Mawer Investment Management Ltd.

Name: Mawer Investment Management Ltd. 13F holdings, Q1 2025
Creator: Mawer Investment Management Ltd.
Published: 2025-05-07

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

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), Mawer Investment Management Ltd. reported 105 stock positions worth $20.7 billion. Its top holding was Marsh & McLennan Cos (MRSH) at 7.0% of the portfolio, followed by Aon Class A (AON, 6.3%) and Microsoft (MSFT, 5.6%). Compared with Q4 2024, it opened 11 new positions, sold out of 6, added to 21 and reduced 71. The biggest buy was a new position in Berkshire Hathaway Class A (BRK.A) and the biggest sale S&P Global (SPGI, shares −76%).

Most Recent 13F: Q2 2026
Location: CALGARY, A0
CIK: 0001538449
Portfolio Value: $20.7B (Q1 2025)
SEC Filing: 0000945621-25-000421 ↗ filed May 7, 2025

Holdings Value

Holdings 105 stocks · $20.7B


MRSH Marsh & McLennan Cos	7.04%	5,972,112	$1.5B	Reduce -4.0%
AON Aon PLC Class A	6.31%	3,273,574	$1.3B	Reduce -16.1%
MSFT Microsoft Corp.	5.55%	3,063,069	$1.1B	Reduce -3.6%
UNH Unitedhealth Group Inc.	5.25%	2,073,932	$1.1B	Reduce -2.6%
GOOG Alphabet Inc. Class C	4.58%	6,076,517	$949.3M	Reduce -4.8%
V Visa Inc. Class A	4.09%	2,414,064	$846.0M	Reduce -4.1%
BKNG Booking Holdings Inc.	3.77%	169,247	$779.7M	Reduce -3.5%
AMZN Amazon.com Inc.	3.61%	3,930,186	$747.8M	Reduce -3.6%
FCN Fti Consulting Inc.	3.15%	3,972,055	$651.7M	Reduce -2.3%
APH Amphenol Corp. Class A	2.81%	8,865,933	$581.5M	Reduce -21.9%
FDX FedEx Corp.	2.68%	2,274,767	$554.5M	Reduce -3.7%
BRK.A Berkshire Hathaway Inc. Class A	2.64%	684	$546.1M	New
NSP Insperity Inc.	2.20%	5,102,562	$455.3M	Reduce -2.2%
CDW CDW Corp.	2.19%	2,829,018	$453.4M	Reduce -7.0%
RHI Robert Half Inc.	2.06%	7,805,369	$425.8M	Reduce -3.4%
LULU Lululemon Athletica Inc.	1.81%	1,322,776	$374.4M	Reduce -3.4%
SHEL Shell PLC-ADR	1.74%	4,929,664	$361.2M	Reduce -4.2%
CPAY Corpay Inc.	1.74%	1,033,243	$360.3M	Reduce -11.5%
XP XP Inc. Class A	1.63%	24,589,426	$338.1M	Reduce -33.0%
DE Deere & Co.	1.36%	598,249	$280.8M	Reduce -3.4%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	1.23%	739,307	$255.2M	Reduce -3.0%
WMG Warner Music Group Corp. Class A	1.19%	7,883,786	$247.2M	Reduce -3.8%
TNET Trinet Group Inc.	1.15%	3,004,110	$238.0M	Reduce -12.1%
ACN Accenture PLC Class A	1.14%	758,804	$236.8M	Reduce -8.0%
SNA Snap-on Inc.	1.14%	698,991	$235.6M	Reduce -3.4%
ICE Intercontinental Exchange Inc.	1.14%	1,364,983	$235.5M	Reduce -51.1%
CME Cme Group Inc.	1.12%	871,220	$231.1M	Reduce -2.3%
VZ Verizon Communications Inc.	1.03%	4,702,275	$213.3M	Reduce -2.3%
MEDP Medpace Holdings Inc.	1.02%	696,219	$212.1M	New
YUMC Yum China Holdings Inc.	1.02%	4,044,105	$210.5M	Reduce -4.1%
COR Cencora Inc.	0.92%	685,817	$190.7M	Reduce -4.5%
WAT Waters Corp.	0.91%	513,514	$189.3M	Reduce -1.2%
PG The Procter & Gamble Co.	0.90%	1,094,434	$186.5M	Reduce -45.3%
ATR Aptargroup Inc.	0.86%	1,203,543	$178.6M	Reduce -0.4%
ABT Abbott Laboratories	0.84%	1,311,221	$173.9M	Reduce -3.3%
MA Mastercard Inc. Class A	0.82%	308,241	$169.0M	Reduce -4.1%
POOL Pool Corp.	0.81%	530,029	$168.7M	New
FERG Ferguson Enterprises Inc.	0.77%	996,683	$159.7M	Reduce -7.0%
TME Tencent Music Entertainm-ADR	0.76%	10,984,151	$158.3M	Reduce -4.2%
MLM Martin Marietta Materials	0.67%	290,506	$138.9M	Add +4.6%
AEP American Electric Power	0.61%	1,165,112	$127.3M	Reduce -3.5%
VRSK Verisk Analytics Inc.	0.59%	411,273	$122.4M	Reduce -8.3%
JPM JPMorgan Chase & Co.	0.51%	431,993	$106.0M	Reduce -2.5%
SHW The Sherwin-Williams Co.	0.51%	302,855	$105.8M	Reduce -3.5%
CACI Caci International Inc. Class A	0.51%	287,564	$105.5M	Add +11.5%
BDX Becton Dickinson and Co.	0.49%	443,627	$101.6M	Reduce -5.0%
ICLR Icon PLC	0.49%	576,071	$100.8M	Reduce -4.2%
PAYX Paychex Inc.	0.44%	591,480	$91.3M	Reduce -23.0%
HDB HDFC Bank Ltd.-ADR	0.44%	1,369,370	$91.0M	Reduce -3.4%
OSIS Osi Systems Inc.	0.43%	461,022	$89.6M	Add +22.2%
DHR Danaher Corp.	0.43%	434,608	$89.1M	Add +1.8%
NKE Nike Inc. Class B	0.42%	1,379,357	$87.6M	Reduce -1.6%
JNJ Johnson & Johnson	0.40%	498,598	$82.7M	Reduce -2.4%
SO The Southern Co.	0.39%	885,691	$81.4M	Reduce -3.4%
BBSI Barrett Business SVCS Inc.	0.39%	1,963,115	$80.8M	Reduce -7.0%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC	0.39%	860,338	$79.9M	Reduce -4.1%
TW Tradeweb Markets Inc. Class A	0.38%	532,252	$79.0M	Reduce -8.0%
BWXT BWX Technologies Inc.	0.37%	778,951	$76.8M	Reduce -3.0%
SPGI S&P Global Inc.	0.37%	149,577	$76.0M	Reduce -75.6%
BIO Bio-Rad Laboratories-A	0.35%	294,879	$71.8M	Add +14.8%
NTES Netease Inc.-ADR	0.33%	668,811	$68.8M	Reduce -4.7%
CVS CVS Health Corp.	0.31%	936,444	$63.4M	Reduce -0.7%
ESQ Esquire Financial Holdings I	0.28%	779,889	$58.8M	Add +85.6%
AME Ametek Inc.	0.28%	339,434	$58.4M	Reduce -17.9%
DFIN Donnelley Financial Solution	0.28%	1,332,775	$58.3M	Reduce -23.2%
TXN Texas Instruments Inc.	0.27%	314,674	$56.5M	Reduce -1.1%
ABBV Abbvie Inc.	0.26%	258,734	$54.2M	Reduce -1.3%
STT State Street Corp.	0.22%	516,537	$46.2M	Reduce -30.7%
HSY The Hershey Co.	0.22%	269,936	$46.2M	Reduce -23.7%
ITT Itt Inc.	0.22%	344,998	$44.6M	Reduce -4.7%
AAON Aaon Inc.	0.21%	565,972	$44.2M	New
MKC McCormick & Co.-Non VTG SHRS	0.21%	536,648	$44.2M	Reduce -0.7%
VVV Valvoline Inc.	0.21%	1,224,420	$42.6M	Add +144.7%
RYAN Ryan Specialty Holdings Inc.	0.18%	511,154	$37.8M	Reduce -12.4%
BWA Borgwarner Inc.	0.14%	1,035,577	$29.7M	Reduce -4.2%
TSM Taiwan Semiconductor-SP ADR	0.14%	175,410	$29.1M	Add +7.7%
BRK.B Berkshire Hathaway Inc. Class B	0.14%	53,176	$28.3M	Add +6990.1%
SN Sharkninja Inc.	0.13%	327,198	$27.3M	Add +11.0%
IBKR Interactive Brokers Gro Class A	0.10%	130,851	$21.7M	Add +2.2%
CASH Pathward Financial Inc.	0.10%	287,644	$21.0M	Add +11.1%
RMD Resmed Inc.	0.09%	80,680	$18.1M	Reduce -7.7%
KNSL Kinsale Capital Group Inc.	0.09%	36,927	$18.0M	New
LPLA LPL Financial Holdings Inc.	0.09%	54,926	$18.0M	Reduce -5.3%
CSL Carlisle Cos Inc.	0.08%	49,995	$17.0M	Add +23.9%
FCNCA First Citizens Bcshs Class A	0.08%	8,922	$16.5M	Reduce -8.1%
ORLY O'reilly Automotive Inc.	0.07%	9,651	$13.8M	Add +11.2%
RBA RB Global Inc.	0.07%	135,232	$13.6M	Add +12.2%
XPEL Xpel Inc.	0.06%	443,210	$13.0M	Add +11.5%
MUSA Murphy USA Inc.	0.06%	26,652	$12.5M	New
DHI D.R. Horton Inc.	0.06%	98,399	$12.5M	Add +11.1%
MBC Masterbrand Inc.	0.06%	881,737	$11.5M	Add +11.2%
KLAC KLA Corp.	0.06%	16,900	$11.5M	Add +11.1%
VRSN Verisign Inc.	0.05%	37,362	$9.5M	Reduce -14.7%
WMS Advanced Drainage Systems Inc.	0.04%	85,572	$9.3M	Add +11.6%
WINA Winmark Corp.	0.04%	28,058	$8.9M	Reduce -63.9%
EEFT Euronet Worldwide Inc.	0.04%	83,366	$8.9M	Reduce -52.7%
CRL Charles River Laboratories	0.04%	51,912	$7.8M	Add +11.3%
GOOGL Alphabet Inc. Class A	0.03%	43,053	$6.7M	Reduce -4.4%
ABNB Airbnb Inc. Class A	0.03%	48,289	$5.8M	New
FOUR SHIFT4 Payments Inc. Class A	0.03%	65,287	$5.3M	New
YMM Full Truck Alliance -SPN ADR	0.02%	302,500	$3.9M	New
PDD PDD Holdings Inc.	0.02%	27,000	$3.2M	New
AAPL Apple Inc.	0.00%	3,960	$880K	No change
LLY Eli Lilly & Co.	0.00%	300	$248K	New
NVDA Nvidia Corp.	0.00%	2,000	$217K	No change

Portfolio Sells Q4 2024 → Q1 2025


SPGI S&P Global Inc.	Reduce -75.6%	0.37%	−1.02
GOOG Alphabet Inc. Class C	Reduce -4.8%	4.58%	−0.94
MTCH Match Group Inc.	Sold out	0.00%	−0.78
APH Amphenol Corp. Class A	Reduce -21.9%	2.81%	−0.77
ICE Intercontinental Exchange Inc.	Reduce -51.1%	1.14%	−0.75
PG The Procter & Gamble Co.	Reduce -45.3%	0.90%	−0.62
LULU Lululemon Athletica Inc.	Reduce -3.4%	1.81%	−0.57
MSFT Microsoft Corp.	Reduce -3.6%	5.55%	−0.53
RHI Robert Half Inc.	Reduce -3.4%	2.06%	−0.53
AMZN Amazon.com Inc.	Reduce -3.6%	3.61%	−0.45
FCN Fti Consulting Inc.	Reduce -2.3%	3.15%	−0.38
XP XP Inc. Class A	Reduce -33.0%	1.63%	−0.34
FDX FedEx Corp.	Reduce -3.7%	2.68%	−0.34
TNET Trinet Group Inc.	Reduce -12.1%	1.15%	−0.26
CDW CDW Corp.	Reduce -7.0%	2.19%	−0.21
DFIN Donnelley Financial Solution	Reduce -23.2%	0.28%	−0.21
BKNG Booking Holdings Inc.	Reduce -3.5%	3.77%	−0.19
ACN Accenture PLC Class A	Reduce -8.0%	1.14%	−0.17
CARR Carrier Global Corp.	Sold out	0.00%	−0.15
GIC Global Industrial Co.	Sold out	0.00%	−0.13
STT State Street Corp.	Reduce -30.7%	0.22%	−0.11
WINA Winmark Corp.	Reduce -63.9%	0.04%	−0.10
ICLR Icon PLC	Reduce -4.2%	0.49%	−0.09
FERG Ferguson Enterprises Inc.	Reduce -7.0%	0.77%	−0.07
NKE Nike Inc. Class B	Reduce -1.6%	0.42%	−0.06
AME Ametek Inc.	Reduce -17.9%	0.28%	−0.06
AON Aon PLC Class A	Reduce -16.1%	6.31%	−0.05
CPAY Corpay Inc.	Reduce -11.5%	1.74%	−0.05
HSY The Hershey Co.	Reduce -23.7%	0.22%	−0.05
PAYX Paychex Inc.	Reduce -23.0%	0.44%	−0.05
EEFT Euronet Worldwide Inc.	Reduce -52.7%	0.04%	−0.04
BWXT BWX Technologies Inc.	Reduce -3.0%	0.37%	−0.04
BBSI Barrett Business SVCS Inc.	Reduce -7.0%	0.39%	−0.03
ITT Itt Inc.	Reduce -4.7%	0.22%	−0.02
FCNCA First Citizens Bcshs Class A	Reduce -8.1%	0.08%	−0.01
BWA Borgwarner Inc.	Reduce -4.2%	0.14%	−0.01
MELI MercadoLibre Inc.	Sold out	0.00%	−0.01
GOOGL Alphabet Inc. Class A	Reduce -4.4%	0.03%	−0.01
RMD Resmed Inc.	Reduce -7.7%	0.09%	−0.00
SCCO Southern Copper Corp.	Sold out	0.00%	−0.00
PEP Pepsico Inc.	Sold out	0.00%	−0.00
KSPI JSC Kaspi.kz ADR	Reduce -4.1%	0.39%	0.00
ATR Aptargroup Inc.	Reduce -0.4%	0.86%	+0.00
LPLA LPL Financial Holdings Inc.	Reduce -5.3%	0.09%	+0.00
TXN Texas Instruments Inc.	Reduce -1.1%	0.27%	+0.00
VRSN Verisign Inc.	Reduce -14.7%	0.05%	+0.00
BDX Becton Dickinson and Co.	Reduce -5.0%	0.49%	+0.01
RYAN Ryan Specialty Holdings Inc.	Reduce -12.4%	0.18%	+0.01
SNA Snap-on Inc.	Reduce -3.4%	1.14%	+0.02
MKC McCormick & Co.-Non VTG SHRS	Reduce -0.7%	0.21%	+0.03

Portfolio Buys Q4 2024 → Q1 2025


BRK.A Berkshire Hathaway Inc. Class A	New	2.64%	+2.64
MEDP Medpace Holdings Inc.	New	1.02%	+1.02
POOL Pool Corp.	New	0.81%	+0.81
AAON Aaon Inc.	New	0.21%	+0.21
OSIS Osi Systems Inc.	Add +22.2%	0.43%	+0.15
BRK.B Berkshire Hathaway Inc. Class B	Add +6990.1%	0.14%	+0.14
ESQ Esquire Financial Holdings I	Add +85.6%	0.28%	+0.13
VVV Valvoline Inc.	Add +144.7%	0.21%	+0.12
KNSL Kinsale Capital Group Inc.	New	0.09%	+0.09
MUSA Murphy USA Inc.	New	0.06%	+0.06
CACI Caci International Inc. Class A	Add +11.5%	0.51%	+0.04
ABNB Airbnb Inc. Class A	New	0.03%	+0.03
FOUR SHIFT4 Payments Inc. Class A	New	0.03%	+0.03
ORLY O'reilly Automotive Inc.	Add +11.2%	0.07%	+0.02
MLM Martin Marietta Materials	Add +4.6%	0.67%	+0.02
YMM Full Truck Alliance -SPN ADR	New	0.02%	+0.02
RBA RB Global Inc.	Add +12.2%	0.07%	+0.02
PDD PDD Holdings Inc.	New	0.02%	+0.02
CASH Pathward Financial Inc.	Add +11.1%	0.10%	+0.01
CSL Carlisle Cos Inc.	Add +23.9%	0.08%	+0.01
KLAC KLA Corp.	Add +11.1%	0.06%	+0.01
WMS Advanced Drainage Systems Inc.	Add +11.6%	0.04%	+0.00
DHI D.R. Horton Inc.	Add +11.1%	0.06%	+0.00
MBC Masterbrand Inc.	Add +11.2%	0.06%	+0.00
IBKR Interactive Brokers Gro Class A	Add +2.2%	0.10%	+0.00
SN Sharkninja Inc.	Add +11.0%	0.13%	+0.00
LLY Eli Lilly & Co.	New	0.00%	+0.00
CRL Charles River Laboratories	Add +11.3%	0.04%	−0.00
TSM Taiwan Semiconductor-SP ADR	Add +7.7%	0.14%	−0.01
XPEL Xpel Inc.	Add +11.5%	0.06%	−0.01
DHR Danaher Corp.	Add +1.8%	0.43%	−0.01
BIO Bio-Rad Laboratories-A	Add +14.8%	0.35%	−0.04

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