Mawer Emerging Markets Equity Fund
As at June 30, 2020
Peter Lampert, CFA
What does this Fund Invest In?
The Fund invests primarily in equity and equity related securities of companies located or active in emerging market countries. 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.
Investors seeking long-term, above average growth who can tolerate significant volatility. High risk.
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.
|Mawer Emerging Markets Equity Fund||1.3||3.3||-||-||6.2|
|MSCI Emerging Markets Index||0.7||3.5||-||-||3.0|
|Number of Funds in Morningstar Category Emerging Markets Equity||290||231||-||-||-|
|Number of Holdings4:||45|
|Number of Countries4:||14|
|Top 25 Holdings||% Weight|
|Tencent Holdings Ltd.||6.1|
|Alibaba Group Holding Ltd. Sponsored ADR||5.7|
|Cash & Cash Equivalents||5.4|
|Taiwan Semiconductor Manufacturing Co., Ltd.||4.9|
|Samsung Electronics Co Ltd Pfd Non-Voting||4.2|
|Sporton International Inc.||3.6|
|Tehmag Foods Corp.||3.5|
|ADDCN Technology Co., Ltd.||3.3|
|AIA Group Limited||3.1|
|NetEase, Inc. Sponsored ADR||3.1|
|NICE Information Service Co., Ltd.||3.1|
|HDFC Bank Limited||2.8|
|Bolsa Mexicana de Valores SAB de CV Class A||2.7|
|LG Household & Health Care Ltd Pfd Registered Shs Non-Voting||2.5|
|Heineken Malaysia Bhd.||2.5|
|China Yangtze Power Co., Ltd. Class A||2.4|
|B3 SA - Brasil, Bolsa, Balcao||2.2|
|Itau Unibanco Holding S.A.||2.1|
|Wuliangye Yibin Co., Ltd. Class A||2.1|
|Golden Friends Co. Ltd.||2.0|
|Midea Group Co. Ltd. Class A||1.9|
|Shanghai International Airport Co., Ltd. Class A||1.9|
|Kweichow Moutai Co., Ltd. Class A||1.9|
1 Management expense ratio (“MER”) is based on total expenses for the stated period and is expressed as an annualized percentage of daily average net assets during the period. The Manager, at its discretion, absorbed certain expenses otherwise payable by each Series. The Manager may change the amount absorbed or discontinue absorbing these expenses at any time without notice.
2 Management expense ratio (“MER”) is based on total expenses for the stated period and is expressed as an annualized percentage of daily average net assets during the period. The Manager, at its discretion, absorbed certain expenses otherwise payable by each Series. The Manager may change the amount absorbed or discontinue absorbing these expenses at any time without notice. The MER for the period ended June 30, is a six-month annualized MER and is subject to change due to changes in the average net assets of the Fund and may differ from the final MER for the year ended December 31. 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 1.60%. 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 1.60%.
3 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.
4 Equity holdings excluding cash.
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. Since Inception performance has been calculated from the month-end after the initial funding of the mutual fund in order to provide a comparison against a monthly benchmark.
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 disseminated 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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The Morningstar Rating, commonly referred to as the Star Rating, relates how a fund has performed on a risk-adjusted basis against its Morningstar category peers and is subject to change every month. Funds are ranked by their Morningstar Risk-Adjusted Return scores with the top 10% of funds in a category receiving 5 stars, the top 22.5% receiving 4 stars; a fund in the middle 35% receiving 3 stars; and a fund in the bottom 22.5% receiving 2 stars. The Overall Star Rating for a fund is a weighted combination of its 3, 5 and 10 year ratings. Overall ratings are adjusted where a fund has less than 5 or 10 years of history. For greater detail see www.morningstar.ca