JARISLOWSKY, FRASER Ltd

Name: JARISLOWSKY, FRASER Ltd 13F holdings, Q2 2025
Creator: JARISLOWSKY, FRASER Ltd
Published: 2025-07-15

Q3 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024

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%
YUMC Yum China Holdings Inc.	0.03%	126,314	$5.6M	Reduce -0.1%
NVO Novo-Nordisk A/S-Spons ADR	0.03%	71,840	$5.0M	Reduce -10.6%
CP Canadian Pacific Kansas City	0.03%	62,144	$4.9M	Reduce -0.9%
CVX Chevron Corp.	0.03%	32,595	$4.7M	Reduce -5.3%
KO The Coca-Cola Co.	0.02%	59,738	$4.2M	Reduce -0.2%
SU Suncor Energy Inc.	0.02%	110,282	$4.1M	Reduce -1.8%
MCD McDonald's Corp.	0.02%	14,025	$4.1M	Add +0.8%
BCE Bce Inc.	0.02%	177,151	$3.9M	Reduce -13.1%
SLF Sun Life Financial Inc.	0.02%	58,750	$3.9M	Add +0.3%
PFE Pfizer Inc.	0.02%	142,340	$3.5M	Reduce -3.2%
DOO BRP Inc./Ca- Sub Voting	0.02%	68,664	$3.3M	New
CM Can Imperial BK of Commerce filed as CANADIAN IMPERIAL BK COMM	0.02%	45,903	$3.3M	No change
TTE Totalenergies SE -Spon ADR	0.02%	49,850	$3.1M	Reduce -0.4%
NKE Nike Inc. Class B	0.02%	40,875	$2.9M	Reduce -8.7%
DUK Duke Energy Corp.	0.02%	24,383	$2.9M	No change
NGG National Grid PLC-SP ADR	0.02%	37,371	$2.8M	Add +0.6%
MRK Merck & Co. Inc.	0.02%	34,150	$2.7M	Reduce -1.5%
CVS CVS Health Corp.	0.01%	38,080	$2.6M	Reduce -0.8%
KMB Kimberly-Clark Corp.	0.01%	19,460	$2.5M	Reduce -0.5%
JD Jd.com Inc.-ADR	0.01%	75,206	$2.5M	Reduce -10.7%
XEL Xcel Energy Inc.	0.01%	35,000	$2.4M	No change
ALL Allstate Corp.	0.01%	11,131	$2.2M	Reduce -0.9%
IMO Imperial Oil Ltd.	0.01%	26,947	$2.1M	Reduce -3.6%
V Visa Inc. Class A	0.01%	5,984	$2.1M	Reduce -3.5%
EOG EOG Resources Inc.	0.01%	15,525	$1.9M	Reduce -1.9%
LIN Linde PLC	0.01%	3,612	$1.7M	New
ING ING Groep N.V.-Sponsored ADR	0.01%	76,377	$1.7M	Add +8.0%
CNQ Canadian Natural Resources	0.01%	50,039	$1.6M	Add +0.6%
BRK.A Berkshire Hathaway Inc. Class A	0.01%	2	$1.5M	No change
IFF Intl Flavors & Fragrances filed as INTERNATIONAL FLAVORS&FRAGRA	0.01%	19,000	$1.4M	No change
WMT Walmart Inc.	0.01%	13,868	$1.4M	Reduce -3.3%
EFA iShares MSCI Eafe ETF	0.01%	14,000	$1.3M	No change
AFL Aflac Inc.	0.01%	11,600	$1.2M	No change
AZN Astrazeneca PLC-Spons ADR	0.01%	17,262	$1.2M	Add +17.6%
HD Home Depot Inc.	0.01%	3,235	$1.2M	Add +1.1%
NVDA Nvidia Corp.	0.01%	7,280	$1.2M	No change
MET Metlife Inc.	0.01%	13,780	$1.1M	Reduce -12.1%
SHEL Shell PLC-ADR	0.01%	15,620	$1.1M	Reduce -1.9%
PM Philip Morris International	0.01%	5,750	$1.0M	Reduce -0.9%
GLD SPDR Gold Shares	0.01%	3,316	$1.0M	Reduce -2.1%
ZBH Zimmer Biomet Holdings Inc.	0.01%	10,250	$935K	No change
WFC Wells Fargo & Co.	0.01%	11,500	$921K	No change
IHG Intercontinental Hotels-ADR	0.00%	7,389	$852K	Add +5.5%
CTAS Cintas Corp.	0.00%	3,200	$713K	No change
B Barrick Mining Corp.	0.00%	32,902	$685K	Add +0.8%
LOW Lowe's Cos Inc.	0.00%	3,080	$683K	No change
MGA Magna International Inc.	0.00%	17,090	$659K	Reduce -21.1%
SNN Smith & Nephew PLC -Spon ADR	0.00%	20,825	$638K	Reduce -0.8%
FTS Fortis Inc.	0.00%	13,105	$624K	Reduce -36.7%
MDT Medtronic PLC	0.00%	7,017	$612K	Reduce -6.7%
AEM Agnico Eagle Mines Ltd.	0.00%	4,776	$568K	Reduce -6.4%
MMM 3M Co.	0.00%	3,600	$548K	Reduce -5.3%
MO Altria Group Inc.	0.00%	9,300	$545K	No change
MRSH Marsh & McLennan Cos	0.00%	2,323	$508K	Add +36.6%
USB US Bancorp	0.00%	11,152	$505K	Reduce -9.7%
IYW iShares Ustechnology ETF	0.00%	2,885	$500K	Reduce -22.0%
WCN Waste Connections Inc.	0.00%	2,678	$499K	No change
TXN Texas Instruments Inc.	0.00%	2,310	$480K	No change
SONY Sony Group Corp. - SP ADR	0.00%	18,277	$476K	New
RCI Rogers Communications Inc. Class B	0.00%	15,784	$467K	Reduce -13.7%
MTB M & T Bank Corp. filed as M & T BK CORP	0.00%	2,155	$418K	Reduce -39.4%
EEM iShares MSCI Emerging Market	0.00%	8,341	$402K	No change
HLT Hilton Worldwide Holdings Inc.	0.00%	1,445	$385K	Reduce -17.2%
BF.B Brown-Forman Corp. Class B	0.00%	13,569	$365K	No change
BF.A Brown-Forman Corp. Class A	0.00%	13,200	$363K	Reduce -9.0%
CDW CDW Corp.	0.00%	1,949	$348K	No change
IVV iShares Core S&P 500 ETF	0.00%	558	$346K	No change
CAH Cardinal Health Inc.	0.00%	2,000	$336K	No change
ADBE Adobe Inc.	0.00%	865	$335K	Reduce -0.6%
TECK Teck Resources Ltd.-CLS B	0.00%	7,062	$285K	No change
TRV The Travelers Cos Inc.	0.00%	1,040	$278K	No change
ROST Ross Stores Inc.	0.00%	2,174	$277K	No change
CAT Caterpillar Inc.	0.00%	705	$274K	No change
VLO Valero Energy Corp.	0.00%	1,992	$268K	No change
WFG West Fraser Timber Co. Ltd.	0.00%	3,590	$263K	No change
ITW Illinois Tool Works	0.00%	1,062	$263K	No change
TT Trane Technologies PLC	0.00%	600	$262K	No change
D Dominion Energy Inc.	0.00%	4,336	$245K	No change
UNP Union Pacific Corp.	0.00%	1,003	$231K	Add +6.3%
HON Honeywell International Inc.	0.00%	958	$223K	Reduce -30.1%
CVE Cenovus Energy Inc.	0.00%	16,398	$223K	No change
AMD Advanced Micro Devices	0.00%	1,548	$220K	New
FAST Fastenal Co.	0.00%	4,896	$206K	New
ABEV Ambev SA-ADR	0.00%	71,201	$172K	Add +49.8%

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