Mawer Investment Management Ltd.

Name: Mawer Investment Management Ltd. 13F holdings, Q2 2025
Creator: Mawer Investment Management Ltd.
Published: 2025-08-07

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

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

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%
ORLY O'reilly Automotive Inc.	0.04%	92,620	$8.3M	Reduce -36.0%
EEFT Euronet Worldwide Inc.	0.04%	80,407	$8.2M	Reduce -3.5%
MAR Marriott International Class A	0.03%	24,704	$6.7M	New
GOOGL Alphabet Inc. Class A	0.03%	34,560	$6.1M	Reduce -19.7%
YMM Full Truck Alliance -SPN ADR	0.03%	431,100	$5.1M	Add +42.5%
NOVT Novanta Inc.	0.02%	32,207	$4.2M	New
PDD PDD Holdings Inc.	0.01%	27,000	$2.8M	No change
AAPL Apple Inc.	0.00%	3,960	$812K	No change
NVDA Nvidia Corp.	0.00%	2,000	$316K	No change
LLY Eli Lilly & Co.	0.00%	300	$234K	No change

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

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