JARISLOWSKY, FRASER Ltd
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 21, 2025), JARISLOWSKY, FRASER Ltd reported 188 stock positions worth $18.2 billion. Its top holding was Brookfield (BN) at 5.6% of the portfolio, followed by Toronto-Dominion Bank (TD, 5.2%) and Canadian Natl Railway (CNI, 4.6%). Compared with Q2 2025, it opened 5 new positions, sold out of 1, added to 40 and reduced 115. The biggest buy was Pembina Pipeline (PBA, shares +1895%) and the biggest sale Thomson Reuters (TRI, shares −4%).
- Most Recent 13F
- Q3 2025
- Location
- MONTREAL, A8
- CIK
- 0001123778
- Portfolio Value
- $18.2B (Q3 2025)
- SEC Filing
- 0001123778-25-000007 ↗ filed Oct 21, 2025
Holdings Value
Holdings 188 stocks · $18.2B
| BN Brookfield Corp. | 5.59% | 14,806,245 | $1.0B | Reduce -4.5% |
| TD Toronto-Dominion Bank | 5.16% | 11,728,785 | $938.0M | Reduce -2.2% |
| CNI Canadian Natl Railway Co. | 4.60% | 8,871,249 | $836.8M | Reduce -4.0% |
| OTEX Open Text Corp. | 4.35% | 21,150,154 | $790.7M | Add +0.6% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 4.18% | 5,833,830 | $760.4M | Reduce -8.8% |
| SHOP Shopify Inc. Class A | 3.97% | 4,861,383 | $722.4M | Reduce -4.4% |
| MSFT Microsoft Corp. | 3.64% | 1,277,760 | $661.8M | Reduce -8.6% |
| CAE Cae Inc. | 3.41% | 20,943,262 | $620.3M | Reduce -3.7% |
| TRP TC Energy Corp. | 3.22% | 10,751,401 | $584.7M | Reduce -4.4% |
| FNV Franco-Nevada Corp. | 3.02% | 2,462,713 | $548.3M | Reduce -11.9% |
| TRI Thomson Reuters Corp. | 2.47% | 2,886,701 | $448.3M | Reduce -4.1% |
| STN Stantec Inc. | 2.42% | 4,082,124 | $440.3M | Reduce -17.8% |
| AMZN Amazon.com Inc. | 2.39% | 1,981,602 | $435.1M | Reduce -1.5% |
| GIL Gildan Activewear Inc. | 2.18% | 6,848,156 | $395.7M | Reduce -7.6% |
| GIB Cgi Inc. | 1.98% | 4,033,813 | $359.4M | Reduce -4.4% |
| PBA Pembina Pipeline Corp. | 1.96% | 8,814,455 | $356.5M | Add +1894.9% |
| ORCL Oracle Corp. | 1.89% | 1,220,787 | $343.3M | Reduce -14.4% |
| CIGI Colliers Intl GR-Subord Vot | 1.82% | 2,115,789 | $331.0M | Reduce -16.5% |
| MA Mastercard Inc. Class A | 1.71% | 547,672 | $311.5M | Reduce -2.7% |
| ABT Abbott Laboratories | 1.59% | 2,158,089 | $289.1M | Reduce -1.7% |
| TFII Tfi International Inc. | 1.55% | 3,201,844 | $281.8M | Reduce -3.1% |
| JPM JPMorgan Chase & Co. | 1.52% | 878,324 | $277.0M | Reduce -5.2% |
| GOOG Alphabet Inc. Class C | 1.45% | 1,078,837 | $262.8M | Reduce -5.7% |
| GOOGL Alphabet Inc. Class A | 1.44% | 1,079,717 | $262.5M | Reduce -11.2% |
| IBKR Interactive Brokers Gro Class A | 1.41% | 3,724,608 | $256.3M | Reduce -11.7% |
| RY Royal Bank of Canada | 1.33% | 1,645,780 | $242.6M | Reduce -17.0% |
| DSGX The Descartes Systems Grp | 1.29% | 2,483,153 | $233.9M | Reduce -4.7% |
| UNH Unitedhealth Group Inc. | 1.26% | 664,655 | $229.5M | Reduce -0.7% |
| BSX Boston Scientific Corp. | 1.18% | 2,192,794 | $214.1M | Reduce -3.4% |
| QSR Restaurant Brands Intern | 1.15% | 3,263,219 | $209.4M | Reduce -4.3% |
| TSM Taiwan Semiconductor-SP ADR | 1.14% | 739,611 | $206.6M | Reduce -0.1% |
| RBA RB Global Inc. | 1.08% | 1,805,849 | $195.6M | New |
| FISV Fiserv Inc. | 1.07% | 1,508,425 | $194.5M | Add +9.1% |
| PEP Pepsico Inc. | 1.01% | 1,302,013 | $182.9M | Add +0.1% |
| BDX Becton Dickinson and Co. | 0.96% | 935,130 | $175.0M | Reduce -0.7% |
| META Meta Platforms Inc. Class A | 0.95% | 235,586 | $173.0M | Add +36.2% |
| IQV Iqvia Holdings Inc. | 0.82% | 785,658 | $149.2M | Reduce -0.9% |
| CPRT Copart Inc. | 0.77% | 3,112,375 | $140.0M | Reduce -2.6% |
| AVGO Broadcom Inc. | 0.76% | 420,881 | $138.9M | Reduce -0.8% |
| ACN Accenture PLC Class A | 0.73% | 535,794 | $132.1M | Reduce -3.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.71% | 888,931 | $128.5M | Reduce -0.6% |
| SHW The Sherwin-Williams Co. | 0.66% | 346,536 | $120.0M | Reduce -2.8% |
| AME Ametek Inc. | 0.64% | 614,702 | $115.6M | Reduce -1.6% |
| HDB HDFC Bank Ltd.-ADR | 0.62% | 3,317,169 | $113.3M | Reduce -8.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.61% | 221,593 | $111.4M | Reduce -2.7% |
| DHR Danaher Corp. | 0.60% | 554,230 | $109.9M | Reduce -2.1% |
| CDNS Cadence Design SYS Inc. | 0.59% | 303,436 | $106.6M | Reduce -0.9% |
| MFC Manulife Financial Corp. | 0.56% | 3,273,476 | $102.0M | Reduce -3.2% |
| GWRE Guidewire Software Inc. | 0.56% | 439,972 | $101.1M | Reduce -1.2% |
| MDLZ Mondelez International Inc. Class A | 0.53% | 1,552,357 | $97.0M | Add +8.9% |
| INTU Intuit Inc. | 0.50% | 132,503 | $90.5M | New |
| PEG Public Service Enterprise GP | 0.47% | 1,025,305 | $85.6M | Add +107.1% |
| OZK Bank Ozk | 0.47% | 1,658,271 | $84.5M | Reduce -8.0% |
| ENB Enbridge Inc. | 0.46% | 1,671,318 | $84.3M | Reduce -2.9% |
| JNJ Johnson & Johnson | 0.46% | 450,506 | $83.5M | Reduce -4.7% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.44% | 1,242,357 | $80.4M | Reduce -8.9% |
| CB Chubb Ltd. | 0.43% | 278,658 | $78.7M | Reduce -2.9% |
| MNST Monster Beverage Corp. | 0.40% | 1,074,573 | $72.3M | Reduce -1.4% |
| PG The Procter & Gamble Co. | 0.34% | 404,384 | $62.1M | Reduce -4.2% |
| ASML ASML Holding NV-NY Reg SHS | 0.33% | 62,723 | $60.7M | Add +0.3% |
| RELX Relx PLC - Spon ADR | 0.30% | 1,129,509 | $53.9M | Reduce -1.7% |
| AFG American Financial Group Inc. | 0.30% | 369,784 | $53.9M | Reduce -1.0% |
| CME Cme Group Inc. | 0.26% | 175,151 | $47.3M | Reduce -2.2% |
| SAP Sap SE-Sponsored ADR | 0.24% | 165,093 | $44.1M | Add +14.2% |
| COST Costco Wholesale Corp. | 0.22% | 43,841 | $40.6M | Reduce -6.0% |
| UL Unilever PLC | 0.22% | 676,812 | $40.1M | Add +3.1% |
| CL Colgate-Palmolive Co. | 0.18% | 418,440 | $33.5M | Reduce -6.6% |
| DEO Diageo PLC-Sponsored ADR | 0.18% | 339,798 | $32.4M | Reduce -43.7% |
| AX Axos Financial Inc. | 0.18% | 382,183 | $32.4M | Reduce -1.2% |
| CACC Credit Acceptance Corp. | 0.18% | 69,214 | $32.3M | Reduce -1.8% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.15% | 41,279 | $27.5M | Reduce -18.7% |
| SFBS Servisfirst Bancshares Inc. | 0.13% | 303,115 | $24.4M | Reduce -1.0% |
| PGR Progressive Corp. | 0.12% | 91,262 | $22.5M | Reduce -1.0% |
| LCII Lci Industries | 0.12% | 236,956 | $22.1M | Reduce -1.0% |
| VRSK Verisk Analytics Inc. | 0.12% | 86,669 | $21.8M | Reduce -11.6% |
| ABBV Abbvie Inc. | 0.11% | 88,873 | $20.6M | Add +0.1% |
| ADSK Autodesk Inc. | 0.10% | 59,225 | $18.8M | Reduce -82.7% |
| ALC Alcon Inc. filed as ALCON AG | 0.09% | 230,438 | $17.2M | Reduce -1.8% |
| XOM Exxon Mobil Corp. | 0.09% | 142,564 | $16.1M | Reduce -1.1% |
| LLY Eli Lilly & Co. | 0.09% | 20,327 | $15.5M | Reduce -1.1% |
| SE Sea Ltd.-ADR | 0.09% | 86,522 | $15.5M | Reduce -3.3% |
| ADP Automatic Data Processing | 0.08% | 52,462 | $15.4M | Reduce -14.9% |
| MELI MercadoLibre Inc. | 0.08% | 6,175 | $14.4M | Add +0.5% |
| TFPM Triple Flag Precious Met | 0.07% | 443,713 | $13.0M | Reduce -15.7% |
| TCOM Trip.com Group Ltd.-ADR | 0.07% | 166,860 | $12.5M | Reduce -2.5% |
| AAPL Apple Inc. | 0.06% | 44,738 | $11.4M | Reduce -14.6% |
| ZTS Zoetis Inc. | 0.06% | 76,698 | $11.2M | Reduce -8.1% |
| NTR Nutrien Ltd. | 0.06% | 181,665 | $10.7M | Reduce -1.0% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.06% | 651,820 | $10.4M | Add +0.4% |
| BAP Credicorp Ltd. | 0.06% | 38,882 | $10.4M | Reduce -16.6% |
| TU Telus Corp. | 0.06% | 645,207 | $10.2M | Reduce -1.5% |
| BKNG Booking Holdings Inc. | 0.05% | 1,634 | $8.8M | Reduce -4.4% |
| ATS Ats Corp. | 0.05% | 334,904 | $8.8M | Reduce -11.7% |
| NVDA Nvidia Corp. | 0.05% | 45,038 | $8.4M | Add +518.6% |
| HLN Haleon PLC-ADR | 0.04% | 821,006 | $7.4M | Add +12.4% |
| NVS Novartis AG-Sponsored ADR | 0.04% | 52,037 | $6.7M | Reduce -2.6% |
| EMR Emerson Electric Co. | 0.03% | 45,460 | $6.0M | No change |
| CMCSA Comcast Corp. Class A | 0.03% | 176,738 | $5.6M | Reduce -9.7% |
| FMX Fomento Economico Mex-SP ADR | 0.03% | 55,306 | $5.5M | Reduce -2.0% |
| YUMC Yum China Holdings Inc. | 0.03% | 126,474 | $5.4M | Add +0.1% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $20.7M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| IGSB iShares 1-5Y Inv Grade Corp. | ISHS 1-5YR INVS · principal | 192,744 | $10.2M | Add +49.5% |
| IGIB iShares 5-10Y Inv Grade Corp. | ISHS 5-10YR INVT · principal | 89,421 | $4.8M | Add +61.2% |
| SHY iShares 1-3 Year Treasury Bo | 1 3 YR TREAS BD · principal | 41,528 | $3.4M | Add +66.9% |
| ISTB iShares Core 1-5 Year Usd Bo | CORE 1 5 YR USD · principal | 44,580 | $2.2M | Add +38.7% |
Total filed on the 13F, all lines: $18.2B.
Portfolio Sells Q2 2025 → Q3 2025
| TRI Thomson Reuters Corp. | Reduce -4.1% | 2.47% | −0.99 |
| CNI Canadian Natl Railway Co. | Reduce -4.0% | 4.60% | −0.89 |
| STN Stantec Inc. | Reduce -17.8% | 2.42% | −0.66 |
| GIB Cgi Inc. | Reduce -4.4% | 1.98% | −0.55 |
| ADSK Autodesk Inc. | Reduce -82.7% | 0.10% | −0.50 |
| CYBR Cyberark Software Ltd./Israel | Reduce -99.6% | 0.00% | −0.35 |
| MSFT Microsoft Corp. | Reduce -8.6% | 3.64% | −0.33 |
| SITE Siteone Landscape Supply Inc. | Reduce -99.6% | 0.00% | −0.29 |
| CAE Cae Inc. | Reduce -3.7% | 3.41% | −0.22 |
| DSGX The Descartes Systems Grp | Reduce -4.7% | 1.29% | −0.22 |
| ACN Accenture PLC Class A | Reduce -3.1% | 0.73% | −0.22 |
| BSX Boston Scientific Corp. | Reduce -3.4% | 1.18% | −0.22 |
| HDB HDFC Bank Ltd.-ADR | Reduce -8.6% | 0.62% | −0.17 |
| DEO Diageo PLC-Sponsored ADR | Reduce -43.7% | 0.18% | −0.17 |
| RY Royal Bank of Canada | Reduce -17.0% | 1.33% | −0.16 |
| TFII Tfi International Inc. | Reduce -3.1% | 1.55% | −0.14 |
| QSR Restaurant Brands Intern | Reduce -4.3% | 1.15% | −0.14 |
| AMZN Amazon.com Inc. | Reduce -1.5% | 2.39% | −0.13 |
| CPRT Copart Inc. | Reduce -2.6% | 0.77% | −0.13 |
| ABT Abbott Laboratories | Reduce -1.7% | 1.59% | −0.12 |
| MA Mastercard Inc. Class A | Reduce -2.7% | 1.71% | −0.09 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -16.5% | 1.82% | −0.07 |
| RELX Relx PLC - Spon ADR | Reduce -1.7% | 0.30% | −0.06 |
| MFC Manulife Financial Corp. | Reduce -3.2% | 0.56% | −0.06 |
| VRSK Verisk Analytics Inc. | Reduce -11.6% | 0.12% | −0.05 |
| CL Colgate-Palmolive Co. | Reduce -6.6% | 0.18% | −0.05 |
| GWRE Guidewire Software Inc. | Reduce -1.2% | 0.56% | −0.04 |
| PG The Procter & Gamble Co. | Reduce -4.2% | 0.34% | −0.04 |
| CB Chubb Ltd. | Reduce -2.9% | 0.43% | −0.04 |
| COST Costco Wholesale Corp. | Reduce -6.0% | 0.22% | −0.04 |
| SHW The Sherwin-Williams Co. | Reduce -2.8% | 0.66% | −0.04 |
| XP XP Inc. Class A | Reduce -96.6% | 0.00% | −0.04 |
| DHR Danaher Corp. | Reduce -2.1% | 0.60% | −0.03 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -18.7% | 0.15% | −0.03 |
| CACC Credit Acceptance Corp. | Reduce -1.8% | 0.18% | −0.03 |
| ADP Automatic Data Processing | Reduce -14.9% | 0.08% | −0.02 |
| ALC Alcon Inc. | Reduce -1.8% | 0.09% | −0.02 |
| CME Cme Group Inc. | Reduce -2.2% | 0.26% | −0.02 |
| ATS Ats Corp. | Reduce -11.7% | 0.05% | −0.02 |
| OZK Bank Ozk | Reduce -8.0% | 0.47% | −0.02 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -2.7% | 0.61% | −0.02 |
| PGR Progressive Corp. | Reduce -1.0% | 0.12% | −0.02 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -35.7% | 0.01% | −0.01 |
| ZTS Zoetis Inc. | Reduce -8.1% | 0.06% | −0.01 |
| INFY Infosys Ltd.-SP ADR | Reduce -23.4% | 0.02% | −0.01 |
| JPM JPMorgan Chase & Co. | Reduce -5.2% | 1.52% | −0.01 |
| AME Ametek Inc. | Reduce -1.6% | 0.64% | −0.01 |
| CMCSA Comcast Corp. Class A | Reduce -9.7% | 0.03% | −0.01 |
| BKNG Booking Holdings Inc. | Reduce -4.4% | 0.05% | −0.01 |
| LLY Eli Lilly & Co. | Reduce -1.1% | 0.09% | −0.01 |
Portfolio Buys Q2 2025 → Q3 2025
| PBA Pembina Pipeline Corp. | Add +1894.9% | 1.96% | +1.87 |
| RBA RB Global Inc. | New | 1.08% | +1.08 |
| OTEX Open Text Corp. | Add +0.6% | 4.35% | +0.84 |
| INTU Intuit Inc. | New | 0.50% | +0.50 |
| PEG Public Service Enterprise GP | Add +107.1% | 0.47% | +0.23 |
| META Meta Platforms Inc. Class A | Add +36.2% | 0.95% | +0.22 |
| ASML ASML Holding NV-NY Reg SHS | Add +0.3% | 0.33% | +0.05 |
| NVDA Nvidia Corp. | Add +518.6% | 0.05% | +0.04 |
| PEP Pepsico Inc. | Add +0.1% | 1.01% | +0.02 |
| ABBV Abbvie Inc. | Add +0.1% | 0.11% | +0.02 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +0.4% | 0.06% | +0.01 |
| CM Can Imperial BK of Commerce | Add +21.3% | 0.02% | +0.01 |
| B Barrick Mining Corp. | Add +40.7% | 0.01% | +0.00 |
| SU Suncor Energy Inc. | Add +7.1% | 0.03% | +0.00 |
| QQQ Invesco QQQ Trust Series 1 | New | 0.00% | +0.00 |
| BCE Bce Inc. | Add +12.7% | 0.03% | +0.00 |
| MUFG Mitsubishi Ufj Finl-Spon ADR | New | 0.00% | +0.00 |
| CNQ Canadian Natural Resources | Add +32.6% | 0.01% | +0.00 |
| AEM Agnico Eagle Mines Ltd. | Add +24.1% | 0.01% | +0.00 |
| RCI Rogers Communications Inc. Class B | Add +53.9% | 0.00% | +0.00 |
| IMO Imperial Oil Ltd. | Add +2.7% | 0.01% | +0.00 |
| MGA Magna International Inc. | Add +21.0% | 0.01% | +0.00 |
| AZN Astrazeneca PLC-Spons ADR | Add +13.2% | 0.01% | +0.00 |
| ING ING Groep N.V.-Sponsored ADR | Add +0.0% | 0.01% | +0.00 |
| BIDU Baidu Inc. - Spon ADR | New | 0.00% | +0.00 |
| SONY Sony Group Corp. - SP ADR | Add +37.2% | 0.00% | +0.00 |
| TECK Teck Resources Ltd.-CLS B | Add +70.8% | 0.00% | +0.00 |
| CVE Cenovus Energy Inc. | Add +61.5% | 0.00% | +0.00 |
| CVX Chevron Corp. | Add +0.0% | 0.03% | +0.00 |
| WFG West Fraser Timber Co. Ltd. | Add +56.4% | 0.00% | +0.00 |
| IVV iShares Core S&P 500 ETF | Add +18.3% | 0.00% | +0.00 |
| WCN Waste Connections Inc. | Add +26.4% | 0.00% | +0.00 |
| CP Canadian Pacific Kansas City | Add +11.9% | 0.03% | +0.00 |
| WFC Wells Fargo & Co. | Add +4.3% | 0.01% | +0.00 |
| FTS Fortis Inc. | Add +1.7% | 0.00% | +0.00 |
| IHG Intercontinental Hotels-ADR | Add +0.6% | 0.01% | +0.00 |
| ABEV Ambev SA-ADR | Add +1.1% | 0.00% | −0.00 |
| SLF Sun Life Financial Inc. | Add +4.6% | 0.02% | −0.00 |
| YUMC Yum China Holdings Inc. | Add +0.1% | 0.03% | −0.00 |
| HLN Haleon PLC-ADR | Add +12.4% | 0.04% | −0.00 |
| SAP Sap SE-Sponsored ADR | Add +14.2% | 0.24% | −0.01 |
| UL Unilever PLC | Add +3.1% | 0.22% | −0.01 |
| MELI MercadoLibre Inc. | Add +0.5% | 0.08% | −0.01 |
| MDLZ Mondelez International Inc. Class A | Add +8.9% | 0.53% | −0.02 |
| FISV Fiserv Inc. | Add +9.1% | 1.07% | −0.29 |
Notes & Other Activity Q2 2025 → Q3 2025
| IGSB iShares 1-5Y Inv Grade Corp. | ISHS 1-5YR INVS · principal | Add +49.5% | 192,744 | $10.2M |
| IGIB iShares 5-10Y Inv Grade Corp. | ISHS 5-10YR INVT · principal | Add +61.2% | 89,421 | $4.8M |
| SHY iShares 1-3 Year Treasury Bo | 1 3 YR TREAS BD · principal | Add +66.9% | 41,528 | $3.4M |
| ISTB iShares Core 1-5 Year Usd Bo | CORE 1 5 YR USD · principal | Add +38.7% | 44,580 | $2.2M |
Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q3 2025 | 188 | $18.2B | BN, TD, CNI, OTEX, BMO |
| Q2 2025 | 184 | $17.5B | CNI, BN, TD, BMO, MSFT |
| Q1 2025 | 181 | $15.9B | CNI, BN, TD, BMO, CAE |
| Q4 2024 | 186 | $17.1B | BN, CNI, BMO, BNS, CAE |
| Q3 2024 | 188 | $17.9B | CNI, BN, BNS, MSFT, TRI |
| Q2 2024 | 183 | $16.5B | CNI, BN, MSFT, TRI, BNS |
| Q1 2024Amended | 194 | $17.4B | CNI, BN, MSFT, BNS, TRI |