JARISLOWSKY, FRASER Ltd
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed July 15, 2025), JARISLOWSKY, FRASER Ltd reported 184 stock positions worth $17.5 billion. Its top holding was Canadian Natl Railway (CNI) at 5.5% of the portfolio, followed by Brookfield (BN, 5.5%) and Toronto-Dominion Bank (TD, 5.0%). Compared with Q1 2025, it opened 5 new positions, sold out of 2, added to 53 and reduced 95. The biggest buy was Shopify Class A (SHOP, shares +27%) and the biggest sale Restaurant Brands Intern (QSR, shares −45%).
- Most Recent 13F
- Q3 2025
- Location
- MONTREAL, A8
- CIK
- 0001123778
- Portfolio Value
- $17.5B (Q2 2025)
- SEC Filing
- 0001123778-25-000003 ↗ filed Jul 15, 2025
Holdings Value
Holdings 184 stocks · $17.5B
| CNI Canadian Natl Railway Co. | 5.49% | 9,241,703 | $961.0M | Add +0.3% |
| BN Brookfield Corp. | 5.48% | 15,506,528 | $957.8M | Reduce -2.1% |
| TD Toronto-Dominion Bank | 5.03% | 11,996,531 | $880.6M | Reduce -1.1% |
| BMO Bank of Montreal filed as BANK MONTREAL QUE | 4.05% | 6,400,179 | $707.8M | Reduce -2.3% |
| MSFT Microsoft Corp. | 3.97% | 1,397,554 | $695.2M | Reduce -3.2% |
| CAE Cae Inc. | 3.64% | 21,748,736 | $636.1M | Reduce -6.2% |
| OTEX Open Text Corp. | 3.51% | 21,032,718 | $613.3M | Add +2.0% |
| TRI Thomson Reuters Corp. | 3.45% | 3,010,760 | $604.2M | Reduce -7.8% |
| SHOP Shopify Inc. Class A | 3.35% | 5,082,979 | $585.1M | Add +27.1% |
| TRP TC Energy Corp. | 3.13% | 11,244,354 | $547.8M | Reduce -2.2% |
| STN Stantec Inc. | 3.08% | 4,964,066 | $539.0M | Reduce -12.0% |
| FNV Franco-Nevada Corp. | 2.62% | 2,797,010 | $458.3M | Reduce -2.4% |
| GIB Cgi Inc. | 2.53% | 4,218,244 | $442.1M | Reduce -1.1% |
| AMZN Amazon.com Inc. | 2.52% | 2,011,481 | $441.3M | Add +2.3% |
| GIL Gildan Activewear Inc. | 2.08% | 7,412,206 | $364.5M | Add +6.5% |
| CIGI Colliers Intl GR-Subord Vot | 1.89% | 2,532,836 | $330.7M | Add +26.5% |
| MA Mastercard Inc. Class A | 1.81% | 562,749 | $316.2M | Reduce -1.0% |
| ORCL Oracle Corp. | 1.78% | 1,427,023 | $312.0M | Add +5.0% |
| ABT Abbott Laboratories | 1.71% | 2,195,829 | $298.7M | Add +1.2% |
| TFII Tfi International Inc. | 1.69% | 3,304,033 | $296.0M | Add +52.1% |
| JPM JPMorgan Chase & Co. | 1.53% | 926,080 | $268.5M | Reduce -2.1% |
| DSGX The Descartes Systems Grp | 1.51% | 2,604,847 | $264.1M | Reduce -1.7% |
| RY Royal Bank of Canada | 1.49% | 1,983,304 | $260.9M | Reduce -0.7% |
| BSX Boston Scientific Corp. | 1.39% | 2,268,973 | $243.7M | Reduce -0.1% |
| FISV Fiserv Inc. | 1.36% | 1,382,912 | $238.4M | Add +12.6% |
| IBKR Interactive Brokers Gro Class A | 1.34% | 4,216,701 | $233.6M | Reduce -1.4% |
| QSR Restaurant Brands Intern | 1.29% | 3,411,337 | $225.8M | Reduce -45.2% |
| GOOGL Alphabet Inc. Class A | 1.22% | 1,215,482 | $214.2M | Add +0.7% |
| UNH Unitedhealth Group Inc. | 1.19% | 669,494 | $208.9M | Add +12.4% |
| GOOG Alphabet Inc. Class C | 1.16% | 1,144,198 | $203.0M | Reduce -1.3% |
| PEP Pepsico Inc. | 0.98% | 1,300,128 | $171.7M | Add +0.1% |
| TSM Taiwan Semiconductor-SP ADR | 0.96% | 740,709 | $167.8M | Add +47.4% |
| ACN Accenture PLC Class A | 0.94% | 553,027 | $165.3M | Add +2.9% |
| BDX Becton Dickinson and Co. | 0.93% | 941,803 | $162.2M | Add +14.1% |
| CPRT Copart Inc. | 0.90% | 3,194,714 | $156.8M | Reduce -15.5% |
| HDB HDFC Bank Ltd.-ADR | 0.80% | 1,815,448 | $139.2M | Add +2.6% |
| META Meta Platforms Inc. Class A | 0.73% | 172,946 | $127.6M | Reduce -1.7% |
| IQV Iqvia Holdings Inc. | 0.71% | 793,023 | $125.0M | Add +11.9% |
| SHW The Sherwin-Williams Co. | 0.70% | 356,345 | $122.4M | Add +0.1% |
| AVGO Broadcom Inc. | 0.67% | 424,414 | $117.0M | Reduce -3.4% |
| AME Ametek Inc. | 0.65% | 624,414 | $113.0M | Add +0.2% |
| DHR Danaher Corp. | 0.64% | 566,066 | $111.8M | Add +0.7% |
| BRK.B Berkshire Hathaway Inc. Class B | 0.63% | 227,734 | $110.6M | Reduce -1.5% |
| TJX TJX Companies Inc. filed as TJX COS INC NEW | 0.63% | 894,104 | $110.4M | Add +0.3% |
| MFC Manulife Financial Corp. | 0.62% | 3,380,967 | $107.9M | Reduce -1.9% |
| ADSK Autodesk Inc. | 0.61% | 342,031 | $105.9M | Reduce -17.2% |
| GWRE Guidewire Software Inc. | 0.60% | 445,232 | $104.8M | Reduce -1.4% |
| MDLZ Mondelez International Inc. Class A | 0.55% | 1,424,945 | $96.1M | Add +0.9% |
| CDNS Cadence Design SYS Inc. | 0.54% | 306,107 | $94.3M | Add +3.4% |
| OZK Bank Ozk | 0.48% | 1,802,199 | $84.8M | Add +0.2% |
| CB Chubb Ltd. | 0.48% | 286,876 | $83.1M | Reduce -1.2% |
| ENB Enbridge Inc. | 0.45% | 1,720,893 | $77.9M | Reduce -1.8% |
| BNS Bank of Nova Scotia filed as BANK NOVA SCOTIA HALIFAX | 0.43% | 1,363,367 | $75.2M | Reduce -30.9% |
| JNJ Johnson & Johnson | 0.41% | 472,846 | $72.2M | Reduce -1.2% |
| MNST Monster Beverage Corp. | 0.39% | 1,089,720 | $68.3M | Add +0.7% |
| PG The Procter & Gamble Co. | 0.38% | 421,922 | $67.2M | Reduce -0.7% |
| RELX Relx PLC - Spon ADR | 0.36% | 1,149,177 | $62.4M | Reduce -1.5% |
| CYBR Cyberark Software Ltd./Israel | 0.36% | 153,324 | $62.4M | Add +7.4% |
| DEO Diageo PLC-Sponsored ADR | 0.35% | 603,410 | $60.8M | Reduce -0.9% |
| SITE Siteone Landscape Supply Inc. | 0.29% | 421,067 | $50.9M | Reduce -17.0% |
| ASML ASML Holding NV-NY Reg SHS | 0.29% | 62,544 | $50.1M | Add +3.5% |
| CME Cme Group Inc. | 0.28% | 179,009 | $49.3M | Reduce -11.2% |
| AFG American Financial Group Inc. | 0.27% | 373,366 | $47.1M | Add +1.2% |
| COST Costco Wholesale Corp. | 0.26% | 46,618 | $46.1M | Reduce -1.7% |
| SAP Sap SE-Sponsored ADR | 0.25% | 144,581 | $44.0M | Add +19.1% |
| PEG Public Service Enterprise GP | 0.24% | 495,057 | $41.7M | Reduce -6.5% |
| CL Colgate-Palmolive Co. | 0.23% | 448,102 | $40.7M | Reduce -1.1% |
| UL Unilever PLC | 0.23% | 656,322 | $40.1M | Reduce -0.2% |
| CACC Credit Acceptance Corp. | 0.21% | 70,479 | $35.9M | Add +1.2% |
| SPY SS SPDR S&P 500 ETF Trust-US | 0.18% | 50,798 | $31.4M | Add +14.8% |
| VRSK Verisk Analytics Inc. | 0.17% | 98,038 | $30.5M | Reduce -4.3% |
| AX Axos Financial Inc. | 0.17% | 386,660 | $29.4M | Add +0.9% |
| PGR Progressive Corp. | 0.14% | 92,162 | $24.6M | Add +1.0% |
| SFBS Servisfirst Bancshares Inc. | 0.14% | 306,182 | $23.7M | Add +1.3% |
| LCII Lci Industries | 0.12% | 239,243 | $21.8M | Add +4.2% |
| ALC Alcon Inc. filed as ALCON AG | 0.12% | 234,542 | $20.7M | Reduce -0.4% |
| ADP Automatic Data Processing | 0.11% | 61,672 | $19.0M | Reduce -4.3% |
| PBA Pembina Pipeline Corp. | 0.09% | 441,843 | $16.6M | Reduce -2.7% |
| ABBV Abbvie Inc. | 0.09% | 88,783 | $16.5M | Reduce -3.8% |
| MELI MercadoLibre Inc. | 0.09% | 6,147 | $16.1M | Add +0.6% |
| LLY Eli Lilly & Co. | 0.09% | 20,547 | $16.0M | Reduce -6.3% |
| XOM Exxon Mobil Corp. | 0.09% | 144,227 | $15.5M | Reduce -1.3% |
| SE Sea Ltd.-ADR | 0.08% | 89,480 | $14.3M | Reduce -0.3% |
| ZTS Zoetis Inc. | 0.07% | 83,422 | $13.0M | Reduce -1.3% |
| TFPM Triple Flag Precious Met | 0.07% | 526,223 | $12.5M | Reduce -3.9% |
| ATS Ats Corp. | 0.07% | 379,208 | $12.1M | Add +175.8% |
| AAPL Apple Inc. | 0.06% | 52,388 | $10.7M | Reduce -0.8% |
| NTR Nutrien Ltd. | 0.06% | 183,571 | $10.7M | Reduce -6.0% |
| TU Telus Corp. | 0.06% | 654,773 | $10.5M | Add +1.2% |
| BAP Credicorp Ltd. | 0.06% | 46,640 | $10.4M | Reduce -0.0% |
| TCOM Trip.com Group Ltd.-ADR | 0.06% | 171,123 | $10.0M | Reduce -0.1% |
| BKNG Booking Holdings Inc. | 0.06% | 1,710 | $9.9M | Reduce -6.6% |
| NU Nu Holdings Ltd./Cayman Isl-A filed as NU HLDGS LTD | 0.05% | 649,240 | $8.9M | Reduce -2.4% |
| HLN Haleon PLC-ADR | 0.04% | 730,102 | $7.6M | Add +3.5% |
| CMCSA Comcast Corp. Class A | 0.04% | 195,736 | $7.0M | Reduce -2.3% |
| XP XP Inc. Class A | 0.04% | 325,157 | $6.6M | Add +0.9% |
| NVS Novartis AG-Sponsored ADR | 0.04% | 53,447 | $6.5M | Reduce -1.3% |
| EMR Emerson Electric Co. | 0.03% | 45,460 | $6.1M | No change |
| FMX Fomento Economico Mex-SP ADR | 0.03% | 56,456 | $5.8M | Reduce -0.1% |
| INFY Infosys Ltd.-SP ADR | 0.03% | 310,969 | $5.8M | Reduce -0.3% |
Other holdings (4): bonds, preferreds, convertibles and warrants · $13.4M (not counted above)
| Security | Class | Shares / Principal | Value | Change |
|---|---|---|---|---|
| IGSB iShares 1-5Y Inv Grade Corp. | ISHS 1-5YR INVS · principal | 128,935 | $6.8M | Add +2.8% |
| IGIB iShares 5-10Y Inv Grade Corp. | ISHS 5-10YR INVT · principal | 55,475 | $3.0M | Add +1.3% |
| SHY iShares 1-3 Year Treasury Bo | 1 3 YR TREAS BD · principal | 24,881 | $2.1M | Add +9.8% |
| ISTB iShares Core 1-5 Year Usd Bo | CORE 1 5 YR USD · principal | 32,143 | $1.6M | Reduce -0.6% |
Total filed on the 13F, all lines: $17.5B.
Portfolio Sells Q1 2025 → Q2 2025
| QSR Restaurant Brands Intern | Reduce -45.2% | 1.29% | −1.31 |
| CPRT Copart Inc. | Reduce -15.5% | 0.90% | −0.45 |
| TRP TC Energy Corp. | Reduce -2.2% | 3.13% | −0.27 |
| FNV Franco-Nevada Corp. | Reduce -2.4% | 2.62% | −0.21 |
| DSGX The Descartes Systems Grp | Reduce -1.7% | 1.51% | −0.16 |
| BNS Bank of Nova Scotia | Reduce -30.9% | 0.43% | −0.16 |
| MA Mastercard Inc. Class A | Reduce -1.0% | 1.81% | −0.15 |
| GIB Cgi Inc. | Reduce -1.1% | 2.53% | −0.14 |
| BRK.B Berkshire Hathaway Inc. Class B | Reduce -1.5% | 0.63% | −0.14 |
| SITE Siteone Landscape Supply Inc. | Reduce -17.0% | 0.29% | −0.10 |
| JNJ Johnson & Johnson | Reduce -1.2% | 0.41% | −0.08 |
| TRI Thomson Reuters Corp. | Reduce -7.8% | 3.45% | −0.08 |
| CB Chubb Ltd. | Reduce -1.2% | 0.48% | −0.07 |
| ADSK Autodesk Inc. | Reduce -17.2% | 0.61% | −0.07 |
| PG The Procter & Gamble Co. | Reduce -0.7% | 0.38% | −0.07 |
| MFC Manulife Financial Corp. | Reduce -1.9% | 0.62% | −0.06 |
| CME Cme Group Inc. | Reduce -11.2% | 0.28% | −0.05 |
| DEO Diageo PLC-Sponsored ADR | Reduce -0.9% | 0.35% | −0.05 |
| BSX Boston Scientific Corp. | Reduce -0.1% | 1.39% | −0.04 |
| ENB Enbridge Inc. | Reduce -1.8% | 0.45% | −0.04 |
| PEG Public Service Enterprise GP | Reduce -6.5% | 0.24% | −0.03 |
| CL Colgate-Palmolive Co. | Reduce -1.1% | 0.23% | −0.03 |
| ABBV Abbvie Inc. | Reduce -3.8% | 0.09% | −0.03 |
| LLY Eli Lilly & Co. | Reduce -6.3% | 0.09% | −0.02 |
| ALC Alcon Inc. | Reduce -0.4% | 0.12% | −0.02 |
| XOM Exxon Mobil Corp. | Reduce -1.3% | 0.09% | −0.02 |
| PBA Pembina Pipeline Corp. | Reduce -2.7% | 0.09% | −0.02 |
| COST Costco Wholesale Corp. | Reduce -1.7% | 0.26% | −0.02 |
| VRSK Verisk Analytics Inc. | Reduce -4.3% | 0.17% | −0.02 |
| UL Unilever PLC | Reduce -0.2% | 0.23% | −0.02 |
| ADP Automatic Data Processing | Reduce -4.3% | 0.11% | −0.01 |
| ZTS Zoetis Inc. | Reduce -1.3% | 0.07% | −0.01 |
| AAPL Apple Inc. | Reduce -0.8% | 0.06% | −0.01 |
| RELX Relx PLC - Spon ADR | Reduce -1.5% | 0.36% | −0.01 |
| TCOM Trip.com Group Ltd.-ADR | Reduce -0.1% | 0.06% | −0.01 |
| CVX Chevron Corp. | Reduce -5.3% | 0.03% | −0.01 |
| YUMC Yum China Holdings Inc. | Reduce -0.1% | 0.03% | −0.01 |
| JD Jd.com Inc.-ADR | Reduce -10.7% | 0.01% | −0.01 |
| BCE Bce Inc. | Reduce -13.1% | 0.02% | −0.01 |
| NVO Novo-Nordisk A/S-Spons ADR | Reduce -10.6% | 0.03% | −0.01 |
| CMCSA Comcast Corp. Class A | Reduce -2.3% | 0.04% | −0.01 |
| MRK Merck & Co. Inc. | Reduce -1.5% | 0.02% | −0.00 |
| SU Suncor Energy Inc. | Reduce -1.8% | 0.02% | −0.00 |
| PFE Pfizer Inc. | Reduce -3.2% | 0.02% | −0.00 |
| COO The Cooper Cos Inc. | Sold out | 0.00% | −0.00 |
| KMB Kimberly-Clark Corp. | Reduce -0.5% | 0.01% | −0.00 |
| INFY Infosys Ltd.-SP ADR | Reduce -0.3% | 0.03% | −0.00 |
| TTE Totalenergies SE -Spon ADR | Reduce -0.4% | 0.02% | −0.00 |
| KO The Coca-Cola Co. | Reduce -0.2% | 0.02% | −0.00 |
| FTS Fortis Inc. | Reduce -36.7% | 0.00% | −0.00 |
Portfolio Buys Q1 2025 → Q2 2025
| SHOP Shopify Inc. Class A | Add +27.1% | 3.35% | +0.96 |
| TFII Tfi International Inc. | Add +52.1% | 1.69% | +0.64 |
| ORCL Oracle Corp. | Add +5.0% | 1.78% | +0.59 |
| TSM Taiwan Semiconductor-SP ADR | Add +47.4% | 0.96% | +0.44 |
| CIGI Colliers Intl GR-Subord Vot | Add +26.5% | 1.89% | +0.37 |
| OTEX Open Text Corp. | Add +2.0% | 3.51% | +0.24 |
| AMZN Amazon.com Inc. | Add +2.3% | 2.52% | +0.18 |
| GIL Gildan Activewear Inc. | Add +6.5% | 2.08% | +0.15 |
| CDNS Cadence Design SYS Inc. | Add +3.4% | 0.54% | +0.07 |
| HDB HDFC Bank Ltd.-ADR | Add +2.6% | 0.80% | +0.06 |
| CYBR Cyberark Software Ltd./Israel | Add +7.4% | 0.36% | +0.05 |
| GOOGL Alphabet Inc. Class A | Add +0.7% | 1.22% | +0.05 |
| ATS Ats Corp. | Add +175.8% | 0.07% | +0.05 |
| SAP Sap SE-Sponsored ADR | Add +19.1% | 0.25% | +0.05 |
| ASML ASML Holding NV-NY Reg SHS | Add +3.5% | 0.29% | +0.04 |
| SPY SS SPDR S&P 500 ETF Trust-US | Add +14.8% | 0.18% | +0.02 |
| DOO BRP Inc./Ca- Sub Voting | New | 0.02% | +0.02 |
| MELI MercadoLibre Inc. | Add +0.6% | 0.09% | +0.02 |
| AX Axos Financial Inc. | Add +0.9% | 0.17% | +0.01 |
| XP XP Inc. Class A | Add +0.9% | 0.04% | +0.01 |
| LIN Linde PLC | New | 0.01% | +0.01 |
| SONY Sony Group Corp. - SP ADR | New | 0.00% | +0.00 |
| TU Telus Corp. | Add +1.2% | 0.06% | +0.00 |
| AMD Advanced Micro Devices | New | 0.00% | +0.00 |
| SLF Sun Life Financial Inc. | Add +0.3% | 0.02% | +0.00 |
| FAST Fastenal Co. | New | 0.00% | +0.00 |
| ING ING Groep N.V.-Sponsored ADR | Add +8.0% | 0.01% | +0.00 |
| NGG National Grid PLC-SP ADR | Add +0.6% | 0.02% | +0.00 |
| ABEV Ambev SA-ADR | Add +49.8% | 0.00% | +0.00 |
| MRSH Marsh & McLennan Cos | Add +36.6% | 0.00% | +0.00 |
| AZN Astrazeneca PLC-Spons ADR | Add +17.6% | 0.01% | +0.00 |
| IHG Intercontinental Hotels-ADR | Add +5.5% | 0.00% | +0.00 |
| B Barrick Mining Corp. | Add +0.8% | 0.00% | −0.00 |
| UNP Union Pacific Corp. | Add +6.3% | 0.00% | −0.00 |
| CNQ Canadian Natural Resources | Add +0.6% | 0.01% | −0.00 |
| HD Home Depot Inc. | Add +1.1% | 0.01% | −0.00 |
| LCII Lci Industries | Add +4.2% | 0.12% | −0.00 |
| HLN Haleon PLC-ADR | Add +3.5% | 0.04% | −0.00 |
| MCD McDonald's Corp. | Add +0.8% | 0.02% | −0.00 |
| OZK Bank Ozk | Add +0.2% | 0.48% | −0.01 |
| MNST Monster Beverage Corp. | Add +0.7% | 0.39% | −0.01 |
| CACC Credit Acceptance Corp. | Add +1.2% | 0.21% | −0.02 |
| SFBS Servisfirst Bancshares Inc. | Add +1.3% | 0.14% | −0.02 |
| PGR Progressive Corp. | Add +1.0% | 0.14% | −0.02 |
| AME Ametek Inc. | Add +0.2% | 0.65% | −0.03 |
| AFG American Financial Group Inc. | Add +1.2% | 0.27% | −0.03 |
| TJX TJX Companies Inc. | Add +0.3% | 0.63% | −0.05 |
| MDLZ Mondelez International Inc. Class A | Add +0.9% | 0.55% | −0.05 |
| IQV Iqvia Holdings Inc. | Add +11.9% | 0.71% | −0.07 |
| SHW The Sherwin-Williams Co. | Add +0.1% | 0.70% | −0.08 |
Notes & Other Activity Q1 2025 → Q2 2025
| IGSB iShares 1-5Y Inv Grade Corp. | ISHS 1-5YR INVS · principal | Add +2.8% | 128,935 | $6.8M |
| IGIB iShares 5-10Y Inv Grade Corp. | ISHS 5-10YR INVT · principal | Add +1.3% | 55,475 | $3.0M |
| SHY iShares 1-3 Year Treasury Bo | 1 3 YR TREAS BD · principal | Add +9.8% | 24,881 | $2.1M |
| ISTB iShares Core 1-5 Year Usd Bo | CORE 1 5 YR USD · principal | Reduce -0.6% | 32,143 | $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 |