Mawer is the 2015 Morningstar Domestic Equity Fund Manager of the Year

EdgePoint, Fidelity managers make short list.

Christopher Davis 30 November, 2015 | 6:00PM
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We recognize managers' skill in navigating the Canadian equity market with the Morningstar Domestic Equity Fund Manager of the Year award. The award acknowledges strong returns over the past year, but short-term returns take a backseat to long-term fundamentals. After all, there's a lot of noise in short term numbers; a one-year hot streak is often the result of luck or extreme risk taking.

Our finalists navigated a tricky environment in 2015. Faltering commodity prices hit the energy and materials sectors, hurting smaller names the most. The ripple effect on the economy, along with ongoing concerns about high debt levels and housing prices, weighed on the big banks. Meanwhile,  Valeant Pharmaceuticals (VRX), which briefly eclipsed  Royal Bank of Canada (RY) as the country's most valuable company by market capitalization, fell from grace amid accusations of accounting shenanigans.

As one would expect in an uncertain environment, investors favoured relatively steady telecommunication services and consumer staples firms, such as  BCE Inc. (BCE), Alimentation Couche-Tard (ATD.B) and  Loblaw (L), which turned in strong gains. Canadian managers also got a leg up from investing in U.S. equities, which benefited from the depreciating Canadian dollar, though our finalists outperformed largely on the strength of their domestic picks.

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Securities Mentioned in Article

Security NamePriceChange (%)Morningstar Rating
Alimentation Couche-Tard Inc Class B48.40 CAD0.14
Bausch Health Companies Inc35.52 CAD0.34Rating
BCE Inc63.18 CAD0.40Rating
CCL Industries Inc Class A66.49 CAD0.00
CGI Inc Class A114.38 CAD-0.40Rating
Constellation Software Inc2,244.36 CAD0.07
Intact Financial Corp169.78 CAD0.23
Loblaw Companies Ltd94.01 CAD0.74Rating
Metro Inc62.70 CAD1.11Rating
Onex Corp98.12 CAD0.42
Royal Bank of Canada133.23 CAD0.65Rating
The Toronto-Dominion Bank89.15 CAD0.43Rating

About Author

Christopher Davis

Christopher Davis  Christopher Davis is Director of Manager Research at Morningstar Canada.

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