13F
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Mawer Investment Management Ltd.

13F equity value
$15.4B
Positions
126
Top 10 concentration
40.2%
Quarters / total new picks
30 / 163
13F equity value over time
$0M$11B$22B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 30 quarters, returned -0.8% per quarter — versus +2.8% per quarter from simply owning every 13F stock. It beat that baseline in only 26.7% of quarters (excess t = -1.91, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-3.9%
t-stat
-1.91
Quarterly win rate
27%
Annualized excess
-14.4%
$1 → follow vs universe
$0.70 vs $2.02
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190630: universe 1.06620190930: universe 1.14720191231: universe 0.92520200331: universe 1.11520200630: universe 1.23220200930: universe 1.51120201231: universe 1.58020210331: universe 1.59420210630: universe 1.72220210930: universe 1.54520211231: universe 1.31520220331: universe 1.41220220630: universe 1.30820220930: universe 1.40520221231: universe 1.30520230630: universe 1.25820230930: universe 1.42820231231: universe 1.49220240331: universe 1.52620240630: universe 1.66420240930: universe 1.65020241231: universe 1.54020250331: universe 1.67920250630: universe 1.73120250930: universe 1.94720251231: universe 2.014 20180331: follow 0.93120180630: follow 0.87720180930: follow 0.86520181231: follow 0.93120190630: follow 0.97020190930: follow 1.01920191231: follow 0.89720200331: follow 1.02820200630: follow 1.09720200930: follow 1.15720201231: follow 1.23520210331: follow 1.39220210630: follow 1.44920210930: follow 1.27120211231: follow 1.05320220331: follow 1.11020220630: follow 0.99320220930: follow 1.00420221231: follow 0.91820230630: follow 0.84120230930: follow 0.87120231231: follow 0.86320240331: follow 0.82920240630: follow 0.91520240930: follow 0.71620241231: follow 0.72120250331: follow 0.71320250630: follow 0.69120250930: follow 0.64220251231: follow 0.703 0.59 1.38 2.18 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 126 · 2026 Q1

Ticker Value Weight QoQ
GOOG $937M
6.1%
TRIM
MSFT $857M
5.5%
TRIM
AMZN $760M
4.9%
TRIM
SHEL $662M
4.3%
TRIM
MRSH $603M
3.9%
TRIM
V $585M
3.8%
TRIM
APH $504M
3.3%
TRIM
NOC $466M
3.0%
TRIM
WAT $418M
2.7%
ADD
AON $412M
2.7%
TRIM
WFC $372M
2.4%
TRIM
AER $368M
2.4%
TRIM
BRK/A $366M
2.4%
TRIM
META $351M
2.3%
TRIM
SO $330M
2.1%
ADD
JPM $328M
2.1%
ADD
ICE $327M
2.1%
TRIM
COR $324M
2.1%
ADD
CME $305M
2.0%
TRIM
BKNG $239M
1.6%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

AMTMBCOBKTICHRDEOGFANGGTXLITEMCKNEMSAIATSEMVEEVVGWSCXPO

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.