Mawer Investment Management Ltd.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2025), Mawer Investment Management Ltd. reported 110 stock positions worth $19.7 billion. Its top holding was Microsoft (MSFT) at 7.2% of the portfolio, followed by Marsh & McLennan Cos (MRSH, 6.0%) and Aon Class A (AON, 5.4%). Compared with Q1 2025, it opened 12 new positions, sold out of 7, added to 18 and reduced 76. The biggest buy was a new position in Meta Platforms Class A (META) and the biggest sale Unitedhealth (UNH, shares −49%).

Most Recent 13F
Q2 2026
Location
CALGARY, A0
CIK
0001538449
Portfolio Value
$19.7B (Q2 2025)
SEC Filing
0000945621-25-000670 ↗ filed Aug 7, 2025

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 Q3 2024 Q4 2024: $22.0B Q4 2024 Q1 2025: $20.7B Q1 2025 Q2 2025: $19.7B $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 110 stocks · $19.7B
MSFT Microsoft Corp. 7.25% 2,872,812 $1.4B Reduce -6.2%
MRSH Marsh & McLennan Cos 5.96% 5,374,871 $1.2B Reduce -10.0%
AON Aon PLC Class A 5.38% 2,971,533 $1.1B Reduce -9.2%
GOOG Alphabet Inc. Class C 4.68% 5,207,025 $923.7M Reduce -14.3%
BKNG Booking Holdings Inc. 4.66% 158,802 $919.3M Reduce -6.2%
AMZN Amazon.com Inc. 4.42% 3,969,780 $870.9M Add +1.0%
V Visa Inc. Class A 3.81% 2,113,894 $750.5M Reduce -12.4%
APH Amphenol Corp. Class A 3.72% 7,428,103 $733.5M Reduce -16.2%
FCN Fti Consulting Inc. 3.13% 3,816,177 $616.3M Reduce -3.9%
BRK.A Berkshire Hathaway Inc. Class A 3.00% 811 $591.1M Add +18.6%
META Meta Platforms Inc. Class A 2.75% 735,898 $543.2M New
NOC Northrop Grumman Corp. 2.49% 984,009 $492.0M New
CDW CDW Corp. 2.39% 2,642,368 $471.9M Reduce -6.6%
JPM JPMorgan Chase & Co. 1.83% 1,241,969 $360.1M Add +187.5%
UNH Unitedhealth Group Inc. 1.68% 1,059,369 $330.5M Reduce -48.9%
SHEL Shell PLC-ADR 1.64% 4,590,494 $323.2M Reduce -6.9%
LULU Lululemon Athletica Inc. 1.64% 1,359,440 $323.0M Add +2.8%
NSP Insperity Inc. 1.48% 4,840,182 $291.0M Reduce -5.1%
DE Deere & Co. 1.44% 559,417 $284.5M Reduce -6.5%
CPAY Corpay Inc. 1.37% 816,491 $270.9M Reduce -21.0%
MEDP Medpace Holdings Inc. 1.30% 817,432 $256.6M Add +17.4%
ATR Aptargroup Inc. 1.11% 1,400,757 $219.1M Add +16.4%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 1.11% 681,510 $218.2M Reduce -7.8%
TNET Trinet Group Inc. 1.04% 2,806,573 $205.3M Reduce -6.6%
FERG Ferguson Enterprises Inc. 1.02% 928,323 $202.1M Reduce -6.9%
COR Cencora Inc. 1.02% 671,609 $201.4M Reduce -2.1%
WMG Warner Music Group Corp. Class A 1.02% 7,373,050 $200.8M Reduce -6.5%
CME Cme Group Inc. 1.01% 725,181 $199.9M Reduce -16.8%
TME Tencent Music Entertainm-ADR 1.00% 10,145,806 $197.7M Reduce -7.6%
ACN Accenture PLC Class A 0.99% 651,781 $194.8M Reduce -14.1%
VZ Verizon Communications Inc. 0.94% 4,277,814 $185.1M Reduce -9.0%
AER Aercap Holdings NV 0.92% 1,550,229 $181.4M New
YUMC Yum China Holdings Inc. 0.85% 3,769,865 $168.6M Reduce -6.8%
WAT Waters Corp. 0.84% 476,561 $166.3M Reduce -7.2%
ICE Intercontinental Exchange Inc. 0.82% 885,746 $162.5M Reduce -35.1%
RHI Robert Half Inc. 0.82% 3,942,158 $161.8M Reduce -49.5%
ABT Abbott Laboratories 0.82% 1,185,658 $161.3M Reduce -9.6%
MA Mastercard Inc. Class A 0.80% 282,072 $158.5M Reduce -8.5%
PG The Procter & Gamble Co. 0.80% 992,814 $158.2M Reduce -9.3%
MLM Martin Marietta Materials 0.80% 286,720 $157.4M Reduce -1.3%
POOL Pool Corp. 0.74% 498,344 $145.3M Reduce -6.0%
BWXT BWX Technologies Inc. 0.66% 900,449 $129.7M Add +15.6%
CACI Caci International Inc. Class A 0.64% 266,456 $127.0M Reduce -7.3%
OSIS Osi Systems Inc. 0.58% 512,656 $115.3M Add +11.2%
AEP American Electric Power 0.57% 1,088,876 $113.0M Reduce -6.5%
VRSK Verisk Analytics Inc. 0.56% 355,282 $110.7M Reduce -13.6%
HDB HDFC Bank Ltd.-ADR 0.55% 1,408,023 $108.0M Add +2.8%
VVV Valvoline Inc. 0.51% 2,678,878 $101.4M Add +118.8%
SHW The Sherwin-Williams Co. 0.48% 273,259 $93.8M Reduce -9.8%
NKE Nike Inc. Class B 0.44% 1,209,399 $85.9M Reduce -12.3%
BBSI Barrett Business SVCS Inc. 0.41% 1,950,056 $81.3M Reduce -0.7%
DHR Danaher Corp. 0.40% 400,889 $79.2M Reduce -7.8%
TXN Texas Instruments Inc. 0.39% 370,186 $76.9M Add +17.6%
SO The Southern Co. 0.39% 836,480 $76.8M Reduce -5.6%
BDX Becton Dickinson and Co. 0.39% 442,162 $76.2M Reduce -0.3%
ESQ Esquire Financial Holdings I 0.37% 775,879 $73.4M Reduce -0.5%
TW Tradeweb Markets Inc. Class A 0.35% 478,149 $70.0M Reduce -10.2%
SPGI S&P Global Inc. 0.35% 132,151 $69.7M Reduce -11.7%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.35% 805,524 $68.4M Reduce -6.4%
DFIN Donnelley Financial Solution 0.34% 1,074,386 $66.2M Reduce -19.4%
BIO Bio-Rad Laboratories-A 0.33% 267,108 $64.5M Reduce -9.4%
JNJ Johnson & Johnson 0.32% 409,812 $62.6M Reduce -17.8%
NTES Netease Inc.-ADR 0.32% 463,490 $62.4M Reduce -30.7%
PAYX Paychex Inc. 0.30% 407,696 $59.3M Reduce -31.1%
AAON Aaon Inc. 0.30% 790,466 $58.3M Add +39.7%
ELV Elevance Health Inc. 0.27% 138,539 $53.9M New
ITT Itt Inc. 0.26% 326,078 $51.1M Reduce -5.5%
SII Sprott Inc. 0.26% 729,889 $50.4M New
TSM Taiwan Semiconductor-SP ADR 0.24% 208,068 $47.1M Add +18.6%
ZTS Zoetis Inc. 0.23% 293,580 $45.8M New
CGNX Cognex Corp. 0.23% 1,441,467 $45.7M New
ABBV Abbvie Inc. 0.23% 243,994 $45.3M Reduce -5.7%
ARM Arm Holdings PLC-ADR 0.23% 275,747 $44.6M New
AME Ametek Inc. 0.22% 237,469 $43.0M Reduce -30.0%
HSY The Hershey Co. 0.22% 255,641 $42.4M Reduce -5.3%
ICLR Icon PLC 0.20% 265,985 $38.7M Reduce -53.8%
STT State Street Corp. 0.20% 361,659 $38.5M Reduce -30.0%
MKC McCormick & Co.-Non VTG SHRS 0.19% 481,513 $36.5M Reduce -10.3%
RYAN Ryan Specialty Holdings Inc. 0.17% 496,934 $33.8M Reduce -2.8%
BWA Borgwarner Inc. 0.17% 984,690 $33.0M Reduce -4.9%
SNA Snap-on Inc. 0.16% 101,663 $31.6M Reduce -85.5%
SN Sharkninja Inc. 0.15% 292,293 $28.9M Reduce -10.7%
BRK.B Berkshire Hathaway Inc. Class B 0.14% 57,627 $28.0M Add +8.4%
IBKR Interactive Brokers Gro Class A 0.13% 452,048 $25.0M Reduce -13.6%
CASH Pathward Financial Inc. 0.10% 254,995 $20.2M Reduce -11.3%
RMD Resmed Inc. 0.10% 77,970 $20.1M Reduce -3.4%
LPLA LPL Financial Holdings Inc. 0.10% 52,984 $19.9M Reduce -3.5%
KNSL Kinsale Capital Group Inc. 0.09% 35,686 $17.3M Reduce -3.4%
ENSG The Ensign Group Inc. 0.09% 109,570 $16.9M New
FCNCA First Citizens Bcshs Class A 0.09% 8,624 $16.9M Reduce -3.3%
CSL Carlisle Cos Inc. 0.07% 39,517 $14.8M Reduce -21.0%
RBA RB Global Inc. 0.07% 130,327 $13.8M Reduce -3.6%
MUSA Murphy USA Inc. 0.07% 31,702 $12.9M Add +18.9%
DHI D.R. Horton Inc. 0.06% 95,106 $12.3M Reduce -3.4%
FOUR SHIFT4 Payments Inc. Class A 0.05% 106,829 $10.6M Add +63.6%
ABNB Airbnb Inc. Class A 0.05% 75,036 $9.9M Add +55.4%
WMS Advanced Drainage Systems Inc. 0.05% 82,391 $9.5M Reduce -3.7%
CBZ Cbiz Inc. 0.05% 128,668 $9.2M New
KLAC KLA Corp. 0.05% 10,251 $9.2M Reduce -39.3%
VRSN Verisign Inc. 0.04% 30,536 $8.8M Reduce -18.3%

Show all 110 holdings

Portfolio Sells Q1 2025 → Q2 2025
UNH Unitedhealth Group Inc. Reduce -48.9% 1.68% −3.57
FDX FedEx Corp. Sold out 0.00% −2.68
XP XP Inc. Class A Sold out 0.00% −1.63
RHI Robert Half Inc. Reduce -49.5% 0.82% −1.24
MRSH Marsh & McLennan Cos Reduce -10.0% 5.96% −1.08
SNA Snap-on Inc. Reduce -85.5% 0.16% −0.98
AON Aon PLC Class A Reduce -9.2% 5.38% −0.93
NSP Insperity Inc. Reduce -5.1% 1.48% −0.72
CPAY Corpay Inc. Reduce -21.0% 1.37% −0.37
ICE Intercontinental Exchange Inc. Reduce -35.1% 0.82% −0.31
CVS CVS Health Corp. Sold out 0.00% −0.31
ICLR Icon PLC Reduce -53.8% 0.20% −0.29
V Visa Inc. Class A Reduce -12.4% 3.81% −0.28
WMG Warner Music Group Corp. Class A Reduce -6.5% 1.02% −0.17
YUMC Yum China Holdings Inc. Reduce -6.8% 0.85% −0.16
ACN Accenture PLC Class A Reduce -14.1% 0.99% −0.16
PAYX Paychex Inc. Reduce -31.1% 0.30% −0.14
AJG Arthur J Gallagher & Co. Reduce -7.8% 1.11% −0.13
TNET Trinet Group Inc. Reduce -6.6% 1.04% −0.11
SHEL Shell PLC-ADR Reduce -6.9% 1.64% −0.11
BDX Becton Dickinson and Co. Reduce -0.3% 0.39% −0.10
CME Cme Group Inc. Reduce -16.8% 1.01% −0.10
PG The Procter & Gamble Co. Reduce -9.3% 0.80% −0.10
VZ Verizon Communications Inc. Reduce -9.0% 0.94% −0.09
JNJ Johnson & Johnson Reduce -17.8% 0.32% −0.08
POOL Pool Corp. Reduce -6.0% 0.74% −0.08
WAT Waters Corp. Reduce -7.2% 0.84% −0.07
AME Ametek Inc. Reduce -30.0% 0.22% −0.06
XPEL Xpel Inc. Sold out 0.00% −0.06
MBC Masterbrand Inc. Sold out 0.00% −0.06
WINA Winmark Corp. Sold out 0.00% −0.04
AEP American Electric Power Reduce -6.5% 0.57% −0.04
KSPI JSC Kaspi.kz ADR Reduce -6.4% 0.35% −0.04
CRL Charles River Laboratories Sold out 0.00% −0.04
SHW The Sherwin-Williams Co. Reduce -9.8% 0.48% −0.03
ABBV Abbvie Inc. Reduce -5.7% 0.23% −0.03
VRSK Verisk Analytics Inc. Reduce -13.6% 0.56% −0.03
DHR Danaher Corp. Reduce -7.8% 0.40% −0.03
STT State Street Corp. Reduce -30.0% 0.20% −0.03
MKC McCormick & Co.-Non VTG SHRS Reduce -10.3% 0.19% −0.03
TW Tradeweb Markets Inc. Class A Reduce -10.2% 0.35% −0.03
ORLY O'reilly Automotive Inc. Reduce -36.0% 0.04% −0.02
ABT Abbott Laboratories Reduce -9.6% 0.82% −0.02
FCN Fti Consulting Inc. Reduce -3.9% 3.13% −0.02
BIO Bio-Rad Laboratories-A Reduce -9.4% 0.33% −0.02
NTES Netease Inc.-ADR Reduce -30.7% 0.32% −0.02
SPGI S&P Global Inc. Reduce -11.7% 0.35% −0.01
MA Mastercard Inc. Class A Reduce -8.5% 0.80% −0.01
RYAN Ryan Specialty Holdings Inc. Reduce -2.8% 0.17% −0.01
KLAC KLA Corp. Reduce -39.3% 0.05% −0.01

Portfolio Buys Q1 2025 → Q2 2025
META Meta Platforms Inc. Class A New 2.75% +2.75
NOC Northrop Grumman Corp. New 2.49% +2.49
JPM JPMorgan Chase & Co. Add +187.5% 1.83% +1.31
AER Aercap Holdings NV New 0.92% +0.92
AMZN Amazon.com Inc. Add +1.0% 4.42% +0.81
BRK.A Berkshire Hathaway Inc. Class A Add +18.6% 3.00% +0.36
VVV Valvoline Inc. Add +118.8% 0.51% +0.31
BWXT BWX Technologies Inc. Add +15.6% 0.66% +0.29
MEDP Medpace Holdings Inc. Add +17.4% 1.30% +0.28
ELV Elevance Health Inc. New 0.27% +0.27
SII Sprott Inc. New 0.26% +0.26
ATR Aptargroup Inc. Add +16.4% 1.11% +0.25
ZTS Zoetis Inc. New 0.23% +0.23
CGNX Cognex Corp. New 0.23% +0.23
ARM Arm Holdings PLC-ADR New 0.23% +0.23
OSIS Osi Systems Inc. Add +11.2% 0.58% +0.15
TXN Texas Instruments Inc. Add +17.6% 0.39% +0.12
HDB HDFC Bank Ltd.-ADR Add +2.8% 0.55% +0.11
TSM Taiwan Semiconductor-SP ADR Add +18.6% 0.24% +0.10
ENSG The Ensign Group Inc. New 0.09% +0.09
AAON Aaon Inc. Add +39.7% 0.30% +0.08
CBZ Cbiz Inc. New 0.05% +0.05
MAR Marriott International Class A New 0.03% +0.03
FOUR SHIFT4 Payments Inc. Class A Add +63.6% 0.05% +0.03
ABNB Airbnb Inc. Class A Add +55.4% 0.05% +0.02
NOVT Novanta Inc. New 0.02% +0.02
YMM Full Truck Alliance -SPN ADR Add +42.5% 0.03% +0.01
BRK.B Berkshire Hathaway Inc. Class B Add +8.4% 0.14% +0.01
MUSA Murphy USA Inc. Add +18.9% 0.07% +0.00
LULU Lululemon Athletica Inc. Add +2.8% 1.64% −0.17

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