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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"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 shifting to larger-cap equities, maintaining a cautious stance on AI valuations and fiscal deficits."
During the fourth quarter of 2025, global equities continued their upward trajectory, with a broadening of market leadership away from U.S. mega-cap AI leaders toward cyclicals, commodities, and international regions. Mawer's quality-focused portfolios generally underperformed their benchmarks, hampered by a historical underweight in surging gold stocks and a market favoring high-risk speculative names. In response, Mawer has made measured moves, including narrowing its underweight to gold stocks via lower-risk models, slightly lowering its overall equity weight due to valuation concerns, shifting Canadian small-cap exposure into larger-caps, and reallocating some emerging/international assets into U.S. equities. Looking ahead, Mawer remains cautious regarding debt-funded AI infrastructure spending, persistent government deficits, and elevated long-term yields, continuing to prioritize durability and capital discipline.
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