Mawer Investment Management Ltd.

CALGARY, A0 · CIK 1538449 · 13F filing filed 2026-08-07

SEC-registered investment adviser since 2012 · corporation

Assets managed$40.9bn
Staff278 · 87 in investment roles
Main clients (by assets)Private funds 49%, Pension plans 12%, Companies 10%
Private funds17 · $26.2bn gross assets
Main officeCalgary, Alberta
Form ADV · 2026-03-30SEC adviser record

Legal entityMAWER INVESTMENT MANAGEMENT LTD. (CA)

$14.7bn reported value -4.8% vs Q1 2026

142positions

39.5%in top 10

28 new 38 added 75 reduced 12 sold out vs Q1 2026

Holdings, Q2 2026

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	ALPHABET INC CAP STK CL C GOOG	GOOG	2,682,081	$947.7m6.44%	6.44%	Reduced -584.3k	-584,251 -17.9%
2	AMAZON COM INC COM AMZN	AMZN	3,028,097	$721.7m4.91%	4.91%	Reduced -621.9k	-621,944 -17.0%
3	MICROSOFT CORP COM MSFT	MSFT	1,679,876	$626.6m4.26%	4.26%	Reduced -635.4k	-635,352 -27.4%
4	SHELL PLC SPON ADS SHEL	SHEL	8,013,792	$621.4m4.22%	4.22%	Added +893.5k	+893,456 12.6%
5	NVIDIA CORPORATION COM NVDA	NVDA	3,078,576	$616.0m4.19%	4.19%	Added +2.1m	+2,127,064 223.6%
6	VISA INC COM CL A V	V	1,730,185	$593.6m4.04%	4.04%	Reduced -206.6k	-206,566 -10.7%
7	WATERS CORP COM WAT	WAT	1,216,947	$456.4m3.10%	3.10%	Reduced -186.7k	-186,680 -13.3%
8	CENCORA INC COM COR	COR	1,488,843	$421.3m2.86%	2.86%	Added +457.7k	+457,680 44.4%
9	AMPHENOL CORP CL A APH	APH	2,358,285	$415.8m2.83%	2.83%	Reduced -1.6m	-1,628,476 -40.9%
10	AON PLC SHS CL A AON	AON	1,171,624	$388.6m2.64%	2.64%	Reduced -105.5k	-105,464 -8.3%
11	AERCAP HOLDINGS NV SHS AER	AER	2,420,238	$352.8m2.40%	2.40%	Reduced -259.6k	-259,623 -9.7%
12	WELLS FARGO CO NEW COM WFC	WFC	4,195,116	$346.7m2.36%	2.36%	Reduced -475.1k	-475,068 -10.2%
13	NORTHROP GRUMMAN CORP COM NOC	NOC	667,069	$339.7m2.31%	2.31%	Reduced -16.3k	-16,293 -2.4%
14	AMERICAN ELEC PWR CO INC COM AEP	AEP	2,283,858	$312.5m2.12%	2.12%	Added +949.4k	+949,366 71.1%
15	MARSH & MCLENNAN COS INC COM MRSH	MRSH	1,871,159	$311.9m2.12%	2.12%	Reduced -1.6m	-1,604,431 -46.2%
16	BERKSHIRE HATHAWAY INC DEL CL A BRK.A	BRK.A	415	$310.8m2.11%	2.11%	Reduced -94	-94 -18.5%
17	META PLATFORMS INC CL A META	META	545,687	$307.4m2.09%	2.09%	Reduced -67.1k	-67,116 -10.9%
18	JPMORGAN CHASE & CO COM JPM	JPM	927,802	$303.7m2.06%	2.06%	Reduced -185.8k	-185,777 -16.7%
19	SOUTHERN CO COM SO	SO	3,023,312	$289.4m1.97%	1.97%	Reduced -398.4k	-398,445 -11.6%
20	TOWER SEMICONDUCTOR LTD SHS NEW TSEM	TSEM	1,038,086	$270.6m1.84%	1.84%	Added +73.1k	+73,051 7.6%
21	INTERCONTINENTAL EXCHANGE IN COM ICE	ICE	2,031,582	$250.1m1.70%	1.70%	Reduced -49.0k	-48,979 -2.4%
22	MASTERCARD INCORPORATED CL A MA	MA	434,186	$223.0m1.52%	1.52%	Reduced -18.0k	-18,028 -4.0%
23	CME GROUP INC COM CME	CME	955,942	$211.1m1.44%	1.44%	Reduced -75.4k	-75,357 -7.3%
24	S&P GLOBAL INC COM SPGI	SPGI	428,573	$174.5m1.19%	1.19%	Added +45.5k	+45,462 11.9%
25	SPROTT INC COM NEW SII	SII	1,320,706	$148.4m1.01%	1.01%	Reduced -30.5k	-30,476 -2.3%
26	UBER TECHNOLOGIES INC COM UBER	UBER	1,983,808	$143.2m0.97%	0.97%	Reduced -230.0k	-229,968 -10.4%
27	MEDPACE HLDGS INC COM MEDP	MEDP	267,175	$141.5m0.96%	0.96%	Reduced -178.9k	-178,929 -40.1%
28	MARTIN MARIETTA MATLS INC COM MLM	MLM	241,545	$139.3m0.95%	0.95%	Reduced -14.1k	-14,133 -5.5%
29	MCKESSON CORP COM MCK	MCK	180,449	$136.3m0.93%	0.93%	Added +94.8k	+94,769 110.6%
30	BWX TECHNOLOGIES INC COM BWXT	BWXT	689,750	$134.3m0.91%	0.91%	Reduced -44.4k	-44,412 -6.0%
31	CDW CORP COM CDW	CDW	949,381	$133.5m0.91%	0.91%	Reduced -102.1k	-102,114 -9.7%
32	TEXAS INSTRS INC COM TXN	TXN	447,181	$133.3m0.91%	0.91%	Added +9.5k	+9,542 2.2%
33	BOOKING HOLDINGS INC COM BKNG	BKNG	740,483	$132.0m0.90%	0.90%	Reduced -677.1k	-677,067 -47.8%
34	CORPAY INC COM SHS CPAY	CPAY	367,757	$122.6m0.83%	0.83%	Reduced -145.7k	-145,707 -28.4%
35	GALLAGHER ARTHUR J & CO COM AJG	AJG	510,025	$117.1m0.80%	0.80%	Reduced -71.3k	-71,251 -12.3%
36	PROCTER AND GAMBLE CO COM PG	PG	784,529	$115.0m0.78%	0.78%	Reduced -66.7k	-66,704 -7.8%
37	FTI CONSULTING INC COM FCN	FCN	736,868	$109.8m0.75%	0.75%	Reduced -574.2k	-574,157 -43.8%
38	ABBVIE INC COM ABBV	ABBV	431,246	$108.5m0.74%	0.74%	Added +121.4k	+121,366 39.2%
39	AAON INC COM PAR $0.004 AAON	AAON	855,173	$108.5m0.74%	0.74%	Added +6.6k	+6,590 0.8%
40	ABBOTT LABS COM ABT	ABT	1,186,677	$107.7m0.73%	0.73%	Reduced -67.0k	-67,042 -5.3%
41	AIRBNB INC COM CL A ABNB	ABNB	746,819	$106.9m0.73%	0.73%	Reduced -108.9k	-108,868 -12.7%
42	CACI INTL INC CL A CACI	CACI	224,720	$104.1m0.71%	0.71%	Added +513	+513 0.2%
43	NOVANTA INC COM NOVT	NOVT	589,573	$95.7m0.65%	0.65%	Added +107.4k	+107,390 22.3%
44	NU HLDGS LTD ORD SHS CL A NU	NU	7,155,847	$95.6m0.65%	0.65%	Reduced -547.7k	-547,729 -7.1%
45	COGNEX CORP COM CGNX	CGNX	1,305,175	$94.5m0.64%	0.64%	Added +118.4k	+118,363 10.0%
46	ITT INC COM ITT	ITT	422,873	$83.6m0.57%	0.57%	Reduced -31.4k	-31,350 -6.9%
47	VERISK ANALYTICS INC COM VRSK	VRSK	464,286	$83.4m0.57%	0.57%	Added +178.9k	+178,949 62.7%
48	JOHNSON & JOHNSON COM JNJ	JNJ	322,477	$81.9m0.56%	0.56%	Reduced -39.6k	-39,633 -10.9%
49	ELEVANCE HEALTH INC COM ELV	ELV	187,293	$72.4m0.49%	0.49%	Reduced -1.7k	-1,708 -0.9%
50	VERIZON COMMUNICATIONS INC COM VZ	VZ	1,676,590	$71.0m0.48%	0.48%	Reduced -1.1m	-1,054,206 -38.6%
51	ESQUIRE FINL HLDGS INC COM ESQ	ESQ	583,871	$69.5m0.47%	0.47%	Reduced -141.3k	-141,343 -19.5%
52	HDFC BANK LTD SPONSORED ADS HDB	HDB	2,624,709	$67.8m0.46%	0.46%	Reduced -60.2k	-60,221 -2.2%
53	VALMONT INDS INC COM VMI	VMI	114,118	$65.9m0.45%	0.45%	New
54	VEEVA SYS INC CL A COM VEEV	VEEV	355,389	$63.1m0.43%	0.43%	Added +349.9k	+349,895 6368.7%
55	DANAHER CORPORATION COM DHR	DHR	319,583	$60.9m0.41%	0.41%	Reduced -19.2k	-19,234 -5.7%
56	TRADEWEB MKTS INC CL A TW	TW	579,425	$57.7m0.39%	0.39%	Reduced -47.1k	-47,126 -7.5%
57	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	120,328	$57.5m0.39%	0.39%	Reduced -14.0k	-13,961 -10.4%
58	SK TELECOM CO LTD SPONSORED ADR SKM	SKM	1,708,146	$54.9m0.37%	0.37%	New
59	UNITEDHEALTH GROUP INC COM UNH	UNH	129,954	$54.0m0.37%	0.37%	Reduced -16.6k	-16,592 -11.3%
60	TENCENT MUSIC ENTMT GROUP SPON ADS TME	TME	6,202,845	$51.8m0.35%	0.35%	Reduced -1.0m	-1,011,904 -14.0%
61	LUMENTUM HLDGS INC COM LITE	LITE	57,680	$49.5m0.34%	0.34%	Added +48.8k	+48,797 549.3%
62	HERSHEY CO COM HSY	HSY	278,385	$48.8m0.33%	0.33%	Added +12.9k	+12,858 4.8%
63	BROADCOM INC COM AVGO	AVGO	128,290	$48.5m0.33%	0.33%	New
64	BARRETT BUSINESS SVCS INC COM BBSI	BBSI	1,230,575	$43.7m0.30%	0.30%	Reduced -471.2k	-471,237 -27.7%
65	INTERPARFUMS INC COM IPAR	IPAR	386,090	$43.2m0.29%	0.29%	Added +75.2k	+75,236 24.2%
66	OPENLANE INC COM OPLN	OPLN	1,000,262	$41.3m0.28%	0.28%	Reduced -84.4k	-84,413 -7.8%
67	NIKE INC CL B NKE	NKE	950,036	$39.0m0.27%	0.27%	Reduced -119.5k	-119,481 -11.2%
68	SANDISK CORP COM SNDK	SNDK	17,110	$38.9m0.26%	0.26%	Reduced -13.4k	-13,428 -44.0%
69	AMETEK INC COM AME	AME	147,117	$35.6m0.24%	0.24%	Reduced -51.8k	-51,790 -26.0%
70	DORMAN PRODS INC COM DORM	DORM	257,897	$35.2m0.24%	0.24%	Added +2.7k	+2,707 1.1%
71	BECTON DICKINSON & CO COM BDX	BDX	231,895	$35.1m0.24%	0.24%	Reduced -123.3k	-123,326 -34.7%
72	FERGUSON ENTERPRISES INC COMMON STOCK NEW FERG	FERG	144,782	$34.4m0.23%	0.23%	Reduced -527.2k	-527,249 -78.5%
73	SERVICENOW INC COM NOW	NOW	337,344	$33.5m0.23%	0.23%	New
74	MEDLINE INC COM CL A MDLN	MDLN	840,566	$33.2m0.23%	0.23%	Added +473.3k	+473,270 128.8%
75	FORMFACTOR INC COM FORM	FORM	202,824	$32.4m0.22%	0.22%	New
76	KLA CORP COM NEW KLAC	KLAC	106,797	$32.2m0.22%	0.22%	Added +12.6k	+12,637 13.4%
77	WESCO INTL INC COM WCC	WCC	74,616	$25.8m0.18%	0.18%	New
78	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	50,850	$25.4m0.17%	0.17%	Reduced -3.8k	-3,816 -7.0%
79	AUTODESK INC COM ADSK	ADSK	130,248	$25.3m0.17%	0.17%	New
80	APTARGROUP INC COM ATR	ATR	193,292	$24.2m0.16%	0.16%	Reduced -464.0k	-463,981 -70.6%
81	VERTIV HOLDINGS CO COM CL A VRT	VRT	72,028	$24.1m0.16%	0.16%	Added +39.2k	+39,231 119.6%
82	ATOUR LIFESTYLE HLDGS LTD SPONSORED ADS ATAT	ATAT	752,258	$23.9m0.16%	0.16%	Added +104.1k	+104,130 16.1%
83	PATHWARD FINANCIAL INC COM CASH	CASH	271,655	$23.7m0.16%	0.16%	Added +3.1k	+3,112 1.2%
84	BOSTON SCIENTIFIC CORP COM BSX	BSX	530,533	$22.6m0.15%	0.15%	Reduced -59.1k	-59,126 -10.0%
85	BIO RAD LABS INC CL A BIO	BIO	71,577	$21.0m0.14%	0.14%	Reduced -117.2k	-117,207 -62.1%
86	SHARKNINJA INC COM SHS SN	SN	129,084	$19.7m0.13%	0.13%	Reduced -53.0k	-52,996 -29.1%
87	BORGWARNER INC COM BWA	BWA	295,797	$19.6m0.13%	0.13%	Reduced -538.5k	-538,477 -64.5%
88	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	223,262	$19.4m0.13%	0.13%	Reduced -146.2k	-146,220 -39.6%
89	ZOETIS INC CL A ZTS	ZTS	257,185	$18.5m0.13%	0.13%	Reduced -496.1k	-496,098 -65.9%
90	RXO INC COMMON STOCK RXO	RXO	657,345	$18.1m0.12%	0.12%	New
91	LPL FINL HLDGS INC COM LPLA	LPLA	64,243	$18.1m0.12%	0.12%	Added +15.5k	+15,520 31.9%
92	RYAN SPECIALTY HOLDINGS INC CL A RYAN	RYAN	469,919	$17.7m0.12%	0.12%	Reduced -31.3k	-31,275 -6.2%
93	TERADYNE INC COM TER	TER	35,997	$17.4m0.12%	0.12%	New
94	RESMED INC COM RMD	RMD	89,367	$17.4m0.12%	0.12%	Added +5.4k	+5,360 6.4%
95	KKR & CO INC COM KKR	KKR	189,608	$17.4m0.12%	0.12%	Reduced -21.2k	-21,231 -10.1%
96	KINSALE CAP GROUP INC COM KNSL	KNSL	52,521	$17.3m0.12%	0.12%	Reduced -7.3k	-7,311 -12.2%
97	SHERWIN WILLIAMS CO COM SHW	SHW	48,595	$16.7m0.11%	0.11%	Reduced -55.0k	-54,960 -53.1%
98	SPROUTS FMRS MKT INC COM SFM	SFM	185,380	$15.7m0.11%	0.11%	Added +60.8k	+60,834 48.8%
99	XPEL INC COM XPEL	XPEL	310,200	$15.4m0.10%	0.10%	New
100	DONNELLEY FINL SOLUTIONS INC COM DFIN	DFIN	347,156	$14.6m0.10%	0.10%	Reduced -76.5k	-76,548 -18.1%

Sold out since Q1 2026

Security	Ticker	Shares held before	Value then
OSI SYSTEMS INC OSIS	OSIS	662,634	$175.9m662.6k shares
NETEASE INC NTES	NTES	521,873	$58.4m521.9k shares
ENSIGN GROUP INC ENSG	ENSG	168,926	$34.0m168.9k shares
MCCORMICK & CO INC MKC	MKC	397,975	$20.1m398.0k shares
WARNER MUSIC GROUP CORP WMG	WMG	341,325	$8.7m341.3k shares
LEGENCE CORP LGN	LGN	134,185	$7.6m134.2k shares
KASPI KZ JSC KSPI	KSPI	72,791	$5.4m72.8k shares
PDD HOLDINGS INC PDD	PDD	34,390	$3.5m34.4k shares
CHORD ENERGY CORPORATION CHRD	CHRD	23,234	$3.3m23.2k shares
OREILLY AUTOMOTIVE INC ORLY	ORLY	35,115	$3.2m35.1k shares
MURPHY USA INC MUSA	MUSA	6,044	$3.0m6.0k shares
EOG RES INC EOG	EOG	11,151	$1.6m11.2k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
ESQUIRE FINL HLDGS INC ESQ · 13G · filed 2026-08-06	ESQ	6.8%≈ $69.5m	-2.5 pts	13G	2026-08-06
SPROTT INC SII · 13G · filed 2026-02-11	SII	5.9%≈ $170.2m	new	13G	2026-02-11
BARRETT BUSINESS SVCS INC BBSI · 13G · filed 2026-08-06	BBSI	5.0%≈ $43.7m	-1.7 pts	13G	2026-08-06