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

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 Q4 2024 Q1 2025: $15.9B $15.9B Q1 2025 Q2 2025: $17.5B Q2 2025 Q3 2025: $18.2B Q3 2025

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%
EMR Emerson Electric Co. 0.03% 45,460 $5.0M Reduce -0.4%
BCE Bce Inc. 0.03% 203,892 $4.7M Reduce -2.3%
XP XP Inc. Class A 0.03% 322,352 $4.4M Reduce -33.7%
CP Canadian Pacific Kansas City 0.03% 62,738 $4.4M Add +0.0%
MCD McDonald's Corp. 0.03% 13,918 $4.3M Reduce -0.6%
SU Suncor Energy Inc. 0.03% 112,242 $4.3M Reduce -26.0%
KO The Coca-Cola Co. 0.03% 59,838 $4.3M Reduce -0.3%
PFE Pfizer Inc. 0.02% 147,033 $3.7M Reduce -7.2%
JD Jd.com Inc.-ADR 0.02% 84,216 $3.5M Add +239.7%
ATS Ats Corp. 0.02% 137,520 $3.4M Add +2.2%
SLF Sun Life Financial Inc. 0.02% 58,555 $3.4M Reduce -68.7%
TTE Totalenergies SE -Spon ADR 0.02% 50,050 $3.2M Add +7.7%
MRK Merck & Co. Inc. 0.02% 34,665 $3.1M Reduce -1.7%
DUK Duke Energy Corp. 0.02% 24,383 $3.0M Reduce -2.0%
NKE Nike Inc. Class B 0.02% 44,783 $2.8M Reduce -1.1%
KMB Kimberly-Clark Corp. 0.02% 19,560 $2.8M Reduce -12.6%
CVS CVS Health Corp. 0.02% 38,395 $2.6M Reduce -7.3%
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM 0.02% 45,903 $2.6M Reduce -13.0%
XEL Xcel Energy Inc. 0.02% 35,000 $2.5M No change
NGG National Grid PLC-SP ADR 0.02% 37,141 $2.4M Add +1.0%
ALL Allstate Corp. 0.01% 11,231 $2.3M Reduce -1.4%
V Visa Inc. Class A 0.01% 6,199 $2.2M Reduce -11.4%
EOG EOG Resources Inc. 0.01% 15,825 $2.0M Reduce -1.8%
IMO Imperial Oil Ltd. 0.01% 27,947 $2.0M Add +0.1%
BRK.A Berkshire Hathaway Inc. Class A 0.01% 2 $1.6M No change
CNQ Canadian Natural Resources 0.01% 49,726 $1.5M Reduce -3.5%
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA 0.01% 19,000 $1.5M No change
ING ING Groep N.V.-Sponsored ADR 0.01% 70,705 $1.4M Reduce -13.3%
AFL Aflac Inc. 0.01% 11,600 $1.3M Reduce -12.1%
WMT Walmart Inc. 0.01% 14,343 $1.3M No change
MET Metlife Inc. 0.01% 15,680 $1.3M Reduce -9.9%
HD Home Depot Inc. 0.01% 3,199 $1.2M No change
SHEL Shell PLC-ADR 0.01% 15,920 $1.2M Reduce -9.3%
ZBH Zimmer Biomet Holdings Inc. 0.01% 10,250 $1.2M Reduce -19.0%
EFA iShares MSCI Eafe ETF 0.01% 14,000 $1.1M Reduce -12.4%
AZN Astrazeneca PLC-Spons ADR 0.01% 14,682 $1.1M Reduce -8.5%
GLD SPDR Gold Shares 0.01% 3,386 $976K Reduce -24.5%
FTS Fortis Inc. 0.01% 20,705 $943K Reduce -7.6%
PM Philip Morris International 0.01% 5,800 $921K Reduce -0.8%
WFC Wells Fargo & Co. 0.01% 11,500 $826K Reduce -25.3%
NVDA Nvidia Corp. 0.00% 7,280 $789K Reduce -2.6%
IHG Intercontinental Hotels-ADR 0.00% 7,002 $767K Reduce -3.7%
MGA Magna International Inc. 0.00% 21,650 $736K Reduce -99.7%
LOW Lowe's Cos Inc. 0.00% 3,080 $718K No change
MDT Medtronic PLC 0.00% 7,523 $676K Reduce -5.0%
CTAS Cintas Corp. 0.00% 3,200 $658K No change
MTB M & T Bank Corp. filed as M & T BK CORP 0.00% 3,555 $635K Reduce -2.7%
B Barrick Gold Corp. 0.00% 32,640 $634K No change
SNN Smith & Nephew PLC -Spon ADR 0.00% 21,000 $596K Reduce -1.4%
MO Altria Group Inc. 0.00% 9,300 $558K No change
MMM 3M Co. 0.00% 3,800 $558K Reduce -22.4%
AEM Agnico Eagle Mines Ltd. 0.00% 5,101 $553K Add +6.8%
WCN Waste Connections Inc. 0.00% 2,678 $522K Reduce -3.3%
USB US Bancorp 0.00% 12,352 $522K Reduce -6.8%
IYW iShares Ustechnology ETF 0.00% 3,700 $520K No change
COO The Cooper Cos Inc. 0.00% 5,800 $489K No change
RCI Rogers Communications Inc. Class B 0.00% 18,296 $489K Reduce -2.1%
BF.A Brown-Forman Corp. Class A 0.00% 14,500 $485K Reduce -45.1%
BF.B Brown-Forman Corp. Class B 0.00% 13,569 $461K Reduce -37.1%
TXN Texas Instruments Inc. 0.00% 2,310 $415K Reduce -3.4%
MRSH Marsh & McLennan Cos 0.00% 1,700 $415K No change
HLT Hilton Worldwide Holdings Inc. 0.00% 1,745 $397K No change
EEM iShares MSCI Emerging Market 0.00% 8,341 $365K No change
ADBE Adobe Inc. 0.00% 870 $334K No change
IVV iShares Core S&P 500 ETF 0.00% 558 $314K No change
CDW CDW Corp. 0.00% 1,949 $312K No change
VUG Vanguard Mrngstar GR ETF-Sui 0.00% 800 $297K New
HON Honeywell International Inc. 0.00% 1,370 $290K No change
ROST Ross Stores Inc. 0.00% 2,174 $278K No change
WFG West Fraser Timber Co. Ltd. 0.00% 3,590 $276K No change
CAH Cardinal Health Inc. 0.00% 2,000 $276K Reduce -11.1%
TRV The Travelers Cos Inc. 0.00% 1,040 $275K No change
ITW Illinois Tool Works 0.00% 1,062 $263K No change
VLO Valero Energy Corp. 0.00% 1,992 $263K No change
TECK Teck Resources Ltd.-CLS B 0.00% 7,062 $257K No change
D Dominion Energy Inc. 0.00% 4,336 $243K Reduce -34.8%
CAT Caterpillar Inc. 0.00% 705 $233K No change
CVE Cenovus Energy Inc. 0.00% 16,398 $228K Reduce -18.6%
UNP Union Pacific Corp. 0.00% 944 $223K No change
TT Trane Technologies PLC 0.00% 600 $202K No change
ABEV Ambev SA-ADR 0.00% 47,546 $111K Add +0.5%
Other holdings (4): bonds, preferreds, convertibles and warrants · $12.9M (not counted above)
SecurityClassShares / PrincipalValueChange
IGSB iShares 1-5Y Inv Grade Corp. ISHS 1-5YR INVS · principal 125,433$6.6MAdd +121.0%
IGIB iShares 5-10Y Inv Grade Corp. ISHS 5-10YR INVT · principal 54,779$2.9MAdd +28.6%
SHY iShares 1-3 Year Treasury Bo 1 3 YR TREAS BD · principal 22,670$1.9MNew
ISTB iShares Core 1-5 Year Usd Bo CORE 1 5 YR USD · principal 32,330$1.6MAdd +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

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