JARISLOWSKY, FRASER Ltd
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 12, 2025), JARISLOWSKY, FRASER Ltd reported 181 stock positions worth $15.9 billion. Its top holding was Canadian Natl Railway (CNI) at 5.6% of the portfolio, followed by Brookfield (BN, 5.2%) and Toronto-Dominion Bank (TD, 4.6%). Compared with Q4 2024, it opened 2 new positions, sold out of 7, added to 33 and reduced 119. The biggest buy was Toronto-Dominion Bank (TD, shares +724%) and the biggest sale Bank of Nova Scotia (BNS, shares −83%).
- Most Recent 13F
- Q3 2025
- Location
- MONTREAL, A8
- CIK
- 0001123778
- Portfolio Value
- $15.9B (Q1 2025)
- SEC Filing
- 0001123778-25-000002 ↗ filed May 12, 2025
Holdings Value
Holdings 181 stocks · $15.9B
| CNI Canadian Natl Railway Co. | 5.62% | 9,216,459 | $896.8M | Add +0.6% |
| BN Brookfield Corp. | 5.20% | 15,845,435 | $829.1M | Reduce -13.4% |
| TD Toronto-Dominion Bank | 4.56% | 12,127,589 | $726.6M | Add +723.8% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 3.92% | 6,549,559 | $625.4M | Reduce -2.4% |
| CAE Cae Inc. | 3.57% | 23,187,828 | $570.0M | Reduce -3.4% |
| TRI Thomson Reuters Corp. | 3.53% | 3,266,594 | $563.6M | Reduce -2.6% |
| TRP TC Energy Corp. | 3.41% | 11,500,319 | $543.0M | Reduce -2.5% |
| MSFT Microsoft Corp. | 3.40% | 1,443,983 | $542.1M | Add +5.3% |
| OTEX Open Text Corp. | 3.26% | 20,626,538 | $520.5M | Add +11.2% |
| STN Stantec Inc. | 2.93% | 5,640,466 | $467.5M | Add +12.9% |
| FNV Franco-Nevada Corp. | 2.83% | 2,864,793 | $450.5M | Reduce -11.0% |
| GIB Cgi Inc. | 2.67% | 4,263,945 | $425.6M | Reduce -1.8% |
| QSR Restaurant Brands Intern | 2.60% | 6,225,039 | $414.9M | Reduce -1.7% |
| SHOP Shopify Inc. Class A | 2.39% | 3,999,810 | $380.5M | Reduce -2.8% |
| AMZN Amazon.com Inc. | 2.35% | 1,966,455 | $374.1M | Reduce -2.1% |
| UNH Unitedhealth Group Inc. | 1.96% | 595,533 | $311.9M | Reduce -2.0% |
| MA Mastercard Inc. Class A | 1.95% | 568,326 | $311.5M | Reduce -7.0% |
| GIL Gildan Activewear Inc. | 1.93% | 6,963,062 | $307.8M | Reduce -20.6% |
| ABT Abbott Laboratories | 1.81% | 2,169,717 | $287.8M | Reduce -4.1% |
| FISV Fiserv Inc. | 1.70% | 1,228,210 | $271.2M | Reduce -9.6% |
| DSGX The Descartes Systems Grp | 1.67% | 2,649,759 | $266.7M | Reduce -2.1% |
| CIGI Colliers Intl GR-Subord Vot | 1.52% | 2,002,583 | $242.3M | Reduce -2.0% |
| JPM JPMorgan Chase & Co. | 1.46% | 946,315 | $232.1M | Reduce -2.6% |
| BSX Boston Scientific Corp. | 1.44% | 2,271,539 | $229.2M | Reduce -9.8% |
| RY Royal Bank of Canada | 1.41% | 1,997,039 | $224.9M | Reduce -1.1% |
| CPRT Copart Inc. | 1.34% | 3,781,000 | $214.0M | Reduce -2.2% |
| PEP Pepsico Inc. | 1.22% | 1,299,004 | $194.8M | Reduce -4.0% |
| ORCL Oracle Corp. | 1.19% | 1,359,011 | $190.0M | Reduce -2.3% |
| BDX Becton Dickinson and Co. | 1.19% | 825,613 | $189.1M | Reduce -4.3% |
| GOOGL Alphabet Inc. Class A | 1.17% | 1,207,355 | $186.7M | Reduce -10.5% |
| GOOG Alphabet Inc. Class C | 1.14% | 1,159,336 | $181.1M | Reduce -6.8% |
| IBKR Interactive Brokers Gro Class A | 1.11% | 1,068,672 | $177.0M | Reduce -13.8% |
| TFII Tfi International Inc. | 1.05% | 2,172,019 | $168.1M | New |
| ACN Accenture PLC Class A | 1.05% | 537,486 | $167.7M | Reduce -1.0% |
| IQV Iqvia Holdings Inc. | 0.78% | 708,480 | $124.9M | Reduce -1.6% |
| SHW The Sherwin-Williams Co. | 0.78% | 355,922 | $124.3M | Reduce -2.6% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.77% | 231,154 | $123.1M | Reduce -0.8% |
| HDB HDFC Bank Ltd.-ADR | 0.74% | 1,768,877 | $117.5M | Add +4.2% |
| DHR Danaher Corp. | 0.72% | 561,918 | $115.2M | Reduce -1.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.68% | 891,802 | $108.6M | Reduce -4.3% |
| ADSK Autodesk Inc. | 0.68% | 413,038 | $108.1M | Reduce -0.3% |
| MFC Manulife Financial Corp. | 0.67% | 3,444,720 | $107.3M | Reduce -78.7% |
| AME Ametek Inc. | 0.67% | 623,309 | $107.3M | Reduce -1.0% |
| META Meta Platforms Inc. Class A | 0.64% | 175,985 | $101.4M | Reduce -3.4% |
| MDLZ Mondelez International Inc. Class A | 0.60% | 1,412,490 | $95.8M | Add +9.4% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.59% | 1,973,640 | $93.6M | Reduce -83.2% |
| CB Chubb Ltd. | 0.55% | 290,438 | $87.7M | Reduce -36.4% |
| GWRE Guidewire Software Inc. | 0.53% | 451,560 | $84.6M | Reduce -15.5% |
| TSM Taiwan Semiconductor-SP ADR | 0.52% | 502,410 | $83.4M | Add +105.9% |
| JNJ Johnson & Johnson | 0.50% | 478,573 | $79.4M | Reduce -2.0% |
| OZK Bank Ozk | 0.49% | 1,799,390 | $78.2M | Reduce -3.0% |
| ENB Enbridge Inc. | 0.49% | 1,753,081 | $77.6M | Reduce -2.2% |
| CDNS Cadence Design SYS Inc. | 0.47% | 296,137 | $75.3M | Add +4.1% |
| AVGO Broadcom Inc. | 0.46% | 439,542 | $73.6M | Add +21877.1% |
| PG The Procter & Gamble Co. | 0.45% | 424,738 | $72.4M | Reduce -1.1% |
| DEO Diageo PLC-Sponsored ADR | 0.40% | 608,843 | $63.8M | Reduce -2.4% |
| MNST Monster Beverage Corp. | 0.40% | 1,082,329 | $63.3M | Reduce -2.9% |
| SITE Siteone Landscape Supply Inc. | 0.39% | 507,192 | $61.6M | Reduce -1.9% |
| RELX Relx PLC - Spon ADR | 0.37% | 1,166,822 | $58.8M | Reduce -3.0% |
| CME Cme Group Inc. | 0.34% | 201,612 | $53.5M | Reduce -9.9% |
| AFG American Financial Group Inc. | 0.30% | 368,823 | $48.4M | Reduce -4.7% |
| CYBR Cyberark Software Ltd./Israel | 0.30% | 142,749 | $48.2M | Add +1.5% |
| COST Costco Wholesale Corp. | 0.28% | 47,404 | $44.8M | Reduce -6.7% |
| PEG Public Service Enterprise GP | 0.27% | 529,213 | $43.6M | Reduce -2.3% |
| CL Colgate-Palmolive Co. | 0.27% | 452,965 | $42.4M | Reduce -2.7% |
| ASML ASML Holding NV-NY Reg SHS | 0.25% | 60,401 | $40.0M | Add +3.0% |
| UL Unilever PLC | 0.25% | 657,459 | $39.2M | Reduce -1.0% |
| CACC Credit Acceptance Corp. | 0.23% | 69,632 | $36.0M | Reduce -4.8% |
| SAP Sap SE-Sponsored ADR | 0.20% | 121,414 | $32.6M | Reduce -3.4% |
| VRSK Verisk Analytics Inc. | 0.19% | 102,471 | $30.5M | Reduce -10.2% |
| PGR Progressive Corp. | 0.16% | 91,212 | $25.8M | Reduce -4.8% |
| SFBS Servisfirst Bancshares Inc. | 0.16% | 302,146 | $25.0M | Reduce -4.6% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.16% | 44,233 | $24.7M | Add +4.7% |
| AX Axos Financial Inc. | 0.16% | 383,295 | $24.7M | Reduce -5.3% |
| ALC Alcon Inc. filed as ALCON AG | 0.14% | 235,401 | $22.3M | Reduce -1.1% |
| LCII Lci Industries | 0.13% | 229,547 | $20.1M | Reduce -4.1% |
| ADP Automatic Data Processing | 0.12% | 64,409 | $19.7M | Reduce -3.2% |
| ABBV Abbvie Inc. | 0.12% | 92,293 | $19.3M | Reduce -7.0% |
| PBA Pembina Pipeline Corp. | 0.11% | 454,099 | $18.2M | Reduce -0.6% |
| LLY Eli Lilly & Co. | 0.11% | 21,922 | $18.1M | Reduce -3.7% |
| XOM Exxon Mobil Corp. | 0.11% | 146,147 | $17.4M | Reduce -12.9% |
| ZTS Zoetis Inc. | 0.09% | 84,535 | $13.9M | Reduce -1.4% |
| MELI MercadoLibre Inc. | 0.07% | 6,109 | $11.9M | Add +88.0% |
| AAPL Apple Inc. | 0.07% | 52,800 | $11.7M | Add +0.2% |
| SE Sea Ltd.-ADR | 0.07% | 89,783 | $11.7M | Add +24.2% |
| TCOM Trip.com Group Ltd.-ADR | 0.07% | 171,272 | $10.9M | Add +25.7% |
| TFPM Triple Flag Precious Met | 0.07% | 547,632 | $10.5M | Reduce -4.0% |
| NTR Nutrien Ltd. | 0.06% | 195,221 | $9.7M | Reduce -5.0% |
| TU Telus Corp. | 0.06% | 646,809 | $9.3M | Reduce -11.2% |
| BAP Credicorp Ltd. | 0.05% | 46,660 | $8.7M | Add +21.0% |
| BKNG Booking Holdings Inc. | 0.05% | 1,830 | $8.4M | Reduce -1.8% |
| CMCSA Comcast Corp. Class A | 0.05% | 200,236 | $7.4M | Reduce -10.7% |
| HLN Haleon PLC-ADR | 0.05% | 705,398 | $7.3M | Add +1.2% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.04% | 665,211 | $6.8M | Add +19.9% |
| YUMC Yum China Holdings Inc. | 0.04% | 126,479 | $6.6M | Reduce -1.0% |
| NVS Novartis AG-Sponsored ADR | 0.04% | 54,147 | $6.0M | Add +1.2% |
| CVX Chevron Corp. | 0.04% | 34,438 | $5.8M | Add +0.1% |
| INFY Infosys Ltd.-SP ADR | 0.04% | 312,001 | $5.7M | Add +16.7% |
| NVO Novo-Nordisk A/S-Spons ADR | 0.04% | 80,373 | $5.6M | Add +3.8% |
| FMX Fomento Economico Mex-SP ADR | 0.03% | 56,533 | $5.5M | Add +20.3% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $12.9M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| IGSB iShares 1-5Y Inv Grade Corp. | ISHS 1-5YR INVS · principal | 125,433 | $6.6M | Add +121.0% |
| IGIB iShares 5-10Y Inv Grade Corp. | ISHS 5-10YR INVT · principal | 54,779 | $2.9M | Add +28.6% |
| SHY iShares 1-3 Year Treasury Bo | 1 3 YR TREAS BD · principal | 22,670 | $1.9M | New |
| ISTB iShares Core 1-5 Year Usd Bo | CORE 1 5 YR USD · principal | 32,330 | $1.6M | Add +160.1% |
Total filed on the 13F, all lines: $16.0B.
Portfolio Sells Q4 2024 → Q1 2025
| BNS Bank of Nova Scotia | Reduce -83.2% | 0.59% | −3.09 |
| MFC Manulife Financial Corp. | Reduce -78.7% | 0.67% | −2.22 |
| MGA Magna International Inc. | Reduce -99.7% | 0.00% | −1.82 |
| BN Brookfield Corp. | Reduce -13.4% | 5.20% | −0.95 |
| GIL Gildan Activewear Inc. | Reduce -20.6% | 1.93% | −0.48 |
| GOOGL Alphabet Inc. Class A | Reduce -10.5% | 1.17% | −0.30 |
| GOOG Alphabet Inc. Class C | Reduce -6.8% | 1.14% | −0.25 |
| AMZN Amazon.com Inc. | Reduce -2.1% | 2.35% | −0.20 |
| CB Chubb Ltd. | Reduce -36.4% | 0.55% | −0.19 |
| EL Estee Lauder Companies Class A | Sold out | 0.00% | −0.17 |
| SHOP Shopify Inc. Class A | Reduce -2.8% | 2.39% | −0.17 |
| IBKR Interactive Brokers Gro Class A | Reduce -13.8% | 1.11% | −0.16 |
| ORCL Oracle Corp. | Reduce -2.3% | 1.19% | −0.15 |
| DSGX The Descartes Systems Grp | Reduce -2.1% | 1.67% | −0.12 |
| CIGI Colliers Intl GR-Subord Vot | Reduce -2.0% | 1.52% | −0.10 |
| GIB Cgi Inc. | Reduce -1.8% | 2.67% | −0.10 |
| ACN Accenture PLC Class A | Reduce -1.0% | 1.05% | −0.07 |
| DEO Diageo PLC-Sponsored ADR | Reduce -2.4% | 0.40% | −0.06 |
| SLF Sun Life Financial Inc. | Reduce -68.7% | 0.02% | −0.04 |
| ADSK Autodesk Inc. | Reduce -0.3% | 0.68% | −0.04 |
| DHR Danaher Corp. | Reduce -1.5% | 0.72% | −0.04 |
| IQV Iqvia Holdings Inc. | Reduce -1.6% | 0.78% | −0.04 |
| RY Royal Bank of Canada | Reduce -1.1% | 1.41% | −0.01 |
| LCII Lci Industries | Reduce -4.1% | 0.13% | −0.01 |
| DOO BRP Inc./Ca- Sub Voting | Sold out | 0.00% | −0.01 |
| SITE Siteone Landscape Supply Inc. | Reduce -1.9% | 0.39% | −0.01 |
| AX Axos Financial Inc. | Reduce -5.3% | 0.16% | −0.01 |
| XP XP Inc. Class A | Reduce -33.7% | 0.03% | −0.01 |
| SU Suncor Energy Inc. | Reduce -26.0% | 0.03% | −0.00 |
| CM Can Imperial BK of Commerce | Reduce -13.0% | 0.02% | −0.00 |
| CMCSA Comcast Corp. Class A | Reduce -10.7% | 0.05% | −0.00 |
| BF.A Brown-Forman Corp. Class A | Reduce -45.1% | 0.00% | −0.00 |
| NKE Nike Inc. Class B | Reduce -1.1% | 0.02% | −0.00 |
| BIP Brookfield Infrastructure Pa | Sold out | 0.00% | −0.00 |
| BF.B Brown-Forman Corp. Class B | Reduce -37.1% | 0.00% | −0.00 |
| EMR Emerson Electric Co. | Reduce -0.4% | 0.03% | −0.00 |
| APD Air Products & Chemicals Inc. | Sold out | 0.00% | −0.00 |
| SOBO South Bow Corp. | Sold out | 0.00% | −0.00 |
| PH Parker Hannifin Corp. | Sold out | 0.00% | −0.00 |
| BKNG Booking Holdings Inc. | Reduce -1.8% | 0.05% | −0.00 |
| BAM Brookfield Asset Mgmt-A | Sold out | 0.00% | −0.00 |
| PFE Pfizer Inc. | Reduce -7.2% | 0.02% | −0.00 |
| WFC Wells Fargo & Co. | Reduce -25.3% | 0.01% | −0.00 |
| MRK Merck & Co. Inc. | Reduce -1.7% | 0.02% | −0.00 |
| NVDA Nvidia Corp. | Reduce -2.6% | 0.00% | −0.00 |
| D Dominion Energy Inc. | Reduce -34.8% | 0.00% | −0.00 |
| IHG Intercontinental Hotels-ADR | Reduce -3.7% | 0.00% | −0.00 |
| ZBH Zimmer Biomet Holdings Inc. | Reduce -19.0% | 0.01% | −0.00 |
| CVE Cenovus Energy Inc. | Reduce -18.6% | 0.00% | −0.00 |
| MET Metlife Inc. | Reduce -9.9% | 0.01% | −0.00 |
Portfolio Buys Q4 2024 → Q1 2025
| TD Toronto-Dominion Bank | Add +723.8% | 4.56% | +4.10 |
| TFII Tfi International Inc. | New | 1.05% | +1.05 |
| STN Stantec Inc. | Add +12.9% | 2.93% | +0.65 |
| AVGO Broadcom Inc. | Add +21877.1% | 0.46% | +0.46 |
| TSM Taiwan Semiconductor-SP ADR | Add +105.9% | 0.52% | +0.24 |
| OTEX Open Text Corp. | Add +11.2% | 3.26% | +0.21 |
| CNI Canadian Natl Railway Co. | Add +0.6% | 5.62% | +0.20 |
| MDLZ Mondelez International Inc. Class A | Add +9.4% | 0.60% | +0.16 |
| HDB HDFC Bank Ltd.-ADR | Add +4.2% | 0.74% | +0.10 |
| MSFT Microsoft Corp. | Add +5.3% | 3.40% | +0.05 |
| MELI MercadoLibre Inc. | Add +88.0% | 0.07% | +0.04 |
| SE Sea Ltd.-ADR | Add +24.2% | 0.07% | +0.03 |
| CYBR Cyberark Software Ltd./Israel | Add +1.5% | 0.30% | +0.03 |
| JD Jd.com Inc.-ADR | Add +239.7% | 0.02% | +0.02 |
| TCOM Trip.com Group Ltd.-ADR | Add +25.7% | 0.07% | +0.01 |
| ASML ASML Holding NV-NY Reg SHS | Add +3.0% | 0.25% | +0.01 |
| BAP Credicorp Ltd. | Add +21.0% | 0.05% | +0.01 |
| FMX Fomento Economico Mex-SP ADR | Add +20.3% | 0.03% | +0.01 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +4.7% | 0.16% | +0.01 |
| NU Nu Holdings Ltd./Cayman Isl-A | Add +19.9% | 0.04% | +0.01 |
| NVS Novartis AG-Sponsored ADR | Add +1.2% | 0.04% | +0.01 |
| CVX Chevron Corp. | Add +0.1% | 0.04% | +0.01 |
| HLN Haleon PLC-ADR | Add +1.2% | 0.05% | +0.01 |
| TTE Totalenergies SE -Spon ADR | Add +7.7% | 0.02% | +0.01 |
| IMO Imperial Oil Ltd. | Add +0.1% | 0.01% | +0.00 |
| NGG National Grid PLC-SP ADR | Add +1.0% | 0.02% | +0.00 |
| VUG Vanguard Mrngstar GR ETF-Sui | New | 0.00% | +0.00 |
| INFY Infosys Ltd.-SP ADR | Add +16.7% | 0.04% | +0.00 |
| AEM Agnico Eagle Mines Ltd. | Add +6.8% | 0.00% | +0.00 |
| CP Canadian Pacific Kansas City | Add +0.0% | 0.03% | +0.00 |
| ABEV Ambev SA-ADR | Add +0.5% | 0.00% | +0.00 |
| ATS Ats Corp. | Add +2.2% | 0.02% | −0.00 |
| AAPL Apple Inc. | Add +0.2% | 0.07% | −0.00 |
| NVO Novo-Nordisk A/S-Spons ADR | Add +3.8% | 0.04% | −0.00 |
| CDNS Cadence Design SYS Inc. | Add +4.1% | 0.47% | −0.03 |
Notes & Other Activity Q4 2024 → Q1 2025
| IGSB iShares 1-5Y Inv Grade Corp. | ISHS 1-5YR INVS · principal | Add +121.0% | 125,433 | $6.6M |
| IGIB iShares 5-10Y Inv Grade Corp. | ISHS 5-10YR INVT · principal | Add +28.6% | 54,779 | $2.9M |
| SHY iShares 1-3 Year Treasury Bo | 1 3 YR TREAS BD · principal | New | 22,670 | $1.9M |
| ISTB iShares Core 1-5 Year Usd Bo | CORE 1 5 YR USD · principal | Add +160.1% | 32,330 | $1.6M |
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 |