Mawer Investment Management

• Mawer Quarterly ↗ Mawer trimmed King Slide, ASPEED Technology, Sandisk, KLA Corp, and Shopify as valuations and AI-related risk became less attractive, while adding to Topicus.com. The portfolios retained energy, real-asset, and financial exposure as higher yields and commodity prices broadened market leadership, and shifted balanced portfolios toward shorter-duration fixed income and cash late in August. Third Quarter 2026 2059 $25BBN $97BKXIAY $15T +3
• Mawer Quarterly ↗ Mawer Investment Management added selectively to AI-infrastructure beneficiaries, then trimmed positions whose prices had outrun fundamentals, including SK Hynix and Amphenol. It exited Wolters Kluwer and Kone, added to Shopify on weakness, and redeployed Canadian bank proceeds toward Onex, Intact Financial and other diversified financial and infrastructure businesses. Second Quarter 2026 2059 $25B402340 $78BAAON $5.2B +13

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