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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Mawer International Equity Fund. This analysis is provided for institutional research purposes only and is not investment advice.
"Mawer captured strong AI infrastructure gains through selective semiconductor and data center exposure but actively trimmed winners to maintain valuation discipline and diversification. Energy and gold holdings detracted on geopolitical shifts."
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.
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