Quarterly Update | Q4 2025 | EP 206
January 15, 2026
21 Mins
Mawer International Equity Fund
As at December 31, 2025
Morningstar Rating™
starstarstar
(As at Dec 31, 2025)
Series Start Date:
Nov 6, 1987
Fund Net Asset Value:
$6,624.10 million
Total Net Asset Value (Series A):
$821.00 million
Related Links
Patience and Progress: Navigating Japan’s Investment Terrain | EP 198
October 1, 2025
18 Mins
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What Does this Fund Invest In?
The Fund invests primarily in equity and equity-related securities of entities outside of Canada and the United States. The amount invested in any one country will vary depending upon individual company by company opportunities in each area. The Fund will diversify through currencies, industries, and countries to increase safety, and to increase the growth and liquidity of the investments. 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 (%) |
|---|---|
| Taiwan Semiconductor Manufacturing Co Ltd | 6.2 |
| Cash and Cash Equivalents | 5.2 |
| Tencent Holdings Ltd | 5.1 |
| FinecoBank Banca Fineco SpA | 3.0 |
| SK hynix Inc | 3.0 |
| Aon PLC | 2.6 |
| Shell PLC ADR | 2.5 |
| AerCap Holdings NV | 2.5 |
| Deutsche Boerse AG | 2.4 |
| BayCurrent Inc | 2.4 |
| Roche Holding AG | 2.3 |
| Hitachi Ltd | 2.3 |
| Compass Group PLC | 2.2 |
| Sampo Oyj | 2.1 |
| Leonardo SpA | 2.0 |
| Koninklijke Ahold Delhaize NV | 2.0 |
| Recordati Industria Chimica e Farmaceutica SpA | 2.0 |
| BAE Systems PLC | 2.0 |
| AstraZeneca PLC | 1.9 |
| Kone Oyj | 1.9 |
| Ashtead Group PLC | 1.9 |
| King Slide Works Co Ltd | 1.8 |
| HDFC Bank Ltd | 1.8 |
| KDDI Corp | 1.7 |
| RELX PLC | 1.7 |
Equity Sector Weights
Portfolio
International Equity Benchmark[¶]
Communication Services
Consumer Discretionary
Consumer Staples
Energy
Financials
Health Care
Industrials
Information Technology
Materials
Real Estate
Utilities
Cash and Cash Equivalents
Regional Weights
Portfolio
International Equity Benchmark[¶]
Asia Pacific Ex. Japan
Canada
Emerging and Frontier Markets
Europe Ex. U.K.
Japan
Latin America
Middle East/Africa
United Kingdom
United States
Cash & Cash Equivalents
Emerging and Frontier Markets
Related Links
Quarterly Update | Q4 2025 | EP 206
January 15, 2026
21 Mins
Patience and Progress: Navigating Japan’s Investment Terrain | EP 198
October 1, 2025
18 Mins
Disclaimers