Mawer New Canada Fund (CLOSED)

As at September 30, 2018

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 Sep 30, 2018)
Fund Managers:
Jeff Mo, CFA
Fund Inception Date: January 8, 1988
Fund Net Asset Value: $1,314.3 million
Total Net Asset Value (Series A): $216.5 million
Net Asset Value Per Unit: $79.61
RRSP Eligibility: Yes
Management Expense Ratio: 1.35% (as at Dec 31, 2017)
Trading Expense Ratio1: 0.04% (as at Dec 31, 2017)
Fund Code: MAW107

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 10.6 10.1 11.5 14.5
New Canada Benchmark 0.1 10.1 4.2 6.6
Morningstar Rating 4 4 5 5
Number of Funds in Morningstar Category Cdn Small/Mid Cap Equity 223 192 167 96

Number of Holdings2: 52

Top 25 Holdings% Weight
MTY Food Group Inc. 5.8
Enghouse Systems Limited 5.1
Boyd Group Income Fund 4.9
Altus Group Limited 4.5
Stella-Jones Inc. 4.5
NFI Group Inc. 4.4
EnerCare Inc. 4.3
Morneau Shepell Inc. 3.9
Winpak Ltd. 3.6
Solium Capital Inc. 3.5
Parkland Fuel Corporation 3.4
Stantec Inc 3.3
Richelieu Hardware Ltd 3.3
Recipe Unlimited Corporation 2.8
Canadian Western Bank 2.8
Equitable Group Inc. 2.8
CES Energy Solutions Corp 2.7
Sleep Country Canada Holdings Inc 2.7
Mainstreet Equity Corp. 2.5
Descartes Systems Group Inc. 2.1
Intertape Polymer Group Inc. 1.8
Richards Packaging Income Fund 1.8
InterRent Real Estate Investment Trust 1.7
Alaris Royalty Corp. 1.7
Colliers International Group Inc. 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 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. 

Performance returns for the Mawer Mutual Funds are calculated by Mawer Investment Management Ltd. These returns are historical simple returns for the 3 month, YTD and 1 year periods, and are annualized compounded total returns for periods after 1 year. Index returns are supplied by a third party—we believe the data to be accurate, however, cannot guarantee its accuracy. Index returns sourced from FTSE russell, FactSet, and BMO Capital Markets.

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.

Additionally for money market funds, the performance data provided assumes reinvestment of distributions only and does not take into account sales, redemption, distribution or optional charges or income taxes payable by any securityholder that would have reduced returns. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. There can be no assurances that the fund will be able to maintain its net asset value per security at a constant amount or that the full amount of your investment in the fund will be returned to you.

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