Mawer Tax Effective Balanced Fund | Mawer Investment Management Ltd

Fund Profiles

Explore all funds

Mawer Tax Effective Balanced Fund

As at December 31, 2025

Morningstar Rating™

(As at Dec 31, 2025)

Fund Managers:

Steven Visscher, CFA

Series Start Date:

Feb 26, 1988

Fund Net Asset Value:

$1,615.50 million

Total Net Asset Value (Series A):

$1,090.80 million

Net Asset Value Per Unit:

$47.67

RRSP Eligibility:

Yes

Management Expense Ratio^* :

0.89% (as at 31 Dec 2025)

Trading Expense Ratio^†:

0.03% (as at 31 Dec 2025)

Fund Code:

MAW105

Related Links

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^‖

International Equity

18.6%

Canadian Large Cap Equity

16.3%

U.S. Equity

11.5%

Global Small Cap Equity

6.8%

Canadian Small Cap Equity

3.3%

Cash & Cash Equivalents

3.0%

U.S. Mid Cap Equity

2.8%

Emerging Markets Equity

2.5%

Top Holdings^‖

Top Holdings	Weight (%)
Mawer Global Small Cap Fund Series O	6.8
Mawer Global Credit Opportunities Fund Series O	4.6
Cash and Cash Equivalents	3.0
Canada Housing Trust No 1 2.15% December 15, 2031	2.8
Mawer Emerging Markets Equity Fund Series O	2.5
Province of Ontario 3.65% June 2, 2033	1.6
Province of Quebec 3.6% September 1, 2033	1.6
Canadian Government Bond 2% December 1, 2051	1.6
Taiwan Semiconductor Manufacturing Co Ltd	1.3
Tencent Holdings Ltd	1.1
Canada Housing Trust No 1 2.85% June 15, 2030	1.1
Toronto-Dominion Bank/The	1.0
Royal Bank of Canada	1.0
Canada Housing Trust No 1 2.85% December 15, 2030	0.9
Canadian Pacific Railway Co 2.54% February 28, 2028	0.8
Province of Ontario 2.9% December 2, 2046	0.8
Bank of Montreal 4.42% July 17, 2029	0.8
Province of Ontario 3.8% December 2, 2034	0.7
Amphenol Corp	0.7
Province of Ontario 2.95% September 8, 2030	0.7
Brookfield Corp	0.7
Shopify Inc	0.7
Verizon Communications Inc 2.38% March 22, 2028	0.7
Hydro One Inc 4.91% January 27, 2028	0.7
Province of Alberta 3.1% June 1, 2050	0.6

Net Performance^‡

As at December 31, 2025

	1 Yr	3 Yr	5 Yr	10 Yr
Mawer Tax Effective Balanced Fund	9.3	10.1	5.0	6.3
Internal Tax Effective Benchmark^**	16.1	14.2	8.2	7.8
Morningstar Rating™	3	3	2	4
Number of Funds in Morningstar Category	1563	1461	1219	759
Number of Holdings^§,^‖				330
Number of Countries^§,^¶				26

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

5.2

5.1

5.7

7.7

2.8

4.4

4.9

8.8

26.0

20.5

8.3

6.3

21.5

12.0

15.7

16.6

5.6

12.9

1.7

3.1

2.5

2.7

Asset Mix‖

Asset Mix^‖