Paul Moroz- Mawer Investment Management Ltd.

Small-cap manager seeks quality at a reasonable price

Diana Cawfield 21 September, 2012 | 6:00PM
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In managing the award-winning Mawer Global Small Cap, Paul Moroz focuses on wealth creators that earn a high return on capital.

Moroz and his colleagues at Calgary-based Mawer Investment Management Ltd. seek to identify quality companies with a competitive advantage. Secondly, they favour management who will allocate capital at high rates of return. Thirdly, the valuations – which are based on a discounted-cash-flow model – must make sense.

"We're taking a lot of the risk out of the asset class," says Moroz. Over the nearly five years of the fund's history through very difficult economic times, he adds, the emphasis on high-quality companies has paid off.

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About Author

Diana Cawfield

Diana Cawfield  Diana Cawfield is an award-winning writer who has been a regular Morningstar contributor since 2000. Her numerous publication credits include the Toronto StarAdvisor's Edge and Chatelaine, as well as the Canadian Securities Institute's online educational services.

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