Mawer Investment Management Ltd.
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 6, 2024), Mawer Investment Management Ltd. reported 105 stock positions worth $21.6 billion. Its top holding was Marsh & McLennan Cos (MRSH) at 6.8% of the portfolio, followed by Aon Class A (AON, 6.7%) and Microsoft (MSFT, 6.5%). Compared with Q4 2023, it opened 7 new positions, sold out of 9, added to 52 and reduced 44. The biggest buy was FedEx (FDX, shares +44%) and the biggest sale an exit from Intuit (INTU).
- Most Recent 13F
- Q2 2026
- Location
- CALGARY, A0
- CIK
- 0001538449
- Portfolio Value
- $21.6B (Q1 2024)
- SEC Filing
- 0000945621-24-000389 ↗ filed May 6, 2024
Holdings Value
Holdings 105 stocks · $21.6B
| MRSH Marsh & McLennan Cos | 6.79% | 7,113,494 | $1.5B | Reduce -0.6% |
| AON Aon PLC Class A | 6.74% | 4,353,681 | $1.5B | Reduce -1.6% |
| MSFT Microsoft Corp. | 6.50% | 3,332,280 | $1.4B | Reduce -0.7% |
| UNH Unitedhealth Group Inc. | 4.99% | 2,174,801 | $1.1B | Add +6.4% |
| APH Amphenol Corp. Class A | 4.38% | 8,179,727 | $943.5M | Add +0.0% |
| GOOG Alphabet Inc. Class C | 4.35% | 6,154,741 | $937.1M | Add +18.9% |
| FCN Fti Consulting Inc. | 3.72% | 3,810,200 | $801.2M | Add +4.1% |
| CDW CDW Corp. | 3.68% | 3,101,924 | $793.4M | Add +0.9% |
| BKNG Booking Holdings Inc. | 3.26% | 193,515 | $702.0M | Add +29.2% |
| FDX FedEx Corp. | 3.03% | 2,258,579 | $654.4M | Add +43.5% |
| ICE Intercontinental Exchange Inc. | 2.99% | 4,696,457 | $645.4M | Add +0.6% |
| AMZN Amazon.com Inc. | 2.98% | 3,564,655 | $643.0M | Reduce -0.6% |
| V Visa Inc. Class A | 2.89% | 2,229,664 | $622.3M | Reduce -0.2% |
| TNET Trinet Group Inc. | 2.57% | 4,177,820 | $553.5M | Reduce -0.8% |
| NSP Insperity Inc. | 2.54% | 4,991,238 | $547.1M | Add +18.6% |
| XP XP Inc. Class A | 2.23% | 18,720,083 | $480.4M | Add +3.1% |
| JNJ Johnson & Johnson | 2.18% | 2,974,539 | $470.5M | Reduce -0.3% |
| PG The Procter & Gamble Co. | 2.11% | 2,805,018 | $455.1M | Add +0.3% |
| CPAY Corpay Inc. | 1.67% | 1,164,959 | $359.4M | Add +3.2% |
| SHEL Shell PLC-ADR | 1.59% | 5,098,763 | $341.8M | Reduce -4.3% |
| SPGI S&P Global Inc. | 1.48% | 747,769 | $318.1M | Reduce -2.7% |
| RHI Robert Half Inc. | 1.34% | 3,655,626 | $289.8M | Add +105.3% |
| ACN Accenture PLC Class A | 1.23% | 763,014 | $264.5M | Reduce -2.3% |
| SCCO Southern Copper Corp. | 1.06% | 2,152,384 | $229.3M | Reduce -4.3% |
| CME Cme Group Inc. | 1.00% | 1,004,036 | $216.2M | Add +2.0% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.98% | 847,670 | $212.0M | Reduce -6.3% |
| MRNA Moderna Inc. | 0.95% | 1,916,570 | $204.2M | Add +6.7% |
| WAT Waters Corp. | 0.93% | 583,853 | $201.0M | Reduce -2.8% |
| COR Cencora Inc. | 0.89% | 787,313 | $191.3M | Reduce -3.0% |
| MLM Martin Marietta Materials | 0.80% | 280,950 | $172.5M | Reduce -0.6% |
| VZ Verizon Communications Inc. | 0.78% | 3,999,912 | $167.8M | Add +0.5% |
| ABT Abbott Laboratories | 0.77% | 1,453,440 | $165.2M | Reduce -5.4% |
| MA Mastercard Inc. Class A | 0.75% | 337,201 | $162.4M | Add +15.0% |
| SHW The Sherwin-Williams Co. | 0.66% | 410,697 | $142.6M | Reduce -1.4% |
| VRSK Verisk Analytics Inc. | 0.66% | 603,512 | $142.3M | Reduce -37.1% |
| BDX Becton Dickinson and Co. | 0.63% | 550,821 | $136.3M | Reduce -21.2% |
| PAYX Paychex Inc. | 0.62% | 1,090,694 | $133.9M | Reduce -7.1% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.61% | 1,026,553 | $132.1M | New |
| DFIN Donnelley Financial Solution | 0.59% | 2,042,204 | $126.6M | Add +47.5% |
| DHR Danaher Corp. | 0.53% | 456,966 | $114.1M | Reduce -0.1% |
| JPM JPMorgan Chase & Co. | 0.53% | 565,539 | $113.3M | Reduce -4.3% |
| STT State Street Corp. | 0.47% | 1,318,441 | $101.9M | Add +41.1% |
| NKE Nike Inc. Class B | 0.46% | 1,057,875 | $99.4M | Add +7.7% |
| AME Ametek Inc. | 0.45% | 525,558 | $96.1M | Reduce -2.5% |
| BWXT BWX Technologies Inc. | 0.43% | 908,202 | $93.2M | Reduce -5.7% |
| GIC Global Industrial Co. | 0.42% | 2,002,426 | $89.7M | Add +3.2% |
| HDB HDFC Bank Ltd.-ADR | 0.41% | 1,582,489 | $88.6M | Add +68.5% |
| CVS CVS Health Corp. | 0.38% | 1,028,903 | $82.1M | New |
| CBZ Cbiz Inc. | 0.37% | 1,029,928 | $80.8M | Reduce -0.3% |
| HSY The Hershey Co. | 0.35% | 390,399 | $75.9M | Add +48.9% |
| PEP Pepsico Inc. | 0.35% | 429,658 | $75.2M | Add +2.7% |
| AEP American Electric Power | 0.34% | 863,265 | $74.3M | Add +16.8% |
| DG Dollar General Corp. | 0.34% | 475,965 | $74.3M | Reduce -10.7% |
| ATR Aptargroup Inc. | 0.34% | 509,657 | $73.3M | Reduce -12.1% |
| CTSH Cognizant Tech Solutions-A | 0.33% | 984,561 | $72.2M | Reduce -1.4% |
| ALLE Allegion PLC | 0.33% | 520,619 | $70.1M | Reduce -6.3% |
| SO The Southern Co. | 0.32% | 959,183 | $68.8M | Add +18.0% |
| WINA Winmark Corp. | 0.31% | 183,331 | $66.3M | Reduce -33.7% |
| TXN Texas Instruments Inc. | 0.28% | 345,091 | $60.1M | Add +0.4% |
| TW Tradeweb Markets Inc. Class A | 0.28% | 574,231 | $59.8M | Reduce -6.0% |
| MKC McCormick & Co.-Non VTG SHRS | 0.27% | 753,995 | $57.9M | Add +1.0% |
| CNXN PC Connection Inc. | 0.26% | 851,213 | $56.1M | Reduce -28.4% |
| SNA Snap-on Inc. | 0.26% | 188,893 | $56.0M | New |
| ABBV Abbvie Inc. | 0.25% | 293,765 | $53.5M | Reduce -1.2% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.23% | 321,869 | $49.6M | Add +12.5% |
| CARR Carrier Global Corp. | 0.22% | 816,211 | $47.4M | Reduce -22.5% |
| BIO Bio-Rad Laboratories-A | 0.21% | 133,353 | $46.1M | Add +7.7% |
| LIN Linde PLC | 0.21% | 96,461 | $44.8M | Reduce -45.8% |
| BWA Borgwarner Inc. | 0.19% | 1,181,127 | $41.0M | Add +22.2% |
| WTW Willis Towers Watson PLC | 0.19% | 148,180 | $40.7M | Reduce -17.2% |
| RYAN Ryan Specialty Holdings Inc. | 0.17% | 668,369 | $37.1M | Reduce -1.4% |
| TSM Taiwan Semiconductor-SP ADR | 0.16% | 260,128 | $35.4M | Reduce -4.3% |
| CCU Cia Cervecerias Uni-Spon ADR filed as COMPANIA CERVECERIAS UNIDAS | 0.16% | 2,950,605 | $35.4M | Reduce -0.3% |
| DNB Dun & Bradstreet Holdings Inc. | 0.15% | 3,328,275 | $33.4M | Reduce -75.0% |
| TD Toronto-Dominion Bank | 0.15% | 521,544 | $31.5M | Reduce -1.7% |
| VVV Valvoline Inc. | 0.06% | 301,983 | $13.5M | Add +99.8% |
| SN Sharkninja Inc. | 0.06% | 209,682 | $13.1M | Add +123.0% |
| CRL Charles River Laboratories | 0.06% | 45,599 | $12.4M | Add +75.2% |
| RMD Resmed Inc. | 0.05% | 52,854 | $10.5M | Add +139.3% |
| EEFT Euronet Worldwide Inc. | 0.05% | 92,294 | $10.1M | Add +99.7% |
| MTCH Match Group Inc. | 0.04% | 267,192 | $9.7M | New |
| FCNCA First Citizens Bcshs Class A | 0.04% | 5,694 | $9.3M | Add +97.6% |
| ULTA Ulta Beauty Inc. | 0.04% | 17,523 | $9.2M | Add +99.7% |
| KLAC KLA Corp. | 0.04% | 12,760 | $8.9M | Add +99.3% |
| SSNC Ss&c Technologies Holdings | 0.04% | 130,911 | $8.4M | Reduce -78.9% |
| HUM Humana Inc. | 0.04% | 24,089 | $8.4M | Add +100.4% |
| GOOGL Alphabet Inc. Class A | 0.04% | 54,609 | $8.2M | Reduce -2.8% |
| CNXC Concentrix Corp. | 0.04% | 120,767 | $8.0M | Add +131.7% |
| RBA RB Global Inc. | 0.04% | 104,398 | $8.0M | Add +83.4% |
| CSL Carlisle Cos Inc. | 0.04% | 20,245 | $7.9M | Add +99.3% |
| LPLA LPL Financial Holdings Inc. | 0.04% | 29,626 | $7.8M | Add +99.8% |
| CSW CSW Industrials Inc. | 0.03% | 31,085 | $7.3M | Add +100.5% |
| FERG Ferguson Jersey Ltd. | 0.03% | 30,115 | $6.6M | Add +83.2% |
| CACI Caci International Inc. Class A | 0.03% | 17,032 | $6.5M | Add +58.1% |
| ORLY O'reilly Automotive Inc. | 0.03% | 5,221 | $5.9M | Add +99.0% |
| WMS Advanced Drainage Systems Inc. | 0.03% | 33,392 | $5.8M | New |
| IBKR Interactive Brokers Gro Class A | 0.03% | 51,017 | $5.7M | New |
| VRSN Verisign Inc. | 0.02% | 25,292 | $4.8M | Add +192.0% |
| PPLI People Inc. filed as IAC INC | 0.02% | 87,882 | $4.7M | Add +50.0% |
| CPRT Copart Inc. | 0.02% | 75,169 | $4.4M | Add +99.8% |
Portfolio Sells Q4 2023 → Q1 2024
| INTU Intuit Inc. | Sold out | 0.00% | −0.88 |
| DNB Dun & Bradstreet Holdings Inc. | Reduce -75.0% | 0.15% | −0.64 |
| VRSK Verisk Analytics Inc. | Reduce -37.1% | 0.66% | −0.51 |
| WINA Winmark Corp. | Reduce -33.7% | 0.31% | −0.28 |
| SPGI S&P Global Inc. | Reduce -2.7% | 1.48% | −0.26 |
| BDX Becton Dickinson and Co. | Reduce -21.2% | 0.63% | −0.24 |
| ADBE Adobe Inc. | Sold out | 0.00% | −0.23 |
| JNJ Johnson & Johnson | Reduce -0.3% | 2.18% | −0.21 |
| SHEL Shell PLC-ADR | Reduce -4.3% | 1.59% | −0.21 |
| ACN Accenture PLC Class A | Reduce -2.3% | 1.23% | −0.18 |
| LIN Linde PLC | Reduce -45.8% | 0.21% | −0.17 |
| SSNC Ss&c Technologies Holdings | Reduce -78.9% | 0.04% | −0.15 |
| MRSH Marsh & McLennan Cos | Reduce -0.6% | 6.79% | −0.15 |
| CNXN PC Connection Inc. | Reduce -28.4% | 0.26% | −0.15 |
| WMG Warner Music Group Corp. Class A | Reduce -82.6% | 0.02% | −0.12 |
| ABT Abbott Laboratories | Reduce -5.4% | 0.77% | −0.10 |
| PAYX Paychex Inc. | Reduce -7.1% | 0.62% | −0.10 |
| V Visa Inc. Class A | Reduce -0.2% | 2.89% | −0.09 |
| CARR Carrier Global Corp. | Reduce -22.5% | 0.22% | −0.09 |
| WAT Waters Corp. | Reduce -2.8% | 0.93% | −0.08 |
| AJG Arthur J Gallagher & Co. | Reduce -6.3% | 0.98% | −0.06 |
| CTSH Cognizant Tech Solutions-A | Reduce -1.4% | 0.33% | −0.05 |
| ALLE Allegion PLC | Reduce -6.3% | 0.33% | −0.04 |
| WTW Willis Towers Watson PLC | Reduce -17.2% | 0.19% | −0.03 |
| TD Toronto-Dominion Bank | Reduce -1.7% | 0.15% | −0.03 |
| ATR Aptargroup Inc. | Reduce -12.1% | 0.34% | −0.03 |
| DG Dollar General Corp. | Reduce -10.7% | 0.34% | −0.03 |
| CCU Cia Cervecerias Uni-Spon ADR | Reduce -0.3% | 0.16% | −0.03 |
| CBRE CBRE Group Inc. Class A | Sold out | 0.00% | −0.02 |
| MOS The Mosaic Co. | Sold out | 0.00% | −0.02 |
| DHR Danaher Corp. | Reduce -0.1% | 0.53% | −0.01 |
| MORN Morningstar Inc. | Sold out | 0.00% | −0.01 |
| MSCI MSCI Inc. | Sold out | 0.00% | −0.01 |
| DLTR Dollar Tree Inc. | Sold out | 0.00% | −0.01 |
| AME Ametek Inc. | Reduce -2.5% | 0.45% | −0.01 |
| TW Tradeweb Markets Inc. Class A | Reduce -6.0% | 0.28% | −0.01 |
| EWQ iShares MSCI France ETF | Sold out | 0.00% | −0.01 |
| SHW The Sherwin-Williams Co. | Reduce -1.4% | 0.66% | −0.00 |
| GOOGL Alphabet Inc. Class A | Reduce -2.8% | 0.04% | −0.00 |
| KVUE Kenvue Inc. | Sold out | 0.00% | −0.00 |
| TNET Trinet Group Inc. | Reduce -0.8% | 2.57% | +0.00 |
| JPM JPMorgan Chase & Co. | Reduce -4.3% | 0.53% | +0.01 |
| ABBV Abbvie Inc. | Reduce -1.2% | 0.25% | +0.01 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -4.3% | 0.16% | +0.02 |
| RYAN Ryan Specialty Holdings Inc. | Reduce -1.4% | 0.17% | +0.02 |
| COR Cencora Inc. | Reduce -3.0% | 0.89% | +0.03 |
| MSFT Microsoft Corp. | Reduce -0.7% | 6.50% | +0.04 |
| CBZ Cbiz Inc. | Reduce -0.3% | 0.37% | +0.04 |
| BWXT BWX Technologies Inc. | Reduce -5.7% | 0.43% | +0.05 |
| SCCO Southern Copper Corp. | Reduce -4.3% | 1.06% | +0.07 |
Portfolio Buys Q4 2023 → Q1 2024
| FDX FedEx Corp. | Add +43.5% | 3.03% | +1.00 |
| KSPI JSC Kaspi.kz ADR | New | 0.61% | +0.61 |
| GOOG Alphabet Inc. Class C | Add +18.9% | 4.35% | +0.61 |
| RHI Robert Half Inc. | Add +105.3% | 1.34% | +0.54 |
| BKNG Booking Holdings Inc. | Add +29.2% | 3.26% | +0.53 |
| CVS CVS Health Corp. | New | 0.38% | +0.38 |
| SNA Snap-on Inc. | New | 0.26% | +0.26 |
| APH Amphenol Corp. Class A | Add +0.0% | 4.38% | +0.22 |
| DFIN Donnelley Financial Solution | Add +47.5% | 0.59% | +0.14 |
| MA Mastercard Inc. Class A | Add +15.0% | 0.75% | +0.11 |
| STT State Street Corp. | Add +41.1% | 0.47% | +0.10 |
| HSY The Hershey Co. | Add +48.9% | 0.35% | +0.10 |
| CDW CDW Corp. | Add +0.9% | 3.68% | +0.10 |
| HDB HDFC Bank Ltd.-ADR | Add +68.5% | 0.41% | +0.09 |
| MTCH Match Group Inc. | New | 0.04% | +0.04 |
| AEP American Electric Power | Add +16.8% | 0.34% | +0.04 |
| SN Sharkninja Inc. | Add +123.0% | 0.06% | +0.04 |
| VVV Valvoline Inc. | Add +99.8% | 0.06% | +0.03 |
| CPAY Corpay Inc. | Add +3.2% | 1.67% | +0.03 |
| MRNA Moderna Inc. | Add +6.7% | 0.95% | +0.03 |
| GIC Global Industrial Co. | Add +3.2% | 0.42% | +0.03 |
| RMD Resmed Inc. | Add +139.3% | 0.05% | +0.03 |
| SO The Southern Co. | Add +18.0% | 0.32% | +0.03 |
| WMS Advanced Drainage Systems Inc. | New | 0.03% | +0.03 |
| IBKR Interactive Brokers Gro Class A | New | 0.03% | +0.03 |
| CRL Charles River Laboratories | Add +75.2% | 0.06% | +0.03 |
| EEFT Euronet Worldwide Inc. | Add +99.7% | 0.05% | +0.02 |
| KLAC KLA Corp. | Add +99.3% | 0.04% | +0.02 |
| FCNCA First Citizens Bcshs Class A | Add +97.6% | 0.04% | +0.02 |
| CSL Carlisle Cos Inc. | Add +99.3% | 0.04% | +0.02 |
| ULTA Ulta Beauty Inc. | Add +99.7% | 0.04% | +0.02 |
| LPLA LPL Financial Holdings Inc. | Add +99.8% | 0.04% | +0.02 |
| RBA RB Global Inc. | Add +83.4% | 0.04% | +0.02 |
| CSW CSW Industrials Inc. | Add +100.5% | 0.03% | +0.02 |
| EL Estee Lauder Companies Class A | Add +12.5% | 0.23% | +0.02 |
| ORLY O'reilly Automotive Inc. | Add +99.0% | 0.03% | +0.01 |
| FERG Ferguson Jersey Ltd. | Add +83.2% | 0.03% | +0.01 |
| VRSN Verisign Inc. | Add +192.0% | 0.02% | +0.01 |
| BWA Borgwarner Inc. | Add +22.2% | 0.19% | +0.01 |
| PG The Procter & Gamble Co. | Add +0.3% | 2.11% | +0.01 |
| CACI Caci International Inc. Class A | Add +58.1% | 0.03% | +0.01 |
| CNXC Concentrix Corp. | Add +131.7% | 0.04% | +0.01 |
| CPRT Copart Inc. | Add +99.8% | 0.02% | +0.01 |
| HUM Humana Inc. | Add +100.4% | 0.04% | +0.01 |
| VZ Verizon Communications Inc. | Add +0.5% | 0.78% | +0.01 |
| NSP Insperity Inc. | Add +18.6% | 2.54% | +0.01 |
| BIO Bio-Rad Laboratories-A | Add +7.7% | 0.21% | +0.01 |
| MKC McCormick & Co.-Non VTG SHRS | Add +1.0% | 0.27% | +0.01 |
| TME Tencent Music Entertainm-ADR | New | 0.01% | +0.01 |
| PPLI People Inc. | Add +50.0% | 0.02% | +0.01 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 142 | $14.7B | GOOG, AMZN, MSFT, SHEL, NVDA |
| Q1 2026 | 126 | $15.4B | GOOG, MSFT, AMZN, SHEL, MRSH |
| Q4 2025 | 125 | $17.9B | MSFT, GOOG, AMZN, MRSH, V |
| Q3 2025 | 110 | $19.3B | MSFT, GOOG, AMZN, MRSH, AON |
| Q2 2025 | 110 | $19.7B | MSFT, MRSH, AON, GOOG, BKNG |
| Q1 2025 | 105 | $20.7B | MRSH, AON, MSFT, UNH, GOOG |
| Q4 2024 | 100 | $22.0B | AON, MSFT, MRSH, GOOG, UNH |
| Q3 2024 | 101 | $21.9B | MRSH, AON, MSFT, UNH, GOOG |
| Q2 2024 | 105 | $21.1B | MRSH, MSFT, AON, UNH, GOOG |
| Q1 2024 | 105 | $21.6B | MRSH, AON, MSFT, UNH, APH |