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Livermore
Livermore
ZHEN

Mawer Investment Management Ltd.

SEC CIK
0001538449
Latest filing
Aug 7, 2026

The latest 13F from Mawer Investment Management Ltd. covers Q2 2026 (filed Aug 7, 2026): 142 long positions worth $14.7B. The top 10 holdings make up 39.5% of the portfolio, and the largest is Alphabet Inc. (GOOG) at 6.4%. Livermore has 23 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q2 2026

Share counts compared with Q1 2026: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
28
Est. +$423.8M
Added
38
Est. +$1.14B
Reduced
75
Est. −$2.71B
Sold out
12
Est. −$324.8M

Top 5 holdings

Share of this quarter's portfolio value

  1. GOOGAlphabet Inc.
    6.4%$947.7MHistory
  2. AMZNAmazon Com Inc
    4.9%$721.7MHistory
  3. MSFTMicrosoft Corp
    4.3%$626.6MHistory
  4. SHELShell plc
    4.2%$621.4MHistory
  5. NVDANVIDIA Corp
    4.2%$616.0MHistory

Share of portfolio

Top 5 holdings and the other 137 positions, by share of portfolio value

  1. GOOG6.4%
  2. AMZN4.9%
  3. MSFT4.3%
  4. SHEL4.2%
  5. NVDA4.2%
  6. Other 137 positions76.0%

Biggest buys

New and added positions, by estimated amount bought

  1. NVDANVIDIA Corp
    +$425.6MAddedHistory
  2. AEPAmerican Electric Power Co Inc
    +$129.9MAddedHistory
  3. CORCencora, Inc.
    +$129.5MAddedHistory
  4. MCKMcKesson Corp
    +$71.6MAddedHistory
  5. SHELShell plc
    +$69.3MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. NVDANVIDIA Corp
    +3.11 pp1.1% → 4.2%History
  2. AEPAmerican Electric Power Co Inc
    +0.99 pp1.1% → 2.1%History
  3. CORCencora, Inc.
    +0.77 pp2.1% → 2.9%History
  4. TSEMTower Semiconductor Ltd
    +0.74 pp1.1% → 1.8%History
  5. VMIValmont Industries Inc
    +0.45 pp0.0% → 0.4%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. APHAmphenol Corp
    −$287.1MReducedHistory
  2. MRSHMarsh & McLennan Companies, Inc.
    −$267.4MReducedHistory
  3. MSFTMicrosoft Corp
    −$237.0MReducedHistory
  4. GOOGAlphabet Inc.
    −$206.4MReducedHistory
  5. OSISOsi Systems Inc
    −$175.9MSold outHistory

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. MRSHMarsh & McLennan Companies, Inc.
    −1.78 pp3.9% → 2.1%History
  2. MSFTMicrosoft Corp
    −1.29 pp5.5% → 4.3%History
  3. OSISOsi Systems Inc
    −1.14 pp1.1% → 0.0%History
  4. FERGFerguson Enterprises Inc.
    −0.78 pp1.0% → 0.2%History
  5. FCNFti Consulting, Inc
    −0.75 pp1.5% → 0.7%History

Metrics

13F metrics for Q2 2026, computed only from the numbers in the filings. Definitions below.

Portfolio value
$14.7B
−$737.2M (−4.8%) vs. prior quarter
Positions
142
+16 vs. prior quarter
Top 10 concentration
39.5%
Top 10 as share of value
Turnover
10.4%
Q2 2026, one quarter
Average holding period
15.4 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

22 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $22.2B (Q4 2021)

Q1 2021: $18.4BQ2 2021: $20.2BQ3 2021: $20.9BQ4 2021: $22.2BQ1 2022: $21.1BQ2 2022: $17.6BQ3 2022: $16.5BQ4 2022: $17.7BQ1 2023: $18.3BQ2 2023: $19.1BQ3 2023: $18.7BQ4 2023: $19.5BQ1 2024: $21.6BQ2 2024: $21.1BQ3 2024: $21.9BQ4 2024: $22.0BQ1 2025: $20.7BQ2 2025: $19.7BQ3 2025: $19.3BQ4 2025: $17.9BQ1 2026: $15.4BQ2 2026: $14.7B
Q1 2021Q2 2026
13F filings of Mawer Investment Management Ltd. by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q2 2026Aug 7, 2026142$14.7BGOOGAMZNMSFTvs. Q1 2026SEC
Q1 2026May 6, 2026126$15.4BGOOGMSFTAMZNvs. Q4 2025SEC
Q4 2025Feb 10, 2026125$17.9BMSFTGOOGAMZNvs. Q3 2025SEC
Q3 2025Nov 4, 2025110$19.3BMSFTGOOGAMZNvs. Q2 2025SEC
Q2 2025Aug 7, 2025110$19.7BMSFTMRSHAONvs. Q1 2025SEC
Q1 2025May 7, 2025105$20.7BMRSHAONMSFTvs. Q4 2024SEC
Q4 2024Feb 12, 2025100$22.0BAONMSFTMRSHvs. Q3 2024SEC
Q3 2024Nov 7, 2024101$21.9BMRSHAONMSFTvs. Q2 2024SEC
Q2 2024Aug 7, 2024105$21.1BMRSHMSFTAONvs. Q1 2024SEC
Q1 2024May 6, 2024105$21.6BMRSHAONMSFTvs. Q4 2023SEC
Q4 2023Feb 7, 2024107$19.5BMRSHAONMSFTvs. Q3 2023SEC
Q3 2023Nov 6, 2023104$18.7BAONMRSHMSFTvs. Q2 2023SEC
Q2 2023Aug 9, 2023101$19.1BAONMRSHMSFTvs. Q1 2023SEC
Q1 2023May 5, 2023103$18.3BAONMRSHMSFTvs. Q4 2022SEC
Q4 2022Feb 8, 2023Amended112$17.7BAONMRSHMSFTvs. Q3 2022SEC
Q3 2022Nov 9, 2022106$16.5BAONMRSHGOOGvs. Q2 2022SEC
Q2 2022Aug 9, 2022105$17.6BAONMRSHGOOGvs. Q1 2022SEC
Q1 2022May 6, 2022111$21.1BAONGOOGMRSHvs. Q4 2021SEC
Q4 2021Feb 9, 2022119$22.2BAONGOOGMSFTvs. Q3 2021SEC
Q3 2021Nov 10, 2021110$20.9BAONGOOGMSFTvs. Q2 2021SEC
Q2 2021Aug 11, 202198$20.2BAONGOOGMSFTvs. Q1 2021SEC
Q1 2021May 14, 202195$18.4BAONGOOGMSFT–SEC

13D and 13G filings

Companies where Mawer Investment Management Ltd. reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

3 companies, largest stake first.

Companies where Mawer Investment Management Ltd. owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
ESQEsquire Financial Holdings, Inc.13G/A6.76%583.9K shares−2.49 ppfrom 9.25%Feb 12, 20253 filingsAug 6, 2026SEC
SIISprott Inc.13G5.88%1.52M sharesNewFeb 11, 20261 filingFeb 11, 2026SEC
BBSIBarrett Business Services Inc13G/A5.01%1.23M shares−1.74 ppfrom 6.75%Nov 8, 20244 filingsAug 6, 2026SEC

Latest filings

87 filings on file made by Mawer Investment Management Ltd. or listing it as a reporting person; the latest 20 are shown.

Schedule 13D and 13G filings by Mawer Investment Management Ltd.
CompanyFiled (ET)FormStakeChangeEvent dateFiling
ESQEsquire Financial Holdings, Inc.Aug 6, 20265:22 PM ET13G/A6.76%583.9K shares−2.49 ppfrom 9.25%Jun 30, 2026SEC
BBSIBarrett Business Services IncAug 6, 20265:17 PM ET13G/A5.01%1.23M shares−1.74 ppfrom 6.75%Jun 30, 2026SEC
NOANorth American Construction Group Ltd.May 12, 20264:03 PM ET13G/A3.41%972.8K shares−3.60 ppfrom 7.01%Below 5%Mar 31, 2026SEC
FCNFti Consulting, IncMay 12, 20264:00 PM ET13G/A4.29%1.31M shares−3.18 ppfrom 7.47%Below 5%Mar 31, 2026SEC
BBSIBarrett Business Services IncMay 12, 20263:57 PM ET13G/A6.75%1.70M shares−1.39 ppfrom 8.14%Mar 31, 2026SEC
SANGSangoma Technologies CorpApr 6, 20265:12 PM ET13G/A4.64%1.54M shares−7.32 ppfrom 11.96%Below 5%Mar 31, 2026SEC
SIISprott Inc.Feb 11, 20263:15 PM ET13G5.88%1.52M sharesNewDec 31, 2025SEC
OSISOsi Systems IncFeb 11, 20263:13 PM ET13G/A4.73%803.6K shares−0.36 ppfrom 5.09%Below 5%Dec 31, 2025SEC
NOANorth American Construction Group Ltd.Feb 11, 20263:11 PM ET13G/A7.01%2.04M shares−1.71 ppfrom 8.72%Dec 31, 2025SEC
NSPInsperity, Inc.Feb 11, 20263:08 PM ET13G/A3.18%1.20M shares−4.06 ppfrom 7.24%Below 5%Dec 31, 2025SEC
FCNFti Consulting, IncFeb 11, 20263:06 PM ET13G/A7.47%2.31M shares–Dec 31, 2025SEC
WMGWarner Music Group Corp.Nov 12, 202511:45 AM ET13G/A0.22%314.1K shares–Below 5%Sep 30, 2025SEC
TNETTrinet Group, Inc.Nov 12, 202511:43 AM ET13G/A0.00%0 shares−6.21 ppfrom 6.21%Below 5%Sep 30, 2025SEC
SANGSangoma Technologies CorpNov 12, 202511:41 AM ET13G/A11.96%3.99M shares+1.54 ppfrom 10.42%Sep 30, 2025SEC
OSISOsi Systems IncNov 12, 202511:37 AM ET13G5.09%856.4K sharesNewSep 30, 2025SEC
NSPInsperity, Inc.Sep 4, 202510:27 AM ET13G/A7.24%2.73M shares–Aug 29, 2025SEC
XPXP Inc.Aug 7, 20254:00 PM ET13G/A0.00%0 shares−5.67 ppfrom 5.67%Below 5%Jun 30, 2025SEC
RHIRobert Half Inc.Aug 7, 20253:55 PM ET13G/A3.86%3.94M shares−3.97 ppfrom 7.83%Below 5%Jun 30, 2025SEC
SANGSangoma Technologies CorpJun 6, 20253:16 PM ET13G/A10.42%3.49M shares+1.12 ppfrom 9.30%May 30, 2025SEC
XPXP Inc.May 9, 202512:57 PM ET13G/A5.67%24.6M shares−2.79 ppfrom 8.46%Mar 31, 2025SEC