flagInstitutions

Canadian Small Cap

As at June 30, 2025
This strategy is closed to new institutional investors.
Benchmark :
S&P/TSX Small Cap Index (TR)
Assets Under Management:
Mawer Investment Management Ltd:
$86,741
M
Strategy *:
$2,449
M
Inception Date:
January 1, 1988
*Based on all accounts following the strategy
Strategy Profile
Benchmark:
S&P/TSX Small Cap Index (TR)
Assets Under Management:
Mawer Investment Management Ltd:
$86,741
M
Strategy*:  
$2,449
M
Inception Date:
January 1, 1988
*Based on all accounts following the strategy
Related Links
From Inventory to Innovation: Canadian Small Caps in Focus | EP 195
August 6, 2025
17 Mins
A deep dive into the psychological approach to finding opportunity | EP154
May 8, 2024
26 Mins

Investment Philosophy

As bottom-up, benchmark agnostic, fundamental investors, we seek to identify companies with sustainable competitive advantages, regardless of industry or economic conditions. We believe that by consistently following our investment philosophy—seeking wealth-creating companies, with great management teams, bought at a discount to intrinsic value—we can provide investors with above-average, long-term, risk-adjusted returns.

What Does the Strategy Invest In?

The strategy invests primarily in securities of smaller Canadian companies. Treasury bills or short-term investments, not exceeding three years to maturity, may still be used from time to time.

Filter:
Sector Weights
Portfolio
S&P/TSX Small Cap Index (TR)
Communication Services
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Real Estate
Utilities
Cash & Cash Equivalents
0.0
1.5
3.5
3.0
3.7
3.1
16.6
20.5
15.4
6.2
9.0
5.1
20.0
11.5
13.0
2.6
8.5
34.8
7.9
9.1
0.0
2.7
2.5
0.0

Top 10 Equity Holdings

Portfolio Weight
TerraVest Industries5.7
Element Fleet Management5.3
Stella-Jones5.1
Trisura Group4.8
Stantec4.6
Andlauer Healthcare Group4.1
Mainstreet Equity3.9
Colliers International Group3.7
Jamieson Wellness3.7
Kraken Robotics Inc3.7
Total44.7

Market Capitalization

BillionsNumber of CompaniesPortfolio Weight
$5 Billion and Over723.3
$2 to $5 Billion1235.6
$1 to $2 Billion410.9
$0 to $1 Billion1727.7
Cash & Cash Equivalents-2.5
Total40100.0

Portfolio Characteristics

PortfolioS&P/TSX Small Cap Index (TR)
ROE (%)8.82.8
Forward P/E17.813.2
Dividend yield (%)1.52.2
Active share (%)89.8-
Annual turnover (%)25.4-
Number Of Holdings40-

Annualized Performance

Calendar Year Returns

Calendar Year Returns2024202320222021202020192018201720162015
Canadian Small Cap Composite (Net) 13.513.4-17.919.120.530.0-9.35.020.62.9
Canadian Small Cap Composite (Gross) 14.113.9-17.519.721.230.6-8.85.521.23.4
S&P/TSX Small Cap Index (TR) 18.84.8-9.320.312.915.8-18.22.835.5-13.8

Upside/downside Capture (10 Yr )

Canadian Small Cap Composite

Period StartPeriod EndGross-of-Fee Composite ReturnNet-of-Fee Composite ReturnBenchmark ReturnInternal DispersionComposite Gross 3-Yr St DevBenchmark 3-Yr St DevNumber of Accounts at Period EndTotal Composite Assets (Millions) at Period EndTotal Firm Assets (Millions) at Period End
31 Dec 201431 Dec 20153.43%2.91%-13.75%0.13%10.73%13.42%8$1,080$22,769
31 Dec 201531 Dec 201621.23%20.62%35.51%0.42%10.74%15.07%13$1,277$26,723
31 Dec 201631 Dec 20175.55%5.02%2.75%0.26%10.56%12.59%12$1,306$32,648
31 Dec 201731 Dec 2018-8.85%-9.30%-18.17%0.11%10.58%12.08%12$1,147$35,251
31 Dec 201831 Dec 201930.61%29.96%15.84%0.26%9.80%10.97%12$1,458$44,802
31 Dec 201931 Dec 202021.15%20.55%12.87%0.40%20.43%28.63%12$1,666$54,632
31 Dec 202031 Dec 202119.66%19.06%20.27%0.11%20.12%28.34%12$1,874$69,636
31 Dec 202131 Dec 2022-17.54%-17.95%-9.29%0.07%22.94%30.30%11$1,405$60,085
31 Dec 202231 Dec 202313.94%13.37%4.79%0.13%15.71%16.96%11$1,553$64,692
31 Dec 202331 Dec 202414.10%13.53%18.83%0.16%14.92%16.55%11$1,657$65,431
31 Dec 202430 Jun 20259.06%8.79%12.74%0.13%12.96%14.20%9$1,193$60,091
Compliance Statement
Mawer Institutional claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Mawer Institutional has been independently verified for the periods from January 1, 2007 to December 31, 2023. The verification report(s) is/are available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.
Definition of the Firm
For the purposes of applying the GIPS Standards, the Firm is defined as all institutional segments of Mawer Investment Management Limited ('Mawer'), collectively held out as Mawer Institutional. Private clients, Mutual Fund Direct clients and Separately Managed Accounts (SMA) are not included in the GIPS Firm.
Composite Description
Canadian equity products with a market capitalization of less than $500 million (CAD) with the primary objective being growth. These products include Canadian stocks that have a market cap (or float) less than $500 million (CAD) at the time of initial purchase. Includes only accounts considered Institutional.
Restrictions
Maximum 15% cash and cash equivalents. Minimum 70% Canadian Equity Small Cap.
Composite Creation Date
2013-09-01
Composite Inception Date
2006-12-31
Reporting Currency
All numerical information is calculated and presented in Canadian Dollars.
Investment Management Fees
Flat 50bps The amounts of assets in the investment fee tiers are based on Canadian Dollars.
Returns
Returns presented are time-weighted returns. Over all reporting periods in this report, all discretionary accounts are fee-paying. Past performance does not guarantee future results.

Gross-of-fee returns include the reinvestment of all income received/earned. Gross-of-fees returns are presented before management fees and other expenses. Returns do not reflect the deduction of investment advisory fees.

Net-of-fee returns are calculated by deducting 1/12th of the annual flat fee of 0.50% from the monthly gross composite return.
Custom Benchmark
As of 1 Oct 2016: S&P/TSX SmallCap Index (TR). From Inception to 30 Sep 2016: BMO Small Cap Blended (Weighted) Index.

The S&P/TSX SmallCap Index provides an investable index for the Canadian small cap market. The index is float adjusted and market cap weighted and was developed with industry input as the ideal benchmark for those with small cap exposure of the Canadian equity market. The BMO Small Cap Blended (Weighted) Index reflect the performance of small to mid-size Canadian companies.
All benchmarks are total return indices (TRIs). Composite benchmarks, if they consist of a blend of more than one index, are calculated by weighting the respective index returns on a monthly basis. Composite and benchmark returns are in Canadian dollars and net of withholding taxes, if applicable. On 1 Oct 2016 the benchmark was changed to more accurately reflect the strategy of the composite.
Internal Dispersion
Internal dispersion is calculated using the equal-weighted standard deviation of annual gross returns of those relationships that were included in the composite for the entire period. No dispersion measure is presented when the composite consists of five or fewer portfolios for the full year.
Standard Deviation
The three-year annualized standard deviation measures the variability of the composite gross returns and the benchmark returns over the preceding 36-month period; it is not presented when 36 monthly returns are not available.
Trademark
GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Policies
Mawer Institutional's policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.
List of Composites and Pooled Funds
A list of composite descriptions, a list of limited distribution pooled fund descriptions, and a list of broad distribution pooled funds are available upon request.
Source: Mawer Investment Management Ltd. and Xpressfeed. Portfolio characteristics are based on the Mawer New Canada Fund representative account and it’s supplemental information to the New Canada Composite. See GIPS report(s) and full disclaimers.
Related Links
From Inventory to Innovation: Canadian Small Caps in Focus | EP 195
August 6, 2025
17 Mins
A deep dive into the psychological approach to finding opportunity | EP154
May 8, 2024
26 Mins

Disclaimers

All information is in Canadian dollars unless otherwise stated. The strategy performance presented is based on the Canadian Small Cap Composite and is gross and net of fees. Returns are calculated using a time-weighted calculation and are annualized for periods greater than one year. The index is unmanaged and does not incur fees or expenses. It is not possible to directly invest in an index.

Gross-of-fee returns include the reinvestment of all income received/earned and are presented before management fees and other expenses, and after withholding taxes, if applicable. A client's actual return will be reduced by management fees. Net-of-fee returns are calculated by deducting 1/12th of the top tier of the management fee schedule from the monthly gross-of-fee returns of the composite. Actual fees may vary depending on the applicable fee schedule and the size of the account.

Past performance does not guarantee or indicate future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested. Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio’s base currency, if different. Investors should be aware that forward-looking statements and forecasts may not be realized.

The information contained herein was provided by Mawer Investment Management Ltd. and intends to provide you with information related to Mawer Canadian Small Cap strategy and Canadian Small Cap Composite at a point in time. It is not intended to be investment advice applicable to any specific circumstance and should not be construed as investment advice. Market conditions may change impacting the composition of a portfolio. Mawer assumes no responsibility for any investment decisions made based on the information provided herein. Certain information contained herein is obtained from third parties. Mawer believes such information to be accurate and reliable as at the date hereof, however does not guarantee that it is accurate or complete or current at all times.

References to specific securities are presented for informational purposes only. Information relating to investment approaches or individual investments should not be construed as advice or endorsement. Any views expressed were prepared based upon the information available at the time and are subject to change. All information is subject to possible correction. In no event shall Mawer be liable for any damages arising out of, or in any way connected with, the use or inability to use this information appropriately.