Mawer Investment Management Ltd.

Name: Mawer Investment Management Ltd. 13F holdings, Q4 2024
Creator: Mawer Investment Management Ltd.
Published: 2025-02-12

Q2 2026Q1 2026Q4 2025Q3 2025Q2 2025Q1 2025Q3 2024Q2 2024Q1 2024

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 12, 2025), Mawer Investment Management Ltd. reported 100 stock positions worth $22.0 billion. Its top holding was Aon Class A (AON) at 6.4% of the portfolio, followed by Microsoft (MSFT, 6.1%) and Marsh & McLennan Cos (MRSH, 6.0%). Compared with Q3 2024, it opened 6 new positions, sold out of 7, added to 35 and reduced 58. The biggest buy was a new position in Lululemon Athletica (LULU) and the biggest sale Johnson & Johnson (JNJ, shares −80%).

Most Recent 13F: Q2 2026
Location: CALGARY, A0
CIK: 0001538449
Portfolio Value: $22.0B (Q4 2024)
SEC Filing: 0000945621-25-000162 ↗ filed Feb 12, 2025

Holdings Value

Holdings 100 stocks · $22.0B


AON Aon PLC Class A	6.36%	3,902,727	$1.4B	Reduce -8.6%
MSFT Microsoft Corp.	6.08%	3,178,026	$1.3B	Reduce -2.4%
MRSH Marsh & McLennan Cos	6.00%	6,221,464	$1.3B	Reduce -10.1%
GOOG Alphabet Inc. Class C	5.52%	6,385,879	$1.2B	Add +6.7%
UNH Unitedhealth Group Inc.	4.89%	2,130,294	$1.1B	Reduce -2.3%
AMZN Amazon.com Inc.	4.06%	4,077,412	$894.5M	Add +17.4%
BKNG Booking Holdings Inc.	3.96%	175,427	$871.6M	Reduce -8.4%
V Visa Inc. Class A	3.61%	2,516,435	$795.3M	Add +18.6%
APH Amphenol Corp. Class A	3.58%	11,349,874	$788.2M	Reduce -12.7%
FCN Fti Consulting Inc.	3.53%	4,065,609	$777.1M	Add +3.8%
FDX FedEx Corp.	3.02%	2,361,808	$664.4M	Add +5.8%
RHI Robert Half Inc.	2.58%	8,079,597	$569.3M	Add +72.6%
CDW CDW Corp.	2.40%	3,041,920	$529.4M	Reduce -1.1%
LULU Lululemon Athletica Inc.	2.38%	1,369,003	$523.5M	New
XP XP Inc. Class A	1.97%	36,680,224	$434.7M	Add +39.8%
ICE Intercontinental Exchange Inc.	1.89%	2,793,566	$416.3M	Reduce -12.7%
NSP Insperity Inc.	1.84%	5,217,635	$404.4M	Add +0.5%
CPAY Corpay Inc.	1.79%	1,166,931	$394.9M	Reduce -0.5%
PG The Procter & Gamble Co.	1.52%	2,001,866	$335.6M	Reduce -25.8%
SHEL Shell PLC-ADR	1.46%	5,145,650	$322.4M	Reduce -2.6%
TNET Trinet Group Inc.	1.41%	3,417,686	$310.2M	Reduce -6.5%
SPGI S&P Global Inc.	1.39%	613,560	$305.6M	Reduce -15.7%
ACN Accenture PLC Class A	1.32%	824,545	$290.1M	Reduce -2.2%
DE Deere & Co.	1.19%	619,442	$262.5M	Add +38.8%
WMG Warner Music Group Corp. Class A	1.15%	8,193,577	$254.0M	Reduce -0.3%
SNA Snap-on Inc.	1.12%	723,911	$245.8M	Add +14.2%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	0.98%	761,948	$216.3M	Reduce -4.8%
CME Cme Group Inc.	0.94%	891,310	$207.0M	Reduce -3.1%
YUMC Yum China Holdings Inc.	0.92%	4,217,960	$203.2M	New
WAT Waters Corp.	0.88%	519,776	$192.8M	Reduce -2.2%
VZ Verizon Communications Inc.	0.87%	4,813,310	$192.5M	Reduce -1.8%
ATR Aptargroup Inc.	0.86%	1,208,753	$189.9M	Add +4.4%
FERG Ferguson Enterprises Inc.	0.84%	1,071,575	$186.0M	Add +2384.2%
MTCH Match Group Inc.	0.78%	5,254,933	$171.9M	Add +716.8%
MA Mastercard Inc. Class A	0.77%	321,531	$169.3M	Reduce -3.5%
COR Cencora Inc.	0.73%	717,923	$161.3M	Reduce -2.1%
ABT Abbott Laboratories	0.70%	1,356,107	$153.4M	Reduce -3.1%
MLM Martin Marietta Materials	0.65%	277,687	$143.4M	Reduce -2.0%
TME Tencent Music Entertainm-ADR	0.59%	11,467,410	$130.2M	Add +152.2%
ICLR Icon PLC	0.57%	601,203	$126.1M	Reduce -2.7%
VRSK Verisk Analytics Inc.	0.56%	448,407	$123.5M	Reduce -4.0%
AEP American Electric Power	0.51%	1,207,875	$111.4M	Add +23.6%
DFIN Donnelley Financial Solution	0.49%	1,735,562	$108.9M	Reduce -14.1%
PAYX Paychex Inc.	0.49%	768,516	$107.8M	Reduce -3.8%
SHW The Sherwin-Williams Co.	0.48%	313,677	$106.6M	Reduce -4.2%
JPM JPMorgan Chase & Co.	0.48%	442,877	$106.2M	Reduce -4.1%
NKE Nike Inc. Class B	0.48%	1,401,698	$106.1M	Reduce -5.0%
BDX Becton Dickinson and Co.	0.48%	467,065	$106.0M	Reduce -2.8%
CACI Caci International Inc. Class A	0.47%	257,851	$104.2M	Add +141.4%
DHR Danaher Corp.	0.44%	426,852	$98.0M	Reduce -4.1%
BBSI Barrett Business SVCS Inc.	0.42%	2,110,550	$91.7M	Add +15.1%
HDB HDFC Bank Ltd.-ADR	0.41%	1,417,618	$90.5M	Reduce -4.9%
BWXT BWX Technologies Inc.	0.41%	803,164	$89.5M	Reduce -2.6%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC	0.39%	897,295	$85.0M	Reduce -2.7%
BIO Bio-Rad Laboratories-A	0.38%	256,927	$84.4M	Add +17.9%
TW Tradeweb Markets Inc. Class A	0.34%	578,479	$75.7M	Reduce -0.9%
SO The Southern Co.	0.34%	917,274	$75.5M	Reduce -15.6%
AME Ametek Inc.	0.34%	413,302	$74.5M	Reduce -3.4%
JNJ Johnson & Johnson	0.34%	510,936	$73.9M	Reduce -79.6%
STT State Street Corp.	0.33%	745,279	$73.1M	Reduce -13.8%
OSIS Osi Systems Inc.	0.29%	377,298	$63.2M	New
NTES Netease Inc.-ADR	0.28%	701,642	$62.6M	New
HSY The Hershey Co.	0.27%	353,845	$59.9M	Reduce -3.2%
TXN Texas Instruments Inc.	0.27%	318,330	$59.7M	Reduce -6.2%
ITT Itt Inc.	0.23%	361,805	$51.7M	Reduce -4.3%
ABBV Abbvie Inc.	0.21%	262,150	$46.6M	Reduce -4.8%
CVS CVS Health Corp.	0.19%	942,739	$42.3M	Reduce -7.0%
MKC McCormick & Co.-Non VTG SHRS	0.19%	540,367	$41.2M	Reduce -1.6%
RYAN Ryan Specialty Holdings Inc.	0.17%	583,500	$37.4M	Reduce -7.2%
BWA Borgwarner Inc.	0.16%	1,081,217	$34.4M	Reduce -7.1%
CARR Carrier Global Corp.	0.15%	497,405	$34.0M	Reduce -11.0%
ESQ Esquire Financial Holdings I	0.15%	420,212	$33.4M	New
TSM Taiwan Semiconductor-SP ADR	0.15%	162,816	$32.2M	Reduce -4.3%
WINA Winmark Corp.	0.14%	77,714	$30.5M	Reduce -13.9%
SN Sharkninja Inc.	0.13%	294,798	$28.7M	Add +3.7%
GIC Global Industrial Co.	0.13%	1,139,880	$28.3M	Reduce -37.6%
IBKR Interactive Brokers Gro Class A	0.10%	127,998	$22.6M	Add +9.3%
FCNCA First Citizens Bcshs Class A	0.09%	9,703	$20.5M	Reduce -0.7%
RMD Resmed Inc.	0.09%	87,443	$20.0M	Add +14.2%
CASH Pathward Financial Inc.	0.09%	258,815	$19.0M	Add +14.6%
LPLA LPL Financial Holdings Inc.	0.09%	58,010	$18.9M	Add +34.9%
EEFT Euronet Worldwide Inc.	0.08%	176,384	$18.1M	Add +15.2%
VVV Valvoline Inc.	0.08%	500,482	$18.1M	Add +14.3%
XPEL Xpel Inc.	0.07%	397,533	$15.9M	Add +13.9%
CSL Carlisle Cos Inc.	0.07%	40,337	$14.9M	Add +14.2%
DHI D.R. Horton Inc.	0.06%	88,550	$12.4M	Add +15.2%
MBC Masterbrand Inc.	0.05%	793,149	$11.6M	Add +14.3%
RBA RB Global Inc.	0.05%	120,564	$10.9M	Add +15.7%
ORLY O'reilly Automotive Inc.	0.05%	8,682	$10.3M	Add +14.2%
KLAC KLA Corp.	0.04%	15,210	$9.6M	Add +15.8%
VRSN Verisign Inc.	0.04%	43,794	$9.1M	Reduce -32.0%
WMS Advanced Drainage Systems Inc.	0.04%	76,680	$8.9M	Add +14.4%
CRL Charles River Laboratories	0.04%	46,629	$8.6M	Add +14.1%
GOOGL Alphabet Inc. Class A	0.04%	45,054	$8.5M	Reduce -3.9%
MELI MercadoLibre Inc.	0.01%	1,506	$2.6M	Reduce -28.5%
AAPL Apple Inc.	0.00%	3,960	$992K	Add +33.8%
BRK.B Berkshire Hathaway Inc. Class B	0.00%	750	$340K	No change
SCCO Southern Copper Corp.	0.00%	3,384	$308K	Reduce -99.8%
NVDA Nvidia Corp.	0.00%	2,000	$269K	New
PEP Pepsico Inc.	0.00%	1,461	$222K	Reduce -99.4%

Portfolio Sells Q3 2024 → Q4 2024


JNJ Johnson & Johnson	Reduce -79.6%	0.34%	−1.51
MRSH Marsh & McLennan Cos	Reduce -10.1%	6.00%	−1.03
UNH Unitedhealth Group Inc.	Reduce -2.3%	4.89%	−0.91
SCCO Southern Copper Corp.	Reduce -99.8%	0.00%	−0.85
CDW CDW Corp.	Reduce -1.1%	2.40%	−0.77
PG The Procter & Gamble Co.	Reduce -25.8%	1.52%	−0.60
MRNA Moderna Inc.	Sold out	0.00%	−0.58
ICE Intercontinental Exchange Inc.	Reduce -12.7%	1.89%	−0.45
AON Aon PLC Class A	Reduce -8.6%	6.36%	−0.37
SPGI S&P Global Inc.	Reduce -15.7%	1.39%	−0.33
MSFT Microsoft Corp.	Reduce -2.4%	6.08%	−0.30
APH Amphenol Corp. Class A	Reduce -12.7%	3.58%	−0.28
ICLR Icon PLC	Reduce -2.7%	0.57%	−0.24
TNET Trinet Group Inc.	Reduce -6.5%	1.41%	−0.21
PEP Pepsico Inc.	Reduce -99.4%	0.00%	−0.19
CTSH Cognizant Tech Solutions-A	Sold out	0.00%	−0.18
DG Dollar General Corp.	Sold out	0.00%	−0.16
GIC Global Industrial Co.	Reduce -37.6%	0.13%	−0.15
DAVA Endava PLC- Spon ADR	Sold out	0.00%	−0.14
VZ Verizon Communications Inc.	Reduce -1.8%	0.87%	−0.13
SHEL Shell PLC-ADR	Reduce -2.6%	1.46%	−0.12
DHR Danaher Corp.	Reduce -4.1%	0.44%	−0.12
NKE Nike Inc. Class B	Reduce -5.0%	0.48%	−0.11
DFIN Donnelley Financial Solution	Reduce -14.1%	0.49%	−0.11
SO The Southern Co.	Reduce -15.6%	0.34%	−0.10
CVS CVS Health Corp.	Reduce -7.0%	0.19%	−0.10
SHW The Sherwin-Williams Co.	Reduce -4.2%	0.48%	−0.09
ULTA Ulta Beauty Inc.	Sold out	0.00%	−0.07
CBZ Cbiz Inc.	Sold out	0.00%	−0.06
KSPI JSC Kaspi.kz ADR	Reduce -2.7%	0.39%	−0.06
CARR Carrier Global Corp.	Reduce -11.0%	0.15%	−0.05
TXN Texas Instruments Inc.	Reduce -6.2%	0.27%	−0.05
HSY The Hershey Co.	Reduce -3.2%	0.27%	−0.05
BDX Becton Dickinson and Co.	Reduce -2.8%	0.48%	−0.05
AJG Arthur J Gallagher & Co.	Reduce -4.8%	0.98%	−0.04
MLM Martin Marietta Materials	Reduce -2.0%	0.65%	−0.04
ACN Accenture PLC Class A	Reduce -2.2%	1.32%	−0.04
HUM Humana Inc.	Sold out	0.00%	−0.04
BWA Borgwarner Inc.	Reduce -7.1%	0.16%	−0.04
ABBV Abbvie Inc.	Reduce -4.8%	0.21%	−0.04
ABT Abbott Laboratories	Reduce -3.1%	0.70%	−0.03
ITT Itt Inc.	Reduce -4.3%	0.23%	−0.02
RYAN Ryan Specialty Holdings Inc.	Reduce -7.2%	0.17%	−0.02
COR Cencora Inc.	Reduce -2.1%	0.73%	−0.02
MKC McCormick & Co.-Non VTG SHRS	Reduce -1.6%	0.19%	−0.02
WMG Warner Music Group Corp. Class A	Reduce -0.3%	1.15%	−0.02
WINA Winmark Corp.	Reduce -13.9%	0.14%	−0.02
STT State Street Corp.	Reduce -13.8%	0.33%	−0.02
VRSN Verisign Inc.	Reduce -32.0%	0.04%	−0.01
HDB HDFC Bank Ltd.-ADR	Reduce -4.9%	0.41%	−0.01

Portfolio Buys Q3 2024 → Q4 2024


LULU Lululemon Athletica Inc.	New	2.38%	+2.38
RHI Robert Half Inc.	Add +72.6%	2.58%	+1.15
AMZN Amazon.com Inc.	Add +17.4%	4.06%	+1.11
GOOG Alphabet Inc. Class C	Add +6.7%	5.52%	+0.96
V Visa Inc. Class A	Add +18.6%	3.61%	+0.95
YUMC Yum China Holdings Inc.	New	0.92%	+0.92
FERG Ferguson Enterprises Inc.	Add +2384.2%	0.84%	+0.81
MTCH Match Group Inc.	Add +716.8%	0.78%	+0.67
DE Deere & Co.	Add +38.8%	1.19%	+0.34
TME Tencent Music Entertainm-ADR	Add +152.2%	0.59%	+0.34
OSIS Osi Systems Inc.	New	0.29%	+0.29
NTES Netease Inc.-ADR	New	0.28%	+0.28
SNA Snap-on Inc.	Add +14.2%	1.12%	+0.28
FDX FedEx Corp.	Add +5.8%	3.02%	+0.23
CACI Caci International Inc. Class A	Add +141.4%	0.47%	+0.23
ESQ Esquire Financial Holdings I	New	0.15%	+0.15
BBSI Barrett Business SVCS Inc.	Add +15.1%	0.42%	+0.10
BIO Bio-Rad Laboratories-A	Add +17.9%	0.38%	+0.05
AEP American Electric Power	Add +23.6%	0.51%	+0.05
LPLA LPL Financial Holdings Inc.	Add +34.9%	0.09%	+0.04
IBKR Interactive Brokers Gro Class A	Add +9.3%	0.10%	+0.03
CASH Pathward Financial Inc.	Add +14.6%	0.09%	+0.02
ATR Aptargroup Inc.	Add +4.4%	0.86%	+0.02
EEFT Euronet Worldwide Inc.	Add +15.2%	0.08%	+0.01
RBA RB Global Inc.	Add +15.7%	0.05%	+0.01
ORLY O'reilly Automotive Inc.	Add +14.2%	0.05%	+0.01
RMD Resmed Inc.	Add +14.2%	0.09%	+0.01
XPEL Xpel Inc.	Add +13.9%	0.07%	+0.00
CRL Charles River Laboratories	Add +14.1%	0.04%	+0.00
AAPL Apple Inc.	Add +33.8%	0.00%	+0.00
NVDA Nvidia Corp.	New	0.00%	+0.00
VVV Valvoline Inc.	Add +14.3%	0.08%	−0.00
KLAC KLA Corp.	Add +15.8%	0.04%	−0.00
CSL Carlisle Cos Inc.	Add +14.2%	0.07%	−0.00
MBC Masterbrand Inc.	Add +14.3%	0.05%	−0.01
WMS Advanced Drainage Systems Inc.	Add +14.4%	0.04%	−0.01
DHI D.R. Horton Inc.	Add +15.2%	0.06%	−0.01
SN Sharkninja Inc.	Add +3.7%	0.13%	−0.01
XP XP Inc. Class A	Add +39.8%	1.97%	−0.17
NSP Insperity Inc.	Add +0.5%	1.84%	−0.25
FCN Fti Consulting Inc.	Add +3.8%	3.53%	−0.53

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