JARISLOWSKY, FRASER Ltd

Name: JARISLOWSKY, FRASER Ltd 13F holdings, Q2 2024
Creator: JARISLOWSKY, FRASER Ltd
Published: 2024-08-12

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

In its 13F for Q2 2024 (holdings as of June 30, 2024, filed August 12, 2024), JARISLOWSKY, FRASER Ltd reported 183 stock positions worth $16.5 billion. Its top holding was Canadian Natl Railway (CNI) at 6.2% of the portfolio, followed by Brookfield (BN, 5.3%) and Microsoft (MSFT, 4.1%). Compared with Q1 2024, it opened 8 new positions, sold out of 19, added to 26 and reduced 134. The biggest buy was Bank of Montreal (BMO, shares +37%) and the biggest sale Bank of Nova Scotia (BNS, shares −0%).

Most Recent 13F: Q3 2025
Location: MONTREAL, A8
CIK: 0001123778
Portfolio Value: $16.5B (Q2 2024)
SEC Filing: 0001123778-24-000011 ↗ filed Aug 12, 2024

Holdings Value

Holdings 183 stocks · $16.5B


CNI Canadian Natl Railway Co.	6.18%	8,610,928	$1.0B	Add +1.2%
BN Brookfield Corp.	5.34%	21,144,135	$879.2M	Reduce -2.4%
MSFT Microsoft Corp.	4.07%	1,500,227	$670.5M	Reduce -4.5%
TRI Thomson Reuters Corp.	3.67%	3,589,198	$604.9M	Reduce -3.6%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX	3.52%	12,685,074	$580.1M	Reduce -0.4%
MFC Manulife Financial Corp.	3.00%	18,560,925	$494.2M	Reduce -7.1%
TRP TC Energy Corp.	2.90%	12,592,857	$477.3M	Reduce -1.3%
OTEX Open Text Corp.	2.86%	15,702,510	$471.4M	Add +5.1%
QSR Restaurant Brands Intern	2.86%	6,673,716	$470.2M	Reduce -1.2%
GIB Cgi Inc.	2.79%	4,609,507	$460.0M	Reduce -2.1%
STN Stantec Inc.	2.70%	5,316,836	$445.0M	Reduce -2.4%
BMO Bank of Montreal filed as BANK MONTREAL QUE	2.67%	5,239,662	$439.7M	Add +36.9%
AMZN Amazon.com Inc.	2.54%	2,167,526	$418.9M	Reduce -1.9%
GIL Gildan Activewear Inc.	2.54%	11,031,700	$418.3M	Reduce -1.7%
CAE Cae Inc.	2.51%	22,249,466	$413.2M	Add +1.3%
FNV Franco-Nevada Corp.	2.47%	3,434,574	$407.1M	Reduce -1.2%
UNH Unitedhealth Group Inc.	2.02%	654,348	$333.2M	Reduce -0.1%
MGA Magna International Inc.	1.82%	7,148,236	$299.5M	Add +5.9%
SHOP Shopify Inc. Class A	1.78%	4,437,786	$293.2M	Add +17.7%
GOOGL Alphabet Inc. Class A	1.77%	1,599,495	$291.3M	Reduce -3.9%
MA Mastercard Inc. Class A	1.74%	649,969	$286.7M	Reduce -3.1%
DSGX The Descartes Systems Grp	1.70%	2,890,232	$280.0M	Reduce -13.2%
FISV Fiserv Inc.	1.51%	1,667,270	$248.5M	Reduce -4.6%
CIGI Colliers Intl GR-Subord Vot	1.49%	2,190,257	$244.5M	Reduce -1.1%
GOOG Alphabet Inc. Class C	1.45%	1,304,464	$239.3M	Reduce -10.3%
PEP Pepsico Inc.	1.44%	1,436,046	$236.8M	Reduce -1.1%
CPRT Copart Inc.	1.40%	4,249,625	$230.2M	Reduce -2.2%
ABT Abbott Laboratories	1.39%	2,204,558	$229.1M	Add +6.0%
RY Royal Bank of Canada	1.35%	2,089,756	$222.4M	Reduce -6.5%
BSX Boston Scientific Corp.	1.35%	2,879,213	$221.7M	Reduce -2.8%
ORCL Oracle Corp.	1.31%	1,522,231	$214.9M	Reduce -8.2%
JPM JPMorgan Chase & Co.	1.26%	1,027,573	$207.8M	Reduce -7.4%
BDX Becton Dickinson and Co.	1.25%	883,000	$206.4M	Reduce -1.5%
IBKR Interactive Brokers Gro Class A	1.14%	1,528,790	$187.4M	Reduce -10.6%
ACN Accenture PLC Class A	1.01%	550,117	$166.9M	Add +10.7%
IQV Iqvia Holdings Inc.	0.98%	762,305	$161.2M	Add +0.7%
DHR Danaher Corp.	0.89%	587,708	$146.8M	Add +1.7%
CB Chubb Ltd.	0.80%	518,976	$132.4M	Reduce -27.3%
SHW The Sherwin-Williams Co.	0.75%	411,155	$122.7M	Reduce -0.5%
TJX TJX Companies Inc. filed as TJX COS INC NEW	0.68%	1,016,375	$111.9M	Reduce -0.4%
META Meta Platforms Inc. Class A	0.67%	220,283	$111.1M	Reduce -0.8%
GWRE Guidewire Software Inc.	0.67%	800,544	$110.4M	Reduce -5.4%
AME Ametek Inc.	0.66%	655,392	$109.3M	Reduce -0.7%
HDB HDFC Bank Ltd.-ADR	0.64%	1,648,305	$106.0M	Add +0.5%
BRK.B Berkshire Hathaway Inc. Class B	0.58%	234,066	$95.2M	Reduce -9.1%
ADSK Autodesk Inc.	0.57%	379,882	$94.0M	Add +63.7%
MDLZ Mondelez International Inc. Class A	0.55%	1,390,582	$91.0M	Add +10.6%
TD Toronto-Dominion Bank	0.54%	1,621,285	$89.1M	Reduce -11.8%
DEO Diageo PLC-Sponsored ADR	0.50%	650,907	$82.1M	Reduce -6.9%
OZK Bank Ozk	0.49%	1,971,037	$80.8M	Add +32.5%
PG The Procter & Gamble Co.	0.48%	475,704	$78.5M	Reduce -23.6%
JNJ Johnson & Johnson	0.48%	535,628	$78.3M	Reduce -18.2%
ENB Enbridge Inc.	0.43%	1,978,942	$70.4M	Reduce -27.9%
SITE Siteone Landscape Supply Inc.	0.41%	549,302	$66.7M	Add +26.3%
AFG American Financial Group Inc.	0.36%	477,005	$58.7M	Reduce -2.9%
RELX Relx PLC - Spon ADR	0.34%	1,212,161	$55.6M	Reduce -5.4%
PEG Public Service Enterprise GP	0.32%	718,243	$52.9M	Add +5.3%
MNST Monster Beverage Corp.	0.32%	1,051,153	$52.5M	Reduce -2.1%
CL Colgate-Palmolive Co.	0.31%	525,223	$51.0M	Reduce -10.8%
COST Costco Wholesale Corp.	0.29%	55,235	$46.9M	Reduce -14.2%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC	0.28%	440,919	$46.9M	Reduce -1.5%
TSM Taiwan Semiconductor-SP ADR	0.27%	257,562	$44.8M	Reduce -11.3%
CYBR Cyberark Software Ltd./Israel	0.25%	149,084	$40.8M	Reduce -1.3%
CME Cme Group Inc.	0.25%	205,592	$40.4M	Add +31.0%
UL Unilever PLC	0.22%	669,290	$36.8M	Add +3.7%
AX Axos Financial Inc.	0.22%	634,041	$36.2M	Reduce -2.7%
VRSK Verisk Analytics Inc.	0.21%	128,754	$34.7M	Reduce -37.8%
CACC Credit Acceptance Corp.	0.21%	66,805	$34.4M	Reduce -4.1%
LCII Lci Industries	0.19%	298,276	$30.8M	Reduce -44.7%
ASML ASML Holding NV-NY Reg SHS	0.18%	29,211	$29.9M	Add +7.8%
PGR Progressive Corp.	0.18%	139,479	$29.0M	Reduce -1.7%
SAP Sap SE-Sponsored ADR	0.16%	131,643	$26.6M	Reduce -10.7%
SFBS Servisfirst Bancshares Inc.	0.15%	391,797	$24.8M	Reduce -1.6%
LLY Eli Lilly & Co.	0.14%	25,772	$23.3M	Reduce -18.6%
SPY SS SPDR S&P 500 ETF Trust-US	0.14%	42,739	$23.3M	Reduce -6.4%
XOM Exxon Mobil Corp.	0.13%	192,562	$22.2M	Reduce -30.4%
ADP Automatic Data Processing	0.13%	89,709	$21.4M	Reduce -15.4%
ALC Alcon Inc. filed as ALCON AG	0.13%	235,905	$21.0M	Add +0.5%
PBA Pembina Pipeline Corp.	0.10%	464,899	$17.2M	Reduce -6.5%
ABBV Abbvie Inc.	0.10%	99,533	$17.1M	Reduce -24.4%
ZTS Zoetis Inc.	0.09%	86,363	$15.0M	Reduce -15.4%
TU Telus Corp.	0.08%	888,052	$13.4M	Reduce -7.2%
CMCSA Comcast Corp. Class A	0.08%	342,536	$13.4M	Reduce -19.2%
NVO Novo-Nordisk A/S-Spons ADR	0.07%	81,357	$11.6M	Reduce -31.7%
AAPL Apple Inc.	0.07%	53,585	$11.3M	Reduce -5.8%
NTR Nutrien Ltd.	0.07%	210,410	$10.7M	Reduce -24.5%
SLF Sun Life Financial Inc.	0.06%	217,209	$10.6M	Reduce -6.0%
CVX Chevron Corp.	0.06%	65,865	$10.3M	Reduce -7.2%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD	0.06%	727,482	$9.4M	Add +0.6%
BKNG Booking Holdings Inc.	0.06%	2,351	$9.3M	Reduce -58.8%
TFPM Triple Flag Precious Met	0.05%	540,302	$8.4M	Reduce -14.0%
TCOM Trip.com Group Ltd.-ADR	0.05%	162,471	$7.6M	Reduce -11.8%
BCE Bce Inc.	0.04%	217,153	$7.0M	Reduce -26.3%
SE Sea Ltd.-ADR	0.04%	88,476	$6.3M	Reduce -9.3%
BAP Credicorp Ltd.	0.04%	37,608	$6.1M	Reduce -5.0%
XP XP Inc. Class A	0.04%	344,149	$6.1M	Add +20.7%
NVS Novartis AG-Sponsored ADR	0.04%	56,728	$6.0M	Reduce -7.5%
KMB Kimberly-Clark Corp.	0.03%	41,067	$5.7M	Reduce -30.6%
SU Suncor Energy Inc.	0.03%	146,664	$5.6M	Reduce -16.2%
PFE Pfizer Inc.	0.03%	199,499	$5.6M	Reduce -11.7%

Show all 183 holdings

Other holdings (2): bonds, preferreds, convertibles and warrants · $740K (not counted above)

Security	Class	Shares / Principal	Value	Change
ISTB iShares Core 1-5 Year Usd Bo	CORE 1 5 YR USD · principal	11,180	$530K	Reduce -35.8%
IGIB iShares 5-10Y Inv Grade Corp.	ISHS 5-10YR INVT · principal	4,096	$210K	No change

Total filed on the 13F, all lines: $16.5B.

Portfolio Sells Q1 2024 → Q2 2024


BNS Bank of Nova Scotia	Reduce -0.4%	3.52%	−0.26
CB Chubb Ltd.	Reduce -27.3%	0.80%	−0.26
QSR Restaurant Brands Intern	Reduce -1.2%	2.86%	−0.23
LCII Lci Industries	Reduce -44.7%	0.19%	−0.19
GIB Cgi Inc.	Reduce -2.1%	2.79%	−0.19
ENB Enbridge Inc.	Reduce -27.9%	0.43%	−0.14
JNJ Johnson & Johnson	Reduce -18.2%	0.48%	−0.12
MA Mastercard Inc. Class A	Reduce -3.1%	1.74%	−0.11
EL Estee Lauder Companies Class A	Reduce -1.5%	0.28%	−0.11
PG The Procter & Gamble Co.	Reduce -23.6%	0.48%	−0.10
DEO Diageo PLC-Sponsored ADR	Reduce -6.9%	0.50%	−0.10
TD Toronto-Dominion Bank	Reduce -11.8%	0.54%	−0.10
FISV Fiserv Inc.	Reduce -4.6%	1.51%	−0.09
SHV iShares 0-1 Year Treasury Bo	Reduce -87.3%	0.01%	−0.09
SHW The Sherwin-Williams Co.	Reduce -0.5%	0.75%	−0.08
CIGI Colliers Intl GR-Subord Vot	Reduce -1.1%	1.49%	−0.07
VRSK Verisk Analytics Inc.	Reduce -37.8%	0.21%	−0.07
BKNG Booking Holdings Inc.	Reduce -58.8%	0.06%	−0.06
XOM Exxon Mobil Corp.	Reduce -30.4%	0.13%	−0.05
DSGX The Descartes Systems Grp	Reduce -13.2%	1.70%	−0.05
MNST Monster Beverage Corp.	Reduce -2.1%	0.32%	−0.05
CPRT Copart Inc.	Reduce -2.2%	1.40%	−0.05
TRP TC Energy Corp.	Reduce -1.3%	2.90%	−0.05
BRK.B Berkshire Hathaway Inc. Class B	Reduce -9.1%	0.58%	−0.04
ABBV Abbvie Inc.	Reduce -24.4%	0.10%	−0.03
AME Ametek Inc.	Reduce -0.7%	0.66%	−0.03
AFG American Financial Group Inc.	Reduce -2.9%	0.36%	−0.03
CMCSA Comcast Corp. Class A	Reduce -19.2%	0.08%	−0.02
ADP Automatic Data Processing	Reduce -15.4%	0.13%	−0.02
NTR Nutrien Ltd.	Reduce -24.5%	0.07%	−0.02
MMM 3M Co.	Reduce -61.3%	0.01%	−0.02
ALYAF Alithya Group Inc. Class A	Sold out	0.00%	−0.02
ALL Allstate Corp.	Reduce -60.0%	0.01%	−0.02
PEP Pepsico Inc.	Reduce -1.1%	1.44%	−0.02
BDX Becton Dickinson and Co.	Reduce -1.5%	1.25%	−0.02
PH Parker Hannifin Corp.	Sold out	0.00%	−0.02
NVO Novo-Nordisk A/S-Spons ADR	Reduce -31.7%	0.07%	−0.02
ZBH Zimmer Biomet Holdings Inc.	Reduce -57.3%	0.01%	−0.01
BCE Bce Inc.	Reduce -26.3%	0.04%	−0.01
CVS CVS Health Corp.	Reduce -15.3%	0.03%	−0.01
NKE Nike Inc. Class B	Reduce -29.4%	0.02%	−0.01
JPM JPMorgan Chase & Co.	Reduce -7.4%	1.26%	−0.01
FMX Fomento Economico Mex-SP ADR	Reduce -18.5%	0.03%	−0.01
CACC Credit Acceptance Corp.	Reduce -4.1%	0.21%	−0.01
SGOV iShares 0-3 Month Treasury B	Sold out	0.00%	−0.01
KMB Kimberly-Clark Corp.	Reduce -30.6%	0.03%	−0.01
USB US Bancorp	Reduce -62.3%	0.00%	−0.01
BERY Berry Global Group Inc.	Sold out	0.00%	−0.01
MCD McDonald's Corp.	Reduce -24.5%	0.02%	−0.01
ZTS Zoetis Inc.	Reduce -15.4%	0.09%	−0.01

Portfolio Buys Q1 2024 → Q2 2024


BMO Bank of Montreal	Add +36.9%	2.67%	+0.53
ADSK Autodesk Inc.	Add +63.7%	0.57%	+0.22
HDB HDFC Bank Ltd.-ADR	Add +0.5%	0.64%	+0.12
SHOP Shopify Inc. Class A	Add +17.7%	1.78%	+0.11
OZK Bank Ozk	Add +32.5%	0.49%	+0.10
DHR Danaher Corp.	Add +1.7%	0.89%	+0.06
PEG Public Service Enterprise GP	Add +5.3%	0.32%	+0.06
CME Cme Group Inc.	Add +31.0%	0.25%	+0.05
MDLZ Mondelez International Inc. Class A	Add +10.6%	0.55%	+0.05
UL Unilever PLC	Add +3.7%	0.22%	+0.04
ABT Abbott Laboratories	Add +6.0%	1.39%	+0.04
ASML ASML Holding NV-NY Reg SHS	Add +7.8%	0.18%	+0.03
ACN Accenture PLC Class A	Add +10.7%	1.01%	+0.03
MELI MercadoLibre Inc.	New	0.02%	+0.02
ALC Alcon Inc.	Add +0.5%	0.13%	+0.02
IVV iShares Core S&P 500 ETF	New	0.01%	+0.01
VOO Vanguard S&P 500 ETF	New	0.01%	+0.01
NU Nu Holdings Ltd./Cayman Isl-A	Add +0.6%	0.06%	+0.01
ATS Ats Corp.	Add +49.5%	0.02%	+0.01
IYW iShares Ustechnology ETF	New	0.00%	+0.00
BABA Alibaba Group Holding-SP ADR	New	0.00%	+0.00
EEM iShares MSCI Emerging Market	New	0.00%	+0.00
AZN Astrazeneca PLC-Spons ADR	Add +0.3%	0.01%	+0.00
CX Cemex Sab-Spons ADR Part Cer	New	0.00%	+0.00
VALE Vale SA-SP ADR	New	0.00%	+0.00
ABEV Ambev SA-ADR	Add +3.6%	0.00%	0.00
TRV The Travelers Cos Inc.	Add +0.3%	0.00%	−0.00
XP XP Inc. Class A	Add +20.7%	0.04%	−0.01
SITE Siteone Landscape Supply Inc.	Add +26.3%	0.41%	−0.03
CAE Cae Inc.	Add +1.3%	2.51%	−0.09
IQV Iqvia Holdings Inc.	Add +0.7%	0.98%	−0.12
CNI Canadian Natl Railway Co.	Add +1.2%	6.18%	−0.26
MGA Magna International Inc.	Add +5.9%	1.82%	−0.29
OTEX Open Text Corp.	Add +5.1%	2.86%	−0.46

Notes & Other Activity Q1 2024 → Q2 2024


ISTB iShares Core 1-5 Year Usd Bo	CORE 1 5 YR USD · principal	Reduce -35.8%	11,180	$530K

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