Mawer New Canada Fund (CLOSED)

As at June 30, 2019

The Mawer New Canada Fund is capped to new and existing mutual fund investors. This has been done given the limited liquidity of the securities in the small cap segment of the Canadian equity market and given our desire to ensure that we continue to offer the best possible small cap product to our existing clients.

Morningstar RatingTM: (as at Jun 30, 2019)
Fund Managers:
Jeff Mo, CFA
Series Start Date: January 8, 1988
Fund Net Asset Value: $1,309.3 million
Total Net Asset Value (Series A): $205.4 million
Net Asset Value Per Unit: $77.98
RRSP Eligibility: Yes
Management Expense Ratio: 1.36% (as at Dec 31, 2018)
Trading Expense Ratio1: 0.04% (as at Dec 31, 2018)
Fund Code: MAW107, MAW307

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, may still 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 a 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
Mawer New Canada Fund 7.2 6.4 5.1 15.5
New Canada Benchmark -8.1 0.6 -1.7 6.9
Morningstar Rating 5 4 5 5
Number of Funds in Morningstar Category Cdn Small/Mid Cap Equity 239 191 158 96

Number of Holdings2: 50

Top 25 Holdings % Weight
Boyd Group Income Fund 5.7
Stella-Jones Inc.  5.0
MTY Food Group Inc.  5.0
Altus Group Limited  4.6
Enghouse Systems Limited  4.6
Cash & Cash Equivalents  4.0
Descartes Systems Group Inc.  3.2
NFI Group Inc.  3.2
Morneau Shepell Inc.  3.0
Parkland Fuel Corporation  3.0
Equitable Group Inc.  2.9
Mainstreet Equity Corp.  2.9
Winpak Ltd.  2.8
Cogeco Inc.  2.8
Richelieu Hardware Ltd  2.6
Sleep Country Canada Holdings Inc  2.6
Recipe Unlimited Corporation  2.5
Canadian Western Bank  2.4
Richards Packaging Income Fund  2.3
Jamieson Wellness, Inc.  2.3
FirstService Corp  2.0
Stantec Inc  2.0
Colliers International Group Inc.  1.9
New Look Vision Group Inc. Class A  1.9
Savaria Corporation  1.7

1 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.

2 Equity holdings excluding cash.

Benchmark History

Mawer New Canada Benchmark History (changes made prospectively):

Jan 1988: BMO Weighted Small Cap (Blended)
Oct 2016: S&P/TSX Small Cap

Rationale for Change: S&P/TSX Small Cap Index is a better benchmark in our opinion. For example, it provides better comparability, liquidity and a more readily available data set.

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. 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.

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