: Financials
  • Portfolio : 9.4
  • Global Small Cap Benchmark : 14.7
Sector: Health care
  • Portfolio : 14.4
  • Global Small Cap Benchmark : 9.6
Sector: Industrials
  • Portfolio : 22.4
  • Global Small Cap Benchmark : 19.6
Sector: Information technology
  • Portfolio : 18.4
  • Global Small Cap Benchmark : 11.7
Sector: Materials
  • Portfolio : 0
  • Global Small Cap Benchmark : 8.2
Sector: Real estate
  • Portfolio : 0
  • Global Small Cap Benchmark : 8.2
Sector: Utilities
  • Portfolio : 0
  • Global Small Cap Benchmark : 2.7
Sector: Cash & cash equivalents
  • Portfolio : 4.6
  • Global Small Cap Benchmark : 0

Regional Weights

Region: Asia Pacific ex. Japan
  • Portfolio : 1.2
  • Global Small Cap Benchmark : 16
Region: Canada
  • Portfolio : 1.9
  • Global Small Cap Benchmark : 3.3
Region: Europe ex. U.K.
  • Portfolio : 50.6
  • Global Small Cap Benchmark : 10.1
Region: Japan
  • Portfolio : 2.4
  • Global Small Cap Benchmark : 10.7
Region: Latin America
  • Portfolio : 4.1
  • Global Small Cap Benchmark : 0.8
Region: Middle East/Africa
  • Portfolio : 0
  • Global Small Cap Benchmark : 2.3
Region: United Kingdom
  • Portfolio : 19
  • Global Small Cap Benchmark : 4.6
Region: United States
  • Portfolio : 16.3
  • Global Small Cap Benchmark : 52.2
Region: Cash & Cash Equivalents
  • Portfolio : 4.6
  • Global Small Cap Benchmark : 0
Region: Emerging and Frontier Markets
  • Portfolio : 6.4
  • Global Small Cap Benchmark : 14.6

Disclaimers

  • * Management expense ration (“MER”) is based on total expenses for the stated period and is expressed as an annualized percentage of daily net assets during the period.
  • 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.
  • Performance has been presented for the A-series mutual funds and has been calculated net of fees. Performance has been expressed in Canadian dollars.
  • § Emerging and Frontier Markets classification is based on the MSCI Country Classification Standard.
  • See benchmark history.
  • Equity holdings excluding cash.
  • Benchmark History

    Mawer Global Small Cap Benchmark History (changes made prospectively):

    Oct 2007: Russell Global Small Cap 
    Oct 2016: MSCI ACWI Small Cap (net) Total Return index

    Rationale for Change: MSCI ACWI Small Cap (Net) Index is consistent with using MSCI benchmarks in other asset classes outside of Canada and the United States. In addition, the MSCI ACWI Small Cap (Net) Index follows the Global Investment Classification Standards (GICS) whereas the Russell Global Small Cap Index does not.

    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 third parties—we believe the data to be accurate, however, cannot guarantee its accuracy. 

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.

Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the fund facts and prospectus before investing. The indicated rates of return (other than for a money market fund) are the historical annual compounded total returns including changes in unit value and reinvestment of all distributions. The indicated rates of return for a money market fund is an annualized historical yield based on the seven-day period ended as indicated and annualized in the case of effective yield by compounding the seven-day return and does not represent an actual one-year return. The indicated rates of return 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. 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 a money market fund will be able to maintain its net asset value per unit at a constant amount or that the full amount of your investment will be returned to you. Mawer Mutual Funds are managed by Mawer Investment Management Ltd.

Mawer Mutual Funds do not have trailing commissions. If you purchased units of the Mawer Mutual Funds through a third-party dealer, you may be subject to commissions or additional sales charges. Please contact your dealer for more information.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated 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 2024. 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. 

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The Morningstar Rating displayed is the weighted average of the 3, 5 and 10 year ratings, as applicable.  Only funds with at least a three-year track record are rated. Please refer to the individual fund’s profile page to view the rating for each applicable period that the Morningstar Ratings are available for.