Global Credit

As at March 31, 2025

Strategy Profile

Managers:
Brian Carney, CIM
Benchmark :
ICE BofA Global Corporate & High Yield Index
Assets Under Management:
Mawer Investment Management Ltd: $86,741M
Strategy : $178M
Inception Date:
January 31, 2024

For more information, please contact us.

Related Links

Investment Philosophy

The strategy will be managed as an absolute return focused credit fund. The strategy will primarily invest in a portfolio of corporate bonds, debentures and other debt like instruments from issuers around the world. The strategy may also invest in asset-backed and mortgage-backed securities, and other securitized products. Equities issued as part of an issuer's restructuring may be held. Government bonds including, but not limited to, US Treasuries and Canadian Government bonds, may be held.

There are no specific limits on the portion of the strategy's assets that may be invested in foreign securities. However, the strategy intends to hedge its foreign currency exposure back to Canadian Dollars.

What Does the Strategy Invest In?

The strategy is primarily invested in a portfolio of corporate bonds, debentures and other debt like instruments from issuers around the world. The strategy may also invest in asset-backed and mortgage-backed securities, and other securitized products. Equities issued as part of an issuer’s restructuring may be held.

Strategy Profile

Managers:
Brian Carney, CIM
Benchmark :
ICE BofA Global Corporate & High Yield Index
Assets Under Management:
Mawer Investment Management Ltd: $86,741M
Strategy : $178M
Inception Date:
January 31, 2024

For more information, please contact us.

Investment Philosophy

The strategy will be managed as an absolute return focused credit fund. The strategy will primarily invest in a portfolio of corporate bonds, debentures and other debt like instruments from issuers around the world. The strategy may also invest in asset-backed and mortgage-backed securities, and other securitized products. Equities issued as part of an issuer's restructuring may be held. Government bonds including, but not limited to, US Treasuries and Canadian Government bonds, may be held.

There are no specific limits on the portion of the strategy's assets that may be invested in foreign securities. However, the strategy intends to hedge its foreign currency exposure back to Canadian Dollars.

What Does the Strategy Invest In?

The strategy is primarily invested in a portfolio of corporate bonds, debentures and other debt like instruments from issuers around the world. The strategy may also invest in asset-backed and mortgage-backed securities, and other securitized products. Equities issued as part of an issuer’s restructuring may be held.

Sector Weights

Sector: Banking
  • Portfolio: 22.7
  • : 0
Sector: Capital goods
  • Portfolio: 14.7
  • : 0
Sector: Consumer goods
  • Portfolio: 12.9
  • : 0
Sector: Cash & cash equivalents
  • Portfolio: 3.1
  • : 0
Sector: Financial services
  • Portfolio: 12.6
  • : 0
Sector: Health care
  • Portfolio: 9.9
  • : 0
Sector: Insurance
  • Portfolio: 1.3
  • : 0
Sector: Retail
  • Portfolio: 14.9
  • : 0
Sector: Technology & Electronics
  • Portfolio: 7.9
  • : 0

Regional Weights

Region: Canada
  • Portfolio: 14.1
  • : 0
Region: Europe ex. U.K.
  • Portfolio: 11.1
  • : 0
Region: United States
  • Portfolio: 71.6
  • : 0
Region: Cash & Cash Equivalents
  • Portfolio: 3.1
  • : 0

Credit Ratings

Rating: AAA
  • Portfolio: 8.1
  • : 0
Rating: AA
  • Portfolio: 37.1
  • : 0
Rating: A
  • Portfolio: 44.6
  • : 0
Rating: BBB
  • Portfolio: 10.2
  • : 0
Rating: BB
  • Portfolio: 0
  • : 0
Rating: B
  • Portfolio: 0
  • : 0

Top 10 Holdings

Top 10 Holdings Weight (%)
JPMorgan Chase Bank NA 5.41% December 8, 2026 7.4
Royal Bank of Canada 6.45% July 20, 2026 6.4
McDonald's Corp 3.7% January 30, 2026 5.0
Procter & Gamble Co 0.55% October 29, 2025 5.0
Apple Inc 0.7% February 8, 2026 4.9
Goldman Sachs Bank USA/New York NY 5.15% May 21, 2027 4.9
Nestle Holdings Inc 4% September 12, 2025 4.9
Walmart Inc 4% April 15, 2026 4.9
Johnson & Johnson 0.55% September 1, 2025 4.9
General Electric Co 4.94% May 5, 2026 4.9
Total 53.2

Annualized Performance

Period: YTD
  • Global Credit Opportunities Strategy (Net): 0.7
  • Global Credit Opportunities Strategy (Gross): 0.9
  • ICE BofA Global Corporate & High Yield Index: 1.3
Period: 1 Yr
  • Global Credit Opportunities Strategy (Net): 4.8
  • Global Credit Opportunities Strategy (Gross): 5.7
  • ICE BofA Global Corporate & High Yield Index: 4.8
Period: Since Inception [*]
  • Global Credit Opportunities Strategy (Net): 4.7
  • Global Credit Opportunities Strategy (Gross): 5.6
  • ICE BofA Global Corporate & High Yield Index: 4.3

Upside/downside Capture (Since inception * )

Upside Capture
  • Global Credit Opportunities Strategy (Net):
  • Global Credit Opportunities Strategy (Gross): 52
  • ICE BofA Global Corporate & High Yield Index: 100
Downside Capture
  • Global Credit Opportunities Strategy (Net):
  • Global Credit Opportunities Strategy (Gross): -7
  • ICE BofA Global Corporate & High Yield Index: 100
  • * January 31, 2024.

Strategy performance is based on the Mawer Global Credit Opportunities representative account and is supplemental information to the GIPS report(s). Past performance does not guarantee or indicate future results. Performance is in Canadian dollars. Returns for greater than one year have been annualized. See GIPS report(s) and full disclaimers.

Period Start Period End Gross-of-Fee Composite Return Net-of-Fee Composite Return Benchmark Return Internal Dispersion Composite Gross 3-Yr St Dev Benchmark 3-Yr St Dev Number of Accounts at Period End Total Composite Assets (Millions) at Period End Total Firm Assets (Millions) at Period End
31 Jan 2024 31 Dec 2024 5.60% 4.83% 3.59% - - - - $87 $65,431
31 Dec 2024 31 Mar 2025 0.85% 0.66% 1.34% - - - - $178 $62,886
Compliance Statement
Mawer Institutional claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Mawer Institutional has been independently verified for the periods from January 1, 2007 to December 31, 2023. The verification report(s) is/are available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.
Definition of the Firm
For the purposes of applying the GIPS Standards, the Firm is defined as all institutional segments of Mawer Investment Management Limited ('Mawer'), collectively held out as Mawer Institutional. Private clients, Mutual Fund Direct clients and Separately Managed Accounts (SMA) are not included in the GIPS Firm.
Composite Description
The investment objective of the Mawer Global Credit Opportunities Fund is to invest for interest income and capital returns primarily from bonds, debentures, and other debt like instruments of corporate issuers. The Fund is primarily invested in a portfolio of corporate bonds, debentures and other debt like instruments from issuers around the world. The Fund may also invest in asset-backed and mortgage backed securities, and other securitized products. Equities issued as part of an issuer's restructuring may be held. The Fund intends to hedge its foreign currency exposure back to Canadian Dollars. The major risks for the Mawer Global Credit Opportunities Fund are concentration risk, counterparty risk, credit risk, currency risk, derivatives risk, foreign security risk and interest rate risk. Additional risks to this Fund are income trust risk, specific issuer risk, multiple series risk and portfolio turnover risk. The Fund may hedge the currency exposure and interest rate exposure of the portfolio as we deem appropriate. However, hedging against a decline in the value of a currency or interest rate fluctuations does not eliminate the risk of declines in prices of the securities in the portfolio.
Composite Inception Date
2024-01-31
Reporting Currency
All numerical information is calculated and presented in Canadian Dollars.
Returns
Series A Fund gross-of-fee returns are presented.
Gross-of-fee returns include the reinvestment of all income received/earned. Gross-of-fees returns are presented before management fees and reduced by trading and administrative expenses.
Net-of-fee returns are reduced by the actual total pooled fund fees, which include investment management fees, trading and administrative expenses.
Mawer Institutional bears the costs of investment research. Research costs are not separately charged to clients. Actual fees may vary depending on the applicable fee schedule and the size of the account.
Returns presented are time-weighted returns. Past performance does not guarantee or indicate future results.
Benchmark
ICE BofA Global Corporate & High Yield CAD Hedged

All benchmarks are total return indices, if they consist of a blend of more than one index, are calculated by weighting the respective index returns on a monthly basis. Fund and benchmark returns are in Canadian dollars and net of withholding taxes, if applicable.
Standard Deviation
The three-year annualized standard deviation measures the variability of the fund's gross returns and the benchmark's returns over the preceding 36-month period; it is not presented when 36 monthly returns are not available.
Trademark
GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Policies
Mawer Institutional's policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.
List of Composites and Pooled Funds
A list of composite descriptions, a list of limited distribution pooled fund descriptions, and a list of broad distribution pooled funds are available upon request.

Related Links

  • Disclaimers

    All information is in Canadian dollars unless otherwise stated. The strategy performance presented is gross and net of fees; rates of return for greater than one year have been annualized. The index is unmanaged and does not incur fees or expenses. It is not possible to directly invest in an index.

    Past performance does not guarantee or indicate future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested. Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio’s base currency, if different. Investors should be aware that forward-looking statements and forecasts may not be realized.

    The information contained herein was provided by Mawer Investment Management Ltd. and intends to provide you with information related to Mawer Global Credit strategy and Global Credit Composite at a point in time. It is not intended to be investment advice applicable to any specific circumstance and should not be construed as investment advice. Market conditions may change impacting the composition of a portfolio. Mawer assumes no responsibility for any investment decisions made based on the information provided herein. Certain information contained herein is obtained from third parties. Mawer believes such information to be accurate and reliable as at the date hereof, however does not guarantee that it is accurate or complete or current at all times.

    References to specific securities are presented for informational purposes only. Information relating to investment approaches or individual investments should not be construed as advice or endorsement. Any views expressed were prepared based upon the information available at the time and are subject to change. All information is subject to possible correction. In no event shall Mawer be liable for any damages arising out of, or in any way connected with, the use or inability to use this information appropriately.

Disclaimers

All information is in Canadian dollars unless otherwise stated. The strategy performance presented is gross and net of fees; rates of return for greater than one year have been annualized. The index is unmanaged and does not incur fees or expenses. It is not possible to directly invest in an index.

Past performance does not guarantee or indicate future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested. Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio’s base currency, if different. Investors should be aware that forward-looking statements and forecasts may not be realized.

The information contained herein was provided by Mawer Investment Management Ltd. and intends to provide you with information related to Mawer Global Credit strategy and Global Credit Composite at a point in time. It is not intended to be investment advice applicable to any specific circumstance and should not be construed as investment advice. Market conditions may change impacting the composition of a portfolio. Mawer assumes no responsibility for any investment decisions made based on the information provided herein. Certain information contained herein is obtained from third parties. Mawer believes such information to be accurate and reliable as at the date hereof, however does not guarantee that it is accurate or complete or current at all times.

References to specific securities are presented for informational purposes only. Information relating to investment approaches or individual investments should not be construed as advice or endorsement. Any views expressed were prepared based upon the information available at the time and are subject to change. All information is subject to possible correction. In no event shall Mawer be liable for any damages arising out of, or in any way connected with, the use or inability to use this information appropriately.