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Mawer U.S. Mid Cap Equity Fund
As at September 30, 2025
Morningstar Rating™
(As at Sep 30, 2025)
Fund Managers:
Jeff Mo, CFA
Series Start Date:
Sep 27, 2021
Fund Net Asset Value:
$427.00 million
Total Net Asset Value (Series A):
$28.10 million
Net Asset Value Per Unit:
$12.14
RRSP Eligibility:
Yes
Management Expense Ratio* :
1.45% (as at 30 Jun 2025)
Trading Expense Ratio†:
0.01% (as at 30 Jun 2025)
Fund Code:
MAW180
Related Links
Quarterly Update | Q3 2025 | EP200
October 10, 2025
23 Mins
Maintaining an All-Weather Strategy: The U.S. Mid Cap Equity Landscape | EP175
December 13, 2024
21 Mins
Performance
Performance
Fund Documents
Fund Documents
Prices
Prices
Fund Commentary
Fund Commentary
What Does this Fund Invest In?
The Fund invests primarily in equity and equity-related securities of U.S. mid-capitalization entities. Treasury bills or short-term investments, not exceeding three years to maturity will also be used.
Investor Suitability
Investors seeking long-term, above average growth who can tolerate equity volatility. Medium risk.
Investment Strategy
In order to achieve its investment 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 long-term holding period to allow for investor recognition or corporate growth, and to minimize transaction costs.
Top Holdings
Top HoldingsWeight (%)
CACI International Inc5.0
OSI Systems Inc4.5
Northrop Grumman Corp4.2
Corpay Inc4.1
Amphenol Corp4.1
SharkNinja Inc4.0
Interactive Brokers Group Inc3.8
Medpace Holdings Inc3.6
Barrett Business Services Inc3.5
Valvoline Inc3.5
ResMed Inc3.4
Waters Corp3.2
Ensign Group Inc/The3.0
LPL Financial Holdings Inc2.8
Esquire Financial Holdings Inc2.7
Pathward Financial Inc2.7
ITT Inc2.6
FTI Consulting Inc2.6
AptarGroup Inc2.5
Murphy USA Inc2.4
RB Global Inc2.4
Tradeweb Markets Inc2.4
Shift4 Payments Inc2.2
Cash and Cash Equivalents2.2
Kinsale Capital Group Inc2.2
Net Performance‡
As at September 30, 2025
1 Yr3 Yr5 Yr10 Yr
Mawer U.S. Mid Cap Equity Fund4.413.9--
Russell Midcap Index (TR)14.418.2--
Morningstar Rating™
3
4
0
0
Number of Funds in Morningstar Category
267
234
0
0
Number of Holdings§38
Equity Sector Weights
Portfolio
Russell Midcap Index (TR)
Communication Services
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Real Estate
Utilities
Cash and Cash Equivalents
1.7
4.2
13.2
12.0
0.0
4.9
0.0
5.8
28.5
15.4
13.2
9.3
25.7
18.1
13.1
11.7
2.5
5.1
0.0
7.3
0.0
6.3
2.2
0.0
Related Links
Quarterly Update | Q3 2025 | EP200
October 10, 2025
23 Mins
Maintaining an All-Weather Strategy: The U.S. Mid Cap Equity Landscape | EP175
December 13, 2024
21 Mins
Disclaimers
* The Fund’s MER is made up of the management fee and operating expenses. The Fund’s annual management fee is 1.30% of the Fund’s value. Because this fund is new, its operating expenses are relatively large in comparison to the fund’s assets. Mawer Investment Management Ltd. has committed to subsidize the operating expenses of the Fund from its inception so that the MER is no more than 1.45%; without the subsidy the MER may be higher. Mawer Investment Management Ltd. reserves the right to terminate the subsidy at any time. Management plans to review the subsidy periodically with the intent to remove the subsidy once the MER of the Fund has stabilized. After the subsidized period ends, the actual MER for the Fund may be higher than 1.45%.
† 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 A-series mutual funds and has been calculated net of fees. Performance has been expressed in Canadian dollars.
§ Equity holdings excluding cash.