Mawer Emerging Markets Equity Fund

As at September 30, 2019

Morningstar RatingTM: N/A1 (as at Sep 30, 2019)
Fund Managers:
Peter Lampert, CFA
Series Start Date: January 31, 2017
Fund Net Asset Value: $69.5 million
Total Net Asset Value (Series A): $34.8 million
Net Asset Value Per Unit: $11.54
RRSP Eligibility: Yes
Management Expense Ratio: 1.60%2 (as at Jun 30, 2019)
Trading Expense Ratio3: 0.07% (as at Jun 30, 2019)
Fund Code: MAW160

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.

Investor Suitability

Investors seeking long-term, above average growth who can tolerate significant 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 Since Inception
Mawer Emerging Markets Equity Fund 4.7 - - - 6.1
MSCI Emerging Markets Index 0.4 - - - 6.9

Number of Holdings4: 42
Number of Countries4: 16

Top 25 Holdings % Weight
Alibaba Group Holding Ltd. Sponsored ADR 4.2
Taiwan Semiconductor Manufacturing Co., Ltd. 4.1
Cash & Cash Equivalents 4.1
LG Household & Health Care Ltd Pfd Registered Shs Non-Voting 4.1
AIA Group Limited 3.9
Tenmag Foods Corp. 3.9
Infosys Limited Sponsored ADR 3.8
HDFC Bank Limited  3.8
Tencent Holdings Ltd. 3.7
ADDCN Technology Co., Ltd. 3.7
Itau Unibanco Holding S.A. 3.4
Heineken Malaysia Bhd. 3.3
Bolsa Mexicana de Valores SAB de CV Class A 3.2
Shanghai International Airport Co., Ltd. Class A 3.2
NICE Information Service Co., Ltd.  3.2
Aramex (P.J.S.C.) 3.2
Samsung Electronics Co Ltd Pfd  Non-Voting 2.8
Sporton International Inc. 2.8
Compania Cervecerias Unidas S.A. Sponsored ADR 2.6
S-1 Corp. 2.4
B3 SA - Brasil, Bolsa, Balcao  2.3
Golden Friends Co. Ltd. 2.3
Empresas Lipigas SA 2.1
UPL Limited 2.0
Mold Tek Packaging Ltd.  2.0

1 Funds with less than three years of performance history are not rated.

2 The Fund’s MER is made up of the management fee and operating expenses. The Fund’s annual management fee is 1.30% of the Fund’s value. 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%; without the subsidy the MER would have been 1.80%. 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. (

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