Mawer Investment Management Ltd.

In its 13F for Q2 2026 (holdings as of June 30, 2026, filed August 7, 2026), Mawer Investment Management Ltd. reported 142 stock positions worth $14.7 billion. Its top holding was Alphabet Class C (GOOG) at 6.4% of the portfolio, followed by Amazon.com (AMZN, 4.9%) and Microsoft (MSFT, 4.3%). Compared with Q1 2026, it opened 28 new positions, sold out of 12, added to 38 and reduced 75. The biggest buy was Nvidia (NVDA, shares +224%) and the biggest sale Marsh & McLennan Cos (MRSH, shares −46%).

Most Recent 13F
Q2 2026
Location
CALGARY, A0
CIK
0001538449
Portfolio Value
$14.7B (Q2 2026)
SEC Filing
0000945621-26-000992 ↗ filed Aug 7, 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 Q1 2026 Q2 2026: $14.7B $14.7B Q2 2026

Holdings 142 stocks · $14.7B
GOOG Alphabet Inc. Class C 6.44% 2,682,081 $947.7M Reduce -17.9%
AMZN Amazon.com Inc. 4.91% 3,028,097 $721.7M Reduce -17.0%
MSFT Microsoft Corp. 4.26% 1,679,876 $626.6M Reduce -27.4%
SHEL Shell PLC-ADR 4.22% 8,013,792 $621.4M Add +12.6%
NVDA Nvidia Corp. 4.19% 3,078,576 $616.0M Add +223.6%
V Visa Inc. Class A 4.04% 1,730,185 $593.6M Reduce -10.7%
WAT Waters Corp. 3.10% 1,216,947 $456.4M Reduce -13.3%
COR Cencora Inc. 2.86% 1,488,843 $421.3M Add +44.4%
APH Amphenol Corp. Class A 2.83% 2,358,285 $415.8M Reduce -40.9%
AON Aon PLC Class A 2.64% 1,171,624 $388.6M Reduce -8.3%
AER Aercap Holdings NV 2.40% 2,420,238 $352.8M Reduce -9.7%
WFC Wells Fargo & Co. 2.36% 4,195,116 $346.7M Reduce -10.2%
NOC Northrop Grumman Corp. 2.31% 667,069 $339.7M Reduce -2.4%
AEP American Electric Power 2.12% 2,283,858 $312.5M Add +71.1%
MRSH Marsh & McLennan Cos 2.12% 1,871,159 $311.9M Reduce -46.2%
BRK.A Berkshire Hathaway Inc. Class A 2.11% 415 $310.8M Reduce -18.5%
META Meta Platforms Inc. Class A 2.09% 545,687 $307.4M Reduce -10.9%
JPM JPMorgan Chase & Co. 2.06% 927,802 $303.7M Reduce -16.7%
SO The Southern Co. 1.97% 3,023,312 $289.4M Reduce -11.6%
TSEM Tower Semiconductor Ltd. 1.84% 1,038,086 $270.6M Add +7.6%
ICE Intercontinental Exchange Inc. 1.70% 2,031,582 $250.1M Reduce -2.4%
MA Mastercard Inc. Class A 1.52% 434,186 $223.0M Reduce -4.0%
CME Cme Group Inc. 1.44% 955,942 $211.1M Reduce -7.3%
SPGI S&P Global Inc. 1.19% 428,573 $174.5M Add +11.9%
SII Sprott Inc. 1.01% 1,320,706 $148.4M Reduce -2.3%
UBER Uber Technologies Inc. 0.97% 1,983,808 $143.2M Reduce -10.4%
MEDP Medpace Holdings Inc. 0.96% 267,175 $141.5M Reduce -40.1%
MLM Martin Marietta Materials 0.95% 241,545 $139.3M Reduce -5.5%
MCK McKesson Corp. 0.93% 180,449 $136.3M Add +110.6%
BWXT BWX Technologies Inc. 0.91% 689,750 $134.3M Reduce -6.0%
CDW CDW Corp. 0.91% 949,381 $133.5M Reduce -9.7%
TXN Texas Instruments Inc. 0.91% 447,181 $133.3M Add +2.2%
BKNG Booking Holdings Inc. 0.90% 740,483 $132.0M Reduce -47.8%
CPAY Corpay Inc. 0.83% 367,757 $122.6M Reduce -28.4%
AJG Arthur J Gallagher & Co. filed as GALLAGHER ARTHUR J & CO 0.80% 510,025 $117.1M Reduce -12.3%
PG The Procter & Gamble Co. 0.78% 784,529 $115.0M Reduce -7.8%
FCN Fti Consulting Inc. 0.75% 736,868 $109.8M Reduce -43.8%
ABBV Abbvie Inc. 0.74% 431,246 $108.5M Add +39.2%
AAON Aaon Inc. 0.74% 855,173 $108.5M Add +0.8%
ABT Abbott Laboratories 0.73% 1,186,677 $107.7M Reduce -5.3%
ABNB Airbnb Inc. Class A 0.73% 746,819 $106.9M Reduce -12.7%
CACI Caci International Inc. Class A 0.71% 224,720 $104.1M Add +0.2%
NOVT Novanta Inc. 0.65% 589,573 $95.7M Add +22.3%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.65% 7,155,847 $95.6M Reduce -7.1%
CGNX Cognex Corp. 0.64% 1,305,175 $94.5M Add +10.0%
ITT Itt Inc. 0.57% 422,873 $83.6M Reduce -6.9%
VRSK Verisk Analytics Inc. 0.57% 464,286 $83.4M Add +62.7%
JNJ Johnson & Johnson 0.56% 322,477 $81.9M Reduce -10.9%
ELV Elevance Health Inc. 0.49% 187,293 $72.4M Reduce -0.9%
VZ Verizon Communications Inc. 0.48% 1,676,590 $71.0M Reduce -38.6%
ESQ Esquire Financial Holdings I 0.47% 583,871 $69.5M Reduce -19.5%
HDB HDFC Bank Ltd.-ADR 0.46% 2,624,709 $67.8M Reduce -2.2%
VMI Valmont Industries 0.45% 114,118 $65.9M New
VEEV Veeva Systems Inc. Class A 0.43% 355,389 $63.1M Add +6368.7%
DHR Danaher Corp. 0.41% 319,583 $60.9M Reduce -5.7%
TW Tradeweb Markets Inc. Class A 0.39% 579,425 $57.7M Reduce -7.5%
TSM Taiwan Semiconductor-SP ADR 0.39% 120,328 $57.5M Reduce -10.4%
SKM SK Telecom Co. Ltd.-Spon ADR 0.37% 1,708,146 $54.9M New
UNH Unitedhealth Group Inc. 0.37% 129,954 $54.0M Reduce -11.3%
TME Tencent Music Entertainm-ADR 0.35% 6,202,845 $51.8M Reduce -14.0%
LITE Lumentum Holdings Inc. 0.34% 57,680 $49.5M Add +549.3%
HSY The Hershey Co. 0.33% 278,385 $48.8M Add +4.8%
AVGO Broadcom Inc. 0.33% 128,290 $48.5M New
BBSI Barrett Business SVCS Inc. 0.30% 1,230,575 $43.7M Reduce -27.7%
IPAR Interparfums Inc. 0.29% 386,090 $43.2M Add +24.2%
OPLN Openlane Inc. 0.28% 1,000,262 $41.3M Reduce -7.8%
NKE Nike Inc. Class B 0.27% 950,036 $39.0M Reduce -11.2%
SNDK Sandisk Corp. 0.26% 17,110 $38.9M Reduce -44.0%
AME Ametek Inc. 0.24% 147,117 $35.6M Reduce -26.0%
DORM Dorman Products Inc. 0.24% 257,897 $35.2M Add +1.1%
BDX Becton Dickinson and Co. 0.24% 231,895 $35.1M Reduce -34.7%
FERG Ferguson Enterprises Inc. 0.23% 144,782 $34.4M Reduce -78.5%
NOW ServiceNow Inc. 0.23% 337,344 $33.5M New
MDLN Medline Inc. Class A 0.23% 840,566 $33.2M Add +128.8%
FORM Formfactor Inc. 0.22% 202,824 $32.4M New
KLAC KLA Corp. 0.22% 106,797 $32.2M Add +13.4%
WCC Wesco International Inc. 0.18% 74,616 $25.8M New
BRK.B Berkshire Hathaway Inc. Class B 0.17% 50,850 $25.4M Reduce -7.0%
ADSK Autodesk Inc. 0.17% 130,248 $25.3M New
ATR Aptargroup Inc. 0.16% 193,292 $24.2M Reduce -70.6%
VRT Vertiv Holdings Co. Class A 0.16% 72,028 $24.1M Add +119.6%
ATAT Atour Lifestyle Holdings-ADR 0.16% 752,258 $23.9M Add +16.1%
CASH Pathward Financial Inc. 0.16% 271,655 $23.7M Add +1.2%
BSX Boston Scientific Corp. 0.15% 530,533 $22.6M Reduce -10.0%
BIO Bio-Rad Laboratories-A 0.14% 71,577 $21.0M Reduce -62.1%
SN Sharkninja Inc. 0.13% 129,084 $19.7M Reduce -29.1%
BWA Borgwarner Inc. 0.13% 295,797 $19.6M Reduce -64.5%
IBKR Interactive Brokers Gro Class A 0.13% 223,262 $19.4M Reduce -39.6%
ZTS Zoetis Inc. 0.13% 257,185 $18.5M Reduce -65.9%
RXO Rxo Inc. 0.12% 657,345 $18.1M New
LPLA LPL Financial Holdings Inc. 0.12% 64,243 $18.1M Add +31.9%
RYAN Ryan Specialty Holdings Inc. 0.12% 469,919 $17.7M Reduce -6.2%
TER Teradyne Inc. 0.12% 35,997 $17.4M New
RMD Resmed Inc. 0.12% 89,367 $17.4M Add +6.4%
KKR KKR & Co. Inc. 0.12% 189,608 $17.4M Reduce -10.1%
KNSL Kinsale Capital Group Inc. 0.12% 52,521 $17.3M Reduce -12.2%
SHW The Sherwin-Williams Co. 0.11% 48,595 $16.7M Reduce -53.1%
SFM Sprouts Farmers Market Inc. 0.11% 185,380 $15.7M Add +48.8%
XPEL Xpel Inc. 0.10% 310,200 $15.4M New
DFIN Donnelley Financial Solution 0.10% 347,156 $14.6M Reduce -18.1%
WMS Advanced Drainage Systems Inc. 0.10% 91,012 $14.3M Add +68.7%
VVV Valvoline Inc. 0.09% 342,685 $13.5M Reduce -68.5%
XYZ Block Inc. 0.09% 172,805 $13.1M Reduce -3.0%
FIX Comfort Systems USA Inc. 0.09% 6,534 $13.0M Add +25.8%
GLBE Global-E Online Ltd. 0.08% 340,500 $11.8M New
NSP Insperity Inc. 0.08% 275,434 $11.4M Reduce -63.1%
RBA RB Global Inc. 0.08% 96,455 $11.2M Reduce -3.3%
CART Maplebear Inc. 0.07% 230,600 $10.9M New
TWST Twist Bioscience Corp. 0.07% 99,251 $10.2M New
WAY Waystar Holding Corp. 0.07% 480,069 $9.9M Add +5.9%
XPO Xpo Inc. 0.07% 47,204 $9.7M Add +43.0%
FND Floor & Decor Holdings Inc. Class A 0.06% 160,400 $9.5M New
TBBB BBB Foods Inc. Class A 0.06% 212,570 $8.9M New
CSW CSW Industrials Inc. 0.06% 30,757 $8.6M Add +62.6%
SAIA Saia Inc. 0.06% 19,852 $8.4M Add +5.3%
GTX Garrett Motion Inc. 0.06% 229,213 $8.3M Add +27.6%
MTRN Materion Corp. 0.05% 26,872 $8.0M New
VG Venture Global Inc. Class A 0.05% 714,711 $8.0M Reduce -7.2%
AMTM Amentum Holdings Inc. 0.05% 369,557 $7.6M Add +10.7%
MUX McEwen Inc. 0.05% 410,707 $7.4M Reduce -41.9%
BKTI BK Technologies Corp. 0.05% 85,429 $7.3M Reduce -26.9%
LMT Lockheed Martin Corp. 0.05% 14,217 $7.2M New
FANG Diamondback Energy Inc. 0.04% 32,583 $5.7M Reduce -45.7%
PARR Par Pacific Holdings Inc. 0.04% 95,910 $5.4M New
PEGA Pegasystems Inc. 0.03% 170,958 $5.1M New
CSL Carlisle Cos Inc. 0.03% 14,082 $5.1M Reduce -13.3%
WSC Willscot Holdings Corp. 0.03% 170,479 $4.9M Reduce -4.2%
GOOGL Alphabet Inc. Class A 0.03% 12,877 $4.6M Reduce -30.7%
VIST Vista Energy Sab DE CV 0.03% 60,800 $3.9M New
NEM Newmont Corp. 0.02% 30,271 $2.8M Reduce -4.7%
BCO The Brink's Co. 0.02% 28,917 $2.7M Add +97.9%
SE Sea Ltd.-ADR 0.02% 27,785 $2.7M Add +64.0%
GNRC Generac Holdings Inc. 0.01% 7,249 $2.1M New
AAPL Apple Inc. 0.01% 5,510 $1.6M Add +43.8%
HLNE Hamilton Lane Inc. Class A 0.01% 13,400 $1.1M New
KRT Karat Packaging Inc. 0.01% 31,084 $1.0M New
IVV iShares Core S&P 500 ETF 0.00% 521 $390K New
RY Royal Bank of Canada 0.00% 1,495 $309K No change
TD Toronto-Dominion Bank 0.00% 2,081 $253K New
CAT Caterpillar Inc. 0.00% 225 $240K New
IEFA iShares Core MSCI Eafe ETF 0.00% 2,210 $213K New
BMO Bank of Montreal filed as BANK MONTREAL MEDIUM 0.00% 1,195 $211K New

Portfolio Sells Q1 2026 → Q2 2026
MRSH Marsh & McLennan Cos Reduce -46.2% 2.12% −1.78
MSFT Microsoft Corp. Reduce -27.4% 4.26% −1.29
OSIS Osi Systems Inc. Sold out 0.00% −1.14
FERG Ferguson Enterprises Inc. Reduce -78.5% 0.23% −0.78
FCN Fti Consulting Inc. Reduce -43.8% 0.75% −0.75
NOC Northrop Grumman Corp. Reduce -2.4% 2.31% −0.71
BKNG Booking Holdings Inc. Reduce -47.8% 0.90% −0.65
CME Cme Group Inc. Reduce -7.3% 1.44% −0.54
ZTS Zoetis Inc. Reduce -65.9% 0.13% −0.45
APH Amphenol Corp. Class A Reduce -40.9% 2.83% −0.43
MEDP Medpace Holdings Inc. Reduce -40.1% 0.96% −0.42
ICE Intercontinental Exchange Inc. Reduce -2.4% 1.70% −0.42
VZ Verizon Communications Inc. Reduce -38.6% 0.48% −0.40
NTES Netease Inc.-ADR Sold out 0.00% −0.38
ATR Aptargroup Inc. Reduce -70.6% 0.16% −0.37
BRK.A Berkshire Hathaway Inc. Class A Reduce -18.5% 2.11% −0.25
SII Sprott Inc. Reduce -2.3% 1.01% −0.24
ENSG The Ensign Group Inc. Sold out 0.00% −0.22
BIO Bio-Rad Laboratories-A Reduce -62.1% 0.14% −0.20
META Meta Platforms Inc. Class A Reduce -10.9% 2.09% −0.18
SO The Southern Co. Reduce -11.6% 1.97% −0.17
BWA Borgwarner Inc. Reduce -64.5% 0.13% −0.16
VVV Valvoline Inc. Reduce -68.5% 0.09% −0.14
CPAY Corpay Inc. Reduce -28.4% 0.83% −0.13
MKC McCormick & Co.-Non VTG SHRS Sold out 0.00% −0.13
BDX Becton Dickinson and Co. Reduce -34.7% 0.24% −0.12
ABT Abbott Laboratories Reduce -5.3% 0.73% −0.10
SHW The Sherwin-Williams Co. Reduce -53.1% 0.11% −0.10
NKE Nike Inc. Class B Reduce -11.2% 0.27% −0.10
BSX Boston Scientific Corp. Reduce -10.0% 0.15% −0.09
TW Tradeweb Markets Inc. Class A Reduce -7.5% 0.39% −0.08
TME Tencent Music Entertainm-ADR Reduce -14.0% 0.35% −0.08
NU Nu Holdings Ltd./Cayman Isl-A Reduce -7.1% 0.65% −0.07
BWXT BWX Technologies Inc. Reduce -6.0% 0.91% −0.06
UBER Uber Technologies Inc. Reduce -10.4% 0.97% −0.06
WMG Warner Music Group Corp. Class A Sold out 0.00% −0.06
JPM JPMorgan Chase & Co. Reduce -16.7% 2.06% −0.06
NSP Insperity Inc. Reduce -63.1% 0.08% −0.05
WFC Wells Fargo & Co. Reduce -10.2% 2.36% −0.05
LGN Legence Corp. Class A Sold out 0.00% −0.05
MUX McEwen Inc. Reduce -41.9% 0.05% −0.04
FANG Diamondback Energy Inc. Reduce -45.7% 0.04% −0.04
KSPI JSC Kaspi.kz ADR Sold out 0.00% −0.03
AME Ametek Inc. Reduce -26.0% 0.24% −0.03
ESQ Esquire Financial Holdings I Reduce -19.5% 0.47% −0.03
DFIN Donnelley Financial Solution Reduce -18.1% 0.10% −0.03
IBKR Interactive Brokers Gro Class A Reduce -39.6% 0.13% −0.03
MLM Martin Marietta Materials Reduce -5.5% 0.95% −0.03
AON Aon PLC Class A Reduce -8.3% 2.64% −0.03
VG Venture Global Inc. Class A Reduce -7.2% 0.05% −0.02

Portfolio Buys Q1 2026 → Q2 2026
NVDA Nvidia Corp. Add +223.6% 4.19% +3.11
AEP American Electric Power Add +71.1% 2.12% +0.99
COR Cencora Inc. Add +44.4% 2.86% +0.77
TSEM Tower Semiconductor Ltd. Add +7.6% 1.84% +0.74
VMI Valmont Industries New 0.45% +0.45
MCK McKesson Corp. Add +110.6% 0.93% +0.45
VEEV Veeva Systems Inc. Class A Add +6368.7% 0.43% +0.42
SKM SK Telecom Co. Ltd.-Spon ADR New 0.37% +0.37
TXN Texas Instruments Inc. Add +2.2% 0.91% +0.36
AVGO Broadcom Inc. New 0.33% +0.33
ABBV Abbvie Inc. Add +39.2% 0.74% +0.30
LITE Lumentum Holdings Inc. Add +549.3% 0.34% +0.30
AAON Aaon Inc. Add +0.8% 0.74% +0.28
NOVT Novanta Inc. Add +22.3% 0.65% +0.28
CGNX Cognex Corp. Add +10.0% 0.64% +0.27
NOW ServiceNow Inc. New 0.23% +0.23
FORM Formfactor Inc. New 0.22% +0.22
VRSK Verisk Analytics Inc. Add +62.7% 0.57% +0.22
WCC Wesco International Inc. New 0.18% +0.18
ADSK Autodesk Inc. New 0.17% +0.17
SPGI S&P Global Inc. Add +11.9% 1.19% +0.13
KLAC KLA Corp. Add +13.4% 0.22% +0.13
RXO Rxo Inc. New 0.12% +0.12
MDLN Medline Inc. Class A Add +128.8% 0.23% +0.12
TER Teradyne Inc. New 0.12% +0.12
IPAR Interparfums Inc. Add +24.2% 0.29% +0.11
VRT Vertiv Holdings Co. Class A Add +119.6% 0.16% +0.11
XPEL Xpel Inc. New 0.10% +0.10
GLBE Global-E Online Ltd. New 0.08% +0.08
CART Maplebear Inc. New 0.07% +0.07
TWST Twist Bioscience Corp. New 0.07% +0.07
DORM Dorman Products Inc. Add +1.1% 0.24% +0.07
FND Floor & Decor Holdings Inc. Class A New 0.06% +0.06
TBBB BBB Foods Inc. Class A New 0.06% +0.06
MTRN Materion Corp. New 0.05% +0.05
WMS Advanced Drainage Systems Inc. Add +68.7% 0.10% +0.05
LMT Lockheed Martin Corp. New 0.05% +0.05
SFM Sprouts Farmers Market Inc. Add +48.8% 0.11% +0.04
FIX Comfort Systems USA Inc. Add +25.8% 0.09% +0.04
PARR Par Pacific Holdings Inc. New 0.04% +0.04
GTX Garrett Motion Inc. Add +27.6% 0.06% +0.04
PEGA Pegasystems Inc. New 0.03% +0.03
LPLA LPL Financial Holdings Inc. Add +31.9% 0.12% +0.03
VIST Vista Energy Sab DE CV New 0.03% +0.03
CSW CSW Industrials Inc. Add +62.6% 0.06% +0.03
XPO Xpo Inc. Add +43.0% 0.07% +0.02
GNRC Generac Holdings Inc. New 0.01% +0.01
SAIA Saia Inc. Add +5.3% 0.06% +0.01
SE Sea Ltd.-ADR Add +64.0% 0.02% +0.01
BCO The Brink's Co. Add +97.9% 0.02% +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