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From Inventory to Innovation: Canadian Small Caps in Focus | EP 195
August 6, 2025

In this episode equity analyst Dominic Drzazga discusses the current state of Canadian small caps, highlighting how geopolitical volatility creates both challenges and opportunities. The conversation covers recent portfolio additions including Sprott's precious metals trust and Kraken's underwater robotics technology, while reflecting on the bittersweet exit of long-time holding Andlauer. Dom also shares insights into how the research team is utilizing AI tools within their process. 

Key Takeaways: 

  • How the Canadian Small Cap team navigates market volatility and geopolitical uncertainty, emphasizing capital preservation while remaining opportunistic.
  • The team’s disciplined inventory assessment process, highlighting how they maintain a robust pipeline of potential investments and actively monitor over 50 companies.
  • The rationale behind recent portfolio moves, including the addition of Sprott for stable precious metals exposure and Kraken Robotics for its leadership in underwater robotics and defense sector growth.
  • The process-driven approach to exits—e.g., the Andlauer takeout as an example of balancing near-term value realization with long-term potential.
  • An inside look at how AI and internal innovation—such as the “earnings monitor agent”—are streamlining research workflows and enhancing investment decision-making. 
A transcript of this episode is available below, modified for a more enjoyable reading experience. For more posts exploring the ideas we talk about in the episode, check out our Related Reads links.


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This blog post is solely intended for informational purposes and should not be construed as individualized investment advice, research, or a recommendation to buy, sell or hold specific securities. Information provided reflects current views based on data available at the time or writing and may change without notice. Mawer Investment Management Ltd. and/or its clients may hold positions in the securities mentioned, which may create a potential conflict of interest. While efforts are made to ensure accuracy, Mawer Investment Management Ltd. does not guarantee the completeness or accuracy of this information and disclaims liability for any reliance placed on the publication. Mawer Investment Management Ltd. is not liable for any damages arising out of, or in any way connected with, its use or misuse.
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This blog post is solely intended for informational purposes and should not be construed as individualized investment advice, research, or a recommendation to buy, sell or hold specific securities. Information provided reflects current views based on data available at the time or writing and may change without notice. Mawer Investment Management Ltd. and/or its clients may hold positions in the securities mentioned, which may create a potential conflict of interest. While efforts are made to ensure accuracy, Mawer Investment Management Ltd. does not guarantee the completeness or accuracy of this information and disclaims liability for any reliance placed on the publication. Mawer Investment Management Ltd. is not liable for any damages arising out of, or in any way connected with, its use or misuse.