JARISLOWSKY, FRASER Ltd

In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), JARISLOWSKY, FRASER Ltd reported 186 stock positions worth $17.1 billion. Its top holding was Brookfield (BN) at 6.2% of the portfolio, followed by Canadian Natl Railway (CNI, 5.4%) and Bank of Montreal (BMO, 3.8%). Compared with Q3 2024, it opened 1 new position, sold out of 4, added to 37 and reduced 119. The biggest buy was Cae (CAE, shares +8%) and the biggest sale South Bow (SOBO, shares −100%).

Most Recent 13F
Q3 2025
Location
MONTREAL, A8
CIK
0001123778
Portfolio Value
$17.1B (Q4 2024)
SEC Filing
0001123778-25-000001 ↗ filed Feb 14, 2025

Holdings Value

0$5.0B$10.0B$15.0B$20.0B Q1 2024: $17.4B Q1 2024 Q2 2024: $16.5B Q2 2024 Q3 2024: $17.9B Q3 2024 Q4 2024: $17.1B $17.1B Q4 2024 Q1 2025: $15.9B Q1 2025 Q2 2025: $17.5B Q2 2025 Q3 2025: $18.2B Q3 2025

Holdings 186 stocks · $17.1B
BN Brookfield Corp. 6.15% 18,297,896 $1.1B Reduce -4.5%
CNI Canadian Natl Railway Co. 5.42% 9,159,075 $926.6M Add +4.8%
BMO Bank of Montreal filed as BANK MONTREAL QUE 3.81% 6,711,773 $651.3M Add +6.8%
BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX 3.68% 11,750,934 $628.3M Reduce -5.2%
CAE Cae Inc. 3.55% 23,994,091 $606.7M Add +7.6%
MSFT Microsoft Corp. 3.35% 1,371,654 $572.7M Reduce -5.3%
TRP TC Energy Corp. 3.22% 11,797,379 $549.5M Reduce -3.7%
TRI Thomson Reuters Corp. 3.14% 3,353,428 $536.7M Reduce -4.9%
OTEX Open Text Corp. 3.06% 18,547,256 $522.9M Add +11.8%
MFC Manulife Financial Corp. 2.89% 16,160,979 $494.7M Reduce -3.4%
GIB Cgi Inc. 2.77% 4,341,175 $473.2M Reduce -4.0%
SHOP Shopify Inc. Class A 2.55% 4,116,015 $436.2M Reduce -30.8%
AMZN Amazon.com Inc. 2.55% 2,009,385 $436.0M Reduce -6.0%
GIL Gildan Activewear Inc. 2.41% 8,773,086 $411.2M Reduce -15.1%
QSR Restaurant Brands Intern 2.40% 6,330,904 $410.9M Reduce -3.6%
STN Stantec Inc. 2.29% 4,997,846 $390.6M Reduce -4.1%
FNV Franco-Nevada Corp. 2.20% 3,219,986 $376.8M Reduce -4.5%
MA Mastercard Inc. Class A 1.87% 610,962 $318.8M Reduce -4.4%
MGA Magna International Inc. 1.83% 7,496,860 $312.1M Reduce -6.5%
DSGX The Descartes Systems Grp 1.79% 2,706,032 $306.2M Reduce -4.7%
UNH Unitedhealth Group Inc. 1.78% 607,582 $304.7M Reduce -5.1%
FISV Fiserv Inc. 1.63% 1,358,882 $279.1M Reduce -13.3%
CIGI Colliers Intl GR-Subord Vot 1.62% 2,044,558 $277.1M Reduce -4.9%
ABT Abbott Laboratories 1.49% 2,262,391 $254.0M Reduce -4.8%
GOOGL Alphabet Inc. Class A 1.47% 1,349,673 $251.7M Reduce -13.8%
RY Royal Bank of Canada 1.42% 2,019,759 $243.4M Reduce -2.5%
GOOG Alphabet Inc. Class C 1.39% 1,243,510 $236.8M Reduce -1.3%
JPM JPMorgan Chase & Co. 1.36% 972,123 $233.0M Reduce -0.8%
ORCL Oracle Corp. 1.34% 1,391,121 $229.8M Reduce -8.9%
BSX Boston Scientific Corp. 1.30% 2,519,272 $222.8M Reduce -9.0%
CPRT Copart Inc. 1.29% 3,865,070 $219.7M Reduce -7.3%
IBKR Interactive Brokers Gro Class A 1.27% 1,239,524 $216.8M Reduce -14.8%
PEP Pepsico Inc. 1.20% 1,353,630 $204.5M Reduce -3.2%
BDX Becton Dickinson and Co. 1.13% 862,836 $193.9M Reduce -0.3%
ACN Accenture PLC Class A 1.12% 542,896 $191.0M Reduce -1.8%
IQV Iqvia Holdings Inc. 0.82% 719,874 $140.3M Reduce -4.0%
DHR Danaher Corp. 0.76% 570,323 $129.9M Reduce -2.9%
CB Chubb Ltd. 0.74% 456,532 $126.1M Reduce -1.2%
SHW The Sherwin-Williams Co. 0.72% 365,322 $123.4M Reduce -3.1%
ADSK Autodesk Inc. 0.72% 414,120 $122.4M Add +0.6%
AME Ametek Inc. 0.66% 629,766 $112.5M Reduce -3.0%
TJX TJX Companies Inc. filed as TJX COS INC NEW 0.65% 932,188 $111.1M Reduce -6.0%
HDB HDFC Bank Ltd.-ADR 0.63% 1,698,012 $108.4M Add +2.4%
META Meta Platforms Inc. Class A 0.62% 182,223 $106.7M Reduce -14.5%
BRK.B Berkshire Hathaway Inc. Class B 0.62% 232,962 $105.6M Add +0.6%
GWRE Guidewire Software Inc. 0.52% 534,615 $88.4M Reduce -16.4%
CDNS Cadence Design SYS Inc. 0.50% 284,470 $85.5M Add +17.0%
OZK Bank Ozk 0.48% 1,854,885 $81.3M Reduce -6.9%
DEO Diageo PLC-Sponsored ADR 0.46% 623,534 $79.3M Add +0.6%
TD Toronto-Dominion Bank 0.46% 1,472,075 $78.3M Reduce -3.2%
ENB Enbridge Inc. 0.44% 1,791,976 $76.0M Reduce -1.3%
MDLZ Mondelez International Inc. Class A 0.44% 1,291,561 $75.8M Reduce -7.4%
PG The Procter & Gamble Co. 0.42% 429,274 $72.0M Reduce -7.3%
JNJ Johnson & Johnson 0.41% 488,573 $70.7M Reduce -4.6%
SITE Siteone Landscape Supply Inc. 0.40% 517,019 $68.1M Reduce -6.7%
MNST Monster Beverage Corp. 0.34% 1,114,307 $57.3M Reduce -10.0%
RELX Relx PLC - Spon ADR 0.32% 1,202,753 $54.6M Add +3.2%
CME Cme Group Inc. 0.30% 223,879 $52.0M Add +0.8%
AFG American Financial Group Inc. 0.30% 386,973 $51.1M Reduce -16.6%
TSM Taiwan Semiconductor-SP ADR 0.28% 243,958 $48.2M Reduce -3.5%
CYBR Cyberark Software Ltd./Israel 0.27% 140,653 $46.9M Reduce -3.6%
COST Costco Wholesale Corp. 0.27% 50,786 $46.5M Reduce -2.8%
PEG Public Service Enterprise GP 0.27% 541,507 $45.8M Reduce -26.0%
CL Colgate-Palmolive Co. 0.25% 465,390 $42.3M Reduce -1.8%
ASML ASML Holding NV-NY Reg SHS 0.24% 58,643 $40.6M Add +104.1%
UL Unilever PLC 0.22% 664,094 $37.7M Add +3.1%
CACC Credit Acceptance Corp. 0.19% 73,135 $33.1M Add +12.6%
VRSK Verisk Analytics Inc. 0.18% 114,091 $31.4M Reduce -4.8%
SAP Sap SE-Sponsored ADR 0.18% 125,620 $30.9M Reduce -1.9%
EL Estee Lauder Companies Class A filed as LAUDER ESTEE COS INC 0.17% 395,444 $29.7M Reduce -10.8%
AX Axos Financial Inc. 0.17% 404,939 $28.3M Reduce -34.1%
SFBS Servisfirst Bancshares Inc. 0.15% 316,675 $25.8M Reduce -16.7%
SPY SS SPDR S&P 500 ETF Trust-US 0.14% 42,263 $24.8M Reduce -0.2%
LCII Lci Industries 0.14% 239,455 $23.8M Reduce -16.3%
PGR Progressive Corp. 0.13% 95,856 $22.2M Reduce -29.3%
ALC Alcon Inc. filed as ALCON AG 0.12% 238,082 $20.2M Add +7.2%
ADP Automatic Data Processing 0.11% 66,564 $19.5M Reduce -12.8%
XOM Exxon Mobil Corp. 0.11% 167,711 $18.0M Reduce -0.8%
ABBV Abbvie Inc. 0.10% 99,228 $17.6M Reduce -0.1%
LLY Eli Lilly & Co. 0.10% 22,762 $17.6M Reduce -4.2%
PBA Pembina Pipeline Corp. 0.10% 456,629 $16.9M Reduce -1.1%
ZTS Zoetis Inc. 0.08% 85,714 $14.0M Reduce -2.5%
AAPL Apple Inc. 0.08% 52,703 $13.2M Add +1.1%
SLF Sun Life Financial Inc. 0.07% 187,148 $11.1M Reduce -15.9%
TU Telus Corp. 0.06% 728,668 $9.9M Add +2.4%
TCOM Trip.com Group Ltd.-ADR 0.05% 136,222 $9.4M Reduce -12.4%
BKNG Booking Holdings Inc. 0.05% 1,863 $9.3M Reduce -5.3%
NTR Nutrien Ltd. 0.05% 205,584 $9.2M Reduce -2.5%
TFPM Triple Flag Precious Met 0.05% 570,183 $8.6M Reduce -1.1%
CMCSA Comcast Corp. Class A 0.05% 224,201 $8.4M Reduce -13.7%
SE Sea Ltd.-ADR 0.04% 72,283 $7.7M Reduce -14.5%
BAP Credicorp Ltd. 0.04% 38,551 $7.1M Reduce -0.3%
NVO Novo-Nordisk A/S-Spons ADR 0.04% 77,441 $6.7M Add +5.4%
HLN Haleon PLC-ADR 0.04% 697,108 $6.7M Add +8.8%
YUMC Yum China Holdings Inc. 0.04% 127,699 $6.2M Add +2.3%
INFY Infosys Ltd.-SP ADR 0.03% 267,301 $5.9M Reduce -0.2%
XP XP Inc. Class A 0.03% 486,118 $5.8M Add +29.1%
NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD 0.03% 554,731 $5.7M Reduce -15.7%
EMR Emerson Electric Co. 0.03% 45,660 $5.7M Reduce -1.5%
MELI MercadoLibre Inc. 0.03% 3,249 $5.5M Add +43.6%

Show all 186 holdings

Other holdings (3): bonds, preferreds, convertibles and warrants · $5.7M (not counted above)
SecurityClassShares / PrincipalValueChange
IGSB iShares 1-5Y Inv Grade Corp. ISHS 1-5YR INVS · principal 56,757$2.9MNew
IGIB iShares 5-10Y Inv Grade Corp. ISHS 5-10YR INVT · principal 42,579$2.2MNew
ISTB iShares Core 1-5 Year Usd Bo CORE 1 5 YR USD · principal 12,430$594KAdd +1.2%

Total filed on the 13F, all lines: $17.1B.

Portfolio Sells Q3 2024 → Q4 2024
SOBO South Bow Corp. Reduce -99.5% 0.00% −0.32
GIL Gildan Activewear Inc. Reduce -15.1% 2.41% −0.32
UNH Unitedhealth Group Inc. Reduce -5.1% 1.78% −0.31
QSR Restaurant Brands Intern Reduce -3.6% 2.40% −0.25
TRI Thomson Reuters Corp. Reduce -4.9% 3.14% −0.23
CIGI Colliers Intl GR-Subord Vot Reduce -4.9% 1.62% −0.21
IQV Iqvia Holdings Inc. Reduce -4.0% 0.82% −0.17
DHR Danaher Corp. Reduce -2.9% 0.76% −0.15
GIB Cgi Inc. Reduce -4.0% 2.77% −0.15
FNV Franco-Nevada Corp. Reduce -4.5% 2.20% −0.14
GWRE Guidewire Software Inc. Reduce -16.4% 0.52% −0.14
MSFT Microsoft Corp. Reduce -5.3% 3.35% −0.14
PEP Pepsico Inc. Reduce -3.2% 1.20% −0.13
MDLZ Mondelez International Inc. Class A Reduce -7.4% 0.44% −0.13
SHOP Shopify Inc. Class A Reduce -30.8% 2.55% −0.12
ORCL Oracle Corp. Reduce -8.9% 1.34% −0.11
BNS Bank of Nova Scotia Reduce -5.2% 3.68% −0.10
PEG Public Service Enterprise GP Reduce -26.0% 0.27% −0.10
SHW The Sherwin-Williams Co. Reduce -3.1% 0.72% −0.08
TD Toronto-Dominion Bank Reduce -3.2% 0.46% −0.08
EL Estee Lauder Companies Class A Reduce -10.8% 0.17% −0.07
SITE Siteone Landscape Supply Inc. Reduce -6.7% 0.40% −0.07
PGR Progressive Corp. Reduce -29.3% 0.13% −0.06
STN Stantec Inc. Reduce -4.1% 2.29% −0.06
META Meta Platforms Inc. Class A Reduce -14.5% 0.62% −0.06
LCII Lci Industries Reduce -16.3% 0.14% −0.05
JNJ Johnson & Johnson Reduce -4.6% 0.41% −0.05
AX Axos Financial Inc. Reduce -34.1% 0.17% −0.05
AFG American Financial Group Inc. Reduce -16.6% 0.30% −0.05
TRP TC Energy Corp. Reduce -3.7% 3.22% −0.05
BDX Becton Dickinson and Co. Reduce -0.3% 1.13% −0.03
ABT Abbott Laboratories Reduce -4.8% 1.49% −0.03
CL Colgate-Palmolive Co. Reduce -1.8% 0.25% −0.03
PG The Procter & Gamble Co. Reduce -7.3% 0.42% −0.03
MNST Monster Beverage Corp. Reduce -10.0% 0.34% −0.03
RY Royal Bank of Canada Reduce -2.5% 1.42% −0.02
SFBS Servisfirst Bancshares Inc. Reduce -16.7% 0.15% −0.02
NU Nu Holdings Ltd./Cayman Isl-A Reduce -15.7% 0.03% −0.02
MGA Magna International Inc. Reduce -6.5% 1.83% −0.02
BCE Bce Inc. Reduce -6.4% 0.03% −0.02
LLY Eli Lilly & Co. Reduce -4.2% 0.10% −0.01
ZTS Zoetis Inc. Reduce -2.5% 0.08% −0.01
CMCSA Comcast Corp. Class A Reduce -13.7% 0.05% −0.01
PM Philip Morris International Reduce -69.0% 0.00% −0.01
KO The Coca-Cola Co. Reduce -20.5% 0.02% −0.01
PBA Pembina Pipeline Corp. Reduce -1.1% 0.10% −0.01
SLF Sun Life Financial Inc. Reduce -15.9% 0.07% −0.01
CB Chubb Ltd. Reduce -1.2% 0.74% −0.01
ABBV Abbvie Inc. Reduce -0.1% 0.10% −0.01
NVS Novartis AG-Sponsored ADR Reduce -5.8% 0.03% −0.01

Portfolio Buys Q3 2024 → Q4 2024
CAE Cae Inc. Add +7.6% 3.55% +1.21
BMO Bank of Montreal Add +6.8% 3.81% +0.63
CDNS Cadence Design SYS Inc. Add +17.0% 0.50% +0.13
ASML ASML Holding NV-NY Reg SHS Add +104.1% 0.24% +0.10
ADSK Autodesk Inc. Add +0.6% 0.72% +0.08
HDB HDFC Bank Ltd.-ADR Add +2.4% 0.63% +0.05
CACC Credit Acceptance Corp. Add +12.6% 0.19% +0.03
CME Cme Group Inc. Add +0.8% 0.30% +0.03
BRK.B Berkshire Hathaway Inc. Class B Add +0.6% 0.62% +0.02
RELX Relx PLC - Spon ADR Add +3.2% 0.32% +0.01
AAPL Apple Inc. Add +1.1% 0.08% +0.01
MELI MercadoLibre Inc. Add +43.6% 0.03% +0.01
YUMC Yum China Holdings Inc. Add +2.3% 0.04% +0.00
JD Jd.com Inc.-ADR Add +161.9% 0.01% +0.00
WMT Walmart Inc. Add +6.3% 0.01% +0.00
BAM Brookfield Asset Mgmt-A New 0.00% +0.00
HLN Haleon PLC-ADR Add +8.8% 0.04% +0.00
BIP Brookfield Infrastructure Pa Add +89.0% 0.00% +0.00
AZN Astrazeneca PLC-Spons ADR Add +29.5% 0.01% +0.00
EFA iShares MSCI Eafe ETF Add +14.1% 0.01% +0.00
FTS Fortis Inc. Add +13.8% 0.01% +0.00
IYW iShares Ustechnology ETF Add +2.9% 0.00% +0.00
WCN Waste Connections Inc. Add +7.0% 0.00% +0.00
PH Parker Hannifin Corp. Add +6.1% 0.00% +0.00
PFE Pfizer Inc. Add +4.8% 0.02% +0.00
TXN Texas Instruments Inc. Add +7.4% 0.00% +0.00
DUK Duke Energy Corp. Add +2.0% 0.02% 0.00
ABEV Ambev SA-ADR Add +5.6% 0.00% −0.00
ING ING Groep N.V.-Sponsored ADR Add +6.8% 0.01% −0.00
CP Canadian Pacific Kansas City Add +0.5% 0.03% −0.00
XP XP Inc. Class A Add +29.1% 0.03% −0.00
ALC Alcon Inc. Add +7.2% 0.12% −0.01
TU Telus Corp. Add +2.4% 0.06% −0.01
NVO Novo-Nordisk A/S-Spons ADR Add +5.4% 0.04% −0.01
UL Unilever PLC Add +3.1% 0.22% −0.01
DEO Diageo PLC-Sponsored ADR Add +0.6% 0.46% −0.02
OTEX Open Text Corp. Add +11.8% 3.06% −0.03
CNI Canadian Natl Railway Co. Add +4.8% 5.42% −0.31

Notes & Other Activity Q3 2024 → Q4 2024
IGSB iShares 1-5Y Inv Grade Corp. ISHS 1-5YR INVS · principal New 56,757 $2.9M
IGIB iShares 5-10Y Inv Grade Corp. ISHS 5-10YR INVT · principal New 42,579 $2.2M
ISTB iShares Core 1-5 Year Usd Bo CORE 1 5 YR USD · principal Add +1.2% 12,430 $594K

Bonds, preferreds, convertibles and warrants; not part of the stock holdings or percentages above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q3 2025 188$18.2BBN, TD, CNI, OTEX, BMO
Q2 2025 184$17.5BCNI, BN, TD, BMO, MSFT
Q1 2025 181$15.9BCNI, BN, TD, BMO, CAE
Q4 2024 186$17.1BBN, CNI, BMO, BNS, CAE
Q3 2024 188$17.9BCNI, BN, BNS, MSFT, TRI
Q2 2024 183$16.5BCNI, BN, MSFT, TRI, BNS
Q1 2024Amended 194$17.4BCNI, BN, MSFT, BNS, TRI