Mawer Investment Management Ltd.

Name: Mawer Investment Management Ltd. 13F holdings, Q3 2025
Creator: Mawer Investment Management Ltd.
Published: 2025-11-04

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

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 4, 2025), Mawer Investment Management Ltd. reported 110 stock positions worth $19.3 billion. Its top holding was Microsoft (MSFT) at 7.1% of the portfolio, followed by Alphabet Class C (GOOG, 5.3%) and Amazon.com (AMZN, 5.1%). Compared with Q2 2025, it opened 7 new positions, sold out of 7, added to 30 and reduced 71. The biggest buy was Waters (WAT, shares +225%) and the biggest sale an exit from Lululemon Athletica (LULU).

Most Recent 13F: Q2 2026
Location: CALGARY, A0
CIK: 0001538449
Portfolio Value: $19.3B (Q3 2025)
SEC Filing: 0000945621-25-001010 ↗ filed Nov 4, 2025

Holdings Value

Holdings 110 stocks · $19.3B


MSFT Microsoft Corp.	7.12%	2,648,023	$1.4B	Reduce -7.8%
GOOG Alphabet Inc. Class C	5.32%	4,203,836	$1.0B	Reduce -19.3%
AMZN Amazon.com Inc.	5.11%	4,485,987	$985.0M	Add +13.0%
MRSH Marsh & McLennan Cos	4.79%	4,572,623	$921.5M	Reduce -14.9%
AON Aon PLC Class A	4.63%	2,498,089	$890.8M	Reduce -15.9%
V Visa Inc. Class A	4.17%	2,352,766	$803.2M	Add +11.3%
BKNG Booking Holdings Inc.	4.02%	143,234	$773.4M	Reduce -9.8%
APH Amphenol Corp. Class A	3.80%	5,910,383	$731.4M	Reduce -20.4%
NOC Northrop Grumman Corp.	3.05%	964,788	$587.9M	Reduce -1.9%
FCN Fti Consulting Inc.	2.81%	3,345,655	$540.8M	Reduce -12.3%
BRK.A Berkshire Hathaway Inc. Class A	2.78%	711	$536.2M	Reduce -12.3%
META Meta Platforms Inc. Class A	2.62%	686,774	$504.4M	Reduce -6.7%
WAT Waters Corp.	2.41%	1,551,010	$465.0M	Add +225.5%
ICE Intercontinental Exchange Inc.	2.16%	2,472,366	$416.5M	Add +179.1%
CME Cme Group Inc.	2.11%	1,502,752	$406.0M	Add +107.2%
CDW CDW Corp.	1.95%	2,360,301	$375.9M	Reduce -10.7%
JPM JPMorgan Chase & Co.	1.92%	1,174,239	$370.4M	Reduce -5.5%
ATR Aptargroup Inc.	1.91%	2,759,026	$368.8M	Add +97.0%
MEDP Medpace Holdings Inc.	1.73%	646,774	$332.5M	Reduce -20.9%
SHEL Shell PLC-ADR	1.67%	4,500,736	$321.9M	Reduce -2.0%
MA Mastercard Inc. Class A	1.51%	512,182	$291.3M	Add +81.6%
AER Aercap Holdings NV	1.32%	2,093,694	$253.3M	Add +35.1%
DE Deere & Co.	1.19%	502,298	$229.7M	Reduce -10.2%
CPAY Corpay Inc.	1.11%	742,334	$213.8M	Reduce -9.1%
OSIS Osi Systems Inc.	1.11%	856,383	$213.4M	Add +67.0%
FERG Ferguson Enterprises Inc.	1.06%	911,377	$204.7M	Reduce -1.8%
COR Cencora Inc.	1.06%	650,671	$203.4M	Reduce -3.1%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO	1.04%	646,298	$200.2M	Reduce -5.2%
BDX Becton Dickinson and Co.	1.04%	1,066,006	$199.5M	Add +141.1%
TME Tencent Music Entertainm-ADR	1.02%	8,382,139	$195.6M	Reduce -17.4%
VZ Verizon Communications Inc.	0.93%	4,060,223	$178.4M	Reduce -5.1%
MLM Martin Marietta Materials	0.91%	279,396	$176.1M	Reduce -2.5%
ABT Abbott Laboratories	0.87%	1,255,780	$168.2M	Add +5.9%
BWXT BWX Technologies Inc.	0.77%	800,547	$147.6M	Reduce -11.1%
WFC Wells Fargo & Co.	0.76%	1,755,728	$147.2M	New
PG The Procter & Gamble Co.	0.76%	950,490	$146.0M	Reduce -4.3%
POOL Pool Corp.	0.68%	424,570	$131.6M	Reduce -14.8%
NSP Insperity Inc.	0.67%	2,623,279	$129.1M	Reduce -45.8%
CACI Caci International Inc. Class A	0.65%	252,506	$125.9M	Reduce -5.2%
ACN Accenture PLC Class A	0.61%	475,042	$117.1M	Reduce -27.1%
AEP American Electric Power	0.60%	1,035,159	$116.5M	Reduce -4.9%
SII Sprott Inc.	0.55%	1,269,829	$105.6M	Add +74.0%
HDB HDFC Bank Ltd.-ADR	0.53%	2,968,430	$101.4M	Add +5.4%
BBSI Barrett Business SVCS Inc.	0.45%	1,950,722	$86.5M	Add +0.0%
TXN Texas Instruments Inc.	0.44%	458,826	$84.3M	Add +23.9%
NKE Nike Inc. Class B	0.43%	1,183,059	$82.5M	Reduce -2.2%
SPGI S&P Global Inc.	0.43%	168,229	$81.9M	Add +27.3%
VVV Valvoline Inc.	0.42%	2,260,543	$81.2M	Reduce -15.6%
ESQ Esquire Financial Holdings I	0.41%	776,773	$79.3M	Add +0.1%
DHR Danaher Corp.	0.41%	394,186	$78.2M	Reduce -1.7%
SO The Southern Co.	0.39%	798,280	$75.7M	Reduce -4.6%
JNJ Johnson & Johnson	0.39%	401,662	$74.5M	Reduce -2.0%
UBER Uber Technologies Inc.	0.38%	756,430	$74.1M	New
AAON Aaon Inc.	0.38%	789,309	$73.8M	Reduce -0.1%
VRSK Verisk Analytics Inc.	0.38%	292,566	$73.6M	Reduce -17.6%
ITT Itt Inc.	0.37%	402,919	$72.0M	Add +23.6%
SHW The Sherwin-Williams Co.	0.36%	199,990	$69.2M	Reduce -26.8%
NTES Netease Inc.-ADR	0.36%	451,450	$68.6M	Reduce -2.6%
BIO Bio-Rad Laboratories-A	0.35%	243,468	$68.3M	Reduce -8.8%
ABNB Airbnb Inc. Class A	0.35%	556,924	$67.6M	Add +642.2%
CGNX Cognex Corp.	0.34%	1,439,647	$65.2M	Reduce -0.1%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC	0.33%	785,974	$64.2M	Reduce -2.4%
ELV Elevance Health Inc.	0.31%	186,657	$60.3M	Add +34.7%
TSM Taiwan Semiconductor-SP ADR	0.31%	214,395	$59.9M	Add +3.0%
ABBV Abbvie Inc.	0.30%	250,848	$58.1M	Add +2.8%
UNH Unitedhealth Group Inc.	0.27%	152,305	$52.6M	Reduce -85.6%
TW Tradeweb Markets Inc. Class A	0.27%	468,596	$52.0M	Reduce -2.0%
ZTS Zoetis Inc.	0.25%	326,602	$47.8M	Add +11.3%
HSY The Hershey Co.	0.24%	244,995	$45.8M	Reduce -4.2%
DFIN Donnelley Financial Solution	0.23%	863,629	$44.4M	Reduce -19.6%
PAYX Paychex Inc.	0.22%	338,331	$42.9M	Reduce -17.0%
AME Ametek Inc.	0.22%	227,500	$42.8M	Reduce -4.2%
BWA Borgwarner Inc.	0.21%	932,512	$41.0M	Reduce -5.3%
STT State Street Corp.	0.21%	350,267	$40.6M	Reduce -3.1%
NOVT Novanta Inc.	0.20%	391,148	$39.2M	Add +1114.5%
ARM Arm Holdings PLC-ADR	0.20%	269,784	$38.2M	Reduce -2.2%
MKC McCormick & Co.-Non VTG SHRS	0.17%	476,879	$31.9M	Reduce -1.0%
IBKR Interactive Brokers Gro Class A	0.16%	460,796	$31.7M	Add +1.9%
BRK.B Berkshire Hathaway Inc. Class B	0.15%	56,983	$28.6M	Reduce -1.1%
YUMC Yum China Holdings Inc.	0.14%	636,728	$27.3M	Reduce -83.1%
RYAN Ryan Specialty Holdings Inc.	0.14%	469,456	$26.5M	Reduce -5.5%
CASH Pathward Financial Inc.	0.13%	346,061	$25.6M	Add +35.7%
SN Sharkninja Inc.	0.13%	245,561	$25.3M	Reduce -16.0%
RMD Resmed Inc.	0.11%	77,536	$21.2M	Reduce -0.6%
ENSG The Ensign Group Inc.	0.10%	108,961	$18.8M	Reduce -0.6%
LPLA LPL Financial Holdings Inc.	0.09%	52,690	$17.5M	Reduce -0.6%
MUSA Murphy USA Inc.	0.08%	39,217	$15.2M	Add +23.7%
RBA RB Global Inc.	0.07%	129,542	$14.0M	Reduce -0.6%
FOUR SHIFT4 Payments Inc. Class A	0.07%	178,318	$13.8M	Add +66.9%
KNSL Kinsale Capital Group Inc.	0.07%	31,890	$13.6M	Reduce -10.6%
CSL Carlisle Cos Inc.	0.07%	39,298	$12.9M	Reduce -0.6%
FCNCA First Citizens Bcshs Class A	0.06%	6,433	$11.5M	Reduce -25.4%
WMS Advanced Drainage Systems Inc.	0.06%	81,932	$11.4M	Reduce -0.6%
KLAC KLA Corp.	0.06%	10,191	$11.0M	Reduce -0.6%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD	0.06%	676,400	$10.8M	New
WMG Warner Music Group Corp. Class A	0.06%	314,052	$10.7M	Reduce -95.7%
NVDA Nvidia Corp.	0.06%	56,890	$10.6M	Add +2744.5%
BUR Burford Capital Ltd.	0.04%	678,384	$8.1M	New
ORLY O'reilly Automotive Inc.	0.04%	74,025	$8.0M	Reduce -20.1%
EEFT Euronet Worldwide Inc.	0.04%	79,961	$7.0M	Reduce -0.6%
CBZ Cbiz Inc.	0.04%	127,954	$6.8M	Reduce -0.6%
VRSN Verisign Inc.	0.03%	22,776	$6.4M	Reduce -25.4%
ACWI iShares MSCI Acwi ETF	0.03%	40,825	$5.6M	New
YMM Full Truck Alliance -SPN ADR	0.03%	431,100	$5.6M	No change
GOOGL Alphabet Inc. Class A	0.03%	22,174	$5.4M	Reduce -35.8%
PDD PDD Holdings Inc.	0.02%	34,400	$4.5M	Add +27.4%
AAPL Apple Inc.	0.01%	3,899	$993K	Reduce -1.5%
ORCL Oracle Corp.	0.00%	850	$239K	New
LLY Eli Lilly & Co.	0.00%	300	$229K	No change
RY Royal Bank of Canada	0.00%	1,495	$220K	New

Portfolio Sells Q2 2025 → Q3 2025


LULU Lululemon Athletica Inc.	Sold out	0.00%	−1.64
UNH Unitedhealth Group Inc.	Reduce -85.6%	0.27%	−1.40
MRSH Marsh & McLennan Cos	Reduce -14.9%	4.79%	−1.17
TNET Trinet Group Inc.	Sold out	0.00%	−1.04
WMG Warner Music Group Corp. Class A	Reduce -95.7%	0.06%	−0.96
RHI Robert Half Inc.	Sold out	0.00%	−0.82
NSP Insperity Inc.	Reduce -45.8%	0.67%	−0.81
AON Aon PLC Class A	Reduce -15.9%	4.63%	−0.75
YUMC Yum China Holdings Inc.	Reduce -83.1%	0.14%	−0.71
BKNG Booking Holdings Inc.	Reduce -9.8%	4.02%	−0.65
CDW CDW Corp.	Reduce -10.7%	1.95%	−0.44
ACN Accenture PLC Class A	Reduce -27.1%	0.61%	−0.38
FCN Fti Consulting Inc.	Reduce -12.3%	2.81%	−0.32
CPAY Corpay Inc.	Reduce -9.1%	1.11%	−0.26
DE Deere & Co.	Reduce -10.2%	1.19%	−0.25
BRK.A Berkshire Hathaway Inc. Class A	Reduce -12.3%	2.78%	−0.21
ICLR Icon PLC	Sold out	0.00%	−0.20
VRSK Verisk Analytics Inc.	Reduce -17.6%	0.38%	−0.18
SNA Snap-on Inc.	Sold out	0.00%	−0.16
META Meta Platforms Inc. Class A	Reduce -6.7%	2.62%	−0.14
MSFT Microsoft Corp.	Reduce -7.8%	7.12%	−0.12
SHW The Sherwin-Williams Co.	Reduce -26.8%	0.36%	−0.12
DFIN Donnelley Financial Solution	Reduce -19.6%	0.23%	−0.11
VVV Valvoline Inc.	Reduce -15.6%	0.42%	−0.09
TW Tradeweb Markets Inc. Class A	Reduce -2.0%	0.27%	−0.08
PAYX Paychex Inc.	Reduce -17.0%	0.22%	−0.08
AJG Arthur J Gallagher & Co.	Reduce -5.2%	1.04%	−0.07
DHI D.R. Horton Inc.	Sold out	0.00%	−0.06
POOL Pool Corp.	Reduce -14.8%	0.68%	−0.05
PG The Procter & Gamble Co.	Reduce -4.3%	0.76%	−0.04
MAR Marriott International Class A	Sold out	0.00%	−0.03
RYAN Ryan Specialty Holdings Inc.	Reduce -5.5%	0.14%	−0.03
ARM Arm Holdings PLC-ADR	Reduce -2.2%	0.20%	−0.03
FCNCA First Citizens Bcshs Class A	Reduce -25.4%	0.06%	−0.03
MKC McCormick & Co.-Non VTG SHRS	Reduce -1.0%	0.17%	−0.02
KNSL Kinsale Capital Group Inc.	Reduce -10.6%	0.07%	−0.02
SN Sharkninja Inc.	Reduce -16.0%	0.13%	−0.02
KSPI JSC Kaspi.kz ADR	Reduce -2.4%	0.33%	−0.01
VZ Verizon Communications Inc.	Reduce -5.1%	0.93%	−0.01
VRSN Verisign Inc.	Reduce -25.4%	0.03%	−0.01
CBZ Cbiz Inc.	Reduce -0.6%	0.04%	−0.01
LPLA LPL Financial Holdings Inc.	Reduce -0.6%	0.09%	−0.01
CSL Carlisle Cos Inc.	Reduce -0.6%	0.07%	−0.01
NKE Nike Inc. Class B	Reduce -2.2%	0.43%	−0.01
EEFT Euronet Worldwide Inc.	Reduce -0.6%	0.04%	−0.00
GOOGL Alphabet Inc. Class A	Reduce -35.8%	0.03%	−0.00
ORLY O'reilly Automotive Inc.	Reduce -20.1%	0.04%	−0.00
AAPL Apple Inc.	Reduce -1.5%	0.01%	+0.00
RBA RB Global Inc.	Reduce -0.6%	0.07%	+0.00
SO The Southern Co.	Reduce -4.6%	0.39%	+0.00

Portfolio Buys Q2 2025 → Q3 2025


WAT Waters Corp.	Add +225.5%	2.41%	+1.57
ICE Intercontinental Exchange Inc.	Add +179.1%	2.16%	+1.34
CME Cme Group Inc.	Add +107.2%	2.11%	+1.09
ATR Aptargroup Inc.	Add +97.0%	1.91%	+0.80
WFC Wells Fargo & Co.	New	0.76%	+0.76
MA Mastercard Inc. Class A	Add +81.6%	1.51%	+0.71
AMZN Amazon.com Inc.	Add +13.0%	5.11%	+0.70
BDX Becton Dickinson and Co.	Add +141.1%	1.04%	+0.65
OSIS Osi Systems Inc.	Add +67.0%	1.11%	+0.52
AER Aercap Holdings NV	Add +35.1%	1.32%	+0.40
UBER Uber Technologies Inc.	New	0.38%	+0.38
V Visa Inc. Class A	Add +11.3%	4.17%	+0.36
ABNB Airbnb Inc. Class A	Add +642.2%	0.35%	+0.30
SII Sprott Inc.	Add +74.0%	0.55%	+0.29
NOVT Novanta Inc.	Add +1114.5%	0.20%	+0.18
ITT Itt Inc.	Add +23.6%	0.37%	+0.11
TSM Taiwan Semiconductor-SP ADR	Add +3.0%	0.31%	+0.07
ABBV Abbvie Inc.	Add +2.8%	0.30%	+0.07
SPGI S&P Global Inc.	Add +27.3%	0.43%	+0.07
NU Nu Holdings Ltd./Cayman Isl-A	New	0.06%	+0.06
ABT Abbott Laboratories	Add +5.9%	0.87%	+0.06
NVDA Nvidia Corp.	Add +2744.5%	0.06%	+0.05
TXN Texas Instruments Inc.	Add +23.9%	0.44%	+0.05
BUR Burford Capital Ltd.	New	0.04%	+0.04
ELV Elevance Health Inc.	Add +34.7%	0.31%	+0.04
ESQ Esquire Financial Holdings I	Add +0.1%	0.41%	+0.04
IBKR Interactive Brokers Gro Class A	Add +1.9%	0.16%	+0.04
BBSI Barrett Business SVCS Inc.	Add +0.0%	0.45%	+0.04
CASH Pathward Financial Inc.	Add +35.7%	0.13%	+0.03
ACWI iShares MSCI Acwi ETF	New	0.03%	+0.03
FOUR SHIFT4 Payments Inc. Class A	Add +66.9%	0.07%	+0.02
ZTS Zoetis Inc.	Add +11.3%	0.25%	+0.02
MUSA Murphy USA Inc.	Add +23.7%	0.08%	+0.01
PDD PDD Holdings Inc.	Add +27.4%	0.02%	+0.01
ORCL Oracle Corp.	New	0.00%	+0.00
RY Royal Bank of Canada	New	0.00%	+0.00
HDB HDFC Bank Ltd.-ADR	Add +5.4%	0.53%	−0.02

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