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

0$5.0B$10.0B$15.0B$20.0B$25.0B Q1 2024: $21.6B $21.6B Q1 2024 Q2 2024: $21.1B Q2 2024 Q3 2024: $21.9B Q3 2024 Q4 2024: $22.0B Q4 2024 Q1 2025: $20.7B Q1 2025 Q2 2025: $19.7B Q2 2025 Q3 2025: $19.3B Q3 2025 Q4 2025: $17.9B Q4 2025 Q1 2026: $15.4B Q1 2026 Q2 2026: $14.7B Q2 2026

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%
WMG Warner Music Group Corp. Class A 0.02% 129,384 $4.3M Reduce -82.6%
MELI MercadoLibre Inc. 0.01% 2,106 $3.2M No change
TME Tencent Music Entertainm-ADR 0.01% 123,400 $1.4M New
AAPL Apple Inc. 0.00% 2,960 $508K Add +5.0%
BRK.B Berkshire Hathaway Inc. Class B 0.00% 750 $315K No change

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

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 142$14.7BGOOG, AMZN, MSFT, SHEL, NVDA
Q1 2026 126$15.4BGOOG, MSFT, AMZN, SHEL, MRSH
Q4 2025 125$17.9BMSFT, GOOG, AMZN, MRSH, V
Q3 2025 110$19.3BMSFT, GOOG, AMZN, MRSH, AON
Q2 2025 110$19.7BMSFT, MRSH, AON, GOOG, BKNG
Q1 2025 105$20.7BMRSH, AON, MSFT, UNH, GOOG
Q4 2024 100$22.0BAON, MSFT, MRSH, GOOG, UNH
Q3 2024 101$21.9BMRSH, AON, MSFT, UNH, GOOG
Q2 2024 105$21.1BMRSH, MSFT, AON, UNH, GOOG
Q1 2024 105$21.6BMRSH, AON, MSFT, UNH, APH