Quarterly Update | Q4 2025 | EP 206
January 15, 2026
21 Mins
Mawer Canadian Equity Fund
As at December 31, 2025
Morningstar Rating™
starstarstar
(As at Dec 31, 2025)
Series Start Date:
Jan 21, 1991
Fund Net Asset Value:
$4,047.60 million
Total Net Asset Value (Series A):
$785.40 million
Related Links
Banks, Barrels, and Gold: Canadian Equity in a Risky World | EP 205
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What Does this Fund Invest In?
The Fund invests primarily in securities of larger capitalization Canadian companies. 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 Holdings | Weight (%) |
|---|---|
| Royal Bank of Canada | 5.9 |
| Toronto-Dominion Bank/The | 5.8 |
| Brookfield Corp | 4.4 |
| Shopify Inc | 4.1 |
| AltaGas Ltd | 3.3 |
| Canadian Natural Resources Ltd | 3.3 |
| Bank of Nova Scotia/The | 3.3 |
| iA Financial Corp Inc | 3.2 |
| Franco-Nevada Corp | 3.1 |
| Bank of Montreal | 3.1 |
| Finning International Inc | 2.9 |
| Canadian Pacific Kansas City Ltd | 2.7 |
| Suncor Energy Inc | 2.7 |
| Agnico Eagle Mines Ltd | 2.6 |
| Manulife Financial Corp | 2.6 |
| Granite Real Estate Investment Trust | 2.4 |
| Fairfax Financial Holdings Ltd | 2.4 |
| Gibson Energy Inc | 2.3 |
| Cash and Cash Equivalents | 2.2 |
| Topicus.com Inc | 2.0 |
| Loblaw Cos Ltd | 1.9 |
| CCL Industries Inc | 1.9 |
| Toromont Industries Ltd | 1.9 |
| Fortis Inc/Canada | 1.8 |
| Constellation Software Inc/Canada | 1.8 |
Equity Sector Weights
Portfolio
S&P/TSX Composite Index
Communication Services
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Real Estate
Utilities
Cash and Cash Equivalents
Related Links
Quarterly Update | Q4 2025 | EP 206
January 15, 2026
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Banks, Barrels, and Gold: Canadian Equity in a Risky World | EP 205
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Disclaimers