--- title: "Mawer 13F (2026 Q1): A Global-Quality Book in Broad Retreat" type: research slug: mawer-investment-management-13f-2026-q1 canonical_url: https://13finsight.com/research/mawer-investment-management-13f-2026-q1 published_at: 2026-05-24T11:19:16.926Z updated_at: 2026-05-24T11:19:19.837Z author: Marcus Chen author_title: Senior Market Analyst author_url: https://13finsight.com/authors/marcus-chen word_count: 486 locale: en source: 13F Insight --- # Mawer 13F (2026 Q1): A Global-Quality Book in Broad Retreat > Mawer, the Calgary firm whose motto is be boring, make money, runs a patient global-quality book. Its 2026 Q1 US filing shows broad retreat, nearly every major position trimmed and reported value down from $22B to $15B, the fingerprint of outflows rather than lost conviction. "Boring is beautiful," in broad retreat Mawer Investment Management, the Calgary-based firm whose unofficial motto is "be boring, make money," has built a global reputation on patient, low-turnover quality investing, owning durable, well-managed businesses around the world and holding them for the long term. Its 2026Q1 13F captures the US-listed portion of that global book, about $15.45 billion across 126 positions, anchored by exactly the kind of high-quality franchises the firm is known for. But the filing also tells a story of broad retreat: nearly every major position was trimmed, and reported value has fallen sharply from its peak. The top holdings are a roll call of global quality: Alphabet at 6.07%, Microsoft at 5.55%, Amazon at 4.92%, Shell, Marsh & McLennan, Visa, Amphenol, Northrop Grumman, Waters, and Aon. These are durable, cash-generative businesses with strong competitive positions, the steady compounders a quality manager builds around. A book being trimmed across the board The defining feature of this quarter is the breadth of the reductions. Mawer cut Alphabet by 11% of shares, Microsoft by 12%, Amazon by 10%, Shell by 12%, Marsh & McLennan by 11%, Amphenol by 22%, Northrop Grumman by 19%, and Aon by 14%, while adding modestly only to Waters. When a famously low-turnover manager reduces nearly every large position at once, the cause is usually portfolio-level rather than stock-specific, the signature of net outflows requiring the firm to raise cash across the book rather than a change of view on any single business. The composition stayed intact; the book simply got smaller. Reading the decline honestly Reported US value fell 13.5% on the quarter and has dropped from roughly $22 billion at its 2024 peak to $15.45 billion now, a sustained, multi-quarter decline. Combined with the across-the-board share reductions, that pattern points clearly to persistent redemptions rather than market losses alone, money leaving the strategy, with the manager trimming proportionally to meet it. As with any flow-driven filing, this makes the asset total a poor guide to the firm's conviction; the more reliable signal is what it chose to keep, a still-intact core of global-quality compounders, and the one name it added to, Waters. How to read a flow-pressured quality book Mawer's filing is a useful case study in distinguishing flow-driven selling from conviction-driven selling. The near-uniform trimming across high-quality names that the firm clearly still believes in is the fingerprint of redemptions, not disenchantment, and reading it as bearish stock-by-stock signals would be a mistake. The durable signal is the unchanged shape of the portfolio: a global-quality book, broadly diversified across technology, energy, insurance brokerage, defense, and life-science tools, that the firm is shrinking proportionally rather than reshaping. For investors who follow quality managers for ideas, the composition remains a vetted list of global compounders, even as the asset base contracts. You can explore the full holdings, the position changes, and the longer history on the Mawer Investment Management filer page. ## FAQ ### What is Mawer Investment Management known for? Mawer, based in Calgary, is known for patient, low-turnover quality investing under the unofficial motto be boring, make money. It owns durable, well-managed businesses around the world and holds them for the long term. ### What are Mawer's largest US holdings in 2026 Q1? The top positions were Alphabet (6.07%), Microsoft (5.55%), Amazon (4.92%), Shell (4.29%), and Marsh & McLennan (3.90%), followed by Visa, Amphenol, Northrop Grumman, Waters, and Aon, a roster of global-quality compounders. ### Why did Mawer trim nearly every position in 2026 Q1? When a low-turnover manager reduces almost every large holding at once, the cause is usually portfolio-level: net outflows requiring it to raise cash across the book, rather than a stock-specific change of view. The composition stayed intact; the book simply got smaller. ### Why has Mawer's reported value fallen so much? Reported US value fell 13.5% in the quarter and has dropped from about $22 billion at its 2024 peak to $15.45 billion. Combined with across-the-board share reductions, that points to persistent redemptions rather than market losses alone. ### How should I interpret Mawer's broad selling? As flow-driven, not conviction-driven. The near-uniform trimming of quality names the firm still believes in is the fingerprint of redemptions, so reading it as bearish stock-by-stock signals would be a mistake. The durable signal is the unchanged shape of the portfolio. ### What did Mawer add to in 2026 Q1? Against the broad trimming, Mawer added modestly to Waters, the life-science and analytical-instruments company, the only major position it increased while reducing nearly everything else. --- Source: 13F Insight — https://13finsight.com/research/mawer-investment-management-13f-2026-q1 Author: Marcus Chen — https://13finsight.com/authors/marcus-chen Last updated: 2026-05-24T11:19:19.837Z