The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
Mawer delivered solid absolute returns in Q2 2026 but mixed benchmark performance as AI infrastructure demand drove exceptional gains in semiconductor, memory, and data center companies across Asia and North America. Hyperscaler capex commitments remained strong with real capital spending and substantial profit inflections. The manager participated selectively in this trend through holdings including Taiwan Semiconductor, Samsung, SK Hynix, Amphenol, and Texas Instruments, but actively managed position sizes by trimming after strong performance and harvesting gains to maintain valuation discipline. Energy and gold holdings detracted as Iran conflict dynamics shifted and commodities pulled back from highs, though the manager maintains longer-term rationale for real assets as geopolitical hedge. The hot IPO market including SpaceX represents growing speculative enthusiasm warranting attention. Central banks navigated complicated quarter with Fed shifting hawkish on persistent inflation. Manager used narrow market leadership to reinforce diversification principles, trimming positions where prices moved ahead of fundamentals and reallocating to areas with more balanced prospective returns. Portfolio remains designed to perform across multiple scenarios with room for genuine stars but anchored by businesses with durable advantages and sustainable cash flows.
Mawer maintains a diversified, quality-oriented portfolio designed to generate sustainable returns across market cycles by balancing selective exposure to AI infrastructure winners with businesses offering durable competitive advantages, sound balance sheets, and reasonable valuations, while actively managing position sizes and maintaining heightened diversification given elevated market concentration and geopolitical risk.
Manager expects market leadership to eventually broaden beyond current AI concentration, maintaining diversified portfolio designed to perform across multiple scenarios rather than chasing narrow winners. Portfolio balances genuine stars in AI infrastructure with businesses offering durable advantages, sound balance sheets, and sustainable cash flows across full cycle. Valuation discipline and diversification principles remain paramount given contested global order and elevated concentration risk. Fixed income held as stabilizer for volatility rather than return driver. Team approach emphasizes both offense and defense across full investment season.
As of Aug 26, 2026
David Ragan, CFA, serves as director and portfolio manager at Mawer since 2004, co-managing global equity, international equity, and EAFE large cap strategies, with board membership since 2007. Peter Lampert, CFA, joined Mawer in 2008 and manages international equity and emerging markets strategies, having established Asian research capabilities during his Singapore tenure from 2013-2015. Both portfolio managers hold CFA designations with extensive fundamental research experience, combining decades of international equity expertise to construct concentrated portfolios across developed markets outside North America.
The fund employs a highly disciplined, research-driven, bottom-up process focused on identifying companies with sustainable competitive advantages trading at discounts to intrinsic value, regardless of industry or economic conditions. As bottom-up, benchmark agnostic, fundamental investors, the team seeks companies with enduring competitive advantages, prudent balance sheets, and the ability to generate sustainable cash flows across full market cycles. The strategy maintains low turnover with long-term holding periods to allow for investor recognition and corporate growth, targeting wealth-creating companies with strong management teams positioned for long-term value creation in international markets outside North America.
Lead Portfolio Manager
Moderate Conviction Bullish
Market Conviction
Manager demonstrates moderate-high conviction through named positions across multiple geographies with clear thesis per holding. Letter discusses 20+ specific companies with detailed rationale for additions, trims, and exits. Position sizing is actively managed with explicit profit-taking after strong performance. However, diversification is emphasized as core principle with portfolio designed for multiple scenarios rather than concentrated bet on single theme. Hedging language present around AI disruption risk and need to separate winners from losers. Multiple 'we continue to believe' and 'we regard' statements show conviction but within disciplined framework. Not extreme concentration but clear directional positioning with active management.
Growth Outlook
Market outlook remains moderate conviction: Mawer's quality-oriented portfolios underperformed in Q4 2025 as equity leadership rotated into cyclicals and gold stocks. The firm is slightly reducing its equity weight and shift...
Risk Appetite
Risk appetite posture is moderate conviction: Mawer's quality-oriented portfolios underperformed in Q4 2025 as equity leadership rotated into cyclicals and gold stocks. The firm is slightly reducing its equity weight and shift...
Capital Deployment
Manager engaged in net de-risking activity throughout the quarter. Trimmed multiple positions after strong performance including SK Hynix, Amphenol, Interactive Brokers, TD Bank, and Royal Bank. Exited Kone and Wolters Kluwer. In balanced strategy, trimmed equity after appreciation and redirected proceeds to fixed income. While some selective additions mentioned (Shopify on weakness, Taiwan server supply chain specialists), the dominant activity was harvesting gains and reducing exposure. No cash level data provided, but portfolio actions clearly indicate capital being pulled back from risk assets and reallocated defensively.
Forward Guidance
Forward guidance signal: Mawer's quality-oriented portfolios underperformed in Q4 2025 as equity leadership rotated into cyclicals and gold stocks. The firm is slightly reducing its equity weight and shift...
Language Signal
Language is mixed with more cautious and risk-focused terms than bullish ones. Positive terms include 'strong fundamentals,' 'robust,' 'substantial profit inflections,' and 'real capital spending.' However, these are balanced by 'warrants attention,' 'merits continued attention,' 'speculative enthusiasm,' 'uncomfortable persistence,' 'elevated risk,' 'concentration,' and repeated emphasis on 'discipline' and 'diversification.' Soccer analogy emphasizes defense and full-season approach over attacking. Net balance slightly positive but heavily qualified.
Perceived Risk
Perceived risk level is evaluated as above average conviction. Mawer's quality-oriented portfolios underperformed in Q4 2025 as equity leadership rotated into cyclicals and gold stocks. The firm is slightly reducing its equity weight and shift...
Opportunity Density
Manager sees selective opportunities in defined areas but emphasizes difficulty and need for patience. Strong opportunities identified in AI infrastructure and Taiwan server supply chain, but these are being actively trimmed on valuation grounds. Added to Shopify on weakness and reallocated to Onex and Intact Financial, suggesting some attractive ideas. However, dominant theme is scarcity of compelling risk-reward opportunities at current prices, leading to profit-taking and increased cash/fixed income allocation. Preference for international equity and emerging markets 'where valuations remain more reasonable relative to U.S.' suggests limited opportunity set in core U.S. market. Overall tone is selective and patient rather than abundant.
Time Horizon
Manager demonstrates multi-year investment horizon with emphasis on full-cycle performance and sustainable cash flows. Soccer analogy explicitly references 'full season' approach rather than short-term performance. Maintains gold and real assets despite near-term weakness based on 'longer term rationale' as hedge against structural risks. Commentary on AI disruption focuses on 'terminal value' concerns for Wolters Kluwer. Emphasis on 'durable advantages' and businesses that 'generate sustainable cash flows across a full cycle.' No urgency around near-term catalysts. However, active position management and trimming after quarterly performance suggests some shorter-term tactical overlay within longer-term framework. Not permanent capital structure but clear 2-4 year thesis orientation.
Top Conviction Themes
Key Catalysts
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