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

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 Q4 2025 Q1 2026: $15.4B $15.4B Q1 2026 Q2 2026: $14.7B Q2 2026

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
WMG Warner Music Group Corp. Class A 0.06% 341,325 $8.7M Add +15.7%
AMTM Amentum Holdings Inc. 0.06% 333,790 $8.7M New
VRT Vertiv Holdings Co. Class A 0.05% 32,797 $8.2M Add +258.7%
LGN Legence Corp. Class A 0.05% 134,185 $7.6M Add +57.2%
WMS Advanced Drainage Systems Inc. 0.05% 53,935 $7.4M Reduce -17.5%
FIX Comfort Systems USA Inc. 0.05% 5,196 $7.2M Reduce -20.0%
SAIA Saia Inc. 0.04% 18,844 $6.6M New
XPO Xpo Inc. 0.04% 33,010 $6.4M New
LITE Lumentum Holdings Inc. 0.04% 8,883 $6.2M New
CSL Carlisle Cos Inc. 0.04% 16,237 $5.4M Reduce -49.8%
KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC 0.03% 72,791 $5.4M No change
GOOGL Alphabet Inc. Class A 0.03% 18,574 $5.3M Reduce -2.5%
CSW CSW Industrials Inc. 0.03% 18,917 $4.9M Add +24.7%
PDD PDD Holdings Inc. 0.02% 34,390 $3.5M No change
NEM Newmont Corp. 0.02% 31,755 $3.4M New
CHRD Chord Energy Corp. 0.02% 23,234 $3.3M New
GTX Garrett Motion Inc. 0.02% 179,560 $3.3M New
ORLY O'reilly Automotive Inc. 0.02% 35,115 $3.2M Reduce -44.8%
WSC Willscot Holdings Corp. 0.02% 177,979 $3.1M New
MUSA Murphy USA Inc. 0.02% 6,044 $3.0M Reduce -76.2%
EOG EOG Resources Inc. 0.01% 11,151 $1.6M New
BCO The Brink's Co. 0.01% 14,614 $1.5M New
SE Sea Ltd.-ADR 0.01% 16,947 $1.4M Add +108.6%
AAPL Apple Inc. 0.01% 3,833 $973K Reduce -2.2%
VEEV Veeva Systems Inc. Class A 0.01% 5,494 $965K New
RY Royal Bank of Canada 0.00% 1,495 $242K No change

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

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