Quarterly Update | Q2 2026 | EP 221
July 15, 2026
27 Mins
Mawer U.S. Equity Fund
As at June 30, 2026
Morningstar Rating™
starstarstar
(As at June 30, 2026)
Fund Managers:
Grayson Witcher, CFA, AB
Series Start Date:
Dec 18, 1992
Fund Net Asset Value:
$3,013.20 million
Total Net Asset Value (Series F):
$529.30 million
Related Links
Nostalgia Is Not a Strategy: Adapting the Investing Playbook to a Changing World Order | EP208
February 3, 2026
28 Mins
Quarterly Update | Q4 2025 | EP 206
January 15, 2026
21 Mins
Invisible Hand to Heavy Hand: Govt Stakes, AI, and the Shifting CapEx Cycle in the U.S. | EP197
September 17, 2025
30 Mins
%20--%3e%3csvg%20version='1.1'%20id='Layer_1'%20xmlns='http://www.w3.org/2000/svg'%20xmlns:xlink='http://www.w3.org/1999/xlink'%20x='0px'%20y='0px'%20viewBox='0%200%20107.7%2094'%20style='enable-background:new%200%200%20107.7%2094;'%20xml:space='preserve'%3e%3cstyle%20type='text/css'%3e%20.st0{fill:%236CC5F6;}%20%3c/style%3e%3ccircle%20id='Ellipse_252'%20class='st0'%20cx='-87.9'%20cy='130'%20r='39.5'/%3e%3cpath%20d='M41.5,80.2h-6c-0.6,0-1-0.4-1-1V52c0-0.6,0.4-1,1-1h6c0.6,0,1,0.4,1,1v27.2C42.5,79.8,42,80.2,41.5,80.2z%20M36.4,78.2h4V53%20h-4V78.2z%20M59.2,80.2h-6c-0.6,0-1-0.4-1-1V31c0-0.6,0.4-1,1-1h6c0.6,0,1,0.4,1,1v48.2C60.2,79.8,59.7,80.2,59.2,80.2z%20M54.2,78.2h4%20V32h-4V78.2z%20M78.3,80.2h-6c-0.6,0-1-0.4-1-1V17.3c0-0.6,0.4-1,1-1h6c0.6,0,1,0.4,1,1v61.9C79.3,79.8,78.9,80.2,78.3,80.2z%20M73.3,78.2h4V18.3h-4V78.2z%20M90.7,86.5H22.6V55.1l0,0l0,0v-34l0,0l0,0v-3.7c0-0.6-0.4-1-1-1s-1,0.4-1,1v2.7H17c-0.6,0-1,0.4-1,1%20s0.4,1,1,1h3.6v32.1H17c-0.6,0-1,0.4-1,1s0.4,1,1,1h3.6v30.4H17c-0.6,0-1,0.4-1,1s0.4,1,1,1h3.6V93c0,0.6,0.4,1,1,1s1-0.4,1-1v-4.5%20h32.6V93c0,0.6,0.4,1,1,1s1-0.4,1-1v-4.5h30.4V93c0,0.6,0.4,1,1,1s1-0.4,1-1v-4.5h1.1c0.6,0,1-0.4,1-1S91.3,86.5,90.7,86.5z%20M32.5,24.8L52.7,9.4l2.5,6.2c0.1,0.3,0.4,0.5,0.7,0.6s0.6,0,0.9-0.2L75.9,1.8c0.4-0.3,0.5-1,0.2-1.4c-0.3-0.4-1-0.5-1.4-0.2%20L56.6,13.7l-2.5-6.3c-0.1-0.3-0.4-0.5-0.7-0.6s-0.6,0-0.9,0.2L31.3,23.2c-0.4,0.3-0.5,1-0.2,1.4c0.2,0.3,0.5,0.4,0.8,0.4%20C32.1,25,32.3,24.9,32.5,24.8z'/%3e%3c/svg%3e)
What Does this Fund Invest In?
The Fund invests in equity and equity-related securities of U.S. entities. 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 (%) |
|---|---|
| Alphabet Inc | 5.6 |
| Amazon.com Inc | 4.7 |
| Amphenol Corp | 4.3 |
| Waters Corp | 4.1 |
| Microsoft Corp | 3.4 |
| Visa Inc | 3.4 |
| Cencora Inc | 3.4 |
| NVIDIA Corp | 3.2 |
| Martin Marietta Materials Inc | 2.6 |
| BWX Technologies Inc | 2.6 |
| Texas Instruments Inc | 2.6 |
| Mastercard Inc | 2.6 |
| American Electric Power Co Inc | 2.6 |
| Arthur J Gallagher & Co | 2.3 |
| Procter & Gamble Co/The | 2.2 |
| AbbVie Inc | 2.1 |
| Intercontinental Exchange Inc | 2.1 |
| Southern Co/The | 2.1 |
| Northrop Grumman Corp | 2.0 |
| Abbott Laboratories | 2.0 |
| CME Group Inc | 2.0 |
| FTI Consulting Inc | 2.0 |
| AAON Inc | 2.0 |
| Cognex Corp | 1.8 |
| Novanta Inc | 1.8 |
Equity Sector Weights
Portfolio
S&P 500 Index (TR)
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 | Q2 2026 | EP 221
July 15, 2026
27 Mins
Nostalgia Is Not a Strategy: Adapting the Investing Playbook to a Changing World Order | EP208
February 3, 2026
28 Mins
Quarterly Update | Q4 2025 | EP 206
January 15, 2026
21 Mins
Invisible Hand to Heavy Hand: Govt Stakes, AI, and the Shifting CapEx Cycle in the U.S. | EP197
September 17, 2025
30 Mins
Disclaimers