JARISLOWSKY, FRASER Ltd
In its 13F for Q3 2024 (holdings as of September 30, 2024, filed November 13, 2024), JARISLOWSKY, FRASER Ltd reported 188 stock positions worth $17.9 billion. Its top holding was Canadian Natl Railway (CNI) at 5.7% of the portfolio, followed by Brookfield (BN, 5.7%) and Bank of Nova Scotia (BNS, 3.8%). Compared with Q2 2024, it opened 12 new positions, sold out of 7, added to 46 and reduced 100. The biggest buy was Shopify Class A (SHOP, shares +34%) and the biggest sale Microsoft (MSFT, shares −3%).
- Most Recent 13F
- Q3 2025
- Location
- MONTREAL, A8
- CIK
- 0001123778
- Portfolio Value
- $17.9B (Q3 2024)
- SEC Filing
- 0001123778-24-000018 ↗ filed Nov 13, 2024
Holdings Value
Holdings 188 stocks · $17.9B
| CNI Canadian Natl Railway Co. | 5.73% | 8,736,997 | $1.0B | Add +1.5% |
| BN Brookfield Corp. | 5.70% | 19,161,418 | $1.0B | Reduce -9.4% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 3.78% | 12,392,247 | $676.0M | Reduce -2.3% |
| MSFT Microsoft Corp. | 3.49% | 1,449,107 | $623.6M | Reduce -3.4% |
| TRI Thomson Reuters Corp. | 3.37% | 3,525,182 | $602.0M | Reduce -1.8% |
| TRP TC Energy Corp. | 3.26% | 12,248,009 | $582.9M | Reduce -2.7% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 3.18% | 6,285,331 | $567.8M | Add +20.0% |
| OTEX Open Text Corp. | 3.09% | 16,589,561 | $552.8M | Add +5.7% |
| GIB Cgi Inc. | 2.91% | 4,522,781 | $521.0M | Reduce -1.9% |
| MFC Manulife Financial Corp. | 2.77% | 16,732,118 | $495.0M | Reduce -9.8% |
| GIL Gildan Activewear Inc. | 2.72% | 10,328,349 | $486.7M | Reduce -6.4% |
| SHOP Shopify Inc. Class A | 2.67% | 5,949,224 | $477.1M | Add +34.1% |
| QSR Restaurant Brands Intern | 2.65% | 6,569,026 | $474.5M | Reduce -1.6% |
| STN Stantec Inc. | 2.35% | 5,210,510 | $419.5M | Reduce -2.0% |
| FNV Franco-Nevada Corp. | 2.35% | 3,372,201 | $419.3M | Reduce -1.8% |
| CAE Cae Inc. | 2.34% | 22,291,187 | $418.9M | Add +0.2% |
| AMZN Amazon.com Inc. | 2.23% | 2,137,979 | $398.4M | Reduce -1.4% |
| UNH Unitedhealth Group Inc. | 2.09% | 640,277 | $374.4M | Reduce -2.1% |
| MGA Magna International Inc. | 1.84% | 8,016,750 | $329.2M | Add +12.2% |
| CIGI Colliers Intl GR-Subord Vot | 1.83% | 2,149,212 | $326.5M | Reduce -1.9% |
| MA Mastercard Inc. Class A | 1.77% | 639,238 | $315.7M | Reduce -1.6% |
| DSGX The Descartes Systems Grp | 1.64% | 2,838,860 | $292.4M | Reduce -1.8% |
| FISV Fiserv Inc. | 1.57% | 1,566,629 | $281.4M | Reduce -6.0% |
| ABT Abbott Laboratories | 1.52% | 2,377,330 | $271.0M | Add +7.8% |
| ORCL Oracle Corp. | 1.46% | 1,527,595 | $260.3M | Add +0.3% |
| GOOGL Alphabet Inc. Class A | 1.45% | 1,566,633 | $259.8M | Reduce -2.0% |
| RY Royal Bank of Canada | 1.45% | 2,071,506 | $258.8M | Reduce -0.9% |
| PEP Pepsico Inc. | 1.33% | 1,397,801 | $237.7M | Reduce -2.7% |
| BSX Boston Scientific Corp. | 1.30% | 2,769,266 | $232.1M | Reduce -3.8% |
| CPRT Copart Inc. | 1.22% | 4,167,096 | $218.4M | Reduce -1.9% |
| GOOG Alphabet Inc. Class C | 1.18% | 1,260,063 | $210.7M | Reduce -3.4% |
| BDX Becton Dickinson and Co. | 1.17% | 865,055 | $208.6M | Reduce -2.0% |
| JPM JPMorgan Chase & Co. | 1.16% | 979,826 | $206.6M | Reduce -4.7% |
| IBKR Interactive Brokers Gro Class A | 1.13% | 1,454,505 | $202.7M | Reduce -4.9% |
| ACN Accenture PLC Class A | 1.09% | 552,645 | $195.3M | Add +0.5% |
| IQV Iqvia Holdings Inc. | 0.99% | 750,256 | $177.8M | Reduce -1.6% |
| DHR Danaher Corp. | 0.91% | 587,141 | $163.2M | Reduce -0.1% |
| SHW The Sherwin-Williams Co. | 0.80% | 377,059 | $143.9M | Reduce -8.3% |
| CB Chubb Ltd. | 0.75% | 462,026 | $133.2M | Reduce -11.0% |
| META Meta Platforms Inc. Class A | 0.68% | 213,101 | $122.0M | Reduce -3.3% |
| GWRE Guidewire Software Inc. | 0.65% | 639,758 | $117.0M | Reduce -20.1% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.65% | 991,534 | $116.5M | Reduce -2.4% |
| ADSK Autodesk Inc. | 0.63% | 411,582 | $113.4M | Add +8.3% |
| AME Ametek Inc. | 0.62% | 649,078 | $111.5M | Reduce -1.0% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.60% | 231,686 | $106.6M | Reduce -1.0% |
| HDB HDFC Bank Ltd.-ADR | 0.58% | 1,657,932 | $103.7M | Add +0.6% |
| MDLZ Mondelez International Inc. Class A | 0.57% | 1,394,474 | $102.7M | Add +0.3% |
| TD Toronto-Dominion Bank | 0.54% | 1,521,200 | $96.3M | Reduce -6.2% |
| DEO Diageo PLC-Sponsored ADR | 0.49% | 619,615 | $87.0M | Reduce -4.8% |
| OZK Bank Ozk | 0.48% | 1,992,471 | $85.7M | Add +1.1% |
| SITE Siteone Landscape Supply Inc. | 0.47% | 554,039 | $83.6M | Add +0.9% |
| JNJ Johnson & Johnson | 0.46% | 511,972 | $83.0M | Reduce -4.4% |
| PG The Procter & Gamble Co. | 0.45% | 462,972 | $80.2M | Reduce -2.7% |
| ENB Enbridge Inc. | 0.41% | 1,815,407 | $73.8M | Reduce -8.3% |
| CDNS Cadence Design SYS Inc. | 0.37% | 243,093 | $65.9M | New |
| PEG Public Service Enterprise GP | 0.37% | 731,607 | $65.3M | Add +1.9% |
| MNST Monster Beverage Corp. | 0.36% | 1,237,674 | $64.6M | Add +17.7% |
| AFG American Financial Group Inc. | 0.35% | 463,865 | $62.4M | Reduce -2.8% |
| RELX Relx PLC - Spon ADR | 0.31% | 1,165,886 | $55.3M | Reduce -3.8% |
| CL Colgate-Palmolive Co. | 0.28% | 473,840 | $49.2M | Reduce -9.8% |
| CME Cme Group Inc. | 0.27% | 222,060 | $49.0M | Add +8.0% |
| COST Costco Wholesale Corp. | 0.26% | 52,270 | $46.3M | Reduce -5.4% |
| EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC | 0.25% | 443,496 | $44.2M | Add +0.6% |
| TSM Taiwan Semiconductor-SP ADR | 0.25% | 252,671 | $43.9M | Reduce -1.9% |
| CYBR Cyberark Software Ltd./Israel | 0.24% | 145,897 | $42.5M | Reduce -2.1% |
| UL Unilever PLC | 0.23% | 643,813 | $41.8M | Reduce -3.8% |
| AX Axos Financial Inc. | 0.22% | 614,338 | $38.6M | Reduce -3.1% |
| LCII Lci Industries | 0.19% | 286,209 | $34.5M | Reduce -4.0% |
| PGR Progressive Corp. | 0.19% | 135,599 | $34.4M | Reduce -2.8% |
| VRSK Verisk Analytics Inc. | 0.18% | 119,788 | $32.1M | Reduce -7.0% |
| SFBS Servisfirst Bancshares Inc. | 0.17% | 380,364 | $30.6M | Reduce -2.9% |
| SAP Sap SE-Sponsored ADR | 0.16% | 128,036 | $29.3M | Reduce -2.7% |
| CACC Credit Acceptance Corp. | 0.16% | 64,982 | $28.8M | Reduce -2.7% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.14% | 42,348 | $24.3M | Reduce -0.9% |
| ASML ASML Holding NV-NY Reg SHS | 0.13% | 28,731 | $23.9M | Reduce -1.6% |
| ALC Alcon Inc. filed as ALCON AG | 0.12% | 222,158 | $22.2M | Reduce -5.8% |
| ADP Automatic Data Processing | 0.12% | 76,329 | $21.1M | Reduce -14.9% |
| LLY Eli Lilly & Co. | 0.12% | 23,749 | $21.0M | Reduce -7.8% |
| XOM Exxon Mobil Corp. | 0.11% | 169,002 | $19.8M | Reduce -12.2% |
| ABBV Abbvie Inc. | 0.11% | 99,358 | $19.6M | Reduce -0.2% |
| PBA Pembina Pipeline Corp. | 0.11% | 461,654 | $19.1M | Reduce -0.7% |
| ZTS Zoetis Inc. | 0.10% | 87,875 | $17.2M | Add +1.8% |
| SLF Sun Life Financial Inc. | 0.07% | 222,432 | $12.9M | Add +2.4% |
| AAPL Apple Inc. | 0.07% | 52,131 | $12.1M | Reduce -2.7% |
| TU Telus Corp. | 0.07% | 711,412 | $11.9M | Reduce -19.9% |
| CMCSA Comcast Corp. Class A | 0.06% | 259,636 | $10.8M | Reduce -24.2% |
| NTR Nutrien Ltd. | 0.06% | 210,869 | $10.1M | Add +0.2% |
| TFPM Triple Flag Precious Met | 0.05% | 576,591 | $9.3M | Add +6.7% |
| TCOM Trip.com Group Ltd.-ADR | 0.05% | 155,471 | $9.2M | Reduce -4.3% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.05% | 658,289 | $9.0M | Reduce -9.5% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.05% | 73,497 | $8.8M | Reduce -9.7% |
| BKNG Booking Holdings Inc. | 0.05% | 1,967 | $8.3M | Reduce -16.3% |
| SE Sea Ltd.-ADR | 0.04% | 84,516 | $8.0M | Reduce -4.5% |
| BCE Bce Inc. | 0.04% | 222,851 | $7.8M | Add +2.6% |
| BAP Credicorp Ltd. | 0.04% | 38,652 | $7.0M | Add +2.8% |
| HLN Haleon PLC-ADR | 0.04% | 640,493 | $6.8M | New |
| XP XP Inc. Class A | 0.04% | 376,523 | $6.8M | Add +9.4% |
| NVS Novartis AG-Sponsored ADR | 0.04% | 56,767 | $6.5M | Add +0.1% |
| INFY Infosys Ltd.-SP ADR | 0.03% | 267,952 | $6.0M | No change |
| SU Suncor Energy Inc. | 0.03% | 153,958 | $5.7M | Add +5.0% |
Other holdings (1): bonds, preferreds, convertibles and warrants · $598K (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| ISTB iShares Core 1-5 Year Usd Bo | CORE 1 5 YR USD · principal | 12,280 | $598K | Add +9.8% |
Total filed on the 13F, all lines: $17.9B.
Portfolio Sells Q2 2024 → Q3 2024
| MSFT Microsoft Corp. | Reduce -3.4% | 3.49% | −0.58 |
| STN Stantec Inc. | Reduce -2.0% | 2.35% | −0.36 |
| GOOGL Alphabet Inc. Class A | Reduce -2.0% | 1.45% | −0.32 |
| AMZN Amazon.com Inc. | Reduce -1.4% | 2.23% | −0.32 |
| TRI Thomson Reuters Corp. | Reduce -1.8% | 3.37% | −0.31 |
| GOOG Alphabet Inc. Class C | Reduce -3.4% | 1.18% | −0.27 |
| MFC Manulife Financial Corp. | Reduce -9.8% | 2.77% | −0.23 |
| QSR Restaurant Brands Intern | Reduce -1.6% | 2.65% | −0.20 |
| CPRT Copart Inc. | Reduce -1.9% | 1.22% | −0.18 |
| FNV Franco-Nevada Corp. | Reduce -1.8% | 2.35% | −0.13 |
| PEP Pepsico Inc. | Reduce -2.7% | 1.33% | −0.11 |
| JPM JPMorgan Chase & Co. | Reduce -4.7% | 1.16% | −0.11 |
| BDX Becton Dickinson and Co. | Reduce -2.0% | 1.17% | −0.09 |
| DSGX The Descartes Systems Grp | Reduce -1.8% | 1.64% | −0.06 |
| CB Chubb Ltd. | Reduce -11.0% | 0.75% | −0.06 |
| BSX Boston Scientific Corp. | Reduce -3.8% | 1.30% | −0.05 |
| CACC Credit Acceptance Corp. | Reduce -2.7% | 0.16% | −0.05 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -1.6% | 0.13% | −0.05 |
| AME Ametek Inc. | Reduce -1.0% | 0.62% | −0.04 |
| CL Colgate-Palmolive Co. | Reduce -9.8% | 0.28% | −0.03 |
| CVX Chevron Corp. | Reduce -44.8% | 0.03% | −0.03 |
| VRSK Verisk Analytics Inc. | Reduce -7.0% | 0.18% | −0.03 |
| RELX Relx PLC - Spon ADR | Reduce -3.8% | 0.31% | −0.03 |
| PG The Procter & Gamble Co. | Reduce -2.7% | 0.45% | −0.03 |
| TJX TJX Companies Inc. | Reduce -2.4% | 0.65% | −0.03 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -1.9% | 0.25% | −0.03 |
| COST Costco Wholesale Corp. | Reduce -5.4% | 0.26% | −0.03 |
| LLY Eli Lilly & Co. | Reduce -7.8% | 0.12% | −0.02 |
| XOM Exxon Mobil Corp. | Reduce -12.2% | 0.11% | −0.02 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -9.7% | 0.05% | −0.02 |
| CMCSA Comcast Corp. Class A | Reduce -24.2% | 0.06% | −0.02 |
| GWRE Guidewire Software Inc. | Reduce -20.1% | 0.65% | −0.02 |
| KMB Kimberly-Clark Corp. | Reduce -43.2% | 0.02% | −0.02 |
| TU Telus Corp. | Reduce -19.9% | 0.07% | −0.01 |
| ENB Enbridge Inc. | Reduce -8.3% | 0.41% | −0.01 |
| VOO Vanguard S&P 500 ETF | Sold out | 0.00% | −0.01 |
| SHV iShares 0-1 Year Treasury Bo | Sold out | 0.00% | −0.01 |
| CVS CVS Health Corp. | Reduce -45.0% | 0.02% | −0.01 |
| IVV iShares Core S&P 500 ETF | Reduce -87.5% | 0.00% | −0.01 |
| DEO Diageo PLC-Sponsored ADR | Reduce -4.8% | 0.49% | −0.01 |
| ADP Automatic Data Processing | Reduce -14.9% | 0.12% | −0.01 |
| JNJ Johnson & Johnson | Reduce -4.4% | 0.46% | −0.01 |
| BKNG Booking Holdings Inc. | Reduce -16.3% | 0.05% | −0.01 |
| MO Altria Group Inc. | Reduce -77.8% | 0.00% | −0.01 |
| CYBR Cyberark Software Ltd./Israel | Reduce -2.1% | 0.24% | −0.01 |
| PFE Pfizer Inc. | Reduce -24.2% | 0.02% | −0.01 |
| MMM 3M Co. | Reduce -72.2% | 0.00% | −0.01 |
| AFG American Financial Group Inc. | Reduce -2.8% | 0.35% | −0.01 |
| NU Nu Holdings Ltd./Cayman Isl-A | Reduce -9.5% | 0.05% | −0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Reduce -0.9% | 0.14% | −0.01 |
Portfolio Buys Q2 2024 → Q3 2024
| SHOP Shopify Inc. Class A | Add +34.1% | 2.67% | +0.89 |
| BMO Bank of Montreal | Add +20.0% | 3.18% | +0.51 |
| CDNS Cadence Design SYS Inc. | New | 0.37% | +0.37 |
| OTEX Open Text Corp. | Add +5.7% | 3.09% | +0.23 |
| ORCL Oracle Corp. | Add +0.3% | 1.46% | +0.15 |
| ABT Abbott Laboratories | Add +7.8% | 1.52% | +0.12 |
| ACN Accenture PLC Class A | Add +0.5% | 1.09% | +0.08 |
| ADSK Autodesk Inc. | Add +8.3% | 0.63% | +0.06 |
| SITE Siteone Landscape Supply Inc. | Add +0.9% | 0.47% | +0.06 |
| PEG Public Service Enterprise GP | Add +1.9% | 0.37% | +0.04 |
| MNST Monster Beverage Corp. | Add +17.7% | 0.36% | +0.04 |
| HLN Haleon PLC-ADR | New | 0.04% | +0.04 |
| CME Cme Group Inc. | Add +8.0% | 0.27% | +0.03 |
| MGA Magna International Inc. | Add +12.2% | 1.84% | +0.02 |
| MDLZ Mondelez International Inc. Class A | Add +0.3% | 0.57% | +0.02 |
| DOO BRP Inc./Ca- Sub Voting | New | 0.01% | +0.01 |
| YUMC Yum China Holdings Inc. | Add +2.2% | 0.03% | +0.01 |
| CM Can Imperial BK of Commerce | Add +45.0% | 0.02% | +0.01 |
| SLF Sun Life Financial Inc. | Add +2.4% | 0.07% | +0.01 |
| ZTS Zoetis Inc. | Add +1.8% | 0.10% | +0.01 |
| MELI MercadoLibre Inc. | Add +5.3% | 0.03% | +0.00 |
| ATS Ats Corp. | Add +45.8% | 0.02% | +0.00 |
| CP Canadian Pacific Kansas City | Add +11.3% | 0.03% | +0.00 |
| BAP Credicorp Ltd. | Add +2.8% | 0.04% | +0.00 |
| AEM Agnico Eagle Mines Ltd. | New | 0.00% | +0.00 |
| JD Jd.com Inc.-ADR | New | 0.00% | +0.00 |
| TECK Teck Resources Ltd.-CLS B | New | 0.00% | +0.00 |
| B Barrick Gold Corp. | Add +98.1% | 0.00% | +0.00 |
| CNQ Canadian Natural Resources | Add +47.4% | 0.01% | +0.00 |
| NGG National Grid PLC-SP ADR | Add +0.2% | 0.01% | +0.00 |
| RCI Rogers Communications Inc. Class B | Add +39.9% | 0.01% | +0.00 |
| HIFS Hingham Institution for SVGS | New | 0.00% | +0.00 |
| TFPM Triple Flag Precious Met | Add +6.7% | 0.05% | +0.00 |
| BIP Brookfield Infrastructure Pa | New | 0.00% | +0.00 |
| TT Trane Technologies PLC | New | 0.00% | +0.00 |
| BIDU Baidu Inc. - Spon ADR | New | 0.00% | +0.00 |
| EXPD Expeditors Intl Wash Inc. | New | 0.00% | +0.00 |
| PH Parker Hannifin Corp. | New | 0.00% | +0.00 |
| XP XP Inc. Class A | Add +9.4% | 0.04% | +0.00 |
| BCE Bce Inc. | Add +2.6% | 0.04% | +0.00 |
| WCN Waste Connections Inc. | Add +45.1% | 0.00% | +0.00 |
| IMO Imperial Oil Ltd. | Add +7.9% | 0.01% | +0.00 |
| EEM iShares MSCI Emerging Market | Add +12.8% | 0.00% | +0.00 |
| ABEV Ambev SA-ADR | Add +14.6% | 0.00% | +0.00 |
| CVE Cenovus Energy Inc. | Add +22.6% | 0.00% | −0.00 |
| ING ING Groep N.V.-Sponsored ADR | Add +0.9% | 0.01% | −0.00 |
| NVS Novartis AG-Sponsored ADR | Add +0.1% | 0.04% | −0.00 |
| ADBE Adobe Inc. | Add +4.8% | 0.00% | −0.00 |
| NVDA Nvidia Corp. | Add +4.8% | 0.01% | −0.00 |
| SU Suncor Energy Inc. | Add +5.0% | 0.03% | −0.00 |
Notes & Other Activity Q2 2024 → Q3 2024
| ISTB iShares Core 1-5 Year Usd Bo | CORE 1 5 YR USD · principal | Add +9.8% | 12,280 | $598K |
| IGIB iShares 5-10Y Inv Grade Corp. | ISHS 5-10YR INVT · principal | Sold out | 4,096 | $210Kbefore 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 |