Mawer Investment Management Ltd.

In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 7, 2024), Mawer Investment Management Ltd. reported 101 stock positions worth $21.9 billion. Its top holding was Marsh & McLennan Cos (MRSH) at 7.0% of the portfolio, followed by Aon Class A (AON, 6.7%) and Microsoft (MSFT, 6.4%). Compared with Q2 2024, it opened 1 new position, sold out of 5, added to 38 and reduced 59. The biggest buy was Warner Music Class A (WMG, shares +2699%) and the biggest sale Amphenol Class A (APH, shares −16%).

Most Recent 13F
Q2 2026
Location
CALGARY, A0
CIK
0001538449
Portfolio Value
$21.9B (Q3 2024)
SEC Filing
0000945621-24-000863 ↗ filed Nov 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 Q2 2024 Q3 2024: $21.9B $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 101 stocks · $21.9B
MRSH Marsh & McLennan Cos 7.03% 6,918,358 $1.5B Reduce -0.7%
AON Aon PLC Class A 6.73% 4,269,465 $1.5B Reduce -3.1%
MSFT Microsoft Corp. 6.38% 3,254,454 $1.4B Reduce -0.8%
UNH Unitedhealth Group Inc. 5.81% 2,179,775 $1.3B Reduce -0.9%
GOOG Alphabet Inc. Class C 4.56% 5,985,872 $1.0B Reduce -0.9%
FCN Fti Consulting Inc. 4.06% 3,916,333 $891.2M Add +3.3%
APH Amphenol Corp. Class A 3.86% 13,001,681 $847.2M Reduce -15.9%
BKNG Booking Holdings Inc. 3.67% 191,460 $806.5M Reduce -0.3%
CDW CDW Corp. 3.17% 3,076,484 $696.2M Reduce -0.8%
AMZN Amazon.com Inc. 2.95% 3,474,328 $647.4M Reduce -0.5%
FDX FedEx Corp. 2.78% 2,231,764 $610.8M Reduce -0.5%
V Visa Inc. Class A 2.66% 2,121,063 $583.2M Reduce -2.5%
ICE Intercontinental Exchange Inc. 2.34% 3,201,162 $514.2M Reduce -30.7%
XP XP Inc. Class A 2.14% 26,234,383 $470.6M Add +34.4%
PG The Procter & Gamble Co. 2.13% 2,697,121 $467.1M Reduce -0.9%
NSP Insperity Inc. 2.08% 5,190,036 $456.7M Add +0.0%
JNJ Johnson & Johnson 1.85% 2,503,774 $405.8M Reduce -1.1%
SPGI S&P Global Inc. 1.71% 727,540 $375.9M Reduce -1.1%
CPAY Corpay Inc. 1.67% 1,173,238 $366.9M Reduce -0.3%
TNET Trinet Group Inc. 1.61% 3,653,597 $354.3M Reduce -7.0%
SHEL Shell PLC-ADR 1.59% 5,282,868 $348.4M Add +8.7%
RHI Robert Half Inc. 1.44% 4,681,340 $315.6M Add +28.9%
ACN Accenture PLC Class A 1.36% 843,330 $298.1M Add +6.4%
WMG Warner Music Group Corp. Class A 1.17% 8,217,467 $257.2M Add +2699.4%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 1.03% 800,455 $225.2M Reduce -1.4%
VZ Verizon Communications Inc. 1.00% 4,901,677 $220.1M Add +25.4%
CME Cme Group Inc. 0.92% 919,429 $202.9M Reduce -0.7%
WAT Waters Corp. 0.87% 531,632 $191.3M Reduce -1.2%
DE Deere & Co. 0.85% 446,272 $186.2M Reduce -0.1%
SCCO Southern Copper Corp. 0.85% 1,609,122 $186.1M Reduce -16.1%
ATR Aptargroup Inc. 0.85% 1,158,102 $185.5M Add +7.7%
SNA Snap-on Inc. 0.84% 634,022 $183.7M Add +0.3%
ICLR Icon PLC 0.81% 617,916 $177.5M Add +61.8%
COR Cencora Inc. 0.75% 733,542 $165.1M Reduce -2.0%
MA Mastercard Inc. Class A 0.75% 333,018 $164.4M Reduce -1.4%
ABT Abbott Laboratories 0.73% 1,399,786 $159.6M Reduce -1.7%
MLM Martin Marietta Materials 0.70% 283,488 $152.6M Add +5.7%
DFIN Donnelley Financial Solution 0.61% 2,021,103 $133.0M Reduce -4.3%
NKE Nike Inc. Class B 0.59% 1,476,072 $130.5M Reduce -0.7%
MRNA Moderna Inc. 0.58% 1,901,668 $127.1M Reduce -0.1%
VRSK Verisk Analytics Inc. 0.57% 466,951 $125.1M Reduce -10.2%
SHW The Sherwin-Williams Co. 0.57% 327,336 $124.9M Reduce -0.6%
DHR Danaher Corp. 0.56% 445,300 $123.8M Reduce -0.5%
BDX Becton Dickinson and Co. 0.53% 480,387 $115.8M Reduce -10.5%
PAYX Paychex Inc. 0.49% 798,499 $107.2M Reduce -22.9%
AEP American Electric Power 0.46% 977,313 $100.3M Add +14.8%
SO The Southern Co. 0.45% 1,086,175 $98.0M Add +14.8%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.45% 922,157 $97.7M Reduce -6.0%
JPM JPMorgan Chase & Co. 0.44% 461,964 $97.4M Reduce -5.5%
HDB HDFC Bank Ltd.-ADR 0.43% 1,491,346 $93.3M Reduce -4.4%
BWXT BWX Technologies Inc. 0.41% 824,584 $89.6M Reduce -4.3%
STT State Street Corp. 0.35% 864,151 $76.5M Reduce -31.4%
AME Ametek Inc. 0.33% 427,878 $73.5M Reduce -7.0%
BIO Bio-Rad Laboratories-A 0.33% 217,885 $72.9M Add +63.0%
TW Tradeweb Markets Inc. Class A 0.33% 583,683 $72.2M Add +0.2%
TXN Texas Instruments Inc. 0.32% 339,440 $70.1M Reduce -0.5%
HSY The Hershey Co. 0.32% 365,570 $70.1M Reduce -5.0%
BBSI Barrett Business SVCS Inc. 0.31% 1,834,452 $68.8M Add +236.4%
CVS CVS Health Corp. 0.29% 1,013,334 $63.7M Reduce -0.3%
GIC Global Industrial Co. 0.28% 1,826,970 $62.1M Reduce -0.3%
ITT Itt Inc. 0.26% 377,952 $56.5M Reduce -0.5%
TME Tencent Music Entertainm-ADR 0.25% 4,547,836 $54.8M Add +1131.8%
ABBV Abbvie Inc. 0.25% 275,336 $54.4M Reduce -5.1%
CACI Caci International Inc. Class A 0.25% 106,809 $53.9M Add +346.5%
MKC McCormick & Co.-Non VTG SHRS 0.21% 549,188 $45.2M Reduce -0.4%
CARR Carrier Global Corp. 0.20% 558,698 $45.0M Reduce -28.3%
BWA Borgwarner Inc. 0.19% 1,163,902 $42.2M Reduce -0.3%
RYAN Ryan Specialty Holdings Inc. 0.19% 628,439 $41.7M Reduce -4.3%
PEP Pepsico Inc. 0.19% 244,731 $41.6M Reduce -10.1%
CTSH Cognizant Tech Solutions-A 0.18% 510,853 $39.4M Reduce -39.4%
WINA Winmark Corp. 0.16% 90,273 $34.6M Reduce -43.0%
DG Dollar General Corp. 0.16% 406,980 $34.4M Reduce -16.2%
SN Sharkninja Inc. 0.14% 284,385 $30.9M Reduce -3.5%
DAVA Endava PLC- Spon ADR 0.14% 1,198,500 $30.6M Add +613.0%
TSM Taiwan Semiconductor-SP ADR 0.13% 170,113 $29.5M Reduce -23.1%
MTCH Match Group Inc. 0.11% 643,335 $24.3M Add +71.3%
RMD Resmed Inc. 0.09% 76,554 $18.7M Add +3.2%
VVV Valvoline Inc. 0.08% 437,989 $18.3M Add +3.2%
FCNCA First Citizens Bcshs Class A 0.08% 9,773 $18.0M Add +3.2%
IBKR Interactive Brokers Gro Class A 0.07% 117,057 $16.3M Add +3.2%
CSL Carlisle Cos Inc. 0.07% 35,308 $15.9M Add +3.2%
EEFT Euronet Worldwide Inc. 0.07% 153,129 $15.2M Add +18.0%
XPEL Xpel Inc. 0.07% 348,947 $15.1M Add +3.2%
CASH Pathward Financial Inc. 0.07% 225,815 $14.9M Add +3.2%
DHI D.R. Horton Inc. 0.07% 76,849 $14.7M New
ULTA Ulta Beauty Inc. 0.07% 36,947 $14.4M Add +3.2%
CBZ Cbiz Inc. 0.06% 205,628 $13.8M Reduce -74.0%
MBC Masterbrand Inc. 0.06% 694,183 $12.9M Add +3.2%
VRSN Verisign Inc. 0.06% 64,361 $12.2M Add +3.2%
WMS Advanced Drainage Systems Inc. 0.05% 67,007 $10.5M Add +43.0%
KLAC KLA Corp. 0.05% 13,138 $10.2M Add +22.5%
LPLA LPL Financial Holdings Inc. 0.05% 43,016 $10.0M Add +3.2%
ORLY O'reilly Automotive Inc. 0.04% 7,601 $8.8M Add +3.2%
HUM Humana Inc. 0.04% 27,373 $8.7M Reduce -28.5%
FERG Ferguson Enterprises Inc. 0.04% 43,135 $8.6M Add +3.6%
RBA RB Global Inc. 0.04% 104,167 $8.4M Add +3.6%
CRL Charles River Laboratories 0.04% 40,860 $8.0M Reduce -44.5%
GOOGL Alphabet Inc. Class A 0.04% 46,857 $7.8M Reduce -3.3%
MELI MercadoLibre Inc. 0.02% 2,106 $4.3M No change
AAPL Apple Inc. 0.00% 2,960 $690K No change

Show all 101 holdings

Portfolio Sells Q2 2024 → Q3 2024
APH Amphenol Corp. Class A Reduce -15.9% 3.86% −1.07
GOOG Alphabet Inc. Class C Reduce -0.9% 4.56% −0.69
ICE Intercontinental Exchange Inc. Reduce -30.7% 2.34% −0.65
MSFT Microsoft Corp. Reduce -0.8% 6.38% −0.56
MRNA Moderna Inc. Reduce -0.1% 0.58% −0.49
FDX FedEx Corp. Reduce -0.5% 2.78% −0.40
TNET Trinet Group Inc. Reduce -7.0% 1.61% −0.24
AMZN Amazon.com Inc. Reduce -0.5% 2.95% −0.24
CBZ Cbiz Inc. Reduce -74.0% 0.06% −0.21
EL Estee Lauder Companies Class A Sold out 0.00% −0.16
CCU Cia Cervecerias Uni-Spon ADR Sold out 0.00% −0.16
KSPI JSC Kaspi.kz ADR Reduce -6.0% 0.45% −0.15
DG Dollar General Corp. Reduce -16.2% 0.16% −0.15
ALLE Allegion PLC Sold out 0.00% −0.14
SCCO Southern Copper Corp. Reduce -16.1% 0.85% −0.13
CDW CDW Corp. Reduce -0.8% 3.17% −0.12
CNXN PC Connection Inc. Sold out 0.00% −0.11
WINA Winmark Corp. Reduce -43.0% 0.16% −0.11
VRSK Verisk Analytics Inc. Reduce -10.2% 0.57% −0.09
PAYX Paychex Inc. Reduce -22.9% 0.49% −0.09
STT State Street Corp. Reduce -31.4% 0.35% −0.09
CTSH Cognizant Tech Solutions-A Reduce -39.4% 0.18% −0.09
BDX Becton Dickinson and Co. Reduce -10.5% 0.53% −0.07
CNXC Concentrix Corp. Sold out 0.00% −0.05
HDB HDFC Bank Ltd.-ADR Reduce -4.4% 0.43% −0.05
TSM Taiwan Semiconductor-SP ADR Reduce -23.1% 0.13% −0.05
V Visa Inc. Class A Reduce -2.5% 2.66% −0.05
COR Cencora Inc. Reduce -2.0% 0.75% −0.05
CRL Charles River Laboratories Reduce -44.5% 0.04% −0.04
AME Ametek Inc. Reduce -7.0% 0.33% −0.03
HUM Humana Inc. Reduce -28.5% 0.04% −0.03
CARR Carrier Global Corp. Reduce -28.3% 0.20% −0.03
JPM JPMorgan Chase & Co. Reduce -5.5% 0.44% −0.02
PEP Pepsico Inc. Reduce -10.1% 0.19% −0.02
HSY The Hershey Co. Reduce -5.0% 0.32% −0.02
GOOGL Alphabet Inc. Class A Reduce -3.3% 0.04% −0.01
PG The Procter & Gamble Co. Reduce -0.9% 2.13% +0.00
TXN Texas Instruments Inc. Reduce -0.5% 0.32% +0.01
CVS CVS Health Corp. Reduce -0.3% 0.29% +0.01
RYAN Ryan Specialty Holdings Inc. Reduce -4.3% 0.19% +0.01
DFIN Donnelley Financial Solution Reduce -4.3% 0.61% +0.01
GIC Global Industrial Co. Reduce -0.3% 0.28% +0.01
ABBV Abbvie Inc. Reduce -5.1% 0.25% +0.01
BWA Borgwarner Inc. Reduce -0.3% 0.19% +0.01
BWXT BWX Technologies Inc. Reduce -4.3% 0.41% +0.02
MKC McCormick & Co.-Non VTG SHRS Reduce -0.4% 0.21% +0.02
ITT Itt Inc. Reduce -0.5% 0.26% +0.03
ABT Abbott Laboratories Reduce -1.7% 0.73% +0.03
AJG Arthur J Gallagher & Co. Reduce -1.4% 1.03% +0.03
DHR Danaher Corp. Reduce -0.5% 0.56% +0.03

Portfolio Buys Q2 2024 → Q3 2024
WMG Warner Music Group Corp. Class A Add +2699.4% 1.17% +1.13
XP XP Inc. Class A Add +34.4% 2.14% +0.52
RHI Robert Half Inc. Add +28.9% 1.44% +0.34
ICLR Icon PLC Add +61.8% 0.81% +0.24
VZ Verizon Communications Inc. Add +25.4% 1.00% +0.24
BBSI Barrett Business SVCS Inc. Add +236.4% 0.31% +0.23
TME Tencent Music Entertainm-ADR Add +1131.8% 0.25% +0.23
ACN Accenture PLC Class A Add +6.4% 1.36% +0.22
CACI Caci International Inc. Class A Add +346.5% 0.25% +0.20
FCN Fti Consulting Inc. Add +3.3% 4.06% +0.19
BIO Bio-Rad Laboratories-A Add +63.0% 0.33% +0.16
ATR Aptargroup Inc. Add +7.7% 0.85% +0.13
DAVA Endava PLC- Spon ADR Add +613.0% 0.14% +0.12
AEP American Electric Power Add +14.8% 0.46% +0.10
SO The Southern Co. Add +14.8% 0.45% +0.10
DHI D.R. Horton Inc. New 0.07% +0.07
MTCH Match Group Inc. Add +71.3% 0.11% +0.06
SNA Snap-on Inc. Add +0.3% 0.84% +0.05
TW Tradeweb Markets Inc. Class A Add +0.2% 0.33% +0.04
RMD Resmed Inc. Add +3.2% 0.09% +0.02
WMS Advanced Drainage Systems Inc. Add +43.0% 0.05% +0.01
XPEL Xpel Inc. Add +3.2% 0.07% +0.01
MBC Masterbrand Inc. Add +3.2% 0.06% +0.01
CASH Pathward Financial Inc. Add +3.2% 0.07% +0.01
IBKR Interactive Brokers Gro Class A Add +3.2% 0.07% +0.01
MLM Martin Marietta Materials Add +5.7% 0.70% +0.01
CSL Carlisle Cos Inc. Add +3.2% 0.07% +0.01
FCNCA First Citizens Bcshs Class A Add +3.2% 0.08% +0.01
EEFT Euronet Worldwide Inc. Add +18.0% 0.07% +0.01
KLAC KLA Corp. Add +22.5% 0.05% +0.00
VRSN Verisign Inc. Add +3.2% 0.06% +0.00
ORLY O'reilly Automotive Inc. Add +3.2% 0.04% +0.00
RBA RB Global Inc. Add +3.6% 0.04% +0.00
FERG Ferguson Enterprises Inc. Add +3.6% 0.04% +0.00
ULTA Ulta Beauty Inc. Add +3.2% 0.07% +0.00
VVV Valvoline Inc. Add +3.2% 0.08% −0.00
LPLA LPL Financial Holdings Inc. Add +3.2% 0.05% −0.01
SHEL Shell PLC-ADR Add +8.7% 1.59% −0.07
NSP Insperity Inc. Add +0.0% 2.08% −0.16

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