CIK: 0001538449
Total reported value
$15.4B
Reporting period: 2026-03-31 · Number of holdings: 126
Mawer Investment Management Ltd. disclosed 126 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $15.4B and a quarterly turnover rate of 30.4%.
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Mawer Investment Management Ltd.'s disclosed holdings carry a Herfindahl concentration index of 0.025 — mathematically equivalent to about 40 equally-sized positions, well below its 126 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.47), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim BKNG
-49.5% -$362.2M
Trim MSFT
-11.9% -$413.2M
Add SO
+93.6% $176.1M
Add SHEL
-11.8% $68.8M
Add COR
+66.8% $115.1M
Trim ATR
-68.1% -$168.1M
The fund is running a pure contrarian rotation this quarter, systematically trimming expensive mega-cap tech and discretionary leaders while pivoting capital into undervalued utilities and niche semiconductor plays. This isn’t a defensive shuffle; it’s a deliberate valuation strike targeting stretched growth multiples.
The embedded bet is a capital rotation from rate-sensitive tech anchors toward yield-providing utilities and industrials. The opposing thesis argues that the AI capex supercycle remains intact, meaning this trade exits too early into a positioning squeeze that will punish laggards.
The structural vulnerability lies in diversification masking alpha decay: with 126 names, returns rely on hundreds of marginal adjustments rather than conviction spikes. Overweighting utilities builds a liquidity trap exposure if growth accelerates and rate cuts compress spreads faster than earnings materialize.
This summary was generated by AI from publicly filed SEC data and reflects historical holdings only — it is not a recommendation to buy or sell.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 6.07% | -0.38% | -10.98% | |
| 2 | MSFT | Microsoft CORP | Stock-Tech | 5.55% | -1.57% | -11.85% | |
| 3 | AMZN | Amazon.com INC | Stock-Consumer Disc | 4.92% | -0.34% | -10.32% | |
| 4 | SHEL | Shell Plc-adr | Stock-Energy | 4.29% | +0.97% | -11.82% | |
| 5 | MRSH | Marsh & Mclennan Cos | Stock-Financials | 3.90% | -0.16% | -11.01% | |
| 6 | V | Visa Inc-class A Shares | Stock-Financials | 3.79% | -0.21% | -4.84% | |
| 7 | APH | Amphenol Corp-cl A | Stock-Tech | 3.26% | -0.59% | -21.61% | |
| 8 | NOC | Northrop Grumman CORP | Stock-Industrials | 3.02% | — | -19.24% | |
| 9 | WAT | Waters CORP | Stock-Healthcare | 2.71% | -0.05% | +8.08% | |
| 10 | AON | Aon plc | Stock-Financials | 2.67% | -0.25% | -13.58% | |
| 11 | WFC | Wells Fargo & Co | Stock-Financials | 2.41% | -0.14% | -4.22% | |
| 12 | AER | AerCap Holdings N.V. | Stock-Industrials | 2.38% | -0.26% | -18.12% | |
| 13 | BRK-A | Berkshire Hathaway Inc-cl A | Stock-Other | 2.37% | -0.11% | -13.29% | |
| 14 | META | Meta Platforms Inc-class A | Stock-Comm Services | 2.27% | -0.27% | -10.96% | |
| 15 | SO | Southern Co/the | Stock-Utilities | 2.14% | +1.28% | +93.56% | |
| 16 | JPM | Jpmorgan Chase & Co | Stock-Financials | 2.12% | — | +9.65% | |
| 17 | ICE | Intercontinental Exchange In | Stock-Financials | 2.12% | -0.09% | -14.41% | |
| 18 | COR | Cencora INC | Stock-Healthcare | 2.10% | +0.93% | +66.78% | |
| 19 | CME | Cme Group INC | Stock-Financials | 1.97% | — | -9.57% | |
| 20 | BKNG | Booking Holdings INC | Stock-Consumer Disc | 1.55% | -1.82% | -49.47% | |
| 21 | FCN | Fti Consulting INC | Stock-Industrials | 1.50% | -0.71% | -43.14% | |
| 22 | MA | Mastercard INC - A | Stock-Financials | 1.46% | -0.02% | -2.36% | |
| 23 | MEDP | Medpace Holdings INC | Stock-Healthcare | 1.39% | — | +9.53% | |
| 24 | SII | Sprott INC | Stock-Other | 1.25% | +0.42% | -10.81% | |
| 25 | OSIS | Osi Systems INC | Stock-Tech | 1.14% | -0.01% | -17.54% | |
| 26 | AEP | American Electric Power | Stock-Utilities | 1.13% | +0.50% | +36.62% | |
| 27 | TSEM | Tower Semiconductor Ltd. | Stock-Tech | 1.10% | +1.10% | NEW | |
| 28 | NVDA | Nvidia CORP | Stock-Tech | 1.07% | +0.70% | +166.58% | |
| 29 | SPGI | S&p Global INC | Stock-Financials | 1.05% | +0.46% | +85.89% | |
| 30 | UBER | Uber Technologies INC | Stock-Industrials | 1.03% | -0.12% | -11.58% | |
| 31 | FERG | Ferguson Enterprises INC | Stock-Industrials | 1.01% | -0.05% | -20.65% | |
| 32 | MLM | Martin Marietta Materials | Stock-Materials | 0.97% | — | -3.50% | |
| 33 | BWXT | Bwx Technologies INC | Stock-Industrials | 0.97% | — | -4.99% | |
| 34 | CPAY | Corpay INC | Stock-Tech | 0.97% | -0.09% | -18.52% | |
| 35 | VZ | Verizon Communications INC | Stock-Comm Services | 0.89% | — | -8.51% | |
| 36 | ABT | Abbott Laboratories | Stock-Healthcare | 0.83% | -0.04% | +0.66% | |
| 37 | CDW | Cdw Corp/de | Stock-Tech | 0.82% | -0.54% | -41.15% | |
| 38 | AJG | Arthur J Gallagher & Co | Stock-Financials | 0.82% | -0.07% | -5.18% | |
| 39 | PG | Procter & Gamble Co/the | Stock-Consumer Staples | 0.80% | — | -5.07% | |
| 40 | CACI | Caci International INC -cl A | Stock-Tech | 0.79% | — | -8.95% | |
| 41 | NU | Nu Holdings Ltd. | Stock-Financials | 0.72% | +0.29% | +67.99% | |
| 42 | ABNB | Airbnb Inc-class A | Stock-Consumer Disc | 0.70% | +0.19% | +28.13% | |
| 43 | ZTS | Zoetis INC | Stock-Healthcare | 0.58% | +0.33% | +112.52% | |
| 44 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.57% | — | -12.93% | |
| 45 | ITT | Itt INC | Stock-Industrials | 0.56% | — | +7.45% | |
| 46 | TXN | Texas Instruments INC | Stock-Tech | 0.55% | — | -4.20% | |
| 47 | ATR | Aptargroup INC | Stock-Healthcare | 0.54% | -0.87% | -68.05% | |
| 48 | ESQ | Esquire Financial Holdings I | Stock-Other | 0.50% | — | -9.40% | |
| 49 | MCK | Mckesson CORP | Stock-Healthcare | 0.48% | +0.48% | NEW | |
| 50 | TW | Tradeweb Markets Inc-class A | Stock-Financials | 0.48% | — | +17.96% |
Performance for Q3 2026
+0.8%
Performance Last 4 Quarters
+10.3%
Based on 63% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 126 | $15.4B | 30 | |
| 2025-12-31 | 125 | $17.9B | 25 | |
| 2025-09-30 | 141 | $19.3B | 56 | |
| 2025-06-30 | 138 | $19.7B | 0 | |
| 2025-03-31 | 132 | $20.7B | 100 | |
| 2024-12-31 | 127 | $22.0B | 0 | |
| 2024-09-30 | 128 | $21.9B | 0 | |
| 2024-06-30 | 130 | $21.1B | 0 | |
| 2024-03-31 | 130 | $21.6B | 0 | |
| 2023-12-31 | 132 | $19.5B | 0 | |
| 2023-09-30 | 132 | $18.7B | 0 | |
| 2023-06-30 | 128 | $19.1B | 0 | |
| 2023-03-31 | 130 | $18.3B | 0 | |
| 2022-12-31 | 139 | $17.7B | 0 | |
| 2022-09-30 | 133 | $16.5B | 0 | |
| 2022-06-30 | 131 | $17.6B | 0 | |
| 2022-03-31 | 111 | $21.1B | 0 | |
| 2021-12-31 | 119 | $22.2B | 0 | |
| 2021-09-30 | 110 | $20.9B | 0 | |
| 2021-06-30 | 98 | $20.2B | 100 | |
| 2021-03-31 | 95 | $18.4B | 22 | |
| 2020-12-31 | 94 | $17.0B | 25 | |
| 2020-09-30 | 94 | $15.3B | 17 | |
| 2020-06-30 | 94 | $13.6B | 39 | |
| 2020-03-31 | 90 | $10.9B | 33 | |
| 2019-12-31 | 95 | $12.3B | 16 | |
| 2019-09-30 | 91 | $10.9B | 44 | |
| 2019-06-30 | 110 | $15.5B | 16 | |
| 2019-03-31 | 103 | $14.0B | 20 | |
| 2018-12-31 | 109 | $12.0B | 22 | |
| 2018-09-30 | 113 | $13.3B | 13 | |
| 2018-06-30 | 113 | $12.4B | 10 | |
| 2018-03-31 | 110 | $11.9B | 19 | |
| 2017-12-31 | 115 | $12.1B | 11 | |
| 2017-09-30 | 121 | $11.7B | 13 | |
| 2017-06-30 | 106 | $10.8B | 10 | |
| 2017-03-31 | 107 | $10.4B | 21 | |
| 2016-12-31 | 103 | $9.8B | 24 | |
| 2016-09-30 | 104 | $9.5B | 48 | |
| 2016-06-30 | 88 | $7.1B | 49 | |
| 2016-03-31 | 103 | $8.6B | 24 | |
| 2015-12-31 | 106 | $7.8B | 24 | |
| 2015-09-30 | 105 | $7.3B | 16 | |
| 2015-06-30 | 98 | $7.9B | 15 | |
| 2015-03-31 | 96 | $7.8B | 12 | |
| 2014-12-31 | 94 | $7.7B | 16 | |
| 2014-09-30 | 96 | $7.5B | 14 | |
| 2014-06-30 | 97 | $7.5B | 14 | |
| 2014-03-31 | 96 | $7.0B | 13 | |
| 2013-12-31 | 97 | $6.8B | 16 | |
| 2013-09-30 | 99 | $6.2B | 88 | |
| 2013-06-30 | 80 | $2.7B | — |
Mawer Investment Management Ltd.'s most significant position changes for 2026-03-31: Sold out: Deere & Co (DE); New buy: Tower Semiconductor Ltd. (TSEM); Sold out: Accenture plc (ACN); New buy: Mckesson CORP (MCK); Trim: Booking Holdings INC (BKNG) — shares -49.47%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SO | Southern Co/the | +1.3% | +93.56% | Add |
| 2 | SHEL | Shell Plc-adr | +1% | -11.82% | Trim |
| 3 | COR | Cencora INC | +0.9% | +66.78% | Add |
| 4 | NVDA | Nvidia CORP | +0.7% | +166.58% | Add |
| 5 | AEP | American Electric Power | +0.5% | +36.62% | Add |
| 6 | SPGI | S&p Global INC | +0.5% | +85.89% | Add |
| 7 | SII | Sprott INC | +0.4% | -10.81% | Trim |
| 8 | ZTS | Zoetis INC | +0.3% | +112.52% | Add |
| 9 | NU | Nu Holdings Ltd. | +0.3% | +67.99% | Add |
| 10 | BSX | Boston Scientific CORP | +0.2% | +1176.35% | Add |
| 11 | ABNB | Airbnb Inc-class A | +0.2% | +28.13% | Add |
| 12 | IPAR | Interparfums INC | +0.1% | +304.33% | Add |
| 13 | OPLN | Openlane INC | +0.1% | +191.33% | Add |
| 14 | OSIS | Osi Systems INC | 0% | -17.54% | Trim |
| 15 | MA | Mastercard INC - A | 0% | -2.36% | Trim |
| 16 | ABT | Abbott Laboratories | 0% | +0.66% | Add |
| 17 | WAT | Waters CORP | -0.1% | +8.08% | Add |
| 18 | FERG | Ferguson Enterprises INC | -0.1% | -20.65% | Trim |
| 19 | NTES | Netease Inc-adr | -0.1% | -6.79% | Trim |
| 20 | DHR | Danaher CORP | -0.1% | -8.57% | Trim |
| 21 | BIO | Bio-rad Laboratories-a | -0.1% | -19.30% | Trim |
| 22 | AJG | Arthur J Gallagher & Co | -0.1% | -5.18% | Trim |
| 23 | BBSI | Barrett Business Svcs INC | -0.1% | -13.35% | Trim |
| 24 | ICE | Intercontinental Exchange In | -0.1% | -14.41% | Trim |
| 25 | CPAY | Corpay INC | -0.1% | -18.52% | Trim |
| 26 | DFIN | Donnelley Financial Solution | -0.1% | -50.71% | Trim |
| 27 | BRK-A | Berkshire Hathaway Inc-cl A | -0.1% | -13.29% | Trim |
| 28 | UBER | Uber Technologies INC | -0.1% | -11.58% | Trim |
| 29 | NSP | Insperity INC | -0.1% | -37.76% | Trim |
| 30 | WFC | Wells Fargo & Co | -0.1% | -4.22% | Trim |
| 31 | MRSH | Marsh & Mclennan Cos | -0.2% | -11.01% | Trim |
| 32 | V | Visa Inc-class A Shares | -0.2% | -4.84% | Trim |
| 33 | HDB | Hdfc Bank Ltd-adr | -0.2% | -15.76% | Trim |
| 34 | BDX | Becton Dickinson And Co | -0.2% | -34.60% | Trim |
| 35 | AON | Aon plc | -0.3% | -13.58% | Trim |
| 36 | AER | AerCap Holdings N.V. | -0.3% | -18.12% | Trim |
| 37 | META | Meta Platforms Inc-class A | -0.3% | -10.96% | Trim |
| 38 | AMZN | Amazon.com INC | -0.3% | -10.32% | Trim |
| 39 | TME | Tencent Music Entertainm-adr | -0.3% | -7.60% | Trim |
| 40 | GOOG | Alphabet Inc-cl C | -0.4% | -10.98% | Trim |
| 41 | CDW | Cdw Corp/de | -0.5% | -41.15% | Trim |
| 42 | APH | Amphenol Corp-cl A | -0.6% | -21.61% | Trim |
| 43 | FCN | Fti Consulting INC | -0.7% | -43.14% | Trim |
| 44 | ATR | Aptargroup INC | -0.9% | -68.05% | Trim |
| 45 | MSFT | Microsoft CORP | -1.6% | -11.85% | Trim |
| 46 | BKNG | Booking Holdings INC | -1.8% | -49.47% | Trim |
| 47 | DE | Deere & Co | — | EXIT | Sold out |
| 48 | TSEM | Tower Semiconductor Ltd. | — | NEW | New buy |
| 49 | ACN | Accenture plc | — | EXIT | Sold out |
| 50 | MCK | Mckesson CORP | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-06 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-10 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-04 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-07 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-07 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-07 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-07 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-05-06 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-02-07 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2023-11-06 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2023-08-09 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2023-05-05 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2023-02-08 | Amendment | View on EDGAR |
| 2022-12-31 | 2023-02-07 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-09 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-09 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-06 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-09 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-10 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-11 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-14 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-09 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-13 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-10 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-07 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-10 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-06 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-09 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-12 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-08 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-07 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-09 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-08 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-28 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-25 | Amendment | View on EDGAR |
| 2017-03-31 | 2017-05-10 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-06 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-10 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-16 | Amendment | View on EDGAR |
| 2016-06-30 | 2016-08-15 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-04-26 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-04 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-10-21 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-07-13 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-08 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-10 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-06 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-11 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-04-22 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-06 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-06 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-09 | 13F-HR | View on EDGAR |
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