Global Equity

As at September 30, 2022

Strategy Profile

Managers:
Christian Deckart, CFA, PhD
Paul Moroz, CFA
Benchmark :
MSCI ACWI Index (Net)
Assets Under Management:
Mawer Investment Management Ltd: $56,139 M
Strategy * : $18,250 M
Inception Date:
October 22, 2009
  • * Based on all accounts following the strategy

For more information, please contact us.

Investment Philosophy

As bottom-up, benchmark agnostic, fundamental investors, we seek to identify companies with sustainable competitive advantages, regardless of industry or economic conditions. We believe that by consistently following our investment philosophy—seeking wealth-creating companies, with great management teams, bought at a discount to intrinsic value—we can provide investors with above-average, long-term, risk-adjusted returns.

What Does the Strategy Invest In?

The objective of this strategy is to achieve attractive long-term, risk-adjusted rates of return by investing in securities from around the world. The portfolio is built from the bottom up by selecting high-quality companies at reasonable prices, focusing on the long-term prospects of each company, and is all-cap in nature.

Strategy Profile

Managers:
Christian Deckart, CFA, PhD
Paul Moroz, CFA
Benchmark :
MSCI ACWI Index (Net)
Assets Under Management:
Mawer Investment Management Ltd: $56,139 M
Strategy * : $18,250 M
Inception Date:
October 22, 2009
  • * Based on all accounts following the strategy

For more information, please contact us.

Investment Philosophy

As bottom-up, benchmark agnostic, fundamental investors, we seek to identify companies with sustainable competitive advantages, regardless of industry or economic conditions. We believe that by consistently following our investment philosophy—seeking wealth-creating companies, with great management teams, bought at a discount to intrinsic value—we can provide investors with above-average, long-term, risk-adjusted returns.

What Does the Strategy Invest In?

The objective of this strategy is to achieve attractive long-term, risk-adjusted rates of return by investing in securities from around the world. The portfolio is built from the bottom up by selecting high-quality companies at reasonable prices, focusing on the long-term prospects of each company, and is all-cap in nature.

Sector Weights

Sector: Communication services
  • Portfolio: 7.4
  • : 7.4
Sector: Consumer discretionary
  • Portfolio: 8.5
  • : 11.5
Sector: Consumer staples
  • Portfolio: 13.3
  • : 7.7
Sector: Energy
  • Portfolio: 0
  • : 5.2
Sector: Financials
  • Portfolio: 14.6
  • : 14.5
Sector: Health care
  • Portfolio: 13.7
  • : 13
Sector: Industrials
  • Portfolio: 20.4
  • : 9.5
Sector: Information technology
  • Portfolio: 17
  • : 20.7
Sector: Materials
  • Portfolio: 0.5
  • : 4.7
Sector: Real estate
  • Portfolio: 0
  • : 2.7
Sector: Utilities
  • Portfolio: 0
  • : 3.1
Sector: Cash & cash equivalents
  • Portfolio: 4.6
  • : 0

Regional Weights

Region: Asia Pacific ex. Japan
  • Portfolio: 0.6
  • : 11.7
Region: Canada
  • Portfolio: 6.7
  • : 3.1
Region: Europe ex. U.K.
  • Portfolio: 23
  • : 11.6
Region: Japan
  • Portfolio: 4.6
  • : 5.4
Region: Latin America
  • Portfolio: 0.4
  • : 1
Region: Middle East/Africa
  • Portfolio: 0
  • : 1.5
Region: United Kingdom
  • Portfolio: 8.6
  • : 3.7
Region: United States
  • Portfolio: 51.6
  • : 62
Region: Cash & Cash Equivalents
  • Portfolio: 4.6
  • : 0
Region: Emerging Markets
  • Portfolio: 1
  • : 11.2

Top 10 Equity Holdings

Portfolio Weight
Marsh & McLennan Companies, Inc. 4.9
Alimentation Couche-Tard Inc. 3.9
Alphabet 3.8
FTI Consulting 3.8
Aon Plc 3.8
Wolters Kluwer 3.7
KDDI 3.6
Microsoft 3.3
CDW 3.2
Intercontinental Exchange 3.1
Total 37.1

Market Capitalization

Billions Number of Companies Portfolio Weight
Less than $10 billion 19 18.3
$10 to $50 11 19.9
$50 to $200 13 31.0
$200+ 13 26.2
Cash & Cash Equivalents - 4.6
Total 56 100.0

Portfolio Characteristics

Portfolio MSCI ACWI Index (Net)
ROE (%) 31.7 22.4
Forward P/E 15.4 13.9
Dividend Yield (%) 2.0 2.4
Active Share (%) 87.1 -
Annual Turnover 18.9 -
Number Of Holdings 56 -

Source: FactSet and Mawer Investment Management Ltd. Portfolio characteristics are based on the Mawer Global Equity representative account and is supplemental information to the Global Equity Composite. See GIPS report and full disclaimers.

Annualized Performance

Period: YTD
  • Global Equity Composite (Net): -24.2
  • Global Equity Composite (Gross): -23.8
  • MSCI ACWI Index (Net) *: -25.6
Period: 1 Yr
  • Global Equity Composite (Net): -18.3
  • Global Equity Composite (Gross): -17.7
  • MSCI ACWI Index (Net) *: -20.7
Period: 3 Yr
  • Global Equity Composite (Net): 4.4
  • Global Equity Composite (Gross): 5.2
  • MSCI ACWI Index (Net) *: 3.7
Period: 5 Yr
  • Global Equity Composite (Net): 6.9
  • Global Equity Composite (Gross): 7.6
  • MSCI ACWI Index (Net) *: 4.4
Period: 10 Yr
  • Global Equity Composite (Net): 9.2
  • Global Equity Composite (Gross): 10
  • MSCI ACWI Index (Net) *: 7.7
Period: Since Inception †
  • Global Equity Composite (Net): 9.6
  • Global Equity Composite (Gross): 10.3
  • MSCI ACWI Index (Net) *: 7.6

Calendar Year Returns

Calendar Year Returns 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Global Equity Composite (Net) 23.2 12.9 28.6 -4.4 26.9 3.8 1.8 5.4 27.3 20.9
Global Equity Composite (Gross) 24.1 13.7 29.5 -3.7 27.8 4.5 2.5 6.1 28.2 21.7
MSCI ACWI Index (Net) * 18.5 16.3 26.6 -9.4 24.0 6.8 -0.9 4.9 26.7 15.8

Upside/downside Capture (10 Yr)

Upside Capture
  • Global Equity Composite (Net):
  • Global Equity Composite (Gross): 102
  • MSCI ACWI Index (Net) *: 100
Downside Capture
  • Global Equity Composite (Net):
  • Global Equity Composite (Gross): 91
  • MSCI ACWI Index (Net) *: 100
  • * MSCI ACWI (Net); Prior to October 2016, MSCI World (Net).
  • November 30, 2009.

Past performance does not guarantee or indicate future results. Performance is in U.S. dollars. Returns for greater than one year have been annualized. See GIPS report(s) and full disclaimers.

Global Equity Composite

Period Start Period End Gross-of-Fee Composite Return Net-of-Fee Composite Return Benchmark Return Internal Dispersion Composite Gross 3-Yr St Dev Benchmark 3-Yr St Dev Number of Relationships at Period End Total Composite Assets (Millions) at Period End Total Firm Assets (Millions) at Period End
31 Dec 2011 31 Dec 2012 21.74% 20.89% 15.83% - 17.67% 16.98% 3 $89 $11,383
31 Dec 2012 31 Dec 2013 28.18% 27.29% 26.68% - 13.80% 13.73% 7 $323 $14,585
31 Dec 2013 31 Dec 2014 6.14% 5.40% 4.94% 0.14% 10.21% 10.37% 10 $570 $16,068
31 Dec 2014 31 Dec 2015 2.53% 1.82% -0.87% 0.27% 10.85% 10.96% 17 $1,021 $16,391
31 Dec 2015 31 Dec 2016 4.48% 3.75% 6.81% 0.20% 11.06% 11.03% 35 $1,910 $19,927
31 Dec 2016 31 Dec 2017 27.75% 26.86% 23.97% 0.17% 10.46% 10.38% 36 $2,758 $26,057
31 Dec 2017 31 Dec 2018 -3.74% -4.42% -9.42% 0.22% 10.14% 10.50% 43 $2,987 $25,810
31 Dec 2018 31 Dec 2019 29.52% 28.62% 26.60% 0.46% 10.09% 11.38% 54 $4,406 $34,550
31 Dec 2019 31 Dec 2020 13.74% 12.95% 16.25% 0.53% 16.16% 18.38% 64 $5,870 $42,883
31 Dec 2020 31 Dec 2021 24.06% 23.19% 18.54% 0.17% 15.81% 17.08% 92 $10,699 $55,129
31 Dec 2021 30 Sep 2022 -23.84% -24.24% -25.63% 0.13% 17.97% 19.40% 99 $7,758 $40,322
Compliance Statement
Mawer Institutional claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Mawer Institutional has been independently verified for the periods from January 1, 2007 to December 31, 2021. The verification report(s) is/are available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.
Definition of the Firm
For the purposes of applying the GIPS Standards, the Firm is defined as all institutional segments of Mawer Investment Management Limited (‘Mawer’), collectively held out as Mawer Institutional. Private clients, Mutual Fund Direct clients and Separately Managed Accounts (SMA) are not included in the GIPS Firm.
Composite Description
Equity products invested in a mix that substantially follows the firm’s Global Equity model. Includes only accounts considered Institutional
Restrictions
15% cash and cash equivalents. Balance in equities.
Composite Creation Date
2011-12-01
Composite Inception Date
2009-11-30
Reporting Currency
All numerical information is calculated and presented in US Dollars.
Invesment Management Fees
70bps on first $25m, 55bps on next $25m, 50bps on next $200m, 45bps on next $250m, 40bps on balance.

The amounts of assets in the investment fee tiers are based on US Dollars.
Returns
Returns presented are time-weighted returns.

Over all reporting periods in this report, all discretionary accounts are fee-paying. Past performance does not guarantee future results. Gross-of-fee returns include the reinvestment of all income received/earned. Gross-of-fees returns are presented before management fees and other expenses. Returns do not reflect the deduction of investment advisory fees. Advisory fees are described in part 2 of the firm’s Form ADV.

Net-of-fee returns are calculated by deducting 1/12th of the top tier of the management fee schedule (0.7%) from the monthly gross composite return. Actual fees may vary depending on the applicable fee schedule and the size of the account. Mawer Institutional bears the costs of Investment research. Research costs are not separately charged to clients.
Custom Benchmark
As of 1 Oct 2016: MSCI ACWI (net). From Inception to 30 Sep 2016: MSCI World (net).

The MSCI ACWI Index is a global equity index that represent large- and mid-cap stocks in 23 Developed and 24 Emerging Markets countries. The MSCI World Index is a global equity index that represents large- and mid-cap stocks in 23 Developed markets.

All benchmarks are total return indices (TRIs). Composite benchmarks, if they consist of a blend of more than one index, are calculated by weighting the respective index returns on a monthly basis. Composite and benchmark returns are in USD and net of withholding taxes, if applicable. On 1 Oct 2016 the benchmark was changed to more accurately reflect the strategy of the composite.
Internal Dispersion
Internal dispersion is calculated using the equal-weighted standard deviation of annual gross returns of those relationships that were included in the composite for the entire period. No dispersion measure is presented when the composite consists of five or fewer portfolios for the full year.
Standard Deviation
The three-year annualized standard deviation measures the variability of the composite gross returns and the benchmark returns over the preceding 36-month period; it is not presented when 36 monthly returns are not available.
Trademark
GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Policies
Mawer Institutional’s policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.
List of Composites and Pooled Funds
A list of composite descriptions, a list of limited distribution pooled fund descriptions, and a list of broad distribution pooled funds are available upon request.
  • Disclaimers

    All information is in U.S. dollars unless otherwise stated. The strategy performance presented is based on the Global Equity Composite and is gross and net of fees. Returns are calculated using a time-weighted calculation and are annualized for periods greater than one year.

    Gross-of-fee returns include the reinvestment of all income received/earned and are presented before management fees and other expenses, and after withholding taxes, if applicable. A client's actual return will be reduced by management fees and other expenses that may be incurred in the management of the client account. Mawer Investment Management Ltd.’s management fee schedule is outlined in Part 2A of its Form ADV. Net-of-fee returns are calculated by deducting 1/12th of the top tier of the management fee schedule from the monthly gross-of-fee returns of the composite. Actual fees may vary depending on the applicable fee schedule and the size of the account.

    Past performance does not guarantee or indicate future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested. Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different. Investors should be aware that forward looking statements and forecasts may not be realized.

    The information contained herein was provided by Mawer Investment Management Ltd. and intends to provide you with information related to Mawer Global Equity strategy and Global Equity Composite at a point in time. It is not intended to be investment advice applicable to any specific circumstance and should not be construed as investment advice. Market conditions may change impacting the composition of a portfolio. Mawer assumes no responsibility for any investment decisions made based on the information provided herein. Certain information contained herein is obtained from third parties. Mawer believes such information to be accurate and reliable as at the date hereof, however does not guarantee that it is accurate or complete or current at all times.

    References to specific securities are presented for informational purposes only. Information relating to investment approaches or individual investments should not be construed as advice or endorsement. Any views expressed were prepared based upon the information available at the time and are subject to change. All information is subject to possible correction. In no event shall Mawer be liable for any damages arising out of, or in any way connected with, the use or inability to use this information appropriately.

    References to market or composite indices, benchmarks, or other measures of relative market performance over a specified period of time are provided for information only. Reference or comparison to an index does not imply that the portfolio will be constructed in the same way as the index or achieve returns, volatility, or other results similar to the index.

    Indices are unmanaged, include the reinvestment of dividends and do not reflect transaction costs or any performance fees. Unlike indices, the strategy is actively managed and may include substantially fewer and different securities than those comprising each index. Results for the strategy as compared to the performance of the stated indices is for informational purposes only. The MSCI ACWI Index is a global equity index that represents large-and mid-cap stocks in 23 Developed and 24 Emerging Markets countries. The MSCI World Index is a global equity index that represents large-and mid-cap stocks in 23 Developed markets. The strategy does not mirror the stated indices and the volatility may be materially different than the volatility of such indices.

    The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).

Disclaimers

All information is in U.S. dollars unless otherwise stated. The strategy performance presented is based on the Global Equity Composite and is gross and net of fees. Returns are calculated using a time-weighted calculation and are annualized for periods greater than one year.

Gross-of-fee returns include the reinvestment of all income received/earned and are presented before management fees and other expenses, and after withholding taxes, if applicable. A client's actual return will be reduced by management fees and other expenses that may be incurred in the management of the client account. Mawer Investment Management Ltd.’s management fee schedule is outlined in Part 2A of its Form ADV. Net-of-fee returns are calculated by deducting 1/12th of the top tier of the management fee schedule from the monthly gross-of-fee returns of the composite. Actual fees may vary depending on the applicable fee schedule and the size of the account.

Past performance does not guarantee or indicate future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested. Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio's base currency, if different. Investors should be aware that forward looking statements and forecasts may not be realized.

The information contained herein was provided by Mawer Investment Management Ltd. and intends to provide you with information related to Mawer Global Equity strategy and Global Equity Composite at a point in time. It is not intended to be investment advice applicable to any specific circumstance and should not be construed as investment advice. Market conditions may change impacting the composition of a portfolio. Mawer assumes no responsibility for any investment decisions made based on the information provided herein. Certain information contained herein is obtained from third parties. Mawer believes such information to be accurate and reliable as at the date hereof, however does not guarantee that it is accurate or complete or current at all times.

References to specific securities are presented for informational purposes only. Information relating to investment approaches or individual investments should not be construed as advice or endorsement. Any views expressed were prepared based upon the information available at the time and are subject to change. All information is subject to possible correction. In no event shall Mawer be liable for any damages arising out of, or in any way connected with, the use or inability to use this information appropriately.

References to market or composite indices, benchmarks, or other measures of relative market performance over a specified period of time are provided for information only. Reference or comparison to an index does not imply that the portfolio will be constructed in the same way as the index or achieve returns, volatility, or other results similar to the index.

Indices are unmanaged, include the reinvestment of dividends and do not reflect transaction costs or any performance fees. Unlike indices, the strategy is actively managed and may include substantially fewer and different securities than those comprising each index. Results for the strategy as compared to the performance of the stated indices is for informational purposes only. The MSCI ACWI Index is a global equity index that represents large-and mid-cap stocks in 23 Developed and 24 Emerging Markets countries. The MSCI World Index is a global equity index that represents large-and mid-cap stocks in 23 Developed markets. The strategy does not mirror the stated indices and the volatility may be materially different than the volatility of such indices.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.msci.com).