JARISLOWSKY, FRASER Ltd

Name: JARISLOWSKY, FRASER Ltd 13F holdings, Q1 2024
Creator: JARISLOWSKY, FRASER Ltd
Published: 2024-09-30

Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024

In its 13F for Q1 2024 (holdings as of March 31, 2024, filed September 30, 2024), JARISLOWSKY, FRASER Ltd reported 194 stock positions worth $17.4 billion. Its top holding was Canadian Natl Railway (CNI) at 6.4% of the portfolio, followed by Brookfield (BN, 5.2%) and Microsoft (MSFT, 3.8%). Compared with Q4 2023, it opened 5 new positions, sold out of 29, added to 31 and reduced 138. The biggest buy was Bank of Montreal (BMO, shares +1117%) and the biggest sale Shopify Class A (SHOP, shares −22%).

Most Recent 13F: Q3 2025
Location: MONTREAL, A8
CIK: 0001123778
Portfolio Value: $17.4B (Q1 2024)
SEC Filing: 0001123778-24-000017 ↗ filed Sep 30, 2024

Holdings Value

Holdings 194 stocks · $17.4B


CNI Canadian Natl Railway Co.	6.43%	8,511,212	$1.1B	Reduce -3.5%
BN Brookfield Corp.	5.21%	21,667,121	$907.5M	Reduce -3.7%
MSFT Microsoft Corp.	3.79%	1,570,363	$660.7M	Reduce -5.6%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX	3.78%	12,741,121	$659.7M	Reduce -3.2%
TRI Thomson Reuters Corp.	3.33%	3,724,155	$580.1M	Reduce -13.5%
OTEX Open Text Corp.	3.33%	14,934,688	$580.1M	Reduce -3.0%
QSR Restaurant Brands Intern	3.08%	6,756,695	$537.1M	Reduce -4.0%
GIB Cgi Inc.	2.98%	4,710,670	$520.2M	Reduce -11.9%
TRP TC Energy Corp.	2.94%	12,759,331	$513.3M	Reduce -3.1%
MFC Manulife Financial Corp.	2.87%	19,983,130	$499.6M	Reduce -3.5%
CAE Cae Inc.	2.60%	21,964,698	$454.0M	Add +26.7%
STN Stantec Inc.	2.60%	5,445,228	$452.5M	Reduce -15.7%
GIL Gildan Activewear Inc.	2.39%	11,222,154	$416.9M	Reduce -5.6%
FNV Franco-Nevada Corp.	2.38%	3,474,773	$414.4M	Add +0.9%
AMZN Amazon.com Inc.	2.29%	2,210,251	$398.7M	Reduce -5.7%
BMO Bank of Montreal filed as BANK MONTREAL QUE	2.15%	3,827,130	$374.0M	Add +1117.2%
MGA Magna International Inc.	2.11%	6,752,491	$368.2M	Reduce -3.1%
UNH Unitedhealth Group Inc.	1.86%	655,100	$324.1M	Add +0.3%
MA Mastercard Inc. Class A	1.85%	670,944	$323.1M	Reduce -2.5%
DSGX The Descartes Systems Grp	1.75%	3,329,220	$304.8M	Reduce -23.2%
SHOP Shopify Inc. Class A	1.67%	3,770,182	$291.1M	Reduce -22.4%
FISV Fiserv Inc.	1.60%	1,747,209	$279.2M	Reduce -2.7%
CIGI Colliers Intl GR-Subord Vot	1.55%	2,215,765	$271.1M	Reduce -3.6%
PEP Pepsico Inc.	1.46%	1,451,736	$254.1M	Add +14.2%
CPRT Copart Inc.	1.44%	4,345,695	$251.7M	Reduce -3.9%
GOOGL Alphabet Inc. Class A	1.44%	1,664,883	$251.3M	Reduce -3.0%
ABT Abbott Laboratories	1.36%	2,079,873	$236.4M	Reduce -2.0%
RY Royal Bank of Canada	1.29%	2,235,429	$225.7M	Reduce -1.0%
JPM JPMorgan Chase & Co.	1.27%	1,109,524	$222.2M	Reduce -3.1%
BDX Becton Dickinson and Co.	1.27%	896,176	$221.8M	Add +3.6%
GOOG Alphabet Inc. Class C	1.27%	1,453,449	$221.3M	Reduce -4.3%
ORCL Oracle Corp.	1.19%	1,658,230	$208.3M	Reduce -2.5%
BSX Boston Scientific Corp.	1.16%	2,962,910	$202.9M	Reduce -2.2%
IQV Iqvia Holdings Inc.	1.10%	757,397	$191.5M	Reduce -4.0%
IBKR Interactive Brokers Gro Class A	1.10%	1,710,286	$191.1M	Reduce -5.6%
CB Chubb Ltd.	1.06%	713,854	$185.0M	Add +4.6%
ACN Accenture PLC Class A	0.99%	496,966	$172.3M	Reduce -0.2%
DHR Danaher Corp.	0.83%	578,039	$144.3M	Add +0.9%
SHW The Sherwin-Williams Co.	0.82%	413,161	$143.5M	Reduce -2.9%
AME Ametek Inc.	0.69%	659,935	$120.7M	Reduce -1.0%
TD Toronto-Dominion Bank	0.64%	1,838,726	$111.1M	Reduce -4.1%
BRK.B Berkshire Hathaway Inc. Class B	0.62%	257,522	$108.3M	Reduce -4.9%
META Meta Platforms Inc. Class A	0.62%	222,128	$107.9M	Reduce -4.1%
DEO Diageo PLC-Sponsored ADR	0.60%	699,141	$104.0M	Reduce -2.9%
JNJ Johnson & Johnson	0.59%	654,913	$103.6M	Reduce -4.0%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.59%	1,020,046	$103.5M	Reduce -2.7%
PG The Procter & Gamble Co.	0.58%	622,835	$101.1M	Reduce -3.3%
ENB Enbridge Inc.	0.57%	2,746,263	$99.3M	Reduce -2.0%
GWRE Guidewire Software Inc.	0.57%	846,393	$98.8M	Reduce -2.1%
HDB HDFC Bank Ltd.-ADR	0.53%	1,640,649	$91.8M	Add +6.9%
MDLZ Mondelez International Inc. Class A	0.51%	1,257,756	$88.0M	Add +0.1%
SITE Siteone Landscape Supply Inc.	0.44%	434,813	$75.9M	New
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC	0.40%	447,589	$69.0M	Reduce -1.9%
OZK Bank Ozk	0.39%	1,487,094	$67.6M	Reduce -7.5%
AFG American Financial Group Inc.	0.38%	491,418	$67.1M	Reduce -2.6%
LCII Lci Industries	0.38%	539,415	$66.4M	Reduce -2.0%
MNST Monster Beverage Corp.	0.36%	1,073,595	$63.6M	Reduce -2.7%
ADSK Autodesk Inc.	0.35%	232,115	$60.4M	Reduce -1.1%
RELX Relx PLC - Spon ADR	0.32%	1,281,454	$55.5M	Reduce -2.5%
CL Colgate-Palmolive Co.	0.30%	589,084	$53.0M	Reduce -6.5%
VRSK Verisk Analytics Inc.	0.28%	207,012	$48.8M	Reduce -11.4%
COST Costco Wholesale Corp.	0.27%	64,405	$47.2M	Reduce -6.3%
PEG Public Service Enterprise GP	0.26%	682,055	$45.5M	Add +12233.7%
CYBR Cyberark Software Ltd./Israel	0.23%	151,038	$40.1M	Reduce -26.1%
TSM Taiwan Semiconductor-SP ADR	0.23%	290,390	$39.5M	Reduce -15.2%
CACC Credit Acceptance Corp.	0.22%	69,669	$38.4M	Reduce -2.2%
AX Axos Financial Inc.	0.20%	651,835	$35.2M	Reduce -21.1%
CME Cme Group Inc.	0.19%	156,920	$33.8M	Add +2.0%
UL Unilever PLC	0.19%	645,631	$32.4M	Add +3.3%
XOM Exxon Mobil Corp.	0.18%	276,772	$32.2M	Reduce -5.1%
PGR Progressive Corp.	0.17%	141,909	$29.3M	Reduce -2.3%
SAP Sap SE-Sponsored ADR	0.16%	147,336	$28.7M	Reduce -7.7%
ADP Automatic Data Processing	0.15%	106,094	$26.5M	Reduce -4.2%
SFBS Servisfirst Bancshares Inc.	0.15%	398,340	$26.4M	Add +51.1%
ASML ASML Holding NV-NY Reg SHS	0.15%	27,098	$26.3M	Reduce -4.0%
LLY Eli Lilly & Co.	0.14%	31,667	$24.6M	Reduce -18.1%
ABBV Abbvie Inc.	0.14%	131,678	$24.0M	Reduce -8.3%
SPY SS SPDR S&P 500 ETF Trust-US	0.14%	45,661	$23.9M	Reduce -1.6%
BKNG Booking Holdings Inc.	0.12%	5,704	$20.7M	Reduce -79.5%
ALC Alcon Inc. filed as ALCON AG	0.11%	234,786	$19.6M	Reduce -2.0%
SHV iShares 0-1 Year Treasury Bo	0.11%	167,621	$18.5M	New
CMCSA Comcast Corp. Class A	0.11%	424,058	$18.4M	Reduce -6.9%
PBA Pembina Pipeline Corp.	0.10%	496,971	$17.6M	Reduce -1.7%
ZTS Zoetis Inc.	0.10%	102,035	$17.3M	Reduce -8.4%
TU Telus Corp.	0.09%	956,521	$15.3M	Reduce -11.0%
NVO Novo-Nordisk A/S-Spons ADR	0.09%	119,052	$15.3M	Reduce -3.8%
NTR Nutrien Ltd.	0.09%	278,636	$15.2M	Reduce -18.2%
SLF Sun Life Financial Inc.	0.07%	231,046	$12.6M	Add +0.0%
CVX Chevron Corp.	0.06%	70,991	$11.2M	Reduce -7.1%
BCE Bce Inc.	0.06%	294,459	$10.0M	Reduce -24.6%
AAPL Apple Inc.	0.06%	56,906	$9.7M	Reduce -15.6%
TFPM Triple Flag Precious Met	0.05%	628,068	$9.1M	Add +113.0%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD	0.05%	723,126	$8.6M	Add +0.9%
TCOM Trip.com Group Ltd.-ADR	0.05%	184,272	$8.1M	No change
KMB Kimberly-Clark Corp.	0.04%	59,155	$7.7M	Reduce -6.1%
CVS CVS Health Corp.	0.04%	94,545	$7.5M	Reduce -10.3%
FMX Fomento Economico Mex-SP ADR	0.04%	57,047	$7.4M	Reduce -6.0%
XP XP Inc. Class A	0.04%	285,128	$7.3M	Add +1.0%
EMR Emerson Electric Co.	0.04%	60,950	$6.9M	Reduce -15.8%
BAP Credicorp Ltd.	0.04%	39,595	$6.7M	Add +0.4%

Show all 194 holdings

Other holdings (2): bonds, preferreds, convertibles and warrants · $1.0M (not counted above)

Security	Class	Shares / Principal	Value	Change
ISTB iShares Core 1-5 Year Usd Bo	CORE 1 5 YR USD · principal	17,403	$826K	Add +43.5%
IGIB iShares 5-10Y Inv Grade Corp.	ISHS 5-10YR INVT · principal	4,096	$211K	No change

Total filed on the 13F, all lines: $17.4B.

Portfolio Sells Q4 2023 → Q1 2024


SHOP Shopify Inc. Class A	Reduce -22.4%	1.67%	−0.57
OTEX Open Text Corp.	Reduce -3.0%	3.33%	−0.50
STN Stantec Inc.	Reduce -15.7%	2.60%	−0.47
BKNG Booking Holdings Inc.	Reduce -79.5%	0.12%	−0.46
DSGX The Descartes Systems Grp	Reduce -23.2%	1.75%	−0.40
GIB Cgi Inc.	Reduce -11.9%	2.98%	−0.40
TRI Thomson Reuters Corp.	Reduce -13.5%	3.33%	−0.39
VTI VG Morningstar TS MKT ETF-US	Sold out	0.00%	−0.35
MGA Magna International Inc.	Reduce -3.1%	2.11%	−0.32
BERY Berry Global Group Inc.	Reduce -96.7%	0.01%	−0.28
QSR Restaurant Brands Intern	Reduce -4.0%	3.08%	−0.17
CIGI Colliers Intl GR-Subord Vot	Reduce -3.6%	1.55%	−0.16
BN Brookfield Corp.	Reduce -3.7%	5.21%	−0.13
CNI Canadian Natl Railway Co.	Reduce -3.5%	6.43%	−0.12
TRP TC Energy Corp.	Reduce -3.1%	2.94%	−0.10
TD Toronto-Dominion Bank	Reduce -4.1%	0.64%	−0.10
OZK Bank Ozk	Reduce -7.5%	0.39%	−0.08
AX Axos Financial Inc.	Reduce -21.1%	0.20%	−0.06
RY Royal Bank of Canada	Reduce -1.0%	1.29%	−0.05
VRSK Verisk Analytics Inc.	Reduce -11.4%	0.28%	−0.05
ACN Accenture PLC Class A	Reduce -0.2%	0.99%	−0.04
JNJ Johnson & Johnson	Reduce -4.0%	0.59%	−0.03
BCE Bce Inc.	Reduce -24.6%	0.06%	−0.03
CYBR Cyberark Software Ltd./Israel	Reduce -26.1%	0.23%	−0.03
ZTS Zoetis Inc.	Reduce -8.4%	0.10%	−0.03
NTR Nutrien Ltd.	Reduce -18.2%	0.09%	−0.03
ENB Enbridge Inc.	Reduce -2.0%	0.57%	−0.03
LCII Lci Industries	Reduce -2.0%	0.38%	−0.03
TU Telus Corp.	Reduce -11.0%	0.09%	−0.03
AAPL Apple Inc.	Reduce -15.6%	0.06%	−0.02
DEO Diageo PLC-Sponsored ADR	Reduce -2.9%	0.60%	−0.02
ABT Abbott Laboratories	Reduce -2.0%	1.36%	−0.02
V Visa Inc. Class A	Reduce -53.1%	0.02%	−0.02
MMM 3M Co.	Reduce -22.9%	0.03%	−0.01
CMCSA Comcast Corp. Class A	Reduce -6.9%	0.11%	−0.01
CP Canadian Pacific Kansas City	Reduce -33.0%	0.03%	−0.01
NKE Nike Inc. Class B	Reduce -9.5%	0.04%	−0.01
KO The Coca-Cola Co.	Reduce -21.5%	0.04%	−0.01
MNST Monster Beverage Corp.	Reduce -2.7%	0.36%	−0.01
VLTO Veralto Corp.	Reduce -88.4%	0.00%	−0.01
EFA iShares MSCI Eafe ETF	Reduce -57.0%	0.01%	−0.01
HD Home Depot Inc.	Reduce -51.9%	0.01%	−0.01
WCN Waste Connections Inc.	Reduce -82.7%	0.00%	−0.01
TECK Teck Resources Ltd.-CLS B	Sold out	0.00%	−0.01
USB US Bancorp	Reduce -34.4%	0.01%	−0.01
PFE Pfizer Inc.	Reduce -10.1%	0.04%	−0.01
MCD McDonald's Corp.	Reduce -11.3%	0.03%	−0.01
TMO Thermo Fisher Scientific Inc.	Sold out	0.00%	−0.01
APD Air Products & Chemicals Inc.	Reduce -71.0%	0.00%	−0.01
MET Metlife Inc.	Reduce -35.0%	0.01%	−0.01

Portfolio Buys Q4 2023 → Q1 2024


BMO Bank of Montreal	Add +1117.2%	2.15%	+1.96
SITE Siteone Landscape Supply Inc.	New	0.44%	+0.44
CAE Cae Inc.	Add +26.7%	2.60%	+0.39
PEG Public Service Enterprise GP	Add +12233.7%	0.26%	+0.26
PEP Pepsico Inc.	Add +14.2%	1.46%	+0.19
CB Chubb Ltd.	Add +4.6%	1.06%	+0.15
FNV Franco-Nevada Corp.	Add +0.9%	2.38%	+0.12
SHV iShares 0-1 Year Treasury Bo	New	0.11%	+0.11
DHR Danaher Corp.	Add +0.9%	0.83%	+0.05
SFBS Servisfirst Bancshares Inc.	Add +51.1%	0.15%	+0.05
BDX Becton Dickinson and Co.	Add +3.6%	1.27%	+0.03
TFPM Triple Flag Precious Met	Add +113.0%	0.05%	+0.03
NU Nu Holdings Ltd./Cayman Isl-A	Add +0.9%	0.05%	+0.01
SGOV iShares 0-3 Month Treasury B	New	0.01%	+0.01
UL Unilever PLC	Add +3.3%	0.19%	+0.01
CM Can Imperial BK of Commerce	Add +46.9%	0.01%	+0.00
BAP Credicorp Ltd.	Add +0.4%	0.04%	+0.00
ALYAF Alithya Group Inc. Class A	Add +6.2%	0.02%	+0.00
IMO Imperial Oil Ltd.	Add +6.4%	0.02%	+0.00
CME Cme Group Inc.	Add +2.0%	0.19%	+0.00
B Barrick Gold Corp.	New	0.00%	+0.00
ING ING Groep N.V.-Sponsored ADR	Add +18.2%	0.01%	+0.00
SLF Sun Life Financial Inc.	Add +0.0%	0.07%	+0.00
TRV The Travelers Cos Inc.	New	0.00%	+0.00
CVE Cenovus Energy Inc.	Add +68.0%	0.00%	+0.00
NGG National Grid PLC-SP ADR	Add +11.4%	0.01%	+0.00
INFY Infosys Ltd.-SP ADR	Add +9.4%	0.03%	+0.00
AZN Astrazeneca PLC-Spons ADR	Add +19.7%	0.01%	+0.00
IHG Intercontinental Hotels-ADR	Add +1.8%	0.00%	+0.00
ADBE Adobe Inc.	Add +2.5%	0.00%	−0.00
RCI Rogers Communications Inc. Class B	Add +1.3%	0.00%	−0.00
XP XP Inc. Class A	Add +1.0%	0.04%	−0.00
ATS Ats Corp.	Add +0.1%	0.01%	−0.00
MDLZ Mondelez International Inc. Class A	Add +0.1%	0.51%	−0.03
HDB HDFC Bank Ltd.-ADR	Add +6.9%	0.53%	−0.08
UNH Unitedhealth Group Inc.	Add +0.3%	1.86%	−0.16

Notes & Other Activity Q4 2023 → Q1 2024


ISTB iShares Core 1-5 Year Usd Bo	CORE 1 5 YR USD · principal	Add +43.5%	17,403	$826K
SHV iShares 0-1 Year Treasury Bo	TRUST ISHARE 0-1 · principal	Sold out	3,518	$387Kbefore exit

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