Institutions
Mawer Canadian Bond Fund
As at September 30, 2025
Morningstar Rating™
(As at Sep 30, 2025)
Fund Managers:
Crista Caughlin, CFA
Series Start Date:
Jun 21, 1991
Fund Net Asset Value:
$3,476.50 million
Total Net Asset Value (Series A):
$107.50 million
Net Asset Value Per Unit:
$11.83
RRSP Eligibility:
Yes
Management Expense Ratio* :
0.68% (as at 30 Jun 2025)
Fund Code:
MAW100
Related Links
Quarterly Update | Q3 2025 | EP200
October 9, 2025
23 Mins
The Canadian Bond Balancing Act: Trade Policy, Central Banks, and Economic Growth Impacts | EP199
October 6, 2025
18 Mins
What Does this Fund Invest In?
The Fund invests primarily in bonds and debentures of Canadian government and corporate issuers. Treasury bills or short-term investments will also be used.
Investor Suitability
Investors seeking income and stability. Low risk.
Investment Strategy
In order to achieve its investment objectives, the Manager positions the Fund along points on the yield curve which offers the most attractive yields relative to the duration of the security, maintaining a bias for the part of the curve that offers attractive characteristics in the context of the central bank policy. The Fund will typically overweight sectors that provide attractive yields relative to Government of Canada Bonds with an emphasis on investment-grade corporate, provincial and municipal bonds. The Manager will utilize in-house, bottom-up credit analysis and will monitor bond markets in an effort to identify mispriced securities.
Top Holdings
Top HoldingsWeight (%)
Canadian Government Bond 1.5% June 1, 20316.4
Canada Housing Trust No 1 1.75% June 15, 20305.9
Province of Quebec 3.6% September 1, 20335.4
Canadian Government Bond 2% December 1, 20514.2
Province of Ontario 3.65% June 2, 20334.1
Canadian Pacific Railway Co 2.54% February 28, 20283.7
Canada Housing Trust No 1 2.85% June 15, 20303.5
Canada Housing Trust No 1 2.15% December 15, 20313.1
Province of Ontario 2.8% June 2, 20482.6
Bank of Montreal 4.42% July 17, 20292.4
Canadian Government Bond 2% June 1, 20322.4
Canada Housing Trust No 1 1.1% March 15, 20312.4
Province of Alberta 3.1% June 1, 20502.1
Verizon Communications Inc 2.5% May 16, 20302.1
Verizon Communications Inc 2.38% March 22, 20282.1
North West Redwater Partnership / NWR Financing Co Ltd 2.8% June 1, 20312.0
Province of Ontario 2.9% December 2, 20461.9
Hydro One Inc 4.91% January 27, 20281.9
Canadian National Railway Co 4.6% May 2, 20291.8
Canadian Government Bond 3.5% December 1, 20571.7
Bank of Montreal 4.54% December 18, 20281.7
Province of Alberta 3.05% December 1, 20481.6
Royal Bank of Canada 4.63% May 1, 20281.5
Province of Ontario 3.8% December 2, 20341.5
North West Redwater Partnership / NWR Financing Co Ltd 4.25% June 1, 20291.5
Net Performance
As at September 30, 2025
1 Yr3 Yr5 Yr10 Yr
Mawer Canadian Bond Fund2.54.3-0.51.5
FTSE Canada Universe Bond Index2.94.7-0.22.0
Morningstar Rating™
3
3
3
3
Number of Funds in Morningstar Category
386
361
334
214
Number of Holdings83
Yield to Maturity§3.4%
Modified Duration7.0 years
Bond Sector Weights
Portfolio
FTSE Canada Universe Bond Index
Corporate
Municipal
Provincial
Federal
40.5
24.8
0.0
1.9
29.7
31.7
29.8
41.6
Related Links
Quarterly Update | Q3 2025 | EP200
October 9, 2025
23 Mins
The Canadian Bond Balancing Act: Trade Policy, Central Banks, and Economic Growth Impacts | EP199
October 6, 2025
18 Mins
Disclaimers
* Management expense ration (“MER”) is based on total expenses for the stated period and is expressed as an annualized percentage of daily net assets during the period.
Performance has been presented for the A-series mutual funds and has been calculated net of fees. Performance has been expressed in Canadian dollars.
Fixed Income holdings, excluding cash.
§ The expected annual total return if all portfolio holdings are held to maturity.
The estimated percentage price change of the portfolio given a change in yields.