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

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 Q2 2025 Q3 2025: $19.3B Q3 2025 Q4 2025: $17.9B $17.9B Q4 2025 Q1 2026: $15.4B Q1 2026 Q2 2026: $14.7B Q2 2026

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
IPAR Interparfums Inc. 0.04% 76,881 $6.5M New
FIX Comfort Systems USA Inc. 0.03% 6,497 $6.1M New
GOOGL Alphabet Inc. Class A 0.03% 19,052 $6.0M Reduce -14.1%
ORLY O'reilly Automotive Inc. 0.03% 63,620 $5.8M Reduce -14.1%
EEFT Euronet Worldwide Inc. 0.03% 75,374 $5.7M Reduce -5.7%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.03% 72,791 $5.7M Reduce -90.7%
CBZ Cbiz Inc. 0.03% 97,223 $4.9M Reduce -24.0%
EWU iShares MSCI United Kingdom 0.03% 107,855 $4.7M New
MUX McEwen Inc. 0.03% 249,981 $4.6M New
CSW CSW Industrials Inc. 0.03% 15,173 $4.5M New
BSX Boston Scientific Corp. 0.02% 46,199 $4.4M New
PDD PDD Holdings Inc. 0.02% 34,390 $3.9M Reduce -0.0%
MOAT Vaneck Morningstar Wide Moat 0.02% 36,020 $3.7M New
LGN Legence Corp. Class A 0.02% 85,338 $3.7M New
XYZ Block Inc. 0.02% 47,043 $3.1M New
ODFL Old Dominion Freight Line 0.02% 19,484 $3.1M New
BUR Burford Capital Ltd. 0.01% 249,181 $2.2M Reduce -63.3%
XLV SS Health Care Select Sector 0.01% 10,855 $1.7M New
VRT Vertiv Holdings Co. Class A 0.01% 9,143 $1.5M New
IYK iShares US Consumer Staples 0.01% 16,980 $1.1M New
AAPL Apple Inc. 0.01% 3,921 $1.1M Add +0.6%
SE Sea Ltd.-ADR 0.01% 8,123 $1.0M New
VOE Vngrd Mrngstr MD-Cap Val ETF 0.00% 1,657 $294K New
RY Royal Bank of Canada 0.00% 1,495 $255K No change
LLY Eli Lilly & Co. 0.00% 235 $253K Reduce -21.7%

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

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