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Mawer New Canada Fund (CLOSED)
As at December 31, 2025

The purchase of units of the Mawer New Canada Fund is currently restricted. The Fund is only open to new investors as part of a discretionary balanced portfolio through Mawer and to existing investors at our discretion. We reserve the right to re-open the Mawer New Canada Fund to all purchasers at any time. 
 

Morningstar Rating™
(As at Dec 31, 2025)
Fund Managers:
Samir Taghiyev, CFA
Jeff Mo, CFA
Series Start Date:
Jan 15, 1988
Fund Net Asset Value:
$1,419.90 million
Total Net Asset Value (Series A):
$194.90 million
Net Asset Value Per Unit:
$94.33
RRSP Eligibility:
Yes
Management Expense Ratio* :
1.35% (as at 31 Dec 2025)
Trading Expense Ratio†:
0.04% (as at 31 Dec 2025)
Fund Code:
MAW107/MAW307
Related Links
Quarterly Update | Q4 2025 | EP206
January 15, 2026
21 Mins
Performance
Performance
Fund Documents
Fund Documents
Prices
Prices
Fund Commentary
Fund Commentary
What Does this Fund Invest In?
The Fund invests primarily in securities of smaller Canadian companies. 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 significant volatility. Medium-high 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 a long-term holding period to allow for investor recognition or corporate growth, and to minimize transaction costs.
Top Holdings
Top HoldingsWeight (%)
Element Fleet Management Corp5.4
Stella-Jones Inc4.5
TerraVest Industries Inc4.3
Sprott Inc4.2
Cash and Cash Equivalents4.2
Colliers International Group Inc3.8
Mainstreet Equity Corp3.7
Vitalhub Corp3.7
Topicus.com Inc3.7
Jamieson Wellness Inc3.7
Trisura Group Ltd3.4
Calian Group Ltd3.1
Kraken Robotics Inc3.1
Stantec Inc3.0
Brookfield Wealth Solutions Ltd2.9
Hammond Power Solutions Inc2.8
Descartes Systems Group Inc/The2.4
D2L Inc2.4
Wajax Corp2.3
Richelieu Hardware Ltd2.2
North West Co Inc/The2.1
Pet Valu Holdings Ltd2.0
CES Energy Solutions Corp1.9
Winpak Ltd1.7
Richards Group Inc1.6
Net Performance‡
As at December 31, 2025
1 Yr3 Yr5 Yr10 Yr
Mawer New Canada Fund11.212.06.28.7
New Canada Fund Benchmark50.223.215.311.8
Morningstar Rating™
1
1
1
3
Number of Funds in Morningstar Category
161
159
151
122
Number of Holdings§47
Equity Sector Weights
Portfolio
New Canada Fund Benchmark[¶]
Communication Services
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Real Estate
Utilities
Cash and Cash Equivalents
0.0
1.4
5.0
2.8
5.8
2.6
13.3
22.2
12.7
5.3
7.3
4.7
24.2
9.6
11.3
2.4
8.0
40.3
8.2
7.4
0.0
1.3
4.2
0.0
Regional Weights
Portfolio
New Canada Fund Benchmark[¶]
Canada
Cash & Cash Equivalents
97.1
0.0
2.9
0.0
Related Links
Quarterly Update | Q4 2025 | EP206
January 15, 2026
21 Mins
Disclaimers
* 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 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.
§ Equity holdings excluding cash.
‖ The purchase of units of the Mawer New Canada Fund is currently restricted. The Fund is only open to new investors as part of a discretionary balanced portfolio through Mawer and to existing investors at our discretion. We reserve the right to re-open the Mawer New Canada Fund to all purchasers at any time.
See benchmark history.