i don't hold mawer but they are a respected bell-wether. Their balanced outperfomed until recently because of their well-known avoidance of the troubled energy sector.
recently jas4 posted that mawer balanced had underperformed the TSX 300 over the past year. That - i thought - must be due to the big bounce off the bottom of the trough which benefited broad index toronto, while an energy-poor fund like mawer would have remained outside the bounce.
longer term, a policy that is still shy on energy might indeed turn out to be a decade winner!