Mawer Tax Effective Balanced Fund
As at March 31, 2020
Steven Visscher, CFA
What does this Fund Invest In?
The fund may invest up to all of its assets in equity and equity-related securities, treasury bills, short-term notes, debentures and bonds from Canadian, U.S. and international issuers or in other funds managed by Mawer. They can be of any size and from any industry.
Investors seeking long-term growth at medium risk with tax effectiveness.
The Manager’s traditional equity approach of systematically buying wealth creating companies at a discount to intrinsic value is used to construct the equity part of the portfolio. The fixed income part of the portfolio follows our traditional fixed income approach of focusing on sector allocation, security selection, and trading strategies. For asset mix, the Manager analyzes which combination of asset classes is most likely to offer the most attractive risk/return characteristics within a medium to long-term time frame, and carries out asset mix changes gradually to reduce risk. The manager minimizes taxes through the application of a tax overlay strategy, with the objective to minimize taxable distributions.
|Mawer Tax Effective Balanced Fund||-1.2||4.0||4.3||8.3|
|Internal Tax Effective Balanced Benchmark||-5.8||1.2||2.7||6.0|
|Number of Funds in Morningstar Category Global Equity Balanced||1588||1226||917||382|
|Number of Holdings3,4:||197|
|Number of Countries3,4:||30|
|Top 25 Holdings1||% Weight|
|Mawer Global Small Cap Fund Series O||7.1|
|Cash & Cash Equivalents||5.1|
|Mawer Global Bond Fund Series O||2.4|
|Canada Housing Trust No. 1 1.25% 15-jun-2021||1.7|
|Government Of Canada 3.5% 01-dec-2045||1.2|
|Province Of Ontario 2.8% 02-jun-2048||1.1|
|Government Of Canada 4.0% 01-jun-2041||1.0|
|Government Of Canada 2.25% 01-jun-2029||1.0|
|Province Of Ontario 4.65% 02-jun-2041
|Government Of Canada 1.5% 01-jun-2023||0.9|
|Aon Plc Class A||0.8|
|Visa Inc. Class A||0.8|
|Province Of British Columbia 2.95% 18-dec-2028||0.8|
|Marsh & McLennan Companies, Inc.||0.8|
|Alphabet Inc. Class C||0.8|
|Verisk Analytics Inc||0.8|
|Canada Housing Trust No. 1 2.25% 15-dec-2025||0.7|
|Government Of Canada 1.0% 01-jun-2027||0.7|
|Air Liquide SA||0.7|
|Canada Housing Trust No. 1 1.9% 15-sep-2026||0.7|
|Province Of Quebec 3.0% 01-sep-2023||0.7|
|TSURUHA Holdings, Inc.||0.7|
|Canadian Pacific Railway Limited||0.7|
|Royal Bank of Canada||0.6|
1 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 Manager, at its discretion, absorbed certain expenses otherwise payable by each Series. The Manager may change the amount absorbed or discontinue absorbing these expenses at any time without notice.
2 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.
3 Equity holdings excluding cash.
4 Number of Holdings: Fund level exposure; Equity and fixed income holdings excluding cash
Number of Countries: Fund level exposure; Equity and fixed income holdings excluding cash
Asset Mix: Fund level exposure
Equity Sector Weights: Security level exposure
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. (www.msci.com)
London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”). © LSE Group 2019. FTSE Russell is a trading name of certain of the LSE Group companies. FTSE® is a trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. “TMX®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.
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The Morningstar Rating, commonly referred to as the Star Rating, relates how a fund has performed on a risk-adjusted basis against its Morningstar category peers and is subject to change every month. Funds are ranked by their Morningstar Risk-Adjusted Return scores with the top 10% of funds in a category receiving 5 stars, the top 22.5% receiving 4 stars; a fund in the middle 35% receiving 3 stars; and a fund in the bottom 22.5% receiving 2 stars. The Overall Star Rating for a fund is a weighted combination of its 3, 5 and 10 year ratings. Overall ratings are adjusted where a fund has less than 5 or 10 years of history. For greater detail see www.morningstar.ca