Art of Boring

In this episode, Investment Counsellor Stu Morrow and Institutional Portfolio Manager Kevin Minas examine the forces reshaping markets in the fourth quarter. From central banks navigating the shift toward policy normalization to equity leadership rotating beyond mega-cap AI stocks, they explore how a resilient but slowing economy is influencing investment decisions. The conversation covers evolving credit conditions, geopolitical developments including recent events in Venezuela, and the portfolio adjustments being made as valuations rise and late-cycle dynamics emerge. Key highlights: Global growth is moderating, labour markets are softening, and inflation is easing, giving central banks room to shift from restrictive policy toward gradual normalization. Steeper yield curves and very tight credit spreads leave bond investors with decent starting yields but limited compensation for taking extra credit or liquidity risk—arguing against "reaching for yield." Equity leadership is broadening beyond a narrow group of U.S. megacap AI winners, with stronger participation from cyclicals, financials, and international markets—a healthier backdrop for diversified, active investors. The AI boom is increasingly about infrastructure—semiconductors, memory, power, and data centres—raising questions about sustainability, profitability, and bubblelike dynamics in parts of the ecosystem. Geopolitical shifts, including U.S. intervention in Venezuela and a move toward more transactional "spheres of influence," reinforce the case for disciplined, diversified, valuation driven positioning and only incremental asset mix adjustments.   Host: Kevin Minas, CFA, MBA, CAIA Institutional Portfolio Manager Guest: Stu Morrow, CFA Investment Counsellor   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/

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

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/ 

On this episode of The Art of Boring, Global Credit Portfolio Manager Brian Carney unpacks what he believes are some of the most pressing issues in credit markets today. He explores whether recent private market bankruptcies signal deeper systemic concerns, how to position for sovereign bond issuer risk in a sticky inflation world, and the impact of the AI-driven debt wave on credit spreads. He also discusses regulatory rollbacks in the lending markets, credit risk premium mispricings, and concrete portfolio actions for late cycle markets.  Key Highlights Recent private market bankruptcies may signal broader, systemic credit market weakness rather than isolated events, with deteriorating lending standards and rising delinquencies warranting caution. Growing sovereign debt and persistent inflation are challenging the traditional "safe haven" status of U.S. Treasuries, prompting a preference for shorter duration and higher-quality credit exposure. The surge in AI-driven capital expenditures is fueling a wave of debt issuance by large tech companies, likely putting upward pressure on credit spreads and shifting market dynamics in favour of lenders over time. Regulatory rollbacks in the U.S. are reducing transparency and increasing risk-taking, especially in unregulated and private markets, raising concerns about financial stability and corporate behaviour. Credit risk premiums remain compressed, with investors often inadequately compensated for lower-quality credit risk; opportunities are limited, and selectivity is critical. Defensive positioning—focusing on capital preservation, short duration, and high-quality issuers—remains key, with readiness to deploy capital quickly when market dislocations create attractive opportunities. Host: Kevin Minas, CFA, Institutional Portfolio Manager Guest: Brian Carney, 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/ 

In this episode, portfolio manager Peter Lampert discusses the evolving landscape of international equities, with a special focus on the portfolio's exposure to AI enablers—companies powering the semiconductor supply chain, from power supply units to memory makers. Lampert explains the importance of distinguishing between firms merely riding the AI investment wave and those whose competitive positions are fundamentally strengthening as a result. The conversation also explores attractive valuations outside the U.S., the growing role of Japanese companies amid governance reforms and IT modernization, and the need for careful risk management as AI adoption and global trends unfold. Lampert emphasizes a diversified, long-term approach—balancing AI-driven growth, sector-specific opportunities in Europe and Asia, and resilience against macro risks—to position the portfolio for sustainable value creation in a rapidly changing world.   Key highlights: How international equities are benefiting from AI infrastructure growth, focusing on companies enabling the semiconductor supply chain (e.g., power supply units, memory makers).  The importance of distinguishing between firms temporarily boosted by AI demand and those with strengthening long-term competitive advantages.  Attractive valuations and growth opportunities for AI enablers outside the U.S., particularly in Europe, Taiwan, and Korea.  An examination of portfolio diversification, including exposure to Japanese companies amid governance reforms and IT modernization. Risk management in balancing AI exposure with other portfolio drivers and the need for resilience as adoption and global trends evolve.  The ongoing debate around incumbent software companies' ability to adapt to AI, emphasizing a case-by-case, long-term approach.    Host: Rob Campbell, CFA – Institutional Portfolio Manager Guest: Peter Lampert, 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/

Paul Moroz returns to share an update on our global equity strategy. We dig into what's changed since Paul resumed the lead portfolio manager role, how the team's collaboration has evolved, and why a more diversified and resilient portfolio is the result. Listen for Paul's take on why optionality and humility matter more than ever.  Key highlights:  Enhanced team collaboration through structural changes leading to better cross-team idea generation  Improved portfolio diversification with holdings expanding to over 70 securities: reduction of consumer staples and discretionary overweights, while adding strategic small positions that provide optionality for rapid capital allocation as markets shift  Fundamental momentum alignment improved by reducing problem positions and increasing strong earnings momentum names, resulting in better down capture characteristics during market declines  Strategic AI complex exposure built through diversified Asian infrastructure plays in memory, power, data centers, and chip fabrication, targeting high market share businesses with better risk-adjusted returns  Comprehensive IT sector review underway to identify opportunities in potentially mispriced software companies  Portfolio repositioning complete with approximately 19% turnover executed to create a more balanced, diversified portfolio aligned with the platform's investment philosophy: designed for resilience across market regimes    Host: Rob Campbell, CFA – Institutional Portfolio Manager Guest: Paul Moroz, 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/

In this episode, we sat down with our Director of Research, Vijay Viswanathan, and Institutional Portfolio Manager, Kevin Minas, to talk through their observations this past quarter. We talk macro, micro, and everything in between, touching on changing market dynamics, central bank policy, how the portfolios are doing in this environment, and, finally, how we're positioning ourselves as we move forward. Key highlights: Three major macro themes dominated the quarter—trade policy tensions (though somewhat cooling), continued fiscal stimulus despite near-capacity economies, and AI-driven infrastructure growth Central banks are balancing growth concerns and inflation risks, with both the Fed and Bank of Canada beginning easing cycles in September Equity markets showed a strong "risk-on" tone, hitting record highs, with AI and commodities (especially gold and copper) driving much of the growth and market attention. Fixed income returns were strong, led by central bank easing and tighter credit spreads; portfolios favored short-duration bonds and gradually reduced risk as valuations rose. Asset Mix shifts include trimming U.S. and Canadian large cap equities after strong absolute returns, increasing exposure to emerging markets and global credit, and shifting from cash to fixed income for better yield and resilience. The team remains committed to core investment principles while adapting portfolios for changing market dynamics Host: Andrew Johnson, CFA  -  Institutional Portfolio Manager Guests: Kevin Minas, CFA, MBA, CAIA  - Institutional Portfolio Manager Vijay Viswanathan, CFA, MBA - Director of Research, 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/

In this episode, Fixed Income Portfolio Manager Crista Caughlin breaks down the macro forces driving bond markets in 2025. From trade uncertainty to central bank policy shifts, Crista explains how these themes are shaping Canadian fixed income performance and where she sees opportunities ahead.   Key highlights: Trade policy uncertainty, fiscal stimulus, and tighter financial conditions have been key macroeconomic themes shaping global and Canadian bond markets, with U.S. trade actions and paused tariffs reducing some volatility but still weighing on Canadian growth and exports. Central banks, including the Bank of Canada and the U.S. Federal Reserve, have shifted from a wait-and-see approach to resuming rate cuts as growth slows and inflation pressures moderate, though questions about central bank independence and timing of policy moves remain. Canadian bond market performance has been driven by both falling interest rates—especially at the short end of the curve—and tightening credit spreads, with shorter maturities and lower-quality credits outperforming, while longer-dated bonds have lagged due to concerns about persistent inflation. The current strategy emphasizes a steepening yield curve, overweight positions in shorter-dated, higher-quality corporate bonds, and caution on longer maturities, reflecting expectations for continued central bank easing and ongoing risks from inflation and credit fundamentals. Despite recent headlines about rising bond-equity correlations and market risks, fixed income remains a valuable portfolio diversifier, offering higher yields than in recent years and providing a cushion against volatility and modest rate increases.   Host: Kevin Minas, CFA– Institutional Portfolio Manager Guest: Christa Caughlin, 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/

Equity analyst Ian Turnbull shares insights from his latest trip to Japan, highlighting the unique aspects of Japanese society and corporate culture. From surplus and stakeholder capitalism to why you might get more than you pay for at a 7-Eleven convenience store, Ian reflects on the value of on-the-ground research, the trade-offs involved in capital allocation decisions, and pockets of real opportunity within Japan's evolving business landscape. Key Takeaways On-the-ground research in Japan reveals unique cultural and corporate dynamics that are difficult to capture from afar; direct engagement with people and companies provides deeper context for investment decisions. Japanese corporate culture emphasizes stakeholder capitalism, with surplus value often distributed to customers, employees, suppliers, and society—sometimes at the expense of shareholder returns; this results in high-quality service, strong employee loyalty, and long-term relationships. Balance sheets in Japan tend to be conservative, offering downside protection but limiting upside potential; recent years have seen gradual shifts toward greater efficiency and shareholder focus, though progress is uneven and culturally nuanced. Digitalization and technology adoption present significant opportunities, as Japan faces labor shortages and lags in some areas of tech implementation; companies enabling digital transformation may be well-positioned for growth. Corporate transformation is occurring slowly, with some firms like Hitachi making deliberate, long-term changes to focus on higher-return areas and divest less profitable segments; this reflects a broader trend of incremental governance and capital allocation improvements.   Host: Rob Campbell, CFA– Institutional Portfolio Manager Guest: Ian Turnbull, 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:  LinkedIn - https://www.linkedin.com/company/mawer-investment-management/ Instagram - https://www.instagram.com/mawerinvestmentmanagement/

In this episode, U.S. Equity Portfolio Manager Grayson Witcher explores the evolving intersection of government policy, innovation, and capital expenditure (CapEx) in U.S. markets. The discussion unpacks how public spending and strategic government stakes—especially in sectors like semiconductors and defense—are reshaping the investment landscape. Grayson reflects on the unique blend of complacency and optimism in today's markets, the uncertain returns on massive AI-driven CapEx, and the importance of management quality and adaptability in navigating this new era. Key highlights: U.S. markets are experiencing a rare surge in capital spending, driven by AI, reshoring, defense, and infrastructure—marking a departure from decades of just-in-time, low-investment environments. The U.S. government's direct stakes in companies like Intel signal a move toward more strategic, state-influenced capitalism, reminiscent of crisis or wartime interventions but now focused on critical industries. Despite significant investment, most companies have yet to realize meaningful returns from generative AI. The market's optimism may be outpacing actual productivity gains, raising questions about long-term ROI. The team seeks diversified exposure to transformative themes (e.g., AI, automation) without betting on single winners, emphasizing companies with adaptable management and clear execution plans. Rising CapEx, persistent inflation drivers, and government intervention create both risks and opportunities. The focus remains on businesses resilient to macro shifts and capable of thriving across scenarios.   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.   Host: Rob Campbell, CFA– Institutional Portfolio Manager Guest: Grayson Witcher, CFA, AB – Portfolio Manager   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/  

Brian Carney, lead portfolio manager of the global credit opportunities strategy, explores the current credit market environment characterized by tight spreads and low defaults despite global uncertainties. He discusses the concept of "convergence and complacency"—where large pools of capital chase lower-quality borrowers while markets overlook serious warning signs including political pressure on central banks and hidden leverage. The conversation covers key crisis indicators, the weakening of credit covenants over the past decade, and the risks associated with private credit. He outlines the portfolio's defensive positioning with high-quality, short-duration securities and highlights Saturn Oil and Gas as an example of selective opportunities that still favor lenders. He concludes with insights on how AI is enhancing the investment process while emphasizing that technology cannot replace the importance of human relationships in credit analysis.   Key Takeaways:   • How the Global Credit team approaches today's tight spread environment by focusing on capital preservation rather than reaching for yield, positioning for future market dislocations when opportunities will emerge.   • The key early warning indicators to monitor for potential credit market stress, including hedge fund liquidations, counterparty credit reductions, and central bank intervention patterns.   • The reality behind private credit's popularity: —understanding whether the additional ~200 basis points over public high yield adequately compensates for illiquidity, reduced transparency, and higher fees.   • The critical importance of credit covenant analysis in the investment process, and how the shift toward borrower-friendly terms over the past decade has reduced lender protections.   • The rationale behind the Saturn Oil and Gas investment, highlighting how disciplined management, forced deleveraging through quarterly bond buybacks, and attractive spreads create value in a challenging market.   • How AI technology is being integrated to enhance the investment process through improved issuer triage and covenant comparison, while maintaining the essential human relationships that drive successful credit investing.   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.    Host: Kevin Minas, CFA ­­- Institutional Portfolio Manager Guest: Brian Carney, CIM – Portfolio Manager   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/   Instagram - https://www.instagram.com/mawerinvestmentmanagement/

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/

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/ 

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/ 

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/

Join Peter Lampert, Portfolio Manager of Mawer's Emerging Markets strategy, as he takes you on a journey from Polish meat counters to UAE boardrooms, revealing how a disciplined bottom-up approach uncovers extraordinary opportunities in overlooked markets. Key Takeaways: • Mawer's bottom-up philosophy is consistent across markets, but emerging markets require a nuanced focus on the macro and geopolitical environment. • Emerging markets are highly diverse and less efficient, often offering more opportunities for disciplined, active investors. • On-the-ground research—such as recent trips to Poland—helps uncover overlooked businesses and understand local dynamics. • Portfolio examples include Dino Polska and Asseco Poland, both selected for strong management and growth prospects. • The asset class is much broader than China; significant opportunities exist in countries like Poland and the UAE.  • Emphasis on long-term growth, resilience, and finding companies that can thrive in uncertain environments. 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/

In this episode, Karan Phadke, Portfolio Manager for Mawer's global small cap strategy, shares insights on how small caps are navigating trade policy volatility, the importance of proactive management, and Mawer's unique approach to process improvement and AI integration in investment research.   Key points from this episode:   • Small caps' local focus provides insulation from global trade volatility. Importance of proactive management teams in uncertain environments. • Mawer's "ant model" drives continuous process improvement and collaboration. • Systematic thesis tracking and biweekly case studies enhance investment discipline. • AI and proprietary data are integrated into Mawer's research process. • Emphasis on not outsourcing critical thinking and decision-making. 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/ 

In this episode, global equity co-manager, Manar Hassan-Agha, examines how tariff policies have created uncertainty for businesses, particularly impacting capital deployment decisions and supply chains. Manar explains how a focus on asset-light, service-oriented businesses with recurring revenue provides resilience during volatile periods, with limited direct exposure to tariff-vulnerable exports. Through specific company examples like Admiral Group, UnitedHealth, and a beauty products business, he illustrates how the team evaluates short-term price movements versus long-term intrinsic value, emphasizing the importance of disciplined position sizing and maintaining a balanced, diversified portfolio across geographies and market caps during uncertain times. Recent tariff policies have created uncertainty for businesses, affecting capital deployment decisions and generating both direct impacts and second-order effects on consumer spending The Global Equity Portfolio has limited direct exposure to tariff-vulnerable exports, with a preference for asset-light, service-oriented businesses with recurring revenue Short-term price movements often contain significant randomness, highlighting the importance of focusing on long-term business fundamentals rather than reacting to news flow Market volatility can create investment opportunities, particularly in companies with temporarily impacted profitability but intact long-term earnings power Maintaining portfolio balance and diversification across quality factors, valuations, geographies and market caps remains essential during uncertain times Host: Rob Campbell, CFA, Mawer Institutional Portfolio Manager Guest: Manar Hassan-Agha, CFA, Mawer 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/ 

In this episode, we discuss the defense industry's evolution with equity analyst Joshua Samuel. He highlights the historical underinvestment in European defense, the recent increase in defense spending, particularly Germany's program, and the strategic importance of land systems. The conversation highlights how the current geopolitical environment has transformed defense from an underperforming sector to an investment opportunity, though valuations for companies like Rheinmetall now reflect much of this potential. Key Takeaways: Historical Underinvestment: European military spending dropped dramatically from 2.75% of GDP during the Cold War to approximately 1.3% over the last decade. This resulted in significant inventory reduction (77% fewer tanks, 57% fewer aircraft) and industry consolidation. Germany's Leadership: Germany's substantial defense spending package has garnered attention, though not all European countries have the same fiscal capacity to increase military budgets at the same rate. Supply Chain Constraints: Decades of underinvestment created production bottlenecks that can't be solved quickly. Companies like Rheinmetall, which maintained investment during lean periods, are well-positioned with superior production technology and cost structures. Investment Perspective: European defense companies offer potentially higher growth opportunities than U.S. counterparts due to the lower baseline of European defense spending and greater headroom for increases. Companies with established platforms typically present lower investment risk than those developing new technologies. Strategic Autonomy: With the U.S. potentially reducing its global security role, European nations are recognizing the need for self-sufficiency in defense capabilities to protect their interests and sovereignty. Host: Rob Campbell, CFA, Mawer Director, Institutional Portfolio Manager Guest: Joshua Samuel, CFA, Mawer 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:   LinkedIn - https://www.linkedin.com/company/mawer-investment-management/   Instagram - https://www.instagram.com/mawerinvestmentmanagement/