Mawer Investment Management Ltd carried out deep reforms in its portfolio mix during 1Q2015, resulting in an increase in its portfolio value to more than $7.8 billion from $7.7 billion.
Among the tweaks that Mawer performed in its portfolio during the quarter included starting new positions in five stocks and selling out of three others. The fund also increased holding in 53 stocks and reduced holding in another 37.
Alibaba Group Holding Ltd (NYSE:BABA), ANSYS, Inc. (NASDAQ:ANSS) and Express Scripts Holding Company (NASDAQ:ESRX) were the top-three largest newest positions by dollar value in the portfolio of Mawer during 1Q. Here is closer look at how Mawer played these positions.
Mawer Investment Management launched a position of 663,990 shares in Alibaba Group Holding Ltd (NYSE:BABA) during 1Q. The stake was valued above $55 million at the end of the quarter.
The fund started a position of 383,826 shares worth $33.9 million in ANSYS, Inc. (NASDAQ:ANSS) in 1Q.
Mawer initiated a stake in Express Scripts Holding Company (NASDAQ:ESRX) during 1Q, taking up 379,905 shares in the company. The stake was valued at $33 million at the end of the quarter.
Mawer lost its love for Mondelez International Inc (NASDAQ:MDLZ), selling all the 497,545 shares it owned in the company at the end of 4Q. The stake was worth more than $18 million as of the previous filing.
Rio Tinto plc (ADR) (NYSE:RIO) was also deleted from the portfolio of Mawer during 1Q as the fund sold all the 39,145 shares valued at $1.8 million it held in the company at the end of 4Q.
Mawer increased its holding in Brookfield Asset Management Inc. (USA) (NYSE:BAM) to more than 6.2 million shares valued above $343 million at the end of 1Q. The fund previously reported owning more than 6.15 million shares worth $318.6 million in the company at the end of 4Q.
Mawer maintained Canadian National Railway (USA) (NYSE:CNI) is its second-largest holding overall, reporting more than 4 million shares worth $281 million in the company in the latest filing. The fund lowered its holding CNI during 1Q because it previously reported holding 4.2 million shares valued at $300 million in the company.
The holding in Aon Plc (NYSE:AON) leap up slightly to more than 2.9 million shares valued at $279.7 million at the end of 1Q. That compared with 2.8 million shares worth $265 million at the end o 4Q.