Mawer International Equity Fund

As at June 30, 2023
Morningstar Rating™
(as at Jun 30, 2023)
Fund Managers:
David Ragan, CFA
Peter Lampert, CFA
Series Start Date:
Nov 6, 1987
Fund Net Asset Value:
$7,270.6 million
Total Net Asset Value (Series A):
$782.6 million
Net Asset Value Per Unit:
$66.52
RRSP Eligibility:
Yes
Management Expense Ratio :
1.39% (as at Jun 30, 2023)
Trading Expense Ratio :
0.06% (as at Jun 30, 2023)
Fund Code:
MAW102

Fund Profile

Morningstar Rating™
(as at Jun 30, 2023)
Fund Managers:
David Ragan, CFA
Peter Lampert, CFA
Series Start Date:
Nov 6, 1987
Fund Net Asset Value:
$7,270.6 million
Total Net Asset Value (Series A):
$782.6 million
Net Asset Value Per Unit:
$66.52
RRSP Eligibility:
Yes
Management Expense Ratio :
1.39% (as at Jun 30, 2023)
Trading Expense Ratio :
0.06% (as at Jun 30, 2023)
Fund Code:
MAW102

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, may also be used from time to time.

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.

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, may also be used from time to time.

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 (%)
Aon Plc Class A 5.1
Cash & Cash Equivalents 4.3
Wolters Kluwer N.V. 4.0
RELX PLC 3.8
Bunzl plc 3.5
Taiwan Semiconductor Manufacturing Co., Ltd. 3.4
Compass Group PLC 3.3
LVMH Moet Hennessy Louis Vuitton SE 2.9
Novo Nordisk A/S Class B 2.8
Koninklijke Ahold Delhaize N.V. 2.5
Thales SA 2.3
HDFC Bank Limited 2.3
Deutsche Boerse AG 2.3
KDDI Corporation 2.3
Roche Holding Ltd Dividend Right Cert. 2.3
BAE Systems plc 2.2
Ashtead Group plc 2.1
AstraZeneca PLC 1.9
Shell Plc Sponsored ADR 1.9
L'Air Liquide S.A. 1.8
Recordati Industria Chimica e Farmaceutica S.p.A. 1.8
Sampo Oyj Class A 1.8
Samsung Electronics Co., Ltd. 1.8
Ferguson Plc 1.6
Rheinmetall AG 1.6

Net Performance

1 Yr 3 Yr 5 Yr 10 Yr
Mawer International Equity Fund 19.5 2.9 2.8 7.9
International Equity Benchmark 15.6 6.2 3.6 7.4
Morningstar Rating™ 3 2 3 4
Number of Funds in Morningstar Category 643 578 478 238
Number of Holdings 59
Number of Countries 21

Equity Sector Weights

Sector: Communication services
  • Portfolio : 4.5
  • International Equity Benchmark : 5.5
Sector: Consumer discretionary
  • Portfolio : 6.2
  • International Equity Benchmark : 12.1
Sector: Consumer staples
  • Portfolio : 4.5
  • International Equity Benchmark : 8.6
Sector: Energy
  • Portfolio : 3.2
  • International Equity Benchmark : 5.4
Sector: Financials
  • Portfolio : 21.8
  • International Equity Benchmark : 20.6
Sector: Health care
  • Portfolio : 13.7
  • International Equity Benchmark : 9.5
Sector: Industrials
  • Portfolio : 29.3
  • International Equity Benchmark : 13.2
Sector: Information technology
  • Portfolio : 9.1
  • International Equity Benchmark : 11.9
Sector: Materials
  • Portfolio : 3.4
  • International Equity Benchmark : 7.9
Sector: Real estate
  • Portfolio : 0
  • International Equity Benchmark : 2
Sector: Utilities
  • Portfolio : 0
  • International Equity Benchmark : 3.2
Sector: Cash & cash equivalents
  • Portfolio : 4.3
  • International Equity Benchmark : 0

Regional Weights

Region: Asia Pacific ex. Japan
  • Portfolio : 11.3
  • International Equity Benchmark : 29.1
Region: Canada
  • Portfolio : 0
  • International Equity Benchmark : 7.6
Region: Europe ex. U.K.
  • Portfolio : 47.5
  • International Equity Benchmark : 33.5
Region: Japan
  • Portfolio : 7.9
  • International Equity Benchmark : 14.5
Region: Latin America
  • Portfolio : 1.3
  • International Equity Benchmark : 2.6
Region: Middle East/Africa
  • Portfolio : 0
  • International Equity Benchmark : 3.3
Region: United Kingdom
  • Portfolio : 22.6
  • International Equity Benchmark : 9.5
Region: United States
  • Portfolio : 5.1
  • International Equity Benchmark : 0
Region: Cash & Cash Equivalents
  • Portfolio : 4.3
  • International Equity Benchmark : 0
Region: Emerging and Frontier Markets
  • Portfolio : 11.6
  • International Equity Benchmark : 27.8

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 International Equity Benchmark History (changes made prospectively):

    Jan 1988: MSCI EAFE (net)
    Oct 2016: MSCI ACWI ex-USA (net)

    Rationale for Change: MSCI ACWI (net) excluding US Index is a better representation of the mandate in our opinion. For example, the past benchmark does not include Emerging Markets whereas the fund has holdings in these markets consistent with its prospectus and investment policy statement.

    Benchmark 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 a third party—we believe the data to be accurate, however, cannot guarantee its accuracy. Index returns are sourced from FTSE Russell, FactSet and BMO Capital Markets.

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 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.

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)

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