JARISLOWSKY, FRASER Ltd

MONTREAL, A8 · CIK 1123778 · 13F filing filed 2025-10-21

No investment adviser registration (Form ADV) found for this filer. It may be a parent company whose subsidiaries are the registered advisers, a bank or insurer, or a manager based outside the US.

$18.2bn reported value +3.9% vs Q2 2025

192positions

41.1%in top 10

5 new 44 added 115 reduced 1 sold out vs Q2 2025

This report includes the holdings of 1 other manager that shares the investment decisions:

BANK OF NOVA SCOTIA – files its own report too

Shares in two reports are counted once in each security's totals.

Holdings, Q3 2025

The small lines show how much was held over the last 4 quarters (adjusted for stock splits).

#	Security	Ticker	Shares	Value	% of portfolio	Change	Shares change
1	BROOKFIELD CORP CL A LTD VT SH BN	BN	14,806,245	$1.0bn5.58%	5.58%	Reduced -700.3k	-700,283 -4.5%
2	TORONTO DOMINION BK ONT COM NEW TD	TD	11,728,785	$938.0m5.16%	5.16%	Reduced -267.7k	-267,746 -2.2%
3	CANADIAN NATL RY CO COM CNI	CNI	8,871,249	$836.8m4.60%	4.60%	Reduced -370.5k	-370,454 -4.0%
4	OPEN TEXT CORP COM OTEX	OTEX	21,150,154	$790.7m4.35%	4.35%	Added +117.4k	+117,436 0.6%
5	BANK MONTREAL QUE COM BMO	BMO	5,833,830	$760.4m4.18%	4.18%	Reduced -566.3k	-566,349 -8.8%
6	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	4,861,383	$722.4m3.97%	3.97%	Reduced -221.6k	-221,596 -4.4%
7	MICROSOFT CORP COM MSFT	MSFT	1,277,760	$661.8m3.64%	3.64%	Reduced -119.8k	-119,794 -8.6%
8	CAE INC COM CAE	CAE	20,943,262	$620.3m3.41%	3.41%	Reduced -805.5k	-805,474 -3.7%
9	TC ENERGY CORP COM TRP	TRP	10,751,401	$584.7m3.21%	3.21%	Reduced -493.0k	-492,953 -4.4%
10	FRANCO NEV CORP COM FNV	FNV	2,462,713	$548.3m3.01%	3.01%	Reduced -334.3k	-334,297 -11.9%
11	THOMSON REUTERS CORP COM COM		2,886,701	$448.3m2.46%	2.46%	Reduced -124.1k	-124,059 -4.1%
12	STANTEC INC COM STN	STN	4,082,124	$440.3m2.42%	2.42%	Reduced -881.9k	-881,942 -17.8%
13	AMAZON COM INC COM AMZN	AMZN	1,981,602	$435.1m2.39%	2.39%	Reduced -29.9k	-29,879 -1.5%
14	GILDAN ACTIVEWEAR INC COM GIL	GIL	6,848,156	$395.7m2.17%	2.17%	Reduced -564.0k	-564,050 -7.6%
15	CGI INC CL A SUB VTG GIB	GIB	4,033,813	$359.4m1.98%	1.98%	Reduced -184.4k	-184,431 -4.4%
16	PEMBINA PIPELINE CORP COM PBA	PBA	8,814,455	$356.5m1.96%	1.96%	Added +8.4m	+8,372,612 1894.9%
17	ORACLE CORP COM ORCL	ORCL	1,220,787	$343.3m1.89%	1.89%	Reduced -206.2k	-206,236 -14.4%
18	COLLIERS INTL GROUP INC SUB VTG SHS CIGI	CIGI	2,115,789	$331.0m1.82%	1.82%	Reduced -417.0k	-417,047 -16.5%
19	MASTERCARD INCORPORATED CL A MA	MA	547,672	$311.5m1.71%	1.71%	Reduced -15.1k	-15,077 -2.7%
20	ABBOTT LABS COM ABT	ABT	2,158,089	$289.1m1.59%	1.59%	Reduced -37.7k	-37,740 -1.7%
21	TFI INTL INC COM TFII	TFII	3,201,844	$281.8m1.55%	1.55%	Reduced -102.2k	-102,189 -3.1%
22	JPMORGAN CHASE & CO COM JPM	JPM	878,324	$277.0m1.52%	1.52%	Reduced -47.8k	-47,756 -5.2%
23	ALPHABET INC CAP STK CL C GOOG	GOOG	1,078,837	$262.8m1.44%	1.44%	Reduced -65.4k	-65,361 -5.7%
24	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,079,717	$262.5m1.44%	1.44%	Reduced -135.8k	-135,765 -11.2%
25	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	3,724,608	$256.3m1.41%	1.41%	Reduced -492.1k	-492,093 -11.7%
26	ROYAL BK CDA COM RY	RY	1,645,780	$242.6m1.33%	1.33%	Reduced -337.5k	-337,524 -17.0%
27	DESCARTES SYS GROUP INC COM DSGX	DSGX	2,483,153	$233.9m1.29%	1.29%	Reduced -121.7k	-121,694 -4.7%
28	UNITEDHEALTH GROUP INC COM UNH	UNH	664,655	$229.5m1.26%	1.26%	Reduced -4.8k	-4,839 -0.7%
29	BOSTON SCIENTIFIC CORP COM BSX	BSX	2,192,794	$214.1m1.18%	1.18%	Reduced -76.2k	-76,179 -3.4%
30	RESTAURANT BRANDS INTL INC COM QSR	QSR	3,263,219	$209.4m1.15%	1.15%	Reduced -148.1k	-148,118 -4.3%
31	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	739,611	$206.6m1.14%	1.14%	Reduced -1.1k	-1,098 -0.1%
32	RB GLOBAL INC COM RBA	RBA	1,805,849	$195.6m1.08%	1.08%	New
33	FISERV INC COM FISV	FISV	1,508,425	$194.5m1.07%	1.07%	Added +125.5k	+125,513 9.1%
34	PEPSICO INC COM PEP	PEP	1,302,013	$182.9m1.00%	1.00%	Added +1.9k	+1,885 0.1%
35	BECTON DICKINSON & CO COM BDX	BDX	935,130	$175.0m0.96%	0.96%	Reduced -6.7k	-6,673 -0.7%
36	META PLATFORMS INC CL A META	META	235,586	$173.0m0.95%	0.95%	Added +62.6k	+62,640 36.2%
37	IQVIA HLDGS INC COM IQV	IQV	785,658	$149.2m0.82%	0.82%	Reduced -7.4k	-7,365 -0.9%
38	COPART INC COM CPRT	CPRT	3,112,375	$140.0m0.77%	0.77%	Reduced -82.3k	-82,339 -2.6%
39	BROADCOM INC COM AVGO	AVGO	420,881	$138.9m0.76%	0.76%	Reduced -3.5k	-3,533 -0.8%
40	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	535,794	$132.1m0.73%	0.73%	Reduced -17.2k	-17,233 -3.1%
41	TJX COS INC NEW COM TJX	TJX	888,931	$128.5m0.71%	0.71%	Reduced -5.2k	-5,173 -0.6%
42	SHERWIN WILLIAMS CO COM SHW	SHW	346,536	$120.0m0.66%	0.66%	Reduced -9.8k	-9,809 -2.8%
43	AMETEK INC COM AME	AME	614,702	$115.6m0.64%	0.64%	Reduced -9.7k	-9,712 -1.6%
44	HDFC BANK LTD SPONSORED ADS HDB	HDB	3,317,169	$113.3m0.62%	0.62%	Reduced -313.7k	-313,727 -8.6%
45	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	221,593	$111.4m0.61%	0.61%	Reduced -6.1k	-6,141 -2.7%
46	DANAHER CORPORATION COM DHR	DHR	554,230	$109.9m0.60%	0.60%	Reduced -11.8k	-11,836 -2.1%
47	CADENCE DESIGN SYSTEM INC COM CDNS	CDNS	303,436	$106.6m0.59%	0.59%	Reduced -2.7k	-2,671 -0.9%
48	MANULIFE FINL CORP COM MFC	MFC	3,273,476	$102.0m0.56%	0.56%	Reduced -107.5k	-107,491 -3.2%
49	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	439,972	$101.1m0.56%	0.56%	Reduced -5.3k	-5,260 -1.2%
50	MONDELEZ INTL INC CL A MDLZ	MDLZ	1,552,357	$97.0m0.53%	0.53%	Added +127.4k	+127,412 8.9%
51	INTUIT COM INTU	INTU	132,503	$90.5m0.50%	0.50%	New
52	PUBLIC SVC ENTERPRISE GRP IN COM PEG	PEG	1,025,305	$85.6m0.47%	0.47%	Added +530.2k	+530,248 107.1%
53	BANK OZK LITTLE ROCK ARK COM OZK	OZK	1,658,271	$84.5m0.46%	0.46%	Reduced -143.9k	-143,928 -8.0%
54	ENBRIDGE INC COM ENB	ENB	1,671,318	$84.3m0.46%	0.46%	Reduced -49.6k	-49,575 -2.9%
55	JOHNSON & JOHNSON COM JNJ	JNJ	450,506	$83.5m0.46%	0.46%	Reduced -22.3k	-22,340 -4.7%
56	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	1,242,357	$80.4m0.44%	0.44%	Reduced -121.0k	-121,010 -8.9%
57	CHUBB LIMITED COM CB	CB	278,658	$78.7m0.43%	0.43%	Reduced -8.2k	-8,218 -2.9%
58	MONSTER BEVERAGE CORP NEW COM MNST	MNST	1,074,573	$72.3m0.40%	0.40%	Reduced -15.1k	-15,147 -1.4%
59	PROCTER AND GAMBLE CO COM PG	PG	404,384	$62.1m0.34%	0.34%	Reduced -17.5k	-17,538 -4.2%
60	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	62,723	$60.7m0.33%	0.33%	Added +179	+179 0.3%
61	RELX PLC SPONSORED ADR RELX	RELX	1,129,509	$53.9m0.30%	0.30%	Reduced -19.7k	-19,668 -1.7%
62	AMERICAN FINL GROUP INC OHIO COM AFG	AFG	369,784	$53.9m0.30%	0.30%	Reduced -3.6k	-3,582 -1.0%
63	CME GROUP INC COM CME	CME	175,151	$47.3m0.26%	0.26%	Reduced -3.9k	-3,858 -2.2%
64	SAP SE SPON ADR SAP	SAP	165,093	$44.1m0.24%	0.24%	Added +20.5k	+20,512 14.2%
65	COSTCO WHSL CORP NEW COM COST	COST	43,841	$40.6m0.22%	0.22%	Reduced -2.8k	-2,777 -6.0%
66	UNILEVER PLC SPON ADR NEW SPON ADR NEW		676,812	$40.1m0.22%	0.22%	Added +20.5k	+20,490 3.1%
67	COLGATE PALMOLIVE CO COM CL	CL	418,440	$33.5m0.18%	0.18%	Reduced -29.7k	-29,662 -6.6%
68	DIAGEO PLC SPON ADR NEW DEO	DEO	339,798	$32.4m0.18%	0.18%	Reduced -263.6k	-263,612 -43.7%
69	AXOS FINANCIAL INC COM AX	AX	382,183	$32.4m0.18%	0.18%	Reduced -4.5k	-4,477 -1.2%
70	CREDIT ACCEP CORP MICH COM CACC	CACC	69,214	$32.3m0.18%	0.18%	Reduced -1.3k	-1,265 -1.8%
71	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	41,279	$27.5m0.15%	0.15%	Reduced -9.5k	-9,519 -18.7%
72	SERVISFIRST BANCSHARES INC COM SFBS	SFBS	303,115	$24.4m0.13%	0.13%	Reduced -3.1k	-3,067 -1.0%
73	PROGRESSIVE CORP COM PGR	PGR	91,262	$22.5m0.12%	0.12%	Reduced -900	-900 -1.0%
74	LCI INDS COM LCII	LCII	236,956	$22.1m0.12%	0.12%	Reduced -2.3k	-2,287 -1.0%
75	VERISK ANALYTICS INC COM VRSK	VRSK	86,669	$21.8m0.12%	0.12%	Reduced -11.4k	-11,369 -11.6%
76	ABBVIE INC COM ABBV	ABBV	88,873	$20.6m0.11%	0.11%	Added +90	+90 0.1%
77	AUTODESK INC COM ADSK	ADSK	59,225	$18.8m0.10%	0.10%	Reduced -282.8k	-282,806 -82.7%
78	ALCON AG ORD SHS ALC	ALC	230,438	$17.2m0.09%	0.09%	Reduced -4.1k	-4,104 -1.8%
79	EXXON MOBIL CORP COM XOM	XOM	142,564	$16.1m0.09%	0.09%	Reduced -1.7k	-1,663 -1.1%
80	ELI LILLY & CO COM LLY	LLY	20,327	$15.5m0.09%	0.09%	Reduced -220	-220 -1.1%
81	SEA LTD SPONSORD ADS SE	SE	86,522	$15.5m0.08%	0.08%	Reduced -3.0k	-2,958 -3.3%
82	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	52,462	$15.4m0.08%	0.08%	Reduced -9.2k	-9,210 -14.9%
83	MERCADOLIBRE INC COM MELI	MELI	6,175	$14.4m0.08%	0.08%	Added +28	+28 0.5%
84	TRIPLE FLAG PRECIOUS METAL COM TFPM	TFPM	443,713	$13.0m0.07%	0.07%	Reduced -82.5k	-82,510 -15.7%
85	TRIP COM GROUP LTD ADS TCOM	TCOM	166,860	$12.5m0.07%	0.07%	Reduced -4.3k	-4,263 -2.5%
86	APPLE INC COM AAPL	AAPL	44,738	$11.4m0.06%	0.06%	Reduced -7.7k	-7,650 -14.6%
87	ZOETIS INC CL A ZTS	ZTS	76,698	$11.2m0.06%	0.06%	Reduced -6.7k	-6,724 -8.1%
88	NUTRIEN LTD COM NTR	NTR	181,665	$10.7m0.06%	0.06%	Reduced -1.9k	-1,906 -1.0%
89	NU HLDGS LTD ORD SHS CL A NU	NU	651,820	$10.4m0.06%	0.06%	Added +2.6k	+2,580 0.4%
90	CREDICORP LTD COM BAP	BAP	38,882	$10.4m0.06%	0.06%	Reduced -7.8k	-7,758 -16.6%
91	ISHARES TR ISHS 1-5YR INVS · principal IGSB · principal	IGSB	192,744	$10.2m0.06%	0.06%	Added +63.8k	+63,809 49.5%
92	TELUS CORPORATION COM TU	TU	645,207	$10.2m0.06%	0.06%	Reduced -9.6k	-9,566 -1.5%
93	BOOKING HOLDINGS INC COM BKNG	BKNG	1,634	$8.8m0.05%	0.05%	Reduced -76	-76 -4.4%
94	ATS CORPORATION COM ATS	ATS	334,904	$8.8m0.05%	0.05%	Reduced -44.3k	-44,304 -11.7%
95	NVIDIA CORPORATION COM NVDA	NVDA	45,038	$8.4m0.05%	0.05%	Added +37.8k	+37,758 518.6%
96	HALEON PLC SPON ADS HLN	HLN	821,006	$7.4m0.04%	0.04%	Added +90.9k	+90,904 12.4%
97	NOVARTIS AG SPONSORED ADR NVS	NVS	52,037	$6.7m0.04%	0.04%	Reduced -1.4k	-1,410 -2.6%
98	EMERSON ELEC CO COM EMR	EMR	45,460	$6.0m0.03%	0.03%	Unchanged
99	COMCAST CORP NEW CL A CMCSA	CMCSA	176,738	$5.6m0.03%	0.03%	Reduced -19.0k	-18,998 -9.7%
100	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	55,306	$5.5m0.03%	0.03%	Reduced -1.1k	-1,150 -2.0%

Sold out since Q2 2025

Security	Ticker	Shares held before	Value then
ADVANCED MICRO DEVICES INC AMD	AMD	1,548	$219.7k1.5k shares

Stakes above 5%

Companies where this manager has reported owning more than 5% of a class of shares, on Schedule 13D (may seek influence) or 13G (passive): its latest filing for each, from 19 Dec 2024 on.

Company	Ticker	Stake	Change	Schedule	Last filed
CAE INC CAE · 13G · filed 2024-11-12	CAE	7.0%≈ $558.6m		13G	2024-11-12
OPEN TEXT CORP OTEX · 13G · filed 2024-11-12	OTEX	6.2%≈ $366.5m		13G	2024-11-12
GILDAN ACTIVEWEAR INC GIL · 13G · filed 2025-02-10	GIL	5.7%≈ $451.1m	-0.8 pts	13G	2025-02-10