Mawer Investment Management Ltd.
In its 13F for Q1 2026 (holdings as of March 31, 2026, filed May 6, 2026), Mawer Investment Management Ltd. reported 126 stock positions worth $15.4 billion. Its top holding was Alphabet Class C (GOOG) at 6.1% of the portfolio, followed by Microsoft (MSFT, 5.5%) and Amazon.com (AMZN, 4.9%). Compared with Q4 2025, it opened 16 new positions, sold out of 15, added to 39 and reduced 68. The biggest buy was Southern (SO, shares +94%) and the biggest sale Booking (BKNG, shares −49%).
- Most Recent 13F
- Q2 2026
- Location
- CALGARY, A0
- CIK
- 0001538449
- Portfolio Value
- $15.4B (Q1 2026)
- SEC Filing
- 0000945621-26-000636 ↗ filed May 6, 2026
Holdings Value
Holdings 126 stocks · $15.4B
| GOOG Alphabet Inc. Class C | 6.07% | 3,266,332 | $937.0M | Reduce -11.0% |
| MSFT Microsoft Corp. | 5.55% | 2,315,228 | $857.0M | Reduce -11.8% |
| AMZN Amazon.com Inc. | 4.92% | 3,650,041 | $760.2M | Reduce -10.3% |
| SHEL Shell PLC-ADR | 4.29% | 7,120,336 | $662.2M | Reduce -11.8% |
| MRSH Marsh & McLennan Cos | 3.90% | 3,475,590 | $602.8M | Reduce -11.0% |
| V Visa Inc. Class A | 3.79% | 1,936,751 | $585.4M | Reduce -4.8% |
| APH Amphenol Corp. Class A | 3.26% | 3,986,761 | $503.7M | Reduce -21.6% |
| NOC Northrop Grumman Corp. | 3.02% | 683,362 | $466.2M | Reduce -19.2% |
| WAT Waters Corp. | 2.71% | 1,403,627 | $418.0M | Add +8.1% |
| AON Aon PLC Class A | 2.67% | 1,277,088 | $412.2M | Reduce -13.6% |
| WFC Wells Fargo & Co. | 2.41% | 4,670,184 | $371.8M | Reduce -4.2% |
| AER Aercap Holdings NV | 2.38% | 2,679,861 | $367.6M | Reduce -18.1% |
| BRK.A Berkshire Hathaway Inc. Class A | 2.37% | 509 | $365.5M | Reduce -13.3% |
| META Meta Platforms Inc. Class A | 2.27% | 612,803 | $350.6M | Reduce -11.0% |
| SO The Southern Co. | 2.14% | 3,421,757 | $330.3M | Add +93.6% |
| JPM JPMorgan Chase & Co. | 2.12% | 1,113,579 | $327.6M | Add +9.7% |
| ICE Intercontinental Exchange Inc. | 2.12% | 2,080,561 | $327.2M | Reduce -14.4% |
| COR Cencora Inc. | 2.10% | 1,031,163 | $323.9M | Add +66.8% |
| CME Cme Group Inc. | 1.97% | 1,031,299 | $304.6M | Reduce -9.6% |
| BKNG Booking Holdings Inc. | 1.55% | 56,702 | $238.7M | Reduce -49.5% |
| FCN Fti Consulting Inc. | 1.50% | 1,311,025 | $231.7M | Reduce -43.1% |
| MA Mastercard Inc. Class A | 1.46% | 452,214 | $226.0M | Reduce -2.4% |
| MEDP Medpace Holdings Inc. | 1.39% | 446,104 | $214.2M | Add +9.5% |
| SII Sprott Inc. | 1.25% | 1,351,182 | $193.1M | Reduce -10.8% |
| OSIS Osi Systems Inc. | 1.14% | 662,634 | $175.9M | Reduce -17.5% |
| AEP American Electric Power | 1.13% | 1,334,492 | $174.9M | Add +36.6% |
| TSEM Tower Semiconductor Ltd. | 1.10% | 965,035 | $169.3M | New |
| NVDA Nvidia Corp. | 1.07% | 951,512 | $165.9M | Add +166.6% |
| SPGI S&P Global Inc. | 1.05% | 383,111 | $163.0M | Add +85.9% |
| UBER Uber Technologies Inc. | 1.03% | 2,213,776 | $159.2M | Reduce -11.6% |
| FERG Ferguson Enterprises Inc. | 1.01% | 672,031 | $156.8M | Reduce -20.6% |
| MLM Martin Marietta Materials | 0.97% | 255,678 | $150.5M | Reduce -3.5% |
| BWXT BWX Technologies Inc. | 0.97% | 734,162 | $150.1M | Reduce -5.0% |
| CPAY Corpay Inc. | 0.97% | 513,464 | $149.4M | Reduce -18.5% |
| VZ Verizon Communications Inc. | 0.89% | 2,730,796 | $137.1M | Reduce -8.5% |
| ABT Abbott Laboratories | 0.83% | 1,253,719 | $128.7M | Add +0.7% |
| CDW CDW Corp. | 0.82% | 1,051,495 | $127.3M | Reduce -41.1% |
| AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO | 0.82% | 581,276 | $125.9M | Reduce -5.2% |
| PG The Procter & Gamble Co. | 0.80% | 851,233 | $123.0M | Reduce -5.1% |
| CACI Caci International Inc. Class A | 0.79% | 224,207 | $121.9M | Reduce -8.9% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.72% | 7,703,576 | $110.7M | Add +68.0% |
| ABNB Airbnb Inc. Class A | 0.70% | 855,687 | $108.1M | Add +28.1% |
| ZTS Zoetis Inc. | 0.58% | 753,283 | $89.0M | Add +112.5% |
| JNJ Johnson & Johnson | 0.57% | 362,110 | $88.5M | Reduce -12.9% |
| ITT Itt Inc. | 0.56% | 454,223 | $86.5M | Add +7.5% |
| TXN Texas Instruments Inc. | 0.55% | 437,639 | $85.0M | Reduce -4.2% |
| ATR Aptargroup Inc. | 0.54% | 657,273 | $82.8M | Reduce -68.0% |
| ESQ Esquire Financial Holdings I | 0.50% | 725,214 | $78.0M | Reduce -9.4% |
| MCK McKesson Corp. | 0.48% | 85,680 | $74.1M | New |
| TW Tradeweb Markets Inc. Class A | 0.48% | 626,551 | $73.7M | Add +18.0% |
| AAON Aaon Inc. | 0.45% | 848,583 | $70.2M | Add +10.8% |
| ABBV Abbvie Inc. | 0.44% | 309,880 | $67.4M | Add +18.6% |
| TME Tencent Music Entertainm-ADR | 0.43% | 7,214,749 | $67.0M | Reduce -7.6% |
| HDB HDFC Bank Ltd.-ADR | 0.43% | 2,684,930 | $66.8M | Reduce -15.8% |
| DHR Danaher Corp. | 0.42% | 338,817 | $64.2M | Reduce -8.6% |
| NTES Netease Inc.-ADR | 0.38% | 521,873 | $58.4M | Reduce -6.8% |
| CGNX Cognex Corp. | 0.38% | 1,186,812 | $58.1M | Reduce -7.5% |
| NOVT Novanta Inc. | 0.37% | 482,183 | $57.0M | Add +5.5% |
| NKE Nike Inc. Class B | 0.37% | 1,069,517 | $56.5M | Reduce -0.1% |
| BDX Becton Dickinson and Co. | 0.36% | 355,221 | $55.9M | Reduce -34.6% |
| ELV Elevance Health Inc. | 0.36% | 189,001 | $55.3M | Reduce -8.7% |
| HSY The Hershey Co. | 0.36% | 265,527 | $55.2M | Add +7.8% |
| VRSK Verisk Analytics Inc. | 0.35% | 285,337 | $54.1M | Add +11.8% |
| BIO Bio-Rad Laboratories-A | 0.34% | 188,784 | $52.6M | Reduce -19.3% |
| BBSI Barrett Business SVCS Inc. | 0.32% | 1,701,812 | $49.7M | Reduce -13.3% |
| TSM Taiwan Semiconductor-SP ADR | 0.29% | 134,289 | $45.4M | Reduce -28.1% |
| BWA Borgwarner Inc. | 0.29% | 834,274 | $45.3M | Reduce -4.6% |
| AME Ametek Inc. | 0.28% | 198,907 | $42.6M | Reduce -1.1% |
| UNH Unitedhealth Group Inc. | 0.26% | 146,546 | $39.7M | Add +0.9% |
| BSX Boston Scientific Corp. | 0.24% | 589,659 | $37.0M | Add +1176.3% |
| VVV Valvoline Inc. | 0.24% | 1,086,174 | $36.6M | Reduce -29.8% |
| ENSG The Ensign Group Inc. | 0.22% | 168,926 | $34.0M | Add +33.9% |
| SHW The Sherwin-Williams Co. | 0.21% | 103,555 | $33.2M | Reduce -22.6% |
| OPLN Openlane Inc. | 0.20% | 1,084,675 | $31.6M | Add +191.3% |
| IPAR Interparfums Inc. | 0.18% | 310,854 | $28.2M | Add +304.3% |
| DORM Dorman Products Inc. | 0.17% | 255,190 | $26.6M | Add +179.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.17% | 54,666 | $26.2M | Reduce -0.3% |
| IBKR Interactive Brokers Gro Class A | 0.16% | 369,482 | $24.8M | Reduce -14.0% |
| CASH Pathward Financial Inc. | 0.16% | 268,543 | $24.0M | Reduce -13.6% |
| ATAT Atour Lifestyle Holdings-ADR | 0.15% | 648,128 | $23.9M | Add +35.2% |
| KNSL Kinsale Capital Group Inc. | 0.13% | 59,832 | $20.4M | Add +73.0% |
| NSP Insperity Inc. | 0.13% | 746,943 | $20.2M | Reduce -37.8% |
| MKC McCormick & Co.-Non VTG SHRS | 0.13% | 397,975 | $20.1M | Reduce -0.5% |
| DFIN Donnelley Financial Solution | 0.13% | 423,704 | $20.0M | Reduce -50.7% |
| KKR KKR & Co. Inc. | 0.13% | 210,839 | $19.5M | Add +2.2% |
| SNDK Sandisk Corp. | 0.13% | 30,538 | $19.4M | Reduce -28.8% |
| SN Sharkninja Inc. | 0.12% | 182,080 | $19.3M | Reduce -16.0% |
| RMD Resmed Inc. | 0.12% | 84,007 | $18.9M | Add +15.2% |
| RYAN Ryan Specialty Holdings Inc. | 0.11% | 501,194 | $16.9M | Reduce -4.6% |
| MDLN Medline Inc. Class A | 0.11% | 367,296 | $16.3M | Add +63.2% |
| LPLA LPL Financial Holdings Inc. | 0.09% | 48,723 | $14.7M | Reduce -1.8% |
| MUX McEwen Inc. | 0.09% | 706,851 | $14.4M | Add +182.8% |
| KLAC KLA Corp. | 0.09% | 9,416 | $13.9M | Reduce -1.8% |
| VG Venture Global Inc. Class A | 0.08% | 770,415 | $12.1M | New |
| FANG Diamondback Energy Inc. | 0.08% | 60,054 | $11.9M | New |
| WAY Waystar Holding Corp. | 0.07% | 453,169 | $10.9M | Add +34.2% |
| XYZ Block Inc. | 0.07% | 178,057 | $10.7M | Add +278.5% |
| SFM Sprouts Farmers Market Inc. | 0.06% | 124,546 | $9.6M | Add +28.2% |
| RBA RB Global Inc. | 0.06% | 99,691 | $9.6M | Reduce -17.8% |
| BKTI BK Technologies Corp. | 0.06% | 116,904 | $8.7M | New |
Portfolio Sells Q4 2025 → Q1 2026
| BKNG Booking Holdings Inc. | Reduce -49.5% | 1.55% | −1.82 |
| MSFT Microsoft Corp. | Reduce -11.8% | 5.55% | −1.57 |
| DE Deere & Co. | Sold out | 0.00% | −1.00 |
| ATR Aptargroup Inc. | Reduce -68.0% | 0.54% | −0.87 |
| FCN Fti Consulting Inc. | Reduce -43.1% | 1.50% | −0.71 |
| APH Amphenol Corp. Class A | Reduce -21.6% | 3.26% | −0.59 |
| CDW CDW Corp. | Reduce -41.1% | 0.82% | −0.54 |
| ACN Accenture PLC Class A | Sold out | 0.00% | −0.53 |
| GOOG Alphabet Inc. Class C | Reduce -11.0% | 6.07% | −0.38 |
| AMZN Amazon.com Inc. | Reduce -10.3% | 4.92% | −0.34 |
| TME Tencent Music Entertainm-ADR | Reduce -7.6% | 0.43% | −0.33 |
| META Meta Platforms Inc. Class A | Reduce -11.0% | 2.27% | −0.28 |
| AER Aercap Holdings NV | Reduce -18.1% | 2.38% | −0.26 |
| AON Aon PLC Class A | Reduce -13.6% | 2.67% | −0.25 |
| BDX Becton Dickinson and Co. | Reduce -34.6% | 0.36% | −0.23 |
| HDB HDFC Bank Ltd.-ADR | Reduce -15.8% | 0.43% | −0.22 |
| V Visa Inc. Class A | Reduce -4.8% | 3.79% | −0.21 |
| MRSH Marsh & McLennan Cos | Reduce -11.0% | 3.90% | −0.16 |
| WFC Wells Fargo & Co. | Reduce -4.2% | 2.41% | −0.14 |
| NSP Insperity Inc. | Reduce -37.8% | 0.13% | −0.13 |
| BRK.A Berkshire Hathaway Inc. Class A | Reduce -13.3% | 2.37% | −0.12 |
| UBER Uber Technologies Inc. | Reduce -11.6% | 1.03% | −0.12 |
| DFIN Donnelley Financial Solution | Reduce -50.7% | 0.13% | −0.10 |
| CPAY Corpay Inc. | Reduce -18.5% | 0.97% | −0.10 |
| ICE Intercontinental Exchange Inc. | Reduce -14.4% | 2.12% | −0.09 |
| BBSI Barrett Business SVCS Inc. | Reduce -13.3% | 0.32% | −0.08 |
| AJG Arthur J Gallagher & Co. | Reduce -5.2% | 0.82% | −0.07 |
| FOUR SHIFT4 Payments Inc. Class A | Sold out | 0.00% | −0.06 |
| DHR Danaher Corp. | Reduce -8.6% | 0.42% | −0.06 |
| BIO Bio-Rad Laboratories-A | Reduce -19.3% | 0.34% | −0.06 |
| LYFT LYFT Inc. Class A | Sold out | 0.00% | −0.06 |
| NTES Netease Inc.-ADR | Reduce -6.8% | 0.38% | −0.05 |
| ELV Elevance Health Inc. | Reduce -8.7% | 0.36% | −0.05 |
| RYAN Ryan Specialty Holdings Inc. | Reduce -4.6% | 0.11% | −0.04 |
| FERG Ferguson Enterprises Inc. | Reduce -20.6% | 1.01% | −0.04 |
| VITL Vital Farms Inc. | Sold out | 0.00% | −0.04 |
| MUSA Murphy USA Inc. | Reduce -76.2% | 0.02% | −0.04 |
| EEFT Euronet Worldwide Inc. | Sold out | 0.00% | −0.03 |
| SHW The Sherwin-Williams Co. | Reduce -22.6% | 0.21% | −0.03 |
| CBZ Cbiz Inc. | Sold out | 0.00% | −0.03 |
| EWU iShares MSCI United Kingdom | Sold out | 0.00% | −0.03 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -28.1% | 0.29% | −0.02 |
| CSL Carlisle Cos Inc. | Reduce -49.8% | 0.04% | −0.02 |
| MKC McCormick & Co.-Non VTG SHRS | Reduce -0.5% | 0.13% | −0.02 |
| MOAT Vaneck Morningstar Wide Moat | Sold out | 0.00% | −0.02 |
| MA Mastercard Inc. Class A | Reduce -2.4% | 1.46% | −0.02 |
| ODFL Old Dominion Freight Line | Sold out | 0.00% | −0.02 |
| NKE Nike Inc. Class B | Reduce -0.1% | 0.37% | −0.02 |
| VVV Valvoline Inc. | Reduce -29.8% | 0.24% | −0.01 |
| BUR Burford Capital Ltd. | Sold out | 0.00% | −0.01 |
Portfolio Buys Q4 2025 → Q1 2026
| SO The Southern Co. | Add +93.6% | 2.14% | +1.27 |
| TSEM Tower Semiconductor Ltd. | New | 1.10% | +1.10 |
| COR Cencora Inc. | Add +66.8% | 2.10% | +0.93 |
| NVDA Nvidia Corp. | Add +166.6% | 1.07% | +0.70 |
| AEP American Electric Power | Add +36.6% | 1.13% | +0.50 |
| MCK McKesson Corp. | New | 0.48% | +0.48 |
| SPGI S&P Global Inc. | Add +85.9% | 1.05% | +0.45 |
| ZTS Zoetis Inc. | Add +112.5% | 0.58% | +0.33 |
| JPM JPMorgan Chase & Co. | Add +9.7% | 2.12% | +0.29 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +68.0% | 0.72% | +0.29 |
| BSX Boston Scientific Corp. | Add +1176.3% | 0.24% | +0.21 |
| ABNB Airbnb Inc. Class A | Add +28.1% | 0.70% | +0.19 |
| TW Tradeweb Markets Inc. Class A | Add +18.0% | 0.48% | +0.16 |
| ITT Itt Inc. | Add +7.5% | 0.56% | +0.15 |
| IPAR Interparfums Inc. | Add +304.3% | 0.18% | +0.15 |
| OPLN Openlane Inc. | Add +191.3% | 0.20% | +0.14 |
| AAON Aaon Inc. | Add +10.8% | 0.45% | +0.13 |
| DORM Dorman Products Inc. | Add +179.7% | 0.17% | +0.11 |
| HSY The Hershey Co. | Add +7.8% | 0.36% | +0.11 |
| MEDP Medpace Holdings Inc. | Add +9.5% | 1.39% | +0.11 |
| ABBV Abbvie Inc. | Add +18.6% | 0.44% | +0.10 |
| ENSG The Ensign Group Inc. | Add +33.9% | 0.22% | +0.10 |
| VG Venture Global Inc. Class A | New | 0.08% | +0.08 |
| FANG Diamondback Energy Inc. | New | 0.08% | +0.08 |
| MUX McEwen Inc. | Add +182.8% | 0.09% | +0.07 |
| NOVT Novanta Inc. | Add +5.5% | 0.37% | +0.06 |
| KNSL Kinsale Capital Group Inc. | Add +73.0% | 0.13% | +0.06 |
| BKTI BK Technologies Corp. | New | 0.06% | +0.06 |
| AMTM Amentum Holdings Inc. | New | 0.06% | +0.06 |
| MDLN Medline Inc. Class A | Add +63.2% | 0.11% | +0.05 |
| XYZ Block Inc. | Add +278.5% | 0.07% | +0.05 |
| ATAT Atour Lifestyle Holdings-ADR | Add +35.2% | 0.15% | +0.05 |
| VRT Vertiv Holdings Co. Class A | Add +258.7% | 0.05% | +0.04 |
| SAIA Saia Inc. | New | 0.04% | +0.04 |
| XPO Xpo Inc. | New | 0.04% | +0.04 |
| LITE Lumentum Holdings Inc. | New | 0.04% | +0.04 |
| VRSK Verisk Analytics Inc. | Add +11.8% | 0.35% | +0.03 |
| LGN Legence Corp. Class A | Add +57.2% | 0.05% | +0.03 |
| RMD Resmed Inc. | Add +15.2% | 0.12% | +0.02 |
| NEM Newmont Corp. | New | 0.02% | +0.02 |
| CHRD Chord Energy Corp. | New | 0.02% | +0.02 |
| GTX Garrett Motion Inc. | New | 0.02% | +0.02 |
| WSC Willscot Holdings Corp. | New | 0.02% | +0.02 |
| SFM Sprouts Farmers Market Inc. | Add +28.2% | 0.06% | +0.02 |
| EOG EOG Resources Inc. | New | 0.01% | +0.01 |
| BCO The Brink's Co. | New | 0.01% | +0.01 |
| WAY Waystar Holding Corp. | Add +34.2% | 0.07% | +0.01 |
| CSW CSW Industrials Inc. | Add +24.7% | 0.03% | +0.01 |
| VEEV Veeva Systems Inc. Class A | New | 0.01% | +0.01 |
| WMG Warner Music Group Corp. Class A | Add +15.7% | 0.06% | +0.01 |
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 |