A daily recap of mutual fund performance is available here.

 

Currency Type ($):

Series A Series A funds are a no-load, no trailer Mutual Fund series. Series A funds are available to investors through channels such as discount brokerages and investment advisors. (Annualized)

Total Net Returns (CAD$) as at March 31, 2021

Mawer Equity Funds 3-Mo YTD 1-Yr 2-Yr 3-Yr 4-Yr 5-Yr 10-Yr Since
Inception
International Equity Fund -0.6 -0.6 24.0 9.2 6.3 8.7 8.5 9.8 8.2
International Equity Benchmark 2.1 2.1 31.9 8.9 5.6 7.3 8.9 8.6 5.5
U.S. Equity Fund 1.3 1.3 28.9 14.5 15.2 14.6 14.7 16.3 8.8
S&P 500 Index 4.7 4.7 38.1 17.0 15.8 14.4 15.6 16.9 10.3
Global Equity Fund 2.0 2.0 24.9 10.9 11.2 11.9 11.6 13.5 12.9
Global Equity Benchmark 3.2 3.2 36.5 13.6 11.1 11.1 12.5 12.6 12.1
Global Small Cap Fund 2.7 2.7 40.5 15.0 12.0 13.2 12.8 16.4 13.1
Global Small Cap Benchmark 7.8 7.8 60.7 14.8 9.9 10.5 12.8 11.5 8.3
Emerging Markets Equity Fund 0.5 0.5 40.9 10.2 6.4 8.9 - - 9.8
MSCI Emerging Markets Index 0.9 0.9 39.9 10.8 5.6 9.2 - - 10.9
EAFE Large Cap Fund 1 - - - - - - - - -
MSCI EAFE Index (net) - - - - - - - - -
Canadian Equity Fund 8.1 8.1 35.4 9.1 7.9 6.5 7.9 8.8 9.3
S&P/TSX Composite Index 8.1 8.1 44.2 11.2 10.2 8.0 10.1 6.0 8.5
New Canada Fund (CLOSED)2 6.2 6.2 69.8 21.5 14.9 10.4 12.2 12.9 13.8
New Canada Fund Benchmark 9.7 9.7 100.2 13.8 8.4 4.4 8.7 2.6 7.7
Mawer Balanced Funds 3-Mo YTD 1-Yr 2-Yr 3-Yr 4-Yr 5-Yr 10-Yr Since
Inception
Global Balanced Fund -0.2 -0.2 15.1 8.0 8.1 8.3 7.8 - 9.3
Internal Global Balanced Benchmark -0.6 -0.6 18.7 9.2 7.9 7.9 8.5 - 9.3
Balanced Fund 0.1 0.1 19.8 8.9 8.0 7.8 7.8 9.1 8.5
Internal Balanced Benchmark 1.6 1.6 26.7 9.2 7.8 7.0 8.1 7.6 7.9
Tax Effective Balanced Fund 0.0 0.0 19.8 8.8 7.9 7.7 7.8 9.0 8.1
Internal Tax Effective Benchmark 1.6 1.6 26.7 9.2 7.8 7.0 8.1 7.5 8.0
Mawer Income Funds 3-Mo YTD 1-Yr 2-Yr 3-Yr 4-Yr 5-Yr 10-Yr Since
Inception
Canadian Bond Fund -5.0 -5.0 2.0 2.8 3.4 2.6 2.2 3.4 5.6
FTSE Canada Universe Bond Index -5.0 -5.0 1.6 3.0 3.8 3.2 2.8 4.0 6.7
Canadian Money Market Fund 0.0 0.0 0.0 0.5 0.7 0.5 0.4 0.3 3.1
FTSE Canada 91 Day TBill Index 0.0 0.0 0.2 1.1 1.2 1.1 1.0 0.9 3.9

Series A Series A funds are a no-load, no trailer Mutual Fund series. Series A funds are available to investors through channels such as discount brokerages and investment advisors. (Annual)

Total Net Returns (CAD$) for Periods Ending December 31

Mawer Equity Funds

 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
International Equity Fund 24.9 8.4 -7.5 19.5 22.6 9.1 20.3 -3.3 22.6 -4.0 14.4 12.4
International Equity Benchmark 11.9 2.1 -10.0 14.7 31.0 3.7 19.0 -3.0 18.8 -6.5 15.4 8.7
U.S. Equity Fund 2.4 5.8 4.4 12.0 41.8 20.9 19.3 5.5 12.8 9.6 25.7 14.7
S&P 500 Index 7.4 9.1 4.6 13.4 41.3 23.9 21.6 8.1 13.8 4.2 24.8 16.3
Global Equity Fund - 6.4 3.2 16.8 34.3 14.5 21.5 -0.4 17.5 4.3 20.7 9.8
Global Equity Benchmark - 5.9 -3.2 13.3 35.2 14.4 18.9 3.1 15.8 -1.3 20.2 14.2
Global Small Cap Fund 39.7 16.3 0.3 29.5 47.0 12.1 29.1 -0.7 20.8 -2.6 24.4 14.8
Global Small Cap Benchmark 25.9 19.2 -11.6 15.6 33.7 9.1 18.3 8.3 15.7 -6.7 18.4 14.3
Emerging Markets Equity Fund - - - - - - - - - -6.2 9.7 20.4
MSCI Emerging Markets Index - - - - - - - - - -6.9 12.4 16.2
EAFE Large Cap Fund 1 - - - - - - - - - - - -
MSCI EAFE Index (net) - - - - - - - - - - - -
Canadian Equity Fund 29.5 13.8 1.9 12.7 25.4 15.8 -0.3 15.8 8.7 -9.8 20.7 2.7
S&P/TSX Composite Index 35.1 17.6 -8.7 7.2 13.0 10.6 -8.3 21.1 9.1 -8.9 22.9 5.6
New Canada Fund (CLOSED)2 51.2 23.9 1.1 16.4 49.4 12.1 1.9 19.3 3.9 -10.2 28.8 19.3
New Canada Fund Benchmark 75.1 38.5 -14.2 2.5 7.8 -0.1 -13.8 35.5 2.8 -18.2 15.8 12.9

Mawer Balanced Funds

 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Global Balanced Fund - - - - - 11.8 14.6 -0.6 11.0 3.5 14.1 9.4
Internal Global Balanced Benchmark - - - - - 11.7 12.9 2.0 9.9 1.3 13.5 12.4
Balanced Fund 16.4 9.8 2.9 11.4 20.2 12.1 10.5 3.2 10.0 -0.3 15.0 10.6
Internal Balanced Benchmark 13.9 9.1 1.1 8.1 14.6 9.5 6.2 7.4 8.4 -2.7 14.2 10.7
Tax Effective Balanced Fund 17.6 10.2 2.1 11.6 20.1 12.2 10.2 3.3 9.9 -0.3 14.9 10.7
Internal Tax Effective Balanced Benchmark 13.8 9.0 0.7 8.1 14.6 9.5 6.2 7.4 8.4 -2.7 14.2 10.7

Mawer Income Funds

 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Canadian Bond Fund 4.1 6.2 8.9 3.5 -2.2 7.8 3.1 0.9 1.3 0.8 6.4 8.7
FTSE Canada Universe Bond Index 5.4 6.7 9.7 3.6 -1.2 8.8 3.5 1.7 2.5 1.4 6.9 8.7
Canadian Money Market Fund 0.1 0.1 0.3 0.3 0.4 0.4 0.0 0.0 0.1 0.7 1.1 0.3
FTSE Canada 91 Day TBill Index 0.6 0.5 1.0 1.0 1.0 0.9 0.6 0.5 0.6 1.4 1.6 0.9

Series O Series O funds are available to Mawer Investment Counselling investors and Institutions with a $2 million minimum. This fund series has a tiered outside fee schedule. (Annualized)

Total Gross Returns (CAD$) as at March 31, 2021

Mawer Equity Funds 3-Mo YTD 1-Yr 2-Yr 3-Yr 4-Yr 5-Yr 10-Yr Since
Inception
International Equity Fund -0.3 -0.3 25.7 10.7 7.8 10.1 10.0 11.3 10.1
International Equity Benchmark 2.1 2.1 31.9 8.9 5.6 7.3 8.9 8.6 6.4
U.S. Equity Fund 1.6 1.6 30.4 15.8 16.5 15.9 16.1 17.6 10.7
S&P 500 Index 4.7 4.7 38.1 17.0 15.8 14.4 15.6 16.9 10.1
Global Equity Fund 2.3 2.3 26.6 12.4 12.6 13.3 13.0 15.0 14.4
Global Equity Benchmark 3.2 3.2 36.5 13.6 11.1 11.1 12.5 12.6 12.1
Global Small Cap Fund 3.1 3.1 42.9 17.0 13.9 15.1 14.8 18.4 15.0
Global Small Cap Benchmark 7.8 7.8 60.7 14.8 9.9 10.5 12.8 11.5 8.3
Emerging Markets Equity Fund 0.9 0.9 43.0 11.9 8.0 10.5 - - 11.4
MSCI Emerging Markets Index 0.9 0.9 39.9 10.8 5.6 9.2 - - 10.9
EAFE Large Cap Fund 1 - - - - - - - - -
MSCI EAFE Index (net) - - - - - - - - -
Canadian Equity Fund 8.4 8.4 37.0 10.3 9.1 7.7 9.2 10.0 10.2
S&P/TSX Composite Index 8.1 8.1 44.2 11.2 10.2 8.0 10.1 6.0 7.5
New Canada Fund (CLOSED)2 6.6 6.6 72.1 23.1 16.4 11.9 13.8 14.4 15.1
New Canada Fund Benchmark 9.7 9.7 100.2 13.8 8.4 4.4 8.7 2.6 6.5
Mawer Balanced Funds 3-Mo YTD 1-Yr 2-Yr 3-Yr 4-Yr 5-Yr 10-Yr Since
Inception
Global Balanced Fund 0.1 0.1 16.3 9.1 9.2 9.5 9.0 - 10.5
Internal Global Balanced Benchmark -0.6 -0.6 18.7 9.2 7.9 7.9 8.5 - 9.3
Balanced Fund 0.3 0.3 20.9 9.8 8.9 8.7 8.7 10.1 8.7
Internal Balanced Benchmark 1.6 1.6 26.7 9.2 7.8 7.0 8.1 7.6 6.5
Tax Effective Balanced Fund 0.2 0.2 20.8 9.7 8.9 8.6 8.7 10.0 8.6
Internal Tax Effective Benchmark 1.6 1.6 26.7 9.2 7.8 7.0 8.1 7.5 6.4
Mawer Income Funds 3-Mo YTD 1-Yr 2-Yr 3-Yr 4-Yr 5-Yr 10-Yr Since
Inception
Canadian Bond Fund -4.9 -4.9 2.7 3.5 4.1 3.3 2.9 4.1 4.5
FTSE Canada Universe Bond Index -5.0 -5.0 1.6 3.0 3.8 3.2 2.8 4.0 4.4
Canadian Money Market Fund 0.0 0.0 0.2 0.9 1.1 1.0 0.8 0.8 1.2
FTSE Canada 91 Day TBill Index 0.0 0.0 0.2 1.1 1.2 1.1 1.0 0.9 1.4

Series O Series O funds are available to Mawer Investment Counselling investors and Institutions with a $2 million minimum. This fund series has a tiered outside fee schedule. (Annual)

Total Gross Returns (CAD$) for Periods Ending December 31

Mawer Equity Funds

 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
International Equity Fund 26.4 10.0 -6.1 21.1 24.2 10.6 22.0 -1.9 24.2 -2.7 16.0 13.9
International Equity Benchmark 11.9 2.1 -10.0 14.7 31.0 3.7 19.0 -3.0 18.8 -6.5 15.4 8.7
U.S. Equity Fund 3.6 7.1 5.6 13.2 43.3 22.2 20.7 6.8 14.1 10.8 27.1 16.0
S&P 500 Index 7.4 9.1 4.6 13.4 41.3 23.9 21.6 8.1 13.8 4.2 24.8 16.3
Global Equity Fund - 7.8 4.6 18.3 36.0 15.9 23.1 0.9 19.1 5.7 22.3 11.2
Global Equity Benchmark - 5.9 -3.2 13.3 35.2 14.4 18.9 3.1 15.8 -1.3 20.2 14.2
Global Small Cap Fund 42.2 18.5 2.2 31.6 49.1 14.0 31.3 1.1 22.8 -0.9 26.5 16.8
Global Small Cap Benchmark 25.9 19.2 -11.6 15.6 33.7 9.1 18.3 8.3 15.7 -6.7 18.4 14.3
Emerging Markets Equity Fund - - - - - - - - - -4.7 11.4 22.2
MSCI Emerging Markets Index - - - - - - - - - -6.9 12.4 16.2
EAFE Large Cap Fund 1 - - - - - - - - - - - -
MSCI EAFE Index (net) - - - - - - - - - - - -
Canadian Equity Fund 30.9 15.1 3.2 13.9 26.8 17.1 0.9 17.2 10.0 -8.8 22.1 3.8
S&P/TSX Composite Index 35.1 17.6 -8.7 7.2 13.0 10.6 -8.3 21.1 9.1 -8.9 22.9 5.6
New Canada Fund (CLOSED)2 52.9 25.4 2.6 17.9 51.1 13.7 3.3 20.9 5.3 -9.0 30.5 20.9
New Canada Fund Benchmark 75.1 38.5 -14.2 2.5 7.8 -0.1 -13.8 35.5 2.8 -18.2 15.8 12.9

Mawer Balanced Funds

 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Global Balanced Fund - - - - - 13.0 15.8 0.5 12.2 4.6 15.3 10.6
Internal Global Balanced Benchmark - - - - - 11.7 12.9 2.0 9.9 1.3 13.5 12.4
Balanced Fund 17.4 10.8 3.8 12.4 21.2 13.1 11.5 4.1 11.0 0.6 16.0 11.6
Internal Balanced Benchmark 13.9 9.1 1.1 8.1 14.6 9.5 6.2 7.4 8.4 -2.7 14.2 10.7
Tax Effective Balanced Fund 18.6 11.1 3.0 12.6 21.2 13.2 11.1 4.2 10.8 0.6 15.9 11.6
Internal Tax Effective Balanced Benchmark 13.8 9.0 0.7 8.1 14.6 9.5 6.2 7.4 8.4 -2.7 14.2 10.7

Mawer Income Funds

 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Canadian Bond Fund 5.0 7.1 9.9 4.4 -1.4 8.6 3.8 1.6 2.0 1.5 7.1 9.4
FTSE Canada Universe Bond Index 5.4 6.7 9.7 3.6 -1.2 8.8 3.5 1.7 2.5 1.4 6.9 8.7
Canadian Money Market Fund 0.3 0.4 0.9 0.8 0.9 0.9 0.5 0.4 0.5 1.2 1.6 0.6
FTSE Canada 91 Day TBill Index 0.6 0.5 1.0 1.0 1.0 0.9 0.6 0.5 0.6 1.4 1.6 0.9

Series O Series O funds are available to Mawer Investment Counselling investors and Institutions with a $2 million minimum. This fund series has a tiered outside fee schedule. (Annualized)

Total Gross Returns (USD$) as at March 31, 2021

Mawer Equity Funds 3-Mo YTD 1-Yr 2-Yr 3-Yr 4-Yr 5-Yr 10-Yr Since
Inception
International Equity Fund 1.1 1.1 42.4 14.1 8.7 11.8 10.6 8.5 10.3
International Equity Benchmark 3.5 3.5 49.4 12.3 6.5 8.9 9.5 5.8 6.6
U.S. Equity Fund 3.0 3.0 47.7 19.4 17.5 17.6 16.7 14.6 10.3
S&P 500 Index 6.2 6.2 56.4 20.6 16.8 16.1 16.3 13.9 9.8
Global Equity Fund 3.7 3.7 43.3 15.8 13.6 15.0 13.7 12.1 12.9
Global Equity Benchmark 4.6 4.6 54.6 17.1 12.1 12.8 13.1 9.8 10.6
Global Small Cap Fund 4.5 4.5 61.9 20.6 14.9 16.8 15.4 15.4 12.7
Global Small Cap Benchmark 9.2 9.2 82.0 18.3 10.9 12.2 13.5 8.7 6.1
Emerging Markets Equity Fund 2.3 2.3 61.9 15.4 8.9 12.2 - - 12.4
MSCI Emerging Markets Index 2.3 2.3 58.4 14.2 6.5 10.8 - - 11.8
EAFE Large Cap Fund 1 - - - - - - - - -
MSCI EAFE Index (net) - - - - - - - - -
Canadian Equity Fund 9.9 9.9 55.1 13.7 10.1 9.3 9.8 7.3 9.9
S&P/TSX Composite Index 9.5 9.5 63.4 14.7 11.1 9.6 10.7 3.3 7.1
New Canada Fund (CLOSED)2 8.1 8.1 94.9 27.0 17.4 13.5 14.4 11.5 15.3
New Canada Fund Benchmark 11.2 11.2 126.7 17.4 9.3 6.0 9.3 0.0 6.7
Mawer Balanced Funds 3-Mo YTD 1-Yr 2-Yr 3-Yr 4-Yr 5-Yr 10-Yr Since
Inception
Global Balanced Fund 1.5 1.5 31.7 12.5 10.2 11.1 9.6 - 7.7
Internal Global Balanced Benchmark 0.8 0.8 34.4 12.6 8.8 9.5 9.1 - 6.5
Balanced Fund 1.7 1.7 36.9 13.2 9.8 10.3 9.4 7.3 7.9
Internal Balanced Benchmark 3.0 3.0 43.5 12.6 8.7 8.6 8.7 4.9 5.7
Tax Effective Balanced Fund 1.6 1.6 36.9 13.1 9.8 10.3 9.3 7.2 7.8
Internal Tax Effective Benchmark 3.0 3.0 43.5 12.6 8.7 8.6 8.7 4.8 5.6
Mawer Income Funds 3-Mo YTD 1-Yr 2-Yr 3-Yr 4-Yr 5-Yr 10-Yr Since
Inception
Canadian Bond Fund -3.6 -3.6 16.3 6.7 5.0 4.8 3.5 1.5 4.2
FTSE Canada Universe Bond Index -3.7 -3.7 15.1 6.2 4.7 4.7 3.4 1.4 4.1
Canadian Money Market Fund 1.4 1.4 13.5 4.0 1.9 2.5 1.4 -1.7 0.4
FTSE Canada 91 Day TBill Index 1.4 1.4 13.5 4.2 2.1 2.6 1.6 -1.6 0.6

Series O Series O funds are available to Mawer Investment Counselling investors and Institutions with a $2 million minimum. This fund series has a tiered outside fee schedule. (Annual)

Total Gross Returns (USD$) for Periods Ending December 31

Mawer Equity Funds

 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
International Equity Fund 48.9 16.0 -8.3 23.9 16.4 1.5 1.8 1.6 33.0 -10.7 22.1 15.9
International Equity Benchmark 31.8 7.8 -12.1 17.3 22.8 -4.9 -0.8 0.4 27.2 -14.2 21.5 10.7
U.S. Equity Fund 22.0 13.0 3.1 15.8 34.3 12.1 0.7 10.6 22.1 1.7 33.9 18.1
S&P 500 Index 26.5 15.1 2.1 16.0 32.4 13.7 1.4 12.0 21.8 -4.4 31.5 18.4
Global Equity Fund - 13.8 2.1 21.0 27.4 6.3 2.6 4.6 27.4 -3.1 28.8 13.2
Global Equity Benchmark - 11.8 -5.5 15.8 26.7 4.9 -0.9 6.8 24.0 -9.4 26.6 16.3
Global Small Cap Fund 67.5 25.0 -0.3 34.6 39.7 4.5 9.5 4.7 31.5 -9.1 33.2 18.8
Global Small Cap Benchmark 48.2 25.7 -13.7 18.3 25.3 0.1 -1.4 12.1 23.8 -14.4 24.7 16.3
Emerging Markets Equity Fund - - - - - - - - - -12.6 17.3 24.4
MSCI Emerging Markets Index - - - - - - - - - -14.6 18.4 18.3
EAFE Large Cap Fund 1 - - - - - - - - - - - -
MSCI EAFE Index (net) - - - - - - - - - - - -
Canadian Equity Fund 54.1 21.4 0.7 16.5 18.8 7.4 -15.8 21.4 17.7 -16.3 28.6 5.7
S&P/TSX Composite Index 59.0 24.1 -10.9 9.6 5.9 1.4 -23.6 25.4 16.8 -16.4 29.4 7.5
New Canada Fund (CLOSED)2 80.1 32.3 0.1 20.5 41.6 4.3 -13.8 25.3 12.7 -16.5 37.5 23.1
New Canada Fund Benchmark 106.2 46.2 -16.2 4.8 1.0 -8.3 -28.1 40.4 10.0 -24.9 22.0 14.9

Mawer Balanced Funds

 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Global Balanced Fund - - - - - 3.6 -3.4 4.1 20.1 -4.1 21.4 12.6
Internal Global Balanced Benchmark - - - - - 2.5 -5.9 5.6 17.6 -7.1 19.6 14.4
Balanced Fund 38.3 16.9 1.3 14.9 13.6 3.8 -7.0 7.8 18.8 -7.7 22.2 13.6
Internal Balanced Benchmark 34.1 15.1 -1.4 10.5 7.4 0.4 -11.5 11.3 16.0 -10.7 20.2 12.7
Tax Effective Balanced Fund 39.7 17.3 0.6 15.1 13.6 3.9 -7.3 8.0 18.6 -7.7 22.1 13.6
Internal Tax Effective Balanced Benchmark 34.0 15.0 -1.7 10.5 7.4 0.4 -11.5 11.3 16.0 -10.7 20.2 12.7

Mawer Income Funds

 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Canadian Bond Fund 23.7 13.0 7.3 6.8 -7.6 -0.4 -13.5 5.3 9.1 -6.9 12.8 11.3
FTSE Canada Universe Bond Index 24.1 12.6 7.0 5.9 -7.4 -0.2 -13.7 5.3 9.7 -7.0 12.6 10.6
Canadian Money Market Fund 18.1 5.9 -1.6 3.1 -5.4 -7.5 -16.2 4.0 7.6 -7.2 7.0 2.4
FTSE Canada 91 Day TBill Index 18.5 6.1 -1.4 3.3 -5.3 -7.4 -16.1 4.1 7.6 -7.0 7.1 2.7

1 Fund performance is not available for funds with a history of less than one year. This fund launched May 29, 2020.

2 The Mawer New Canada Fund is capped to new and existing mutual fund investors. Additional units of this fund are not available for purchase.

Fund Inception Dates and Benchmark History

Fund Inception Dates
Series A
Series O
Mawer International Equity Fund: November 6, 1987 November 11, 2003
Mawer U.S. Equity Fund: December 10, 1992 December 1, 2004
Mawer Global Equity Fund: October 22, 2009 October 22, 2009
Mawer Global Small Cap Fund: October 2, 2007 October 2, 2007
Mawer Emerging Markets Equity Fund: January 31, 2017 January 31, 2017
Mawer EAFE Large Cap Fund :
Mawer Canadian Equity Fund: June 3, 1991 December 1, 2004
Mawer New Canada Fund (CLOSED): January 15, 1988 November 27, 2003
Mawer Global Balanced Fund: July 2, 2013 July 2, 2013
Mawer Balanced Fund: February 12, 1988 July 5, 2006
Mawer Tax Effective Balanced Fund: January 8, 1988 July 6, 2006
Mawer Canadian Bond Fund: June 21, 1991 December 1, 2004
Mawer Canadian Money Market Fund: March 31, 1988 July 6, 2006

Benchmark History

International Equity Benchmark:

Mawer International Equity Benchmark History (changes made prospectively):

Jan 1988: MSCI EAFE (net)
Oct 2016: MSCI ACWI ex-USA (net)

Rationale for Change: MSCI ACWI (net) excluding US Index is a better representation of the mandate in our opinion. For example, the past benchmark does not include Emerging Markets whereas the fund has holdings in these markets consistent with its prospectus and investment policy statement.

Benchmark returns are rebalanced on a monthly basis.
Global Equity Benchmark:

Mawer Global Equity Benchmark History (changes made prospectively):

Oct: 2009: MSCI World (net)
Oct 2016: MSCI ACWI (net)

Rationale for Change: MSCI ACWI (net) Index is a better representation of the mandate in our opinion. Past benchmark does not include Emerging Markets whereas the fund has holdings in these markets consistent with its prospectus and investment policy statement. 

Benchmark returns are rebalanced on a monthly basis.
Global Small Cap Benchmark:

Mawer Global Small Cap Benchmark History (changes made prospectively):

Oct 2007: Russell Global Small Cap 
Oct 2016: ACWI Small Cap (net) Total Return index

Rationale for Change: MSCI ACWI Small Cap (Net) Index is consistent with using MSCI benchmarks in other asset classes outside of Canada and the United States. In addition, the MSCI ACWI Small Cap (Net) Index follows the Global Investment Classification Standards (GICS) whereas the Russell Global Small Cap Index does not.

Benchmarks returns are rebalanced on a monthly basis.
New Canada Fund Benchmark:

Mawer New Canada Benchmark History (changes made prospectively):

Jan 1988: BMO Weighted Small Cap (Blended)
Oct 2016: S&P/TSX Small Cap

Rationale for Change: S&P/TSX Small Cap Index is a better benchmark in our opinion. For example, it provides better comparability, liquidity and a more readily available data set.

Benchmark returns are rebalanced on a monthly basis.
Internal Global Balanced Benchmark:

Mawer Global Balanced Benchmark History (changes made prospectively):

July 2013: 5% 91 Day Treasury Bill, 35% FTSE TMX Canada Universe Bond, 60% MSCI World Net (Cdn$) 
Aug 2013: MSCI World Net (Cdn $) returns is used to calculate the blended benchmark from inception. Previously, MSCI World Gross (Cdn $) was used.
Oct 2015: 20% FTSE Canada Universe Bond, 20% FTSE WGBI, 60% MSCI World Net (Cdn$)
Oct 2016: 20% FTSE Canada Universe Bond, 20% FTSE WGBI, 60% MSCI ACWI (net)
May 2021: 5% 91 Day Treasury Bill, 35% FTSE TMX Canada Universe Bond, 60% MSCI ACWI (net)

Rationale for Change: Because the benchmarks for the Mawer Global Balanced Fund are based on those of the underlying funds, the internal Global Balanced benchmark changes accordingly.

Mawer Global Equity Benchmark History (changes made prospectively):

Oct: 2009: MSCI World (net)
Oct 2016: MSCI ACWI (net)

Rationale for Change: MSCI ACWI (net) Index is a better representation of the mandate in our opinion. Past benchmark does not include Emerging Markets whereas the fund has holdings in these markets consistent with its prospectus and investment policy statement.) 

Benchmarks returns are rebalanced on a monthly basis.
Internal Balanced Benchmark:

Mawer Balanced Benchmark History (changes made prospectively):

Jan 2002: 2.5% 91 Day Treasury Bill, 42.5% FTSE TMX Canada Universe Bond, 25% S&P/TSX Composite, 15% S&P 500, 15% MSCI EAFE (net)
Jan 2012: 5% 91 Day Treasury Bill, 35% FTSE TMX Canada Universe Bond, 15% S&P/TSX Composite, 15% S&P 500, 15% MSCI EAFE (net), 7.5% BMO   Weighted Small Cap (Blended), 7.5% Russell Global Small Cap
Aug 2013: MSCI EAFE (net) returns is used to calculate the blended benchmark from inception. Previously, MSCI EAFE (gross) was used.
Oct 2015: 5% 91 Day Treasury Bill, 30% FTSE TMX Canada Universe Bond, 5% FTSE WGBI, 15% S&P/TSX Composite, 7.5% BMO Small Cap (blended), 15% S&P 500, 15% MSCI EAFE (net), 7.5% Russell Global Small Cap
Oct 2016: 5% 91 Day Treasury Bill, 30% FTSE TMX Canada Universe Bond, 5% FTSE WGBI, 15% S&P/TSX Composite, 7.5% S&P/TSX Small Cap, 15% S&P 500, 15% MSCI ACWI ex-USA (net), 7.5% ACWI Small Cap (net)
May 2021: 5% 91 Day Treasury Bill, 35% FTSE TMX Canada Universe Bond, 15%  S&P/TSX Composite, 7.5% S&P/TSX Small Cap, 15% S&P 500, 15% MSCI ACWI ex-USA (net),  7.5% ACWI Small Cap (net)

Rationale for Change: Changes were made to underlying asset class benchmarks. Because the benchmarks for the Mawer Balanced Fund are based on those of the underlying funds, the internal Balanced benchmark changes accordingly.

Mawer International Equity Benchmark History (changes made prospectively):

Jan 1988: MSCI EAFE (net)
Oct 2016: MSCI ACWI ex-USA (net) 

Rationale for Change: MSCI ACWI (net) excluding US Index is a better representation of the mandate in our opinion. For example, the past benchmark does not include Emerging Markets whereas the fund has holdings in these markets consistent with its prospectus and   investment policy statement.

Mawer New Canada Benchmark History (changes made prospectively):

Jan 1988: BMO Weighted Small Cap (Blended)
Oct 2016: S&P/TSX Small Cap

Rationale for Change: S&P/TSX SmallCap Index is a better benchmark in our opinion. For example, it provides better comparability, liquidity and a more readily available data set.

Mawer Global Small Cap Benchmark History (changes made prospectively):

Oct 2007: Russell Global Small Cap 
Oct 2016: ACWI Small Cap (net)

Rationale for Change: MSCI ACWI Small Cap (Net) Index is consistent with using MSCI benchmarks in other asset classes outside of Canada and the United States. In addition, the MSCI ACWI Small Cap (Net) Index follows the Global Investment Classification Standards (GICS) whereas the Russell Global Small Cap Index does not.

Benchmark returns are rebalanced on a monthly basis.
Internal Tax Effective Balanced Benchmark:

Mawer  Tax Effective Balanced Benchmark History (changes made prospectively):

Jan 2011: 5% 91 Day Treasury Bill, 37.5% FTSE TMX Canada Universe Bond, 22.5% S&P/TSX Composite, 17.5% S&P 500, 17.5% MSCI EAFE (net)
Jan 2012: 5% 91 Day Treasury Bill, 35% FTSE TMX Canada Universe Bond, 15% S&P/TSX Composite, 15% S&P 500, 15% MSCI EAFE (net), 7.5% BMO   Weighted Small Cap (Blended), 7.5% Russell Global Small Cap
Aug 2013: MSCI EAFE (net) returns is used to calculate the blended benchmark from inception. Previously, MSCI EAFE (gross) was used.
Oct 2015: 5% 91 Day Treasury Bill, 30% FTSE TMX Canada Universe Bond, 5% FTSE WGBI, 15% S&P/TSX Composite, 7.5% BMO Small Cap (blended), 15% S&P 500, 15% MSCI EAFE (net), 7.5% Russell Global Small Cap
Oct 2016: 5% 91 Day Treasury Bill, 30% FTSE TMX Canada Universe Bond, 5% FTSE WGBI, 15% S&P/TSX Composite, 7.5% S&P/TSX Small Cap, 15% S&P 500, 15% MSCI ACWI ex-USA (net), 7.5% MSCI ACWI Small Cap (net)
May 2021: 5% 91 Day Treasury Bill, 35% FTSE TMX Canada Universe Bond, 15% S&P/TSX Composite, 7.5% S&P/TSX Small Cap, 15% S&P 500, 15% MSCI ACWI ex-USA (net), 7.5% MSCI ACWI Small Cap (net)

Rationale for Change: Changes were made to underlying asset class benchmarks. Because the benchmarks for the Mawer Tax Effective Balanced Fund are based on those of the underlying funds, the internal Balanced benchmark changes accordingly.

Mawer International Equity Benchmark History (changes made prospectively):

Jan 1988: MSCI EAFE (net)
Oct 2016: MSCI ACWI ex-USA (net)

Rationale for Change: MSCI ACWI (net) excluding US Index is a better representation of the mandate in our opinion. For example, the past benchmark does not include Emerging Markets whereas the fund has holdings in these markets consistent with its prospectus and   investment policy statement.

Mawer New Canada Benchmark History (changes made prospectively):

Jan 1988: BMO Weighted Small Cap (Blended)
Oct 2016: S&P/TSX Small Cap

Rationale for Change: MSCI ACWI (net) Index is a better representation of the mandate in our opinion. Past benchmark does not include Emerging Markets whereas the fund has holdings in these markets consistent with its prospectus and investment policy statement.

Mawer Global Small Cap Benchmark History (changes made prospectively):

Oct 2007: Russell Global Small Cap 
Oct 2016: ACWI Small Cap (net)

Rationale for Change: MSCI ACWI Small Cap (Net) Index is consistent with using MSCI benchmarks in other asset classes outside of Canada and the United States. In addition, the MSCI ACWI Small Cap (Net) Index follows the Global Investment Classification Standards (GICS) whereas the Russell Global Small Cap Index does not.

Benchmark returns are rebalanced on a monthly basis.

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 2021. 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. 

© 2021 Morningstar Research Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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

Mawer Mutual Funds are managed by Mawer Investment Management Ltd. Mawer Fund returns are reported in Canadian dollars and calculated after operating expenses have been deducted. In comparison, Index returns do not incur management fees or operating expenses. Management fees are paid to Mawer based on fee agreements with unitholders.

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. 

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 Funds are managed by Mawer Investment Management Ltd. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer.

Mawer Mutual Funds are managed by Mawer Investment Management Ltd. Mawer Fund returns are reported in U.S. dollars and calculated after operating expenses have been deducted. In comparison, Index returns do not incur management fees or operating expenses. Management fees are paid to Mawer based on fee agreements with unitholders.

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. 

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 Funds are managed by Mawer Investment Management Ltd. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer.