Mawer Investment Management Ltd.

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 7, 2024), Mawer Investment Management Ltd. reported 105 stock positions worth $21.1 billion. Its top holding was Marsh & McLennan Cos (MRSH) at 7.0% of the portfolio, followed by Microsoft (MSFT, 6.9%) and Aon Class A (AON, 6.1%). Compared with Q1 2024, it opened 8 new positions, sold out of 8, added to 35 and reduced 59. The biggest buy was a new position in Deere (DE) and the biggest sale Trinet (TNET, shares −6%).

Most Recent 13F
Q2 2026
Location
CALGARY, A0
CIK
0001538449
Portfolio Value
$21.1B (Q2 2024)
SEC Filing
0000945621-24-000613 ↗ filed Aug 7, 2024

Holdings Value

0$5.0B$10.0B$15.0B$20.0B$25.0B Q1 2024: $21.6B Q1 2024 Q2 2024: $21.1B $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 · $21.1B
MRSH Marsh & McLennan Cos 6.95% 6,970,148 $1.5B Reduce -2.0%
MSFT Microsoft Corp. 6.94% 3,281,722 $1.5B Reduce -1.5%
AON Aon PLC Class A 6.12% 4,405,780 $1.3B Add +1.2%
UNH Unitedhealth Group Inc. 5.31% 2,200,696 $1.1B Add +1.2%
GOOG Alphabet Inc. Class C 5.24% 6,040,293 $1.1B Reduce -1.9%
APH Amphenol Corp. Class A 4.93% 15,455,006 $1.0B Reduce -5.5%
FCN Fti Consulting Inc. 3.87% 3,793,156 $817.5M Reduce -0.5%
BKNG Booking Holdings Inc. 3.60% 192,091 $761.0M Reduce -0.7%
CDW CDW Corp. 3.29% 3,102,888 $694.6M Add +0.0%
AMZN Amazon.com Inc. 3.19% 3,490,779 $674.6M Reduce -2.1%
FDX FedEx Corp. 3.18% 2,242,770 $672.5M Reduce -0.7%
ICE Intercontinental Exchange Inc. 2.99% 4,616,908 $632.0M Reduce -1.7%
V Visa Inc. Class A 2.70% 2,176,296 $571.2M Reduce -2.4%
NSP Insperity Inc. 2.24% 5,188,547 $473.2M Add +4.0%
PG The Procter & Gamble Co. 2.12% 2,721,344 $448.8M Reduce -3.0%
TNET Trinet Group Inc. 1.86% 3,926,805 $392.7M Reduce -6.0%
JNJ Johnson & Johnson 1.75% 2,532,433 $370.1M Reduce -14.9%
SHEL Shell PLC-ADR 1.66% 4,860,539 $350.8M Reduce -4.7%
XP XP Inc. Class A 1.63% 19,522,017 $343.4M Add +4.3%
SPGI S&P Global Inc. 1.55% 735,250 $327.9M Reduce -1.7%
CPAY Corpay Inc. 1.48% 1,177,297 $313.6M Add +1.1%
ACN Accenture PLC Class A 1.14% 792,464 $240.4M Add +3.9%
RHI Robert Half Inc. 1.10% 3,632,335 $232.4M Reduce -0.6%
MRNA Moderna Inc. 1.07% 1,903,326 $226.0M Reduce -0.7%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 1.00% 811,544 $210.4M Reduce -4.3%
SCCO Southern Copper Corp. 0.98% 1,917,540 $206.6M Reduce -10.9%
CME Cme Group Inc. 0.86% 925,940 $182.0M Reduce -7.8%
COR Cencora Inc. 0.80% 748,839 $168.7M Reduce -4.9%
DE Deere & Co. 0.79% 446,798 $166.9M New
SNA Snap-on Inc. 0.78% 632,226 $165.3M Add +234.7%
VZ Verizon Communications Inc. 0.76% 3,907,641 $161.2M Reduce -2.3%
WAT Waters Corp. 0.74% 538,052 $156.1M Reduce -7.8%
ATR Aptargroup Inc. 0.72% 1,075,168 $151.4M Add +111.0%
MA Mastercard Inc. Class A 0.71% 337,908 $149.1M Add +0.2%
ABT Abbott Laboratories 0.70% 1,424,193 $148.0M Reduce -2.0%
MLM Martin Marietta Materials 0.69% 268,172 $145.3M Reduce -4.5%
VRSK Verisk Analytics Inc. 0.66% 519,811 $140.1M Reduce -13.9%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.60% 981,444 $126.6M Reduce -4.4%
DFIN Donnelley Financial Solution 0.60% 2,111,112 $125.9M Add +3.4%
BDX Becton Dickinson and Co. 0.59% 536,615 $125.4M Reduce -2.6%
PAYX Paychex Inc. 0.58% 1,035,558 $122.8M Reduce -5.1%
ICLR Icon PLC 0.57% 381,990 $119.7M New
NKE Nike Inc. Class B 0.53% 1,486,102 $112.0M Add +40.5%
DHR Danaher Corp. 0.53% 447,696 $111.9M Reduce -2.0%
HDB HDFC Bank Ltd.-ADR 0.47% 1,559,320 $100.3M Reduce -1.5%
JPM JPMorgan Chase & Co. 0.47% 488,926 $98.9M Reduce -13.6%
SHW The Sherwin-Williams Co. 0.47% 329,355 $98.3M Reduce -19.8%
STT State Street Corp. 0.44% 1,258,838 $93.2M Reduce -4.5%
BWXT BWX Technologies Inc. 0.39% 861,999 $81.9M Reduce -5.1%
AME Ametek Inc. 0.36% 460,119 $76.7M Reduce -12.4%
AEP American Electric Power 0.35% 851,496 $74.7M Reduce -1.4%
SO The Southern Co. 0.35% 946,463 $73.4M Reduce -1.3%
HSY The Hershey Co. 0.34% 384,997 $70.8M Reduce -1.4%
TXN Texas Instruments Inc. 0.31% 340,973 $66.3M Reduce -1.2%
DG Dollar General Corp. 0.30% 485,543 $64.2M Add +2.0%
TW Tradeweb Markets Inc. Class A 0.29% 582,578 $61.8M Add +1.4%
CVS CVS Health Corp. 0.28% 1,016,870 $60.1M Reduce -1.2%
CBZ Cbiz Inc. 0.28% 791,562 $58.7M Reduce -23.1%
GIC Global Industrial Co. 0.27% 1,831,870 $57.4M Reduce -8.5%
CTSH Cognizant Tech Solutions-A 0.27% 843,098 $57.3M Reduce -14.4%
WINA Winmark Corp. 0.26% 158,273 $55.8M Reduce -13.7%
ABBV Abbvie Inc. 0.24% 290,082 $49.8M Reduce -1.3%
CARR Carrier Global Corp. 0.23% 779,150 $49.1M Reduce -4.5%
ITT Itt Inc. 0.23% 379,645 $49.0M New
PEP Pepsico Inc. 0.21% 272,087 $44.9M Reduce -36.7%
MKC McCormick & Co.-Non VTG SHRS 0.19% 551,209 $39.1M Reduce -26.9%
TSM Taiwan Semiconductor-SP ADR 0.18% 221,059 $38.4M Reduce -15.0%
RYAN Ryan Specialty Holdings Inc. 0.18% 656,939 $38.0M Reduce -1.7%
BWA Borgwarner Inc. 0.18% 1,168,042 $37.7M Reduce -1.1%
BIO Bio-Rad Laboratories-A 0.17% 133,648 $36.5M Add +0.2%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.16% 318,325 $33.9M Reduce -1.1%
CCU Cia Cervecerias Uni-Spon ADR filed as COMPANIA CERVECERIAS UNIDAS 0.16% 2,946,305 $33.5M Reduce -0.1%
ALLE Allegion PLC 0.14% 255,496 $30.2M Reduce -50.9%
CNXN PC Connection Inc. 0.11% 359,659 $23.1M Reduce -57.8%
SN Sharkninja Inc. 0.10% 294,561 $22.1M Add +40.5%
VVV Valvoline Inc. 0.09% 424,327 $18.3M Add +40.5%
BBSI Barrett Business SVCS Inc. 0.08% 545,305 $17.9M New
FCNCA First Citizens Bcshs Class A 0.08% 9,467 $15.9M Add +66.3%
CRL Charles River Laboratories 0.07% 73,553 $15.2M Add +61.3%
HUM Humana Inc. 0.07% 38,302 $14.3M Add +59.0%
RMD Resmed Inc. 0.07% 74,160 $14.2M Add +40.3%
IBKR Interactive Brokers Gro Class A 0.07% 113,405 $13.9M Add +122.3%
CSL Carlisle Cos Inc. 0.07% 34,208 $13.9M Add +69.0%
ULTA Ulta Beauty Inc. 0.07% 35,795 $13.8M Add +104.3%
EEFT Euronet Worldwide Inc. 0.06% 129,734 $13.4M Add +40.6%
CASH Pathward Financial Inc. 0.06% 218,766 $12.4M New
XPEL Xpel Inc. 0.06% 338,037 $12.0M New
LPLA LPL Financial Holdings Inc. 0.06% 41,675 $11.6M Add +40.7%
MTCH Match Group Inc. 0.05% 375,445 $11.4M Add +40.5%
VRSN Verisign Inc. 0.05% 62,353 $11.1M Add +146.5%
CNXC Concentrix Corp. 0.05% 169,766 $10.7M Add +40.6%
CACI Caci International Inc. Class A 0.05% 23,922 $10.3M Add +40.5%
MBC Masterbrand Inc. 0.05% 672,525 $9.9M New
WMG Warner Music Group Corp. Class A 0.04% 293,541 $9.0M Add +126.9%
KLAC KLA Corp. 0.04% 10,726 $8.8M Reduce -15.9%
GOOGL Alphabet Inc. Class A 0.04% 48,435 $8.8M Reduce -11.3%
FERG Ferguson Jersey Ltd. 0.04% 41,650 $8.1M Add +38.3%
ORLY O'reilly Automotive Inc. 0.04% 7,363 $7.8M Add +41.0%
RBA RB Global Inc. 0.04% 100,581 $7.7M Reduce -3.7%
WMS Advanced Drainage Systems Inc. 0.04% 46,858 $7.5M Add +40.3%

Show all 105 holdings

Portfolio Sells Q1 2024 → Q2 2024
TNET Trinet Group Inc. Reduce -6.0% 1.86% −0.71
JNJ Johnson & Johnson Reduce -14.9% 1.75% −0.43
RHI Robert Half Inc. Reduce -0.6% 1.10% −0.24
LIN Linde PLC Sold out 0.00% −0.21
SHW The Sherwin-Williams Co. Reduce -19.8% 0.47% −0.20
WAT Waters Corp. Reduce -7.8% 0.74% −0.19
WTW Willis Towers Watson PLC Sold out 0.00% −0.19
ALLE Allegion PLC Reduce -50.9% 0.14% −0.18
V Visa Inc. Class A Reduce -2.4% 2.70% −0.18
DNB Dun & Bradstreet Holdings Inc. Sold out 0.00% −0.15
CNXN PC Connection Inc. Reduce -57.8% 0.11% −0.15
TD Toronto-Dominion Bank Sold out 0.00% −0.15
GIC Global Industrial Co. Reduce -8.5% 0.27% −0.14
CME Cme Group Inc. Reduce -7.8% 0.86% −0.14
PEP Pepsico Inc. Reduce -36.7% 0.21% −0.14
MLM Martin Marietta Materials Reduce -4.5% 0.69% −0.11
CBZ Cbiz Inc. Reduce -23.1% 0.28% −0.10
CVS CVS Health Corp. Reduce -1.2% 0.28% −0.10
COR Cencora Inc. Reduce -4.9% 0.80% −0.09
SCCO Southern Copper Corp. Reduce -10.9% 0.98% −0.09
MKC McCormick & Co.-Non VTG SHRS Reduce -26.9% 0.19% −0.08
AME Ametek Inc. Reduce -12.4% 0.36% −0.08
EL Estee Lauder Companies Class A Reduce -1.1% 0.16% −0.07
ABT Abbott Laboratories Reduce -2.0% 0.70% −0.07
CTSH Cognizant Tech Solutions-A Reduce -14.4% 0.27% −0.06
JPM JPMorgan Chase & Co. Reduce -13.6% 0.47% −0.06
BWXT BWX Technologies Inc. Reduce -5.1% 0.39% −0.04
WINA Winmark Corp. Reduce -13.7% 0.26% −0.04
PAYX Paychex Inc. Reduce -5.1% 0.58% −0.04
SSNC Ss&c Technologies Holdings Sold out 0.00% −0.04
BDX Becton Dickinson and Co. Reduce -2.6% 0.59% −0.04
CSW CSW Industrials Inc. Sold out 0.00% −0.03
STT State Street Corp. Reduce -4.5% 0.44% −0.03
PPLI People Inc. Sold out 0.00% −0.02
CPRT Copart Inc. Sold out 0.00% −0.02
HSY The Hershey Co. Reduce -1.4% 0.34% −0.02
VZ Verizon Communications Inc. Reduce -2.3% 0.76% −0.02
KSPI JSC Kaspi.kz ADR Reduce -4.4% 0.60% −0.01
ABBV Abbvie Inc. Reduce -1.3% 0.24% −0.01
BWA Borgwarner Inc. Reduce -1.1% 0.18% −0.01
CCU Cia Cervecerias Uni-Spon ADR Reduce -0.1% 0.16% −0.01
ICE Intercontinental Exchange Inc. Reduce -1.7% 2.99% −0.00
RBA RB Global Inc. Reduce -3.7% 0.04% −0.00
DHR Danaher Corp. Reduce -2.0% 0.53% +0.00
KLAC KLA Corp. Reduce -15.9% 0.04% +0.00
GOOGL Alphabet Inc. Class A Reduce -11.3% 0.04% +0.00
VRSK Verisk Analytics Inc. Reduce -13.9% 0.66% +0.00
RYAN Ryan Specialty Holdings Inc. Reduce -1.7% 0.18% +0.01
AEP American Electric Power Reduce -1.4% 0.35% +0.01
CARR Carrier Global Corp. Reduce -4.5% 0.23% +0.01

Portfolio Buys Q1 2024 → Q2 2024
DE Deere & Co. New 0.79% +0.79
ICLR Icon PLC New 0.57% +0.57
SNA Snap-on Inc. Add +234.7% 0.78% +0.52
ATR Aptargroup Inc. Add +111.0% 0.72% +0.38
UNH Unitedhealth Group Inc. Add +1.2% 5.31% +0.32
ITT Itt Inc. New 0.23% +0.23
BBSI Barrett Business SVCS Inc. New 0.08% +0.08
NKE Nike Inc. Class B Add +40.5% 0.53% +0.07
CASH Pathward Financial Inc. New 0.06% +0.06
XPEL Xpel Inc. New 0.06% +0.06
MBC Masterbrand Inc. New 0.05% +0.05
SN Sharkninja Inc. Add +40.5% 0.10% +0.04
IBKR Interactive Brokers Gro Class A Add +122.3% 0.07% +0.04
FCNCA First Citizens Bcshs Class A Add +66.3% 0.08% +0.03
VRSN Verisign Inc. Add +146.5% 0.05% +0.03
HUM Humana Inc. Add +59.0% 0.07% +0.03
CSL Carlisle Cos Inc. Add +69.0% 0.07% +0.03
VVV Valvoline Inc. Add +40.5% 0.09% +0.02
DAVA Endava PLC- Spon ADR New 0.02% +0.02
ULTA Ulta Beauty Inc. Add +104.3% 0.07% +0.02
WMG Warner Music Group Corp. Class A Add +126.9% 0.04% +0.02
CACI Caci International Inc. Class A Add +40.5% 0.05% +0.02
LPLA LPL Financial Holdings Inc. Add +40.7% 0.06% +0.02
RMD Resmed Inc. Add +40.3% 0.07% +0.02
TME Tencent Music Entertainm-ADR Add +199.2% 0.02% +0.02
EEFT Euronet Worldwide Inc. Add +40.6% 0.06% +0.02
TW Tradeweb Markets Inc. Class A Add +1.4% 0.29% +0.01
CRL Charles River Laboratories Add +61.3% 0.07% +0.01
CNXC Concentrix Corp. Add +40.6% 0.05% +0.01
ORLY O'reilly Automotive Inc. Add +41.0% 0.04% +0.01
MTCH Match Group Inc. Add +40.5% 0.05% +0.01
WMS Advanced Drainage Systems Inc. Add +40.3% 0.04% +0.01
DFIN Donnelley Financial Solution Add +3.4% 0.60% +0.01
FERG Ferguson Jersey Ltd. Add +38.3% 0.04% +0.01
DG Dollar General Corp. Add +2.0% 0.30% −0.04
BIO Bio-Rad Laboratories-A Add +0.2% 0.17% −0.04
MA Mastercard Inc. Class A Add +0.2% 0.71% −0.05
ACN Accenture PLC Class A Add +3.9% 1.14% −0.09
CPAY Corpay Inc. Add +1.1% 1.48% −0.18
NSP Insperity Inc. Add +4.0% 2.24% −0.30
CDW CDW Corp. Add +0.0% 3.29% −0.39
XP XP Inc. Class A Add +4.3% 1.63% −0.60
AON Aon PLC Class A Add +1.2% 6.12% −0.61

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