Mawer Global Small Cap Fund

As at September 30, 2018

Morningstar RatingTM: (as at Sep 30, 2018)
Fund Inception Date: October 2, 2007
Fund Net Asset Value: $2,807.5 million
Total Net Asset Value (Series A): $848.5 million
Net Asset Value Per Unit: $16.86
RRSP Eligibility: Yes
Management Expense Ratio: 1.76% (as at Dec 31, 2017)
Trading Expense Ratio1: 0.11% (as at Dec 31, 2017)
Fund Code: MAW150

What does this Fund Invest In?

The Fund invests primarily in equity and equity-related securities of smaller companies around the world with less than $3 billion USD in market cap at time of purchase. 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, may also be used from time to time.

Investor Suitability

Investors seeking long-term, above average growth who can tolerate equity volatility. High Risk.

Investment Strategy

In order to achieve its investment strategy 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.

Net Performance

1-Yr 3-Yr 5-Yr 10-Yr
Mawer Global Small Cap Fund 15.5 11.4 16.2 17.4
Global Small Cap Benchmark 12.3 12.9 13.4 11.8
Morningstar Rating 5 4 5 5
Number of Funds in Morningstar Category Global Small/Mid Cap Equity 274 159 101 57

Number of Holdings2: 70
Number of Countries2: 22

Top 25 Holdings% Weight
Cash & Cash Equivalents 8.9
Jardine Lloyd Thompson Group plc 4.7
Softcat Plc 4.5
Bechtle AG 3.4
TSURUHA Holdings, Inc. 3.3
Diploma PLC 3.3
Bravida Holding AB 3.1
MYOB Group Ltd. 2.8
XP Power Ltd. 2.7
Ascential Plc 2.7
Cembra Money Bank AG 2.6
Constellation Software Inc. 2.6
Insperity, Inc. 2.1
VZ Holding AG 2.0
Hansen Technologies Limited 1.9
Addtech AB Class B 1.7
Fox Factory Holding Corp. 1.7
Bravura Solutions Limited 1.6
Kainos Group PLC 1.6
Atea ASA 1.5
dormakaba Holding AG 1.4
Freightways Limited 1.4
Amsterdam Commodities N.V. 1.3

1 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.

2 Equity holdings excluding cash.

Benchmark History

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

Oct 2007: Russell Global Small Cap 
Oct 2016: 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 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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