Nostalgia Is Not a Strategy: Adapting the Investing Playbook to a Changing World Order | EP208
February 3, 2026
28 Mins
Mawer International Equity Fund
As at March 31, 2026
Morningstar Rating™
starstarstar
(As at Mar 31, 2026)
Series Start Date:
Nov 6, 1987
Fund Net Asset Value:
$6,464.50 million
Total Net Asset Value (Series A):
$767.50 million
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What Does this Fund Invest In?
The Fund invests primarily in equity and equity-related securities of entities outside of Canada and the United States. 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 equity volatility. Medium 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 (%) |
|---|---|
| Taiwan Semiconductor Manufacturing Co Ltd | 5.8 |
| Cash and Cash Equivalents | 4.5 |
| Tencent Holdings Ltd | 4.1 |
| Shell PLC ADR | 3.5 |
| PRIO SA/Brazil | 2.5 |
| BAE Systems PLC | 2.5 |
| Koninklijke Ahold Delhaize NV | 2.4 |
| Leonardo SpA | 2.4 |
| Roche Holding AG | 2.2 |
| Aon PLC | 2.2 |
| AstraZeneca PLC | 2.1 |
| Recordati Industria Chimica e Farmaceutica SpA | 2.0 |
| BHP Group Ltd | 1.9 |
| Samsung Electronics Co Ltd | 1.9 |
| Sampo Oyj | 1.9 |
| London Stock Exchange Group PLC | 1.9 |
| Deutsche Boerse AG | 1.8 |
| Bunzl PLC | 1.8 |
| Compass Group PLC | 1.8 |
| DNB Bank ASA | 1.7 |
| Kioxia Holdings Corp | 1.7 |
| FinecoBank Banca Fineco SpA | 1.7 |
| KDDI Corp | 1.7 |
| SK hynix Inc | 1.7 |
| Hitachi Ltd | 1.7 |
Equity Sector Weights
Portfolio
International Equity Benchmark[¶]
Communication Services
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Real Estate
Utilities
Cash and Cash Equivalents
Regional Weights
Portfolio
International Equity Benchmark[¶]
Asia Pacific Ex. Japan
Canada
Emerging and Frontier Markets
Europe Ex. U.K.
Japan
Latin America
Middle East/Africa
United Kingdom
United States
Cash & Cash Equivalents
Emerging and Frontier Markets
Related Links
Nostalgia Is Not a Strategy: Adapting the Investing Playbook to a Changing World Order | EP208
February 3, 2026
28 Mins
Data Moats in the Age of AI | EP 207
January 28, 2026
28 Mins
Patience and Progress: Navigating Japan’s Investment Terrain | EP 198
October 1, 2025
18 Mins
Disclaimers