Q: Mawer Global Fund has just experienced a down year and I assume they are experiencing significant redemptions. December 2024 they paid a dividend of 20 cents per share. December 2025 they paid a dividend of $2.30 per share.

Is the large dividend simply an enticement to keep people invested? Why would they paid such a large dividend when they just experienced a year of less than stellar results?

Thank you

Paul

Q: Ref Paul’ question about MAW120 on Oct 7. I’ve seen this article in August:

https://global.morningstar.com/en-ca/funds/why-we-downgraded-mawer-global-equity

Q: I have owned MAW120 for almost 10 years, and upon looking at its recent performance, I can't find any reason to continue owning this fund. Can you?

As per Mawer's web site (https://www.mawer.com/funds/performance) it shows results as of June 30, 2025 versus its benchmark:

MAW120 1yr: -0.9%; 3 yr: 9.8%; 5 yr 7.7%
Benchmark: 1 yr: 15.8%; 3 yr: 19.6%; 5 yr 13.7%

For the one year period ending June 30th it lost money! It's benchmark earned 15.8%. It has > 50% invested in the US market. I don't see how they could lose money over that time period. Can you explain how it could lose money when markets in US, Canda and Europe over that period were generally good. Even their International Equity fund made 23.3% over the same 1 year time period.

I will be "firing" them. I have sold 1/2 today, and will sell the other 1/2 next week. I would like to invest in the benchmark for this fund, or something as equivalent as possible. Can you suggest 3 ETFs for me to buy for global equity exposure that have significantly better performance than MAW120.

Thanks,
Paul