JARISLOWSKY, FRASER Ltd

MONTREAL, A8 · CIK 1123778 · 13F filing filed 2024-09-27

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.

$15.3bn reported value +6.0% vs Q3 2022

206positions

39.4%in top 10

9 new 31 added 141 reduced 10 sold out vs Q3 2022

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, Q4 2022

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	CANADIAN NATL RY CO COM CNI	CNI	9,486,125	$1.1bn7.37%	7.37%	Reduced -717.2k	-717,158 -7.0%
2	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	13,775,260	$674.5m4.41%	4.41%	Reduced -366.7k	-366,722 -2.6%
3	THOMSON REUTERS CORP. COM NEW COM NEW		5,627,486	$641.5m4.20%	4.20%	Reduced -688.5k	-688,478 -10.9%
4	BROOKFIELD CORP CL A LTD VT SH BN	BN	19,565,784	$614.9m4.02%	4.02%	New
5	CGI INC CL A SUB VTG GIB	GIB	6,888,568	$593.4m3.88%	3.88%	Reduced -180.1k	-180,076 -2.5%
6	RESTAURANT BRANDS INTL INC COM QSR	QSR	7,932,261	$512.7m3.35%	3.35%	Reduced -2.1m	-2,108,776 -21.0%
7	OPEN TEXT CORP COM OTEX	OTEX	16,631,315	$492.5m3.22%	3.22%	Added +1.8m	+1,756,914 11.8%
8	MICROSOFT CORP COM MSFT	MSFT	1,964,501	$471.1m3.08%	3.08%	Added +31.6k	+31,552 1.6%
9	STANTEC INC COM STN	STN	9,366,193	$448.5m2.93%	2.93%	Reduced -364.5k	-364,462 -3.8%
10	MAGNA INTL INC COM MGA	MGA	7,848,896	$440.6m2.88%	2.88%	Reduced -284.6k	-284,550 -3.5%
11	FRANCO NEV CORP COM FNV	FNV	3,186,252	$434.0m2.84%	2.84%	Added +154.0k	+153,994 5.1%
12	MANULIFE FINL CORP COM MFC	MFC	24,028,426	$428.3m2.80%	2.80%	Reduced -566.4k	-566,353 -2.3%
13	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	11,859,895	$411.5m2.69%	2.69%	Reduced -408.1k	-408,109 -3.3%
14	GILDAN ACTIVEWEAR INC COM GIL	GIL	13,476,213	$368.8m2.41%	2.41%	Reduced -407.1k	-407,096 -2.9%
15	UNITEDHEALTH GROUP INC COM UNH	UNH	656,276	$347.9m2.28%	2.28%	Reduced -8.0k	-7,965 -1.2%
16	DESCARTES SYS GROUP INC COM DSGX	DSGX	4,693,991	$327.0m2.14%	2.14%	Reduced -147.5k	-147,507 -3.0%
17	CAE INC COM CAE	CAE	14,616,083	$282.5m1.85%	1.85%	Reduced -461.8k	-461,812 -3.1%
18	TC ENERGY CORP COM TRP	TRP	6,937,712	$276.4m1.81%	1.81%	Added +6.4m	+6,412,929 1222.0%
19	MASTERCARD INCORPORATED CL A MA	MA	748,769	$260.4m1.70%	1.70%	Reduced -8.0k	-8,041 -1.1%
20	ABBOTT LABS COM ABT	ABT	2,277,945	$250.1m1.64%	1.64%	Reduced -23.6k	-23,580 -1.0%
21	AMAZON COM INC COM AMZN	AMZN	2,776,420	$233.2m1.53%	1.53%	Added +62.6k	+62,584 2.3%
22	ROYAL BK CDA COM RY	RY	2,322,198	$218.2m1.43%	1.43%	Reduced -42.7k	-42,705 -1.8%
23	FISERV INC COM FISV	FISV	2,101,500	$212.4m1.39%	1.39%	Reduced -25.8k	-25,847 -1.2%
24	BECTON DICKINSON & CO COM BDX	BDX	833,439	$211.9m1.39%	1.39%	Reduced -29.1k	-29,054 -3.4%
25	PEPSICO INC COM PEP	PEP	1,080,979	$195.3m1.28%	1.28%	Reduced -25.5k	-25,469 -2.3%
26	COLLIERS INTL GROUP INC SUB VTG SHS CIGI	CIGI	2,105,360	$193.3m1.26%	1.26%	Reduced -48.0k	-48,002 -2.2%
27	BOSTON SCIENTIFIC CORP COM BSX	BSX	3,878,540	$179.5m1.17%	1.17%	Reduced -270.8k	-270,811 -6.5%
28	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,904,058	$168.0m1.10%	1.10%	Added +7.1k	+7,079 0.4%
29	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	2,243,093	$162.3m1.06%	1.06%	Reduced -194.2k	-194,233 -8.0%
30	ALPHABET INC CAP STK CL C GOOG	GOOG	1,791,762	$159.0m1.04%	1.04%	Added +74.8k	+74,765 4.3%
31	JPMORGAN CHASE & CO COM JPM	JPM	1,181,002	$158.4m1.04%	1.04%	Reduced -35.0k	-35,018 -2.9%
32	COPART INC COM CPRT	CPRT	2,557,624	$155.7m1.02%	1.02%	Reduced -4.3k	-4,348 -0.2%
33	IQVIA HLDGS INC COM IQV	IQV	728,748	$149.3m0.98%	0.98%	Reduced -7.5k	-7,456 -1.0%
34	ORACLE CORP COM ORCL	ORCL	1,762,657	$144.1m0.94%	0.94%	Added +19.2k	+19,163 1.1%
35	BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS BAM	BAM	4,901,845	$140.3m0.92%	0.92%	New
36	TORONTO DOMINION BK ONT COM NEW TD	TD	2,084,242	$134.9m0.88%	0.88%	Reduced -46.0k	-46,015 -2.2%
37	CHUBB LIMITED COM CB	CB	609,784	$134.5m0.88%	0.88%	Reduced -23.9k	-23,908 -3.8%
38	DIAGEO PLC SPON ADR NEW DEO	DEO	728,009	$129.7m0.85%	0.85%	Reduced -10.9k	-10,920 -1.5%
39	JOHNSON & JOHNSON COM JNJ	JNJ	724,477	$128.0m0.84%	0.84%	Reduced -15.7k	-15,668 -2.1%
40	ENBRIDGE INC COM ENB	ENB	2,976,074	$116.2m0.76%	0.76%	Added +14.1k	+14,108 0.5%
41	PROCTER AND GAMBLE CO COM PG	PG	709,418	$107.5m0.70%	0.70%	Reduced -5.5k	-5,546 -0.8%
42	SHERWIN WILLIAMS CO COM SHW	SHW	429,100	$101.8m0.67%	0.67%	Reduced -163	-163 -0.0%
43	HDFC BANK LTD SPONSORED ADS HDB	HDB	1,472,934	$100.8m0.66%	0.66%	Reduced -82.5k	-82,453 -5.3%
44	BOOKING HOLDINGS INC COM BKNG	BKNG	48,439	$97.6m0.64%	0.64%	Reduced -571	-571 -1.2%
45	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	1,542,099	$96.5m0.63%	0.63%	Added +104.9k	+104,918 7.3%
46	META PLATFORMS INC CL A META	META	800,926	$96.4m0.63%	0.63%	Reduced -81.6k	-81,567 -9.2%
47	DANAHER CORPORATION COM DHR	DHR	362,274	$96.2m0.63%	0.63%	Added +66.5k	+66,548 22.5%
48	VERISK ANALYTICS INC COM VRSK	VRSK	543,698	$95.9m0.63%	0.63%	Reduced -276.1k	-276,123 -33.7%
49	TJX COS INC NEW COM TJX	TJX	1,158,490	$92.2m0.60%	0.60%	Reduced -27.8k	-27,775 -2.3%
50	AMETEK INC COM AME	AME	655,304	$91.6m0.60%	0.60%	Added +10.4k	+10,387 1.6%
51	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	271,062	$83.7m0.55%	0.55%	Reduced -1.8k	-1,816 -0.7%
52	BANK OZK LITTLE ROCK ARK COM OZK	OZK	1,994,226	$79.9m0.52%	0.52%	Reduced -108.4k	-108,353 -5.2%
53	MONSTER BEVERAGE CORP NEW COM MNST	MNST	684,891	$69.5m0.45%	0.45%	Added +15.0k	+15,025 2.2%
54	MONDELEZ INTL INC CL A MDLZ	MDLZ	1,028,529	$68.6m0.45%	0.45%	Added +4.9k	+4,851 0.5%
55	ABCAM PLC ADS ADS		4,096,350	$63.7m0.42%	0.42%	Added +3.7m	+3,683,164 891.4%
56	COLGATE PALMOLIVE CO COM CL	CL	758,492	$59.8m0.39%	0.39%	Reduced -24.5k	-24,481 -3.1%
57	LCI INDS COM LCII	LCII	598,721	$55.4m0.36%	0.36%	Reduced -5.1k	-5,091 -0.8%
58	AMERICAN FINL GROUP INC OHIO COM AFG	AFG	341,788	$46.9m0.31%	0.31%	Reduced -21.0k	-21,011 -5.8%
59	RELX PLC SPONSORED ADR RELX	RELX	1,390,383	$38.5m0.25%	0.25%	Reduced -50.1k	-50,124 -3.5%
60	BERRY GLOBAL GROUP INC COM BERY	BERY	600,455	$36.3m0.24%	0.24%	Reduced -35.6k	-35,609 -5.6%
61	COSTCO WHSL CORP NEW COM COST	COST	79,065	$36.1m0.24%	0.24%	Reduced -1.5k	-1,464 -1.8%
62	AXOS FINANCIAL INC COM AX	AX	890,487	$34.0m0.22%	0.22%	Added +108.5k	+108,508 13.9%
63	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	582,229	$33.3m0.22%	0.22%	Reduced -27.7k	-27,653 -4.5%
64	CYBERARK SOFTWARE LTD SHS CYBR	CYBR	256,314	$33.2m0.22%	0.22%	Reduced -5.3k	-5,257 -2.0%
65	NUTRIEN LTD COM NTR	NTR	453,233	$33.1m0.22%	0.22%	Reduced -46.2k	-46,205 -9.2%
66	EXXON MOBIL CORP COM XOM	XOM	297,449	$32.8m0.21%	0.21%	Reduced -2.2k	-2,188 -0.7%
67	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	127,984	$30.6m0.20%	0.20%	Reduced -6.2k	-6,195 -4.6%
68	UNILEVER PLC SPON ADR NEW SPON ADR NEW		572,300	$28.8m0.19%	0.19%	Reduced -29	-29 -0.0%
69	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	362,451	$27.0m0.18%	0.18%	Reduced -8.3k	-8,258 -2.2%
70	BANK MONTREAL QUE COM BMO	BMO	272,247	$24.6m0.16%	0.16%	Added +125.6k	+125,566 85.6%
71	ABBVIE INC COM ABBV	ABBV	150,686	$24.4m0.16%	0.16%	Reduced -200	-200 -0.1%
72	COMCAST CORP NEW CL A CMCSA	CMCSA	693,821	$24.3m0.16%	0.16%	Reduced -82.8k	-82,755 -10.7%
73	PROGRESSIVE CORP COM PGR	PGR	183,805	$23.8m0.16%	0.16%	Reduced -79.4k	-79,381 -30.2%
74	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	59,603	$22.8m0.15%	0.15%	Added +13.0k	+13,004 27.9%
75	ELI LILLY & CO COM LLY	LLY	60,957	$22.3m0.15%	0.15%	Unchanged
76	ALARM COM HLDGS INC COM ALRM	ALRM	450,582	$22.3m0.15%	0.15%	Reduced -29.7k	-29,696 -6.2%
77	SAP SE SPON ADR SAP	SAP	206,240	$21.3m0.14%	0.14%	Reduced -6.7k	-6,714 -3.1%
78	PFIZER INC COM PFE	PFE	404,073	$20.7m0.14%	0.14%	Reduced -19.6k	-19,565 -4.6%
79	TELUS CORPORATION COM TU	TU	1,021,408	$19.7m0.13%	0.13%	Reduced -10.7k	-10,678 -1.0%
80	SERVISFIRST BANCSHARES INC COM SFBS	SFBS	284,771	$19.6m0.13%	0.13%	Reduced -17.5k	-17,474 -5.8%
81	CREDIT ACCEP CORP MICH COM CACC	CACC	39,009	$18.5m0.12%	0.12%	Added +4.7k	+4,662 13.6%
82	ZOETIS INC CL A ZTS	ZTS	123,498	$18.1m0.12%	0.12%	Added +85	+85 0.1%
83	ALCON AG ORD SHS ALC	ALC	262,461	$18.0m0.12%	0.12%	Reduced -4.4k	-4,354 -1.6%
84	PEMBINA PIPELINE CORP COM PBA	PBA	530,255	$18.0m0.12%	0.12%	Reduced -11.5k	-11,538 -2.1%
85	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	30,065	$16.4m0.11%	0.11%	Reduced -735	-735 -2.4%
86	CHEVRON CORP NEW COM CVX	CVX	89,134	$16.0m0.10%	0.10%	Reduced -372	-372 -0.4%
87	BOSTON BEER INC CL A SAM	SAM	45,185	$14.9m0.10%	0.10%	Reduced -31.1k	-31,110 -40.8%
88	3M CO COM MMM	MMM	109,473	$13.1m0.09%	0.09%	Reduced -8.6k	-8,639 -7.3%
89	SUN LIFE FINANCIAL INC. COM SLF	SLF	262,894	$12.2m0.08%	0.08%	Reduced -3.8k	-3,776 -1.4%
90	CVS HEALTH CORP COM CVS	CVS	125,714	$11.7m0.08%	0.08%	Reduced -5.2k	-5,154 -3.9%
91	BCE INC COM NEW BCE	BCE	234,585	$10.3m0.07%	0.07%	Reduced -9.5k	-9,543 -3.9%
92	KIMBERLY-CLARK CORP COM KMB	KMB	73,487	$10.0m0.07%	0.07%	Added +75	+75 0.1%
93	NIKE INC CL B NKE	NKE	83,001	$9.7m0.06%	0.06%	Reduced -3.0k	-3,020 -3.5%
94	NOVO-NORDISK A S ADR NVO	NVO	71,596	$9.7m0.06%	0.06%	Reduced -3.2k	-3,250 -4.3%
95	EMERSON ELEC CO COM EMR	EMR	96,620	$9.3m0.06%	0.06%	Reduced -1.1k	-1,050 -1.1%
96	APPLE INC COM AAPL	AAPL	67,012	$8.7m0.06%	0.06%	Reduced -7.6k	-7,631 -10.2%
97	US BANCORP DEL COM NEW USB	USB	192,682	$8.4m0.05%	0.05%	Reduced -13.7k	-13,665 -6.6%
98	NOVARTIS AG SPONSORED ADR NVS	NVS	85,334	$7.7m0.05%	0.05%	Reduced -8.9k	-8,906 -9.4%
99	COCA COLA CO COM KO	KO	118,316	$7.5m0.05%	0.05%	Reduced -2.5k	-2,480 -2.0%
100	WELLS FARGO CO NEW COM WFC	WFC	167,647	$6.9m0.05%	0.05%	Reduced -3.3k	-3,269 -1.9%

Sold out since Q3 2022

Security	Ticker	Shares held before	Value then
BROOKFIELD ASSET MGMT INC		20,213,486	$831.3m20.2m shares
WAYFAIR INC W	W	292,558	$9.5m292.6k shares
DIRTT ENVIRONMENTAL SOLUTION DRTTF	DRTTF	2,552,731	$1.1m2.6m shares
ENERPLUS CORP ERF	ERF	22,050	$313.0k22.1k shares
BAIDU INC BIDU	BIDU	2,369	$278.0k2.4k shares
ISHARES TR ISTB	ISTB	5,670	$261.0k5.7k shares
ISHARES TR AGG	AGG	2,330	$224.0k2.3k shares
CARMAX INC KMX	KMX	3,190	$210.0k3.2k shares
ALGONQUIN PWR UTILS CORP AQN	AQN	10,753	$118.0k10.8k shares
GREENBOX POS		18,329	$17.0k18.3k 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