Institutions
Mawer Tax Effective Balanced Fund
As at September 30, 2026
Morningstar Rating™
(As at September 30, 2026)
Fund Managers:
Steven Visscher, CFA
Series Start Date:
Feb 26, 1988
Fund Net Asset Value:
$1,584.90 million
Total Net Asset Value (Series F):
$1,027.70 million
Net Asset Value Per Unit:
$50.27
RRSP Eligibility:
Yes
Management Expense Ratio* :
0.90% (as at June 30, 2026)
Trading Expense Ratio†:
0.05% (as at June 30, 2026)
Fund Code:
MAW105
Related Links
Quarterly Update | Q3 2026 | EP 232
October 14, 2026
22 Mins
Quarterly Update | Q2 2026 | EP 221
July 15, 2026
27 Mins
Balanced Portfolios: A Market Tug of War and the Discipline to Stay Neutral | EP 217
June 10, 2026
21 Mins
Quarterly Update | Q1 2026 | EP 213
April 14, 2026
30 Mins
Quarterly Update | Q4 2025 | EP206
January 15, 2026
21 Mins
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.
Investor Suitability
Investors seeking long-term growth at low-medium risk with tax effectiveness.
Investment Strategy
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.

Asset Mix‖

Canadian Bonds
27.6%
International Equity
19.0%
Canadian Large Cap Equity
16.7%
U.S. Equity
11.6%
Global Credit Opportunities
6.4%
Global Small Cap Equity
5.6%
Cash & Cash Equivalents
4.4%
U.S. Mid Cap Equity
3.5%
Canadian Small Cap Equity
3.1%
Emerging Markets Equity
2.1%
Top Holdings‖
Top HoldingsWeight (%)
Mawer Global Credit Opportunities Fund Series O6.4
Mawer Global Small Cap Fund Series O5.6
Cash and Cash Equivalents4.4
Mawer Emerging Markets Equity Fund Series O2.1
Canadian Government Bond 2% December 1, 20511.4
Province of Ontario 3.65% June 2, 20331.2
Taiwan Semiconductor Manufacturing Co Ltd1.2
Canadian Government Bond 3.5% December 1, 20571.1
Toronto-Dominion Bank/The1.0
Royal Bank of Canada0.9
Province of Ontario 2.9% December 2, 20460.9
Canadian Imperial Bank of Commerce 3.65% January 13, 20320.9
Bank of Nova Scotia 3.62% January 30, 20320.8
Province of Quebec 4% September 1, 20350.8
North West Redwater Partnership / NWR Financing Co Ltd 2.8% June 1, 20310.8
Province of Ontario 3.8% December 2, 20340.7
Royal Bank of Canada 3.57% December 9, 20310.7
Amazon.com Inc 3.7% June 12, 20310.7
Brookfield Corp0.7
Finning International Inc0.7
iA Financial Corp Inc0.7
Franco-Nevada Corp0.6
Canadian Natural Resources Ltd0.6
Agnico Eagle Mines Ltd0.6
Alphabet Inc0.6
Net Performance‡
As at September 30, 2026
1 Yr3 Yr5 Yr10 Yr
Mawer Tax Effective Balanced Fund6.611.75.46.5
Internal Tax Effective Benchmark12.516.58.98.1
Morningstar Rating™
2
3
2
3
Number of Funds in Morningstar Category
1579
1421
1285
785
Number of Holdings§,‖361
Number of Countries§,36
Equity Sector Weights
Portfolio
Internal Tax Effective Benchmark
Communication Services
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Real Estate
Utilities
3.3
4.5
4.4
6.3
2.0
3.9
7.4
9.5
24.3
20.1
8.6
6.2
20.2
12.2
19.0
19.8
7.1
12.0
1.1
3.1
2.5
2.4
Related Links
Quarterly Update | Q3 2026 | EP 232
October 14, 2026
22 Mins
Quarterly Update | Q2 2026 | EP 221
July 15, 2026
27 Mins
Balanced Portfolios: A Market Tug of War and the Discipline to Stay Neutral | EP 217
June 10, 2026
21 Mins
Quarterly Update | Q1 2026 | EP 213
April 14, 2026
30 Mins
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 F-series mutual funds and has been calculated net of fees. Performance has been expressed in Canadian dollars.
§ Equity and Fixed Income holdings, excluding cash
‖ Fund level exposure
Security level exposure