Mawer Investment Management Ltd.
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 10, 2026), Mawer Investment Management Ltd. reported 125 stock positions worth $17.9 billion. Its top holding was Microsoft (MSFT) at 7.1% of the portfolio, followed by Alphabet Class C (GOOG, 6.4%) and Amazon.com (AMZN, 5.3%). Compared with Q3 2025, it opened 25 new positions, sold out of 10, added to 27 and reduced 72. The biggest buy was Wells Fargo (WFC, shares +178%) and the biggest sale Aon Class A (AON, shares −41%).
- Most Recent 13F
- Q2 2026
- Location
- CALGARY, A0
- CIK
- 0001538449
- Portfolio Value
- $17.9B (Q4 2025)
- SEC Filing
- 0000945621-26-000248 ↗ filed Feb 10, 2026
Holdings Value
Holdings 125 stocks · $17.9B
| MSFT Microsoft Corp. | 7.12% | 2,626,566 | $1.3B | Reduce -0.8% |
| GOOG Alphabet Inc. Class C | 6.45% | 3,669,059 | $1.2B | Reduce -12.7% |
| AMZN Amazon.com Inc. | 5.26% | 4,069,955 | $939.4M | Reduce -9.3% |
| MRSH Marsh & McLennan Cos | 4.06% | 3,905,686 | $724.6M | Reduce -14.6% |
| V Visa Inc. Class A | 4.00% | 2,035,207 | $713.8M | Reduce -13.5% |
| APH Amphenol Corp. Class A | 3.85% | 5,085,546 | $687.3M | Reduce -14.0% |
| BKNG Booking Holdings Inc. | 3.37% | 112,205 | $600.9M | Reduce -21.7% |
| SHEL Shell PLC-ADR | 3.32% | 8,075,089 | $593.4M | Add +79.4% |
| AON Aon PLC Class A | 2.92% | 1,477,693 | $521.4M | Reduce -40.9% |
| WAT Waters Corp. | 2.76% | 1,298,752 | $493.3M | Reduce -16.3% |
| NOC Northrop Grumman Corp. | 2.70% | 846,131 | $482.5M | Reduce -12.3% |
| AER Aercap Holdings NV | 2.64% | 3,272,935 | $470.5M | Add +56.3% |
| WFC Wells Fargo & Co. | 2.55% | 4,876,127 | $454.5M | Add +177.7% |
| META Meta Platforms Inc. Class A | 2.54% | 688,205 | $454.3M | Add +0.2% |
| BRK.A Berkshire Hathaway Inc. Class A | 2.48% | 587 | $443.1M | Reduce -17.4% |
| FCN Fti Consulting Inc. | 2.21% | 2,305,748 | $393.9M | Reduce -31.1% |
| ICE Intercontinental Exchange Inc. | 2.21% | 2,430,848 | $393.7M | Reduce -1.7% |
| JPM JPMorgan Chase & Co. | 1.83% | 1,015,553 | $327.2M | Reduce -13.5% |
| CME Cme Group Inc. | 1.74% | 1,140,499 | $311.4M | Reduce -24.1% |
| MA Mastercard Inc. Class A | 1.48% | 463,159 | $264.4M | Reduce -9.6% |
| ATR Aptargroup Inc. | 1.41% | 2,057,224 | $250.9M | Reduce -25.4% |
| CDW CDW Corp. | 1.36% | 1,786,808 | $243.4M | Reduce -24.3% |
| MEDP Medpace Holdings Inc. | 1.28% | 407,302 | $228.8M | Reduce -37.0% |
| COR Cencora Inc. | 1.17% | 618,284 | $208.8M | Reduce -5.0% |
| OSIS Osi Systems Inc. | 1.15% | 803,602 | $205.0M | Reduce -6.2% |
| UBER Uber Technologies Inc. | 1.15% | 2,503,682 | $204.6M | Add +231.0% |
| CPAY Corpay Inc. | 1.06% | 630,173 | $189.6M | Reduce -15.1% |
| FERG Ferguson Enterprises Inc. | 1.06% | 846,921 | $188.6M | Reduce -7.1% |
| DE Deere & Co. | 1.00% | 382,487 | $178.1M | Reduce -23.9% |
| MLM Martin Marietta Materials | 0.92% | 264,946 | $165.0M | Reduce -5.2% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.89% | 613,031 | $158.6M | Reduce -5.2% |
| ABT Abbott Laboratories | 0.87% | 1,245,467 | $156.0M | Reduce -0.8% |
| SO The Southern Co. | 0.86% | 1,767,773 | $154.1M | Add +121.5% |
| SII Sprott Inc. | 0.83% | 1,515,002 | $148.3M | Add +19.3% |
| TME Tencent Music Entertainm-ADR | 0.77% | 7,808,297 | $136.9M | Reduce -6.8% |
| BWXT BWX Technologies Inc. | 0.75% | 772,693 | $133.6M | Reduce -3.5% |
| CACI Caci International Inc. Class A | 0.73% | 246,257 | $131.2M | Reduce -2.5% |
| PG The Procter & Gamble Co. | 0.72% | 896,693 | $128.5M | Reduce -5.7% |
| VZ Verizon Communications Inc. | 0.68% | 2,984,875 | $121.6M | Reduce -26.5% |
| HDB HDFC Bank Ltd.-ADR | 0.65% | 3,187,295 | $116.5M | Add +7.4% |
| AEP American Electric Power | 0.63% | 976,788 | $112.6M | Reduce -5.6% |
| SPGI S&P Global Inc. | 0.60% | 206,095 | $107.7M | Add +22.5% |
| BDX Becton Dickinson and Co. | 0.59% | 543,136 | $105.4M | Reduce -49.0% |
| ACN Accenture PLC Class A | 0.53% | 354,552 | $95.1M | Reduce -25.4% |
| ABNB Airbnb Inc. Class A | 0.51% | 667,850 | $90.6M | Add +19.9% |
| JNJ Johnson & Johnson | 0.48% | 415,882 | $86.1M | Add +3.5% |
| DHR Danaher Corp. | 0.48% | 370,579 | $84.8M | Reduce -6.0% |
| ESQ Esquire Financial Holdings I | 0.46% | 800,465 | $81.7M | Add +3.0% |
| TXN Texas Instruments Inc. | 0.44% | 456,844 | $79.3M | Reduce -0.4% |
| NTES Netease Inc.-ADR | 0.43% | 559,896 | $77.1M | Add +24.0% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.43% | 4,585,720 | $76.8M | Add +578.0% |
| ITT Itt Inc. | 0.41% | 422,740 | $73.3M | Add +4.9% |
| ELV Elevance Health Inc. | 0.41% | 207,095 | $72.6M | Add +10.9% |
| BBSI Barrett Business SVCS Inc. | 0.40% | 1,964,053 | $71.1M | Add +0.7% |
| BIO Bio-Rad Laboratories-A | 0.40% | 233,946 | $70.9M | Reduce -3.9% |
| NKE Nike Inc. Class B | 0.38% | 1,070,117 | $68.2M | Reduce -9.6% |
| NVDA Nvidia Corp. | 0.37% | 356,928 | $66.6M | Add +527.4% |
| ABBV Abbvie Inc. | 0.33% | 261,398 | $59.7M | Add +4.2% |
| AAON Aaon Inc. | 0.33% | 766,207 | $58.4M | Reduce -2.9% |
| TW Tradeweb Markets Inc. Class A | 0.32% | 531,171 | $57.1M | Add +13.3% |
| VRSK Verisk Analytics Inc. | 0.32% | 255,201 | $57.1M | Reduce -12.8% |
| TSM Taiwan Semiconductor-SP ADR | 0.32% | 186,670 | $56.7M | Reduce -12.9% |
| NOVT Novanta Inc. | 0.30% | 457,160 | $54.4M | Add +16.9% |
| UNH Unitedhealth Group Inc. | 0.27% | 145,241 | $47.9M | Reduce -4.6% |
| NSP Insperity Inc. | 0.26% | 1,200,192 | $46.5M | Reduce -54.3% |
| CGNX Cognex Corp. | 0.26% | 1,282,831 | $46.2M | Reduce -10.9% |
| VVV Valvoline Inc. | 0.25% | 1,547,060 | $45.0M | Reduce -31.6% |
| HSY The Hershey Co. | 0.25% | 246,199 | $44.8M | Add +0.5% |
| ZTS Zoetis Inc. | 0.25% | 354,445 | $44.6M | Add +8.5% |
| SHW The Sherwin-Williams Co. | 0.24% | 133,748 | $43.3M | Reduce -33.1% |
| AME Ametek Inc. | 0.23% | 201,078 | $41.3M | Reduce -11.6% |
| DFIN Donnelley Financial Solution | 0.22% | 859,565 | $40.1M | Reduce -0.5% |
| BWA Borgwarner Inc. | 0.22% | 874,457 | $39.4M | Reduce -6.2% |
| IBKR Interactive Brokers Gro Class A | 0.15% | 429,818 | $27.6M | Reduce -6.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.15% | 54,833 | $27.6M | Reduce -3.8% |
| MKC McCormick & Co.-Non VTG SHRS | 0.15% | 400,074 | $27.2M | Reduce -16.1% |
| RYAN Ryan Specialty Holdings Inc. | 0.15% | 525,172 | $27.1M | Add +11.9% |
| KKR KKR & Co. Inc. | 0.15% | 206,248 | $26.3M | New |
| SN Sharkninja Inc. | 0.14% | 216,701 | $24.2M | Reduce -11.8% |
| CASH Pathward Financial Inc. | 0.12% | 310,623 | $22.1M | Reduce -10.2% |
| ENSG The Ensign Group Inc. | 0.12% | 126,186 | $22.0M | Add +15.8% |
| ATAT Atour Lifestyle Holdings-ADR | 0.11% | 479,543 | $18.9M | New |
| LPLA LPL Financial Holdings Inc. | 0.10% | 49,606 | $17.7M | Reduce -5.8% |
| RMD Resmed Inc. | 0.10% | 72,954 | $17.6M | Reduce -5.9% |
| KNSL Kinsale Capital Group Inc. | 0.08% | 34,580 | $13.5M | Add +8.4% |
| RBA RB Global Inc. | 0.07% | 121,299 | $12.5M | Reduce -6.4% |
| KLAC KLA Corp. | 0.07% | 9,587 | $11.6M | Reduce -5.9% |
| DORM Dorman Products Inc. | 0.06% | 91,249 | $11.2M | New |
| OPLN Openlane Inc. | 0.06% | 372,320 | $11.1M | New |
| WAY Waystar Holding Corp. | 0.06% | 337,732 | $11.1M | New |
| FOUR SHIFT4 Payments Inc. Class A | 0.06% | 169,872 | $10.7M | Reduce -4.7% |
| CSL Carlisle Cos Inc. | 0.06% | 32,310 | $10.3M | Reduce -17.8% |
| MUSA Murphy USA Inc. | 0.06% | 25,365 | $10.2M | Reduce -35.3% |
| SNDK Sandisk Corp. | 0.06% | 42,908 | $10.2M | New |
| LYFT LYFT Inc. Class A | 0.06% | 508,078 | $9.8M | New |
| WMS Advanced Drainage Systems Inc. | 0.05% | 65,373 | $9.5M | Reduce -20.2% |
| MDLN Medline Inc. Class A | 0.05% | 225,000 | $9.4M | New |
| WMG Warner Music Group Corp. Class A | 0.05% | 295,041 | $9.0M | Reduce -6.0% |
| SFM Sprouts Farmers Market Inc. | 0.04% | 97,119 | $7.7M | New |
| VITL Vital Farms Inc. | 0.04% | 216,077 | $6.9M | New |
Portfolio Sells Q3 2025 → Q4 2025
| AON Aon PLC Class A | Reduce -40.9% | 2.92% | −1.70 |
| MRSH Marsh & McLennan Cos | Reduce -14.6% | 4.06% | −0.73 |
| POOL Pool Corp. | Sold out | 0.00% | −0.68 |
| BKNG Booking Holdings Inc. | Reduce -21.7% | 3.37% | −0.65 |
| FCN Fti Consulting Inc. | Reduce -31.1% | 2.21% | −0.60 |
| CDW CDW Corp. | Reduce -24.3% | 1.36% | −0.59 |
| ATR Aptargroup Inc. | Reduce -25.4% | 1.41% | −0.51 |
| BDX Becton Dickinson and Co. | Reduce -49.0% | 0.59% | −0.45 |
| MEDP Medpace Holdings Inc. | Reduce -37.0% | 1.28% | −0.45 |
| NSP Insperity Inc. | Reduce -54.3% | 0.26% | −0.41 |
| CME Cme Group Inc. | Reduce -24.1% | 1.74% | −0.36 |
| NOC Northrop Grumman Corp. | Reduce -12.3% | 2.70% | −0.35 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -17.4% | 2.48% | −0.30 |
| KSPI JSC Kaspi.kz ADR | Reduce -90.7% | 0.03% | −0.30 |
| TME Tencent Music Entertainm-ADR | Reduce -6.8% | 0.77% | −0.25 |
| VZ Verizon Communications Inc. | Reduce -26.5% | 0.68% | −0.25 |
| PAYX Paychex Inc. | Sold out | 0.00% | −0.22 |
| STT State Street Corp. | Sold out | 0.00% | −0.21 |
| ARM Arm Holdings PLC-ADR | Sold out | 0.00% | −0.20 |
| DE Deere & Co. | Reduce -23.9% | 1.00% | −0.20 |
| V Visa Inc. Class A | Reduce -13.5% | 4.00% | −0.17 |
| VVV Valvoline Inc. | Reduce -31.6% | 0.25% | −0.17 |
| AJG Arthur J Gallagher & Co. | Reduce -5.2% | 0.89% | −0.15 |
| YUMC Yum China Holdings Inc. | Sold out | 0.00% | −0.14 |
| SHW The Sherwin-Williams Co. | Reduce -33.1% | 0.24% | −0.12 |
| JPM JPMorgan Chase & Co. | Reduce -13.5% | 1.83% | −0.09 |
| CGNX Cognex Corp. | Reduce -10.9% | 0.26% | −0.08 |
| ACN Accenture PLC Class A | Reduce -25.4% | 0.53% | −0.08 |
| VRSK Verisk Analytics Inc. | Reduce -12.8% | 0.32% | −0.06 |
| FCNCA First Citizens Bcshs Class A | Sold out | 0.00% | −0.06 |
| AAON Aaon Inc. | Reduce -2.9% | 0.33% | −0.06 |
| CPAY Corpay Inc. | Reduce -15.1% | 1.06% | −0.05 |
| NKE Nike Inc. Class B | Reduce -9.6% | 0.38% | −0.05 |
| PG The Procter & Gamble Co. | Reduce -5.7% | 0.72% | −0.04 |
| VRSN Verisign Inc. | Sold out | 0.00% | −0.03 |
| MA Mastercard Inc. Class A | Reduce -9.6% | 1.48% | −0.03 |
| BUR Burford Capital Ltd. | Reduce -63.3% | 0.01% | −0.03 |
| ACWI iShares MSCI Acwi ETF | Sold out | 0.00% | −0.03 |
| YMM Full Truck Alliance -SPN ADR | Sold out | 0.00% | −0.03 |
| MUSA Murphy USA Inc. | Reduce -35.3% | 0.06% | −0.02 |
| BWXT BWX Technologies Inc. | Reduce -3.5% | 0.75% | −0.02 |
| MKC McCormick & Co.-Non VTG SHRS | Reduce -16.1% | 0.15% | −0.01 |
| RMD Resmed Inc. | Reduce -5.9% | 0.10% | −0.01 |
| FOUR SHIFT4 Payments Inc. Class A | Reduce -4.7% | 0.06% | −0.01 |
| IBKR Interactive Brokers Gro Class A | Reduce -6.7% | 0.15% | −0.01 |
| CASH Pathward Financial Inc. | Reduce -10.2% | 0.12% | −0.01 |
| CSL Carlisle Cos Inc. | Reduce -17.8% | 0.06% | −0.01 |
| ORLY O'reilly Automotive Inc. | Reduce -14.1% | 0.03% | −0.01 |
| CBZ Cbiz Inc. | Reduce -24.0% | 0.03% | −0.01 |
| FERG Ferguson Enterprises Inc. | Reduce -7.1% | 1.06% | −0.01 |
Portfolio Buys Q3 2025 → Q4 2025
| WFC Wells Fargo & Co. | Add +177.7% | 2.55% | +1.78 |
| SHEL Shell PLC-ADR | Add +79.4% | 3.32% | +1.65 |
| AER Aercap Holdings NV | Add +56.3% | 2.64% | +1.32 |
| UBER Uber Technologies Inc. | Add +231.0% | 1.15% | +0.76 |
| SO The Southern Co. | Add +121.5% | 0.86% | +0.47 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +578.0% | 0.43% | +0.37 |
| NVDA Nvidia Corp. | Add +527.4% | 0.37% | +0.32 |
| SII Sprott Inc. | Add +19.3% | 0.83% | +0.28 |
| SPGI S&P Global Inc. | Add +22.5% | 0.60% | +0.18 |
| ABNB Airbnb Inc. Class A | Add +19.9% | 0.51% | +0.16 |
| KKR KKR & Co. Inc. | New | 0.15% | +0.15 |
| HDB HDFC Bank Ltd.-ADR | Add +7.4% | 0.65% | +0.13 |
| ATAT Atour Lifestyle Holdings-ADR | New | 0.11% | +0.11 |
| NOVT Novanta Inc. | Add +16.9% | 0.30% | +0.10 |
| JNJ Johnson & Johnson | Add +3.5% | 0.48% | +0.10 |
| ELV Elevance Health Inc. | Add +10.9% | 0.41% | +0.09 |
| NTES Netease Inc.-ADR | Add +24.0% | 0.43% | +0.08 |
| DORM Dorman Products Inc. | New | 0.06% | +0.06 |
| OPLN Openlane Inc. | New | 0.06% | +0.06 |
| WAY Waystar Holding Corp. | New | 0.06% | +0.06 |
| SNDK Sandisk Corp. | New | 0.06% | +0.06 |
| LYFT LYFT Inc. Class A | New | 0.06% | +0.06 |
| MDLN Medline Inc. Class A | New | 0.05% | +0.05 |
| TW Tradeweb Markets Inc. Class A | Add +13.3% | 0.32% | +0.05 |
| ESQ Esquire Financial Holdings I | Add +3.0% | 0.46% | +0.05 |
| SFM Sprouts Farmers Market Inc. | New | 0.04% | +0.04 |
| VITL Vital Farms Inc. | New | 0.04% | +0.04 |
| ITT Itt Inc. | Add +4.9% | 0.41% | +0.04 |
| IPAR Interparfums Inc. | New | 0.04% | +0.04 |
| FIX Comfort Systems USA Inc. | New | 0.03% | +0.03 |
| ABBV Abbvie Inc. | Add +4.2% | 0.33% | +0.03 |
| EWU iShares MSCI United Kingdom | New | 0.03% | +0.03 |
| MUX McEwen Inc. | New | 0.03% | +0.03 |
| ENSG The Ensign Group Inc. | Add +15.8% | 0.12% | +0.03 |
| CSW CSW Industrials Inc. | New | 0.03% | +0.03 |
| BSX Boston Scientific Corp. | New | 0.02% | +0.02 |
| MOAT Vaneck Morningstar Wide Moat | New | 0.02% | +0.02 |
| LGN Legence Corp. Class A | New | 0.02% | +0.02 |
| XYZ Block Inc. | New | 0.02% | +0.02 |
| ODFL Old Dominion Freight Line | New | 0.02% | +0.02 |
| RYAN Ryan Specialty Holdings Inc. | Add +11.9% | 0.15% | +0.01 |
| HSY The Hershey Co. | Add +0.5% | 0.25% | +0.01 |
| XLV SS Health Care Select Sector | New | 0.01% | +0.01 |
| VRT Vertiv Holdings Co. Class A | New | 0.01% | +0.01 |
| IYK iShares US Consumer Staples | New | 0.01% | +0.01 |
| SE Sea Ltd.-ADR | New | 0.01% | +0.01 |
| KNSL Kinsale Capital Group Inc. | Add +8.4% | 0.08% | +0.01 |
| ZTS Zoetis Inc. | Add +8.5% | 0.25% | +0.00 |
| VOE Vngrd Mrngstr MD-Cap Val ETF | New | 0.00% | +0.00 |
| AAPL Apple Inc. | Add +0.6% | 0.01% | +0.00 |
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 |