From lingering "Liberation Day" tariff fears and a shift toward a more pro-growth federal policy stance to changing leadership within key sectors, Canadian equity portfolio manager Mark Rutherford unpacks what moved markets for Canadian equities in 2025. He explains how this backdrop influenced recent positioning in the Canadian equity portfolio, including adjustments within energy, banks, and gold. The conversation then turns to the U.S. intervention in Venezuela and its implications for Canadian oil: how potential increases in Venezuelan heavy crude could affect Western Canadian differentials, why integrated producers may be relatively better positioned, and the role of TMX export capacity in supporting basin pricing. Stepping back, Mark explores the move toward a more transactional, spheres of influence world and how the team is incorporating this evolving U.S.–Canada dynamic into portfolio construction through diversified, incremental shifts rather than binary macro bets.

Key Highlights:

• In 2025, Canadian equity returns were shaped less by the initial "Liberation Day" tariff shock and more by how markets digested that risk over time alongside a domestic pivot toward pro-growth policy—forces that helped support energy, commodities, and especially the banks.

• Within financials, Canadian banks—TD in particular—saw improving fundamentals as credit conditions held up, wealth and capital markets businesses performed well, and a more growth oriented regulatory stance supported competitiveness.

• In energy, the team tilted toward integrated producers like Suncor and trimmed more differential sensitive exposure such as Canadian Natural, balancing the long-term risk of higher Venezuelan heavy crude supply against the offsetting support of TMX export capacity.

• The team selectively added to gold producers, seeing attractive unit economics and reasonable valuations, and viewing gold as a useful diversifier in a world of geopolitical tension, dedollarization talk, and looser fiscal discipline. 

• Stepping back, Mark frames Venezuela and trade policy within a broader shift toward transactional spheres of influence and "mercantilist" great power politics—arguing for diversified, incremental positioning changes rather than binary macro bets or anchoring portfolios to any single geopolitical outcome.

Host: Andrew Johnson, CFA Portfolio Manager

Guest: Mark Rutherford, CFA Equity Analyst

This episode is available for download anywhere you get your podcasts.

Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore.

Visit Mawer at https://www.mawer.com.

Follow us on social:

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U.S. mid-cap equities are often overlooked, but beneath the headlines of consumer weakness and market volatility, there's a more nuanced story. Portfolio manager Jeff Mo shares a bottom-up perspective on resilient—though bifurcated—consumer spending, margin surprises, and a capital expenditure boom that extends beyond AI. The discussion explores how company fundamentals, competitive advantages, and valuation opportunities are shaping portfolio decisions, with insights into sectors like defense and industrials. Jeff also addresses the impact of macro trends on stock selection, the evolving CapEx landscape, and why mid-cap valuations may offer compelling long-term potential.

KEY HIGHLIGHTS:

• U.S. consumer spending remains resilient overall, though lower-income segments are showing more strain and deal-seeking behavior.
• Companies with strong competitive advantages continue to demonstrate pricing power and healthy margins, despite inflation and shifting cost pressures.
• The current CapEx boom is not limited to AI—reshoring, supply chain resilience, and manufacturing investments are driving activity across sectors.
• Market volatility in the mid-cap space has led to outsized stock reactions, creating opportunities for long-term, bottom-up investors.
• Defense and industrial companies, such as CACI International and ITT, are benefiting from innovation, management execution, and evolving end markets.
• Mid-cap valuations are reasonable relative to large-caps, with select areas appearing overlooked and offering attractive long-term return potential.
  
  

Host: Rob Campbell, CFA Portfolio Manager

Guest: Jeff Mo, CFA Portfolio Manager

Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore. 

Visit Mawer at https://www.mawer.com. Follow us on social: 

LinkedIn - https://www.linkedin.com/company/mawer-investment-management/

Instagram - https://www.instagram.com/mawerinvestmentmanagement/ 

In this episode equity analyst Dominic Drzazga discusses the current state of Canadian small caps, highlighting how geopolitical volatility creates both challenges and opportunities. The conversation covers recent portfolio additions including Sprott's precious metals trust and Kraken's underwater robotics technology, while reflecting on the bittersweet exit of long-time holding Andlauer. Dom also shares insights into how the research team is utilizing AI tools within their process. 

Key Takeaways: 

• How the Canadian Small Cap team navigates market volatility and geopolitical uncertainty, emphasizing capital preservation while remaining opportunistic. 

• The team's disciplined inventory assessment process, highlighting how they maintain a robust pipeline of potential investments and actively monitor over 50 companies. 

• The rationale behind recent portfolio moves, including the addition of Sprott for stable precious metals exposure and Kraken Robotics for its leadership in underwater robotics and defense sector growth. 

• The process-driven approach to exits—e.g., the Andlauer takeout as an example of balancing near-term value realization with long-term potential. 

• An inside look at how AI and internal innovation—such as the "earnings monitor agent"—are streamlining research workflows and enhancing investment decision-making. 

Visit Mawer at https://www.mawer.com.

Follow us on social:

LinkedIn - https://www.linkedin.com/company/mawer-investment-management/

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Portfolio Managers Grayson Witcher and Colin Wong share market observations, industries where fundamentals are shifting, and a few recent additions to the portfolio.

Jim Hall (chair, head of our risk management process, and portfolio manager) shares his overall observations on prevailing macroeconomic risks—and the effects on our process and the EAFE large cap portfolio.

How we achieve balance in the portfolio, manage hubris, and have accounted for inflation risk in our investment process.

Chief Investment Officer, Paul Moroz, reflects on notable learnings from 2021 and how time and experience still clarify the most in investing—and life.

Our systematic assessment framework to narrow the probabilities in analysing fast-growing technology companies in an effort to improve our odds of identifying those elusive "holy compounders."

The major themes of Q4 and a look ahead to 2022.

Inflation cycles throughout history, Keynes vs. monetarists, and why the enemy is…still us.

Global debt, China's credit cycle, shifting monetary and fiscal policy objectives, and the three scenarios we are thinking about this year

Impacts of higher inflation and interest rates and the benefits of an integrated research team.

Inflation risk, slowing global growth, and the un-globalization trend—a review of Q3.

Paul Moroz returns to The Art of Boring podcast after three years, discussing his reappointment as lead manager of Mawer's global equity strategy. Paul outlines the team's strategic approach to portfolio repositioning and reflects on how the investment landscape has evolved over the past five years. He emphasizes increased diversification, better alignment with other Mawer strategies, and a more balanced approach to market exposure.

Key Takeaways:

• Paul Moroz and David Ragan have returned to the global equity strategy with renewed energy and focus

• The portfolio is increasing its number of holdings for improved diversification and resilience, creating more "chess pieces on the board" Adjustments include boosting technology exposure and reducing positions with weakening business fundamentals

• The team is moving quickly but methodically, with most changes expected in the coming months and a return to typical turnover rates thereafter.

• Highlighted changes in the last five years: technology's rapid evolution, the rise of capital-light business models, and shifts in passive vs. active investing. But despite structural changes, human psychology remains a constant driver of market behavior. This episode is available for download anywhere you get your podcasts.

• Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore.

Visit Mawer at https://www.mawer.com.

Follow us on social:

LinkedIn - https://www.linkedin.com/company/mawer-investment-management/

Instagram - https://www.instagram.com/mawerinvestmentmanagement/

Why we launched—our interest and history in U.S. mid cap stocks—potential benefits of the asset class, and a few holding examples.

John Kay's "simplicity, modularity, redundancy" risk framework elements and our ongoing risk management process improvements.

Mispricing patterns we're seeing in the market; where we're finding an edge; improving our management team assessment techniques.

A real time risk management discussion addressing the increasing regulatory pressures currently impacting a wide range of businesses in China.

The tremendous IPO activity led by tech companies; our evaluation process for a company prior to it becoming public; and recent matrix meeting outcomes for the portfolio.

Philip Fisher's continuous relevance; determining fair value ranges for blitzscalers; and potentially overlooked opportunities in Russia and Kazakhstan.

A review of the quarter: the high-level themes have continued.

CIO Paul Moroz walks us through his "best practices" portfolio construction checklist.

Opening the Pandora's box of Bitcoin, societal trust, and why investors might not, but need to, fully understand the technology.

"Making the macro micro" around demand trends, inflation concerns, valuations, and earnings. We discuss Comcast, Visa, Dollar General, Alphabet, and more.

In this episode Canadian bond portfolio manager, Crista Caughlin, and balanced portfolio manager, Steven Visscher discuss Q2's market and economic activity. Topics covered include "Liberation Day's" tariff shocks, central bank policies, inflation, and other themes.

Key Takeaways:

• The announcement and subsequent deferral of sweeping U.S. tariffs caused significant market volatility, with a sharp initial selloff followed by a rapid recovery. The uncertainty around trade policy had a pronounced impact on economic growth expectations and market sentiment.

• The quarter featured slowing growth in both the U.S. and Canada, with notable weakness in consumer spending and business investment. Despite expectations, inflation remained contained, and employment data presented a mixed picture—stronger in the U.S., weaker in Canada.

• Central banks responded differently to domestic economic conditions. The ECB cut rates twice due to weaker growth and contained inflation, while the Fed and Bank of Canada adopted a wait-and-see approach, maintaining a dovish bias but holding rates steady.

• There was a notable reversal in equity performance trends, with international and emerging market equities outperforming U.S. equities. This—among other factors—raised questions about the potential end of U.S. exceptionalism, though we remain cautious against drawing premature conclusions.

• Credit spreads tightened to multi-decade lows, reflecting either investor confidence or complacency. Interest rates remained range-bound despite volatility, and the structural shift to higher neutral rates appears to have already occurred in recent years.

Host: Kevin Minas, CFA, MBA, CAIA – Institutional Portfolio Manager

Guests:
Crista Caughlin, CFA – Portfolio Manager
Steven Visscher, CFA – Portfolio Manager

This episode is available for download anywhere you get your podcasts. 

Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore. 

Visit Mawer at https://www.mawer.com.

Follow us on social:

LinkedIn - https://www.linkedin.com/company/mawer-investment-management/

Instagram - https://www.instagram.com/mawerinvestmentmanagement/ 

iTunes description:

A close look at our research methods to understand trends, opportunities, and challenges in the pharmaceutical industry.

How thinking like a deer in the forest (situational awareness) and other risk management process tinkering has helped the team. In addition, thoughts on the potential CP Rail and Kansas City Southern deal and Telus International IPO.

One year since lockdown: CIO Paul Moroz summarizes the major market themes of the past four quarters and how it has (and hasn't) affected our process and way of looking at the world.

How the EAFE LC team is improving the overall process and a deeper look at holdings DSV, Kuehne+Nagel, and Anglo American.

Deputy CIO Christian Deckart discusses market performance in a "story of three quarters" and some new holdings we added to the portfolio—Admiral Group and Novo Nordisk.

CIO Paul Moroz discusses some of the Research team's 2020 learnings—highlights include the challenge of using the market as a feedback system and the "Ben Stiller Theory."

Lead portfolio manager, David Ragan, discusses how the portfolio did over the past year, why some companies were more resilient than others, and what makes skepticism a competitive advantage.

A look back on the major investment themes of 2020, and a look ahead at some of the risks and opportunities on our radar.

Our three hosts narrate Mawer's timely variation of "'Twas the week before Christmas"—an annual review of the year. Stay for the bloopers!

Front-of-mind investment learnings from equity analysts Justin Anderson and Joshua Samuel on the dynamic, evolving gaming universe.

In this episode, Justin Anderson, Mawer's Chief Technology Officer, sits down to discuss the evolving "build-in vs. build-out" technology framework. Justin explains how Mawer approaches technology decisions—balancing vendor solutions with in-house customization—and shares practical examples from the firm, including proprietary solutions such as trade&MAWER and M42. The conversation explores how advances in AI and large language models are accelerating the shift toward more tailored, efficient solutions. He also offers insights for investors on what to look for in management teams as organizations adapt to rapid technological change.

Key Takeaways:

• The "build-in vs. build-out" framework focuses on how companies customize technology for their unique needs, beyond simply buying or building from scratch.

• Advances in AI and large language models are making it easier and more cost-effective to develop in-house solutions.

• Mawer's internal platforms, such as trade&MAWER and M42, demonstrate the benefits of a build-out approach.

• Leadership and culture are critical—successful organizations encourage experimentation, embrace new technology, and balance innovation with risk management.

• Investors should look for companies whose management teams understand technology, address technical debt, and foster a culture of curiosity and adaptability.

Host: Andrew Johnson, CFA, Mawer Institutional Portfolio Manager

Guest: Justin Anderson, CFA, MSc, Chief Technology Officer

This episode is available for download anywhere you get your podcasts. 

Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore. 

Visit Mawer at https://www.mawer.com.

Follow us on social:

LinkedIn - https://www.linkedin.com/company/mawer-investment-management/

Instagram - https://www.instagram.com/mawerinvestmentmanagement/ 

Mawer U.S. Equity Portfolio Manager, Grayson Witcher, takes us through how the team approaches portfolio construction; assessing themes, offsets, and opportunities through holdings Nike, Carrier, UnitedHealth, Fastenal, and more.

A deep dive into three new holdings: Stella-Jones, Ritchie Bros., and Granite REIT, and what we mean when we say "winning by not losing."

A review of the quarter: the ongoing impacts of COVID-19 on economic activity, continuing fiscal and monetary stimulus, and the run-up to the U.S. election.

Crista Caughlin, lead portfolio manager of Mawer's fixed income strategies, discusses potential impacts of increasing global debt in a low interest rate environment and the three economic scenarios top of mind for the bond team.

CIO Paul Moroz discusses resilience, global monetary policy, and current themes such as TikTok and a potential "technological iron curtain."

Building resiliency while finding opportunities in emerging markets.

A deep dive into the themes, fundamentals, and opportunity sets in the payments industry.

The impacts, risks, and potential opportunities from the COVID-19 crisis fallout on the Canadian small cap universe, and why valuations are ultimately a "blunt tool."

A review of the quarter: a significant rebound in markets, the potential impacts of continuous monetary and fiscal stimulus, and deglobalization.

Why the current market environment "feels like 2030 is happening in 2020," our perspective on the recent market recovery, and more.

Mark Rutherford, co-manager of Mawer's Canadian large cap strategy, discusses the ongoing volatility in oil, the unique role of gold, the outlook for Canadian banks, and the potential impact of recent political changes. Mark also shares how the Mawer team is leveraging AI to enhance their investment process and decision-making.

Key Takeaways:

• Oil Market: Global demand is rising, driven by economic growth and higher incomes, while supply is shaped by geopolitics, OPEC, and technology.

• Canadian Banks: Loan growth is slow and provisions are higher amid uncertainty, but banks remain well-capitalized and stable.

• Political Change: New pro-growth policies in Canada could boost productivity and create investment opportunities, especially in infrastructure and financials. 

• Gold's role: Gold remains a store of value; Mawer prefers low-cost producers and streaming/royalty models.

• AI Integration: AI is streamlining research, improving efficiency, and generating new investment ideas using proprietary data and tools. 

This episode is available for download anywhere you get your podcasts. Founded in 1974, Mawer Investment Management Ltd. (pronounced "more") is a privately owned independent investment firm managing assets for institutional and individual investors. Mawer employs over 250 people in Canada, U.S., and Singapore. 

Visit Mawer at https://www.mawer.com.

Follow us on social:

LinkedIn - https://www.linkedin.com/company/mawer-investment-management/

Instagram - https://www.instagram.com/mawerinvestmentmanagement/

The implications of cloud migration for enterprises, investors, and business models.

Why the strategy was created, how it was launched, and some holding examples.

Deputy CIO Christian Deckart discusses natural contradictions in the portfolio and how the team plays "intellectual best ball."