Quarterly Update | Q3 2026 | EP 232
October 14, 2026
22 Mins
Mawer Short Term Bond Fund
As at September 30, 2026
Morningstar Rating™ *:
N/A
Fund Managers:
Crista Caughlin, CFA
Series Start Date:
Jun 1, 2026
Fund Net Asset Value:
$37.20 million
Total Net Asset Value (Series F):
$1.60 million
Net Asset Value Per Unit:
$9.84
RRSP Eligibility:
Yes
Fund Code:
MAW125
Related Links
Quarterly Update | Q2 2026 | EP 221
July 15, 2026
27 Mins
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What Does this Fund Invest In?
The Fund invests primarily in short term bonds and debentures of Canadian government and corporate issuers. Treasury bills or other short-term will also be used.
Investor Suitability
Investors seeking income and stability. Low risk.
Investment Strategy
In order to achieve its investment objectives, the Manager focuses on security, sector, credit and curve analysis in making investment decisions. Investment considerations may include interest rates, yield spreads, exchange rates, structures, credit spread and fundamental analysis of sovereign, government, corporate and structured finance issuers. The Fund is actively managed, seeking a diversified source of fixed income returns, generated in a risk conscious and conservative manner.The Fund intends to hedge its foreign currency exposure back to Canadian Dollars and may also employ derivatives to manage interest rate and duration exposure.
Top Holdings
| Top Holdings | Weight (%) |
|---|---|
| Canada Housing Trust No 1 1.9% March 15, 2031 | 7.3 |
| Bank of America Corp 2.6% April 4, 2029 | 6.1 |
| Canada Housing Trust No 1 2.9% December 15, 2029 | 6.0 |
| Canada Housing Trust No 1 2.85% December 15, 2030 | 5.3 |
| North West Redwater Partnership / NWR Financing Co Ltd 4.25% June 1, 2029 | 5.1 |
| Canadian Government Bond 3.5% September 1, 2029 | 5.0 |
| Sun Life Financial Inc 4.78% August 10, 2034 | 4.7 |
| Toronto-Dominion Bank 4.68% January 8, 2029 | 4.6 |
| Royal Bank of Canada 3.63% December 10, 2028 | 4.4 |
| Bank of Nova Scotia 3.84% September 26, 2030 | 4.0 |
| TELUS Corp 4.8% December 15, 2028 | 4.0 |
| Manulife Financial Corp 4.06% December 6, 2034 | 3.9 |
| Municipal Finance Authority of British Columbia 3.3% October 2, 2030 | 3.9 |
| Pembina Pipeline Corp 4.24% June 15, 2027 | 3.8 |
| Amazon.com Inc 3.4% June 12, 2029 | 3.8 |
| Bank of Montreal 4.42% July 17, 2029 | 3.8 |
| Goldman Sachs Group Inc 3.64% March 5, 2032 | 3.7 |
| Canadian Imperial Bank of Commerce 3.65% January 13, 2032 | 3.4 |
| Thomson Reuters Corp 4.13% September 17, 2029 | 3.2 |
| TELUS Corp 5% September 13, 2029 | 2.9 |
| Canadian Pacific Railway Co 4.2% April 15, 2030 | 2.7 |
| Toronto-Dominion Bank 4.13% September 11, 2032 | 1.7 |
| International Business Machines Corp 4.1% August 15, 2030 | 1.6 |
| Enbridge Inc 4.21% February 22, 2030 | 1.6 |
| Amazon.com Inc 3.7% June 12, 2031 | 1.4 |
Net Performance
As at September 30, 2026
| 1 Yr | 3 Yr | 5 Yr | 10 Yr | |
|---|---|---|---|---|
| Mawer Short Term Bond Fund | - | - | - | - |
| FTSE Canadian Short Term Bond Index | - | - | - | - |
| Morningstar Rating™ | - | - | - | - |
| Number of Funds in Morningstar Category | - | - | - | - |
| Number of Holdings | 28 | |||
| Yield to Maturity | 4.0% | |||
| Modified Duration | 2.8 years | |||
Fixed Income Details
| Effective maturity (years) | 3.1 |
| Modified duration (years) | 2.8 |
| Yield to maturity (%) | 4 |
| Cash and T-bills (%) | 0.5 |
| Annual Turnover (%) | 28 |
Credit Rating Profile (% of Fixed Income)
| AAA | 27.8% |
| AA | 0.4% |
| A | 53.1% |
| BBB | 18.3% |
| NR | 0.4% |
Maturity (% of Fixed Income)
| 0-3 Years | 23.5% |
| 3-5 Years | 72.4% |
| 5-10 Years | 4.1% |
Sector Allocation (% of Fixed Income)
| Corporate | 71.8% |
| Federal | 27.0% |
| Municipal | 3.9% |
| Cash | -2.7% |
Related Links
Quarterly Update | Q3 2026 | EP 232
October 14, 2026
22 Mins
Quarterly Update | Q2 2026 | EP 221
July 15, 2026
27 Mins
Disclaimers