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.

Others nearbyMontréal

$16.2bn reported value +6.1% vs Q4 2022

198positions

40.5%in top 10

5 new 37 added 134 reduced 13 sold out vs Q4 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, Q1 2023

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	9,556,511	$1.1bn6.94%	6.94%	Added +70.4k	+70,386 0.7%
2	THOMSON REUTERS CORP. COM NEW COM NEW		5,472,372	$711.0m4.38%	4.38%	Reduced -155.1k	-155,114 -2.8%
3	BROOKFIELD CORP CL A LTD VT SH BN	BN	21,170,729	$688.8m4.25%	4.25%	Added +1.6m	+1,604,945 8.2%
4	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	13,428,850	$675.4m4.16%	4.16%	Reduced -346.4k	-346,410 -2.5%
5	OPEN TEXT CORP COM OTEX	OTEX	16,804,467	$647.3m3.99%	3.99%	Added +173.2k	+173,152 1.0%
6	CGI INC CL A SUB VTG GIB	GIB	6,706,286	$645.4m3.98%	3.98%	Reduced -182.3k	-182,282 -2.6%
7	MICROSOFT CORP COM MSFT	MSFT	1,947,252	$563.3m3.47%	3.47%	Reduced -17.2k	-17,249 -0.9%
8	RESTAURANT BRANDS INTL INC COM QSR	QSR	7,746,940	$519.4m3.20%	3.20%	Reduced -185.3k	-185,321 -2.3%
9	STANTEC INC COM STN	STN	8,603,988	$502.3m3.10%	3.10%	Reduced -762.2k	-762,205 -8.1%
10	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	10,318,555	$494.1m3.05%	3.05%	Reduced -1.5m	-1,541,340 -13.0%
11	TC ENERGY CORP COM TRP	TRP	12,387,569	$481.2m2.97%	2.97%	Added +5.4m	+5,449,857 78.5%
12	FRANCO NEV CORP COM FNV	FNV	3,125,949	$455.3m2.81%	2.81%	Reduced -60.3k	-60,303 -1.9%
13	GILDAN ACTIVEWEAR INC COM GIL	GIL	13,182,717	$437.4m2.70%	2.70%	Reduced -293.5k	-293,496 -2.2%
14	MANULIFE FINL CORP COM MFC	MFC	23,376,295	$428.4m2.64%	2.64%	Reduced -652.1k	-652,131 -2.7%
15	MAGNA INTL INC COM MGA	MGA	7,690,099	$411.3m2.54%	2.54%	Reduced -158.8k	-158,797 -2.0%
16	DESCARTES SYS GROUP INC COM DSGX	DSGX	4,685,998	$377.7m2.33%	2.33%	Reduced -8.0k	-7,993 -0.2%
17	CAE INC COM CAE	CAE	14,111,076	$318.6m1.96%	1.96%	Reduced -505.0k	-505,007 -3.5%
18	UNITEDHEALTH GROUP INC COM UNH	UNH	662,414	$313.1m1.93%	1.93%	Added +6.1k	+6,138 0.9%
19	AMAZON COM INC COM AMZN	AMZN	2,814,882	$290.7m1.79%	1.79%	Added +38.5k	+38,462 1.4%
20	MASTERCARD INCORPORATED CL A MA	MA	722,860	$262.7m1.62%	1.62%	Reduced -25.9k	-25,909 -3.5%
21	ABBOTT LABS COM ABT	ABT	2,258,191	$228.7m1.41%	1.41%	Reduced -19.8k	-19,754 -0.9%
22	FISERV INC COM FISV	FISV	2,017,811	$228.1m1.41%	1.41%	Reduced -83.7k	-83,689 -4.0%
23	COLLIERS INTL GROUP INC SUB VTG SHS CIGI	CIGI	2,093,112	$220.6m1.36%	1.36%	Reduced -12.2k	-12,248 -0.6%
24	ROYAL BK CDA COM RY	RY	2,294,906	$219.2m1.35%	1.35%	Reduced -27.3k	-27,292 -1.2%
25	BECTON DICKINSON & CO COM BDX	BDX	858,688	$212.6m1.31%	1.31%	Added +25.2k	+25,249 3.0%
26	PEPSICO INC COM PEP	PEP	1,111,941	$202.7m1.25%	1.25%	Added +31.0k	+30,962 2.9%
27	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,893,063	$196.4m1.21%	1.21%	Reduced -11.0k	-10,995 -0.6%
28	ALPHABET INC CAP STK CL C GOOG	GOOG	1,856,520	$193.1m1.19%	1.19%	Added +64.8k	+64,758 3.6%
29	COPART INC COM CPRT	CPRT	2,493,105	$187.5m1.16%	1.16%	Reduced -64.5k	-64,519 -2.5%
30	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	2,132,919	$176.1m1.09%	1.09%	Reduced -110.2k	-110,174 -4.9%
31	ORACLE CORP COM ORCL	ORCL	1,793,513	$166.7m1.03%	1.03%	Added +30.9k	+30,856 1.8%
32	BOSTON SCIENTIFIC CORP COM BSX	BSX	3,251,345	$162.7m1.00%	1.00%	Reduced -627.2k	-627,195 -16.2%
33	JPMORGAN CHASE & CO COM JPM	JPM	1,168,767	$152.3m0.94%	0.94%	Reduced -12.2k	-12,235 -1.0%
34	IQVIA HLDGS INC COM IQV	IQV	724,092	$144.0m0.89%	0.89%	Reduced -4.7k	-4,656 -0.6%
35	META PLATFORMS INC CL A META	META	668,340	$141.6m0.87%	0.87%	Reduced -132.6k	-132,586 -16.6%
36	DIAGEO PLC SPON ADR NEW DEO	DEO	722,460	$130.9m0.81%	0.81%	Reduced -5.5k	-5,549 -0.8%
37	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	1,578,845	$129.5m0.80%	0.80%	Added +36.7k	+36,746 2.4%
38	TORONTO DOMINION BK ONT COM NEW TD	TD	2,040,434	$122.0m0.75%	0.75%	Reduced -43.8k	-43,808 -2.1%
39	CHUBB LIMITED COM CB	CB	625,558	$121.5m0.75%	0.75%	Added +15.8k	+15,774 2.6%
40	BOOKING HOLDINGS INC COM BKNG	BKNG	45,612	$121.0m0.75%	0.75%	Reduced -2.8k	-2,827 -5.8%
41	ENBRIDGE INC COM ENB	ENB	2,953,186	$112.4m0.69%	0.69%	Reduced -22.9k	-22,888 -0.8%
42	JOHNSON & JOHNSON COM JNJ	JNJ	706,607	$109.5m0.68%	0.68%	Reduced -17.9k	-17,870 -2.5%
43	PROCTER AND GAMBLE CO COM PG	PG	691,752	$102.9m0.63%	0.63%	Reduced -17.7k	-17,666 -2.5%
44	AMETEK INC COM AME	AME	688,306	$100.0m0.62%	0.62%	Added +33.0k	+33,002 5.0%
45	DANAHER CORPORATION COM DHR	DHR	396,048	$99.8m0.62%	0.62%	Added +33.8k	+33,774 9.3%
46	HDFC BANK LTD SPONSORED ADS HDB	HDB	1,468,013	$97.9m0.60%	0.60%	Reduced -4.9k	-4,921 -0.3%
47	SHERWIN WILLIAMS CO COM SHW	SHW	428,845	$96.4m0.59%	0.59%	Reduced -255	-255 -0.1%
48	TJX COS INC NEW COM TJX	TJX	1,144,542	$89.7m0.55%	0.55%	Reduced -13.9k	-13,948 -1.2%
49	MONDELEZ INTL INC CL A MDLZ	MDLZ	1,242,161	$86.6m0.53%	0.53%	Added +213.6k	+213,632 20.8%
50	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	274,488	$84.8m0.52%	0.52%	Added +3.4k	+3,426 1.3%
51	MONSTER BEVERAGE CORP NEW COM MNST	MNST	1,343,933	$72.6m0.45%	0.45%	Reduced -25.8k	-25,849 -1.9%
52	LCI INDS COM LCII	LCII	628,655	$69.1m0.43%	0.43%	Added +29.9k	+29,934 5.0%
53	VERISK ANALYTICS INC COM VRSK	VRSK	354,046	$67.9m0.42%	0.42%	Reduced -189.7k	-189,652 -34.9%
54	BANK OZK LITTLE ROCK ARK COM OZK	OZK	1,790,084	$61.2m0.38%	0.38%	Reduced -204.1k	-204,142 -10.2%
55	ABCAM PLC ADS ADS		4,177,645	$56.2m0.35%	0.35%	Added +81.3k	+81,295 2.0%
56	COLGATE PALMOLIVE CO COM CL	CL	723,856	$54.4m0.34%	0.34%	Reduced -34.6k	-34,636 -4.6%
57	RELX PLC SPONSORED ADR RELX	RELX	1,386,230	$45.0m0.28%	0.28%	Reduced -4.2k	-4,153 -0.3%
58	AMERICAN FINL GROUP INC OHIO COM AFG	AFG	364,756	$44.3m0.27%	0.27%	Added +23.0k	+22,968 6.7%
59	BERRY GLOBAL GROUP INC COM BERY	BERY	725,975	$42.8m0.26%	0.26%	Added +125.5k	+125,520 20.9%
60	CYBERARK SOFTWARE LTD SHS CYBR	CYBR	255,434	$37.8m0.23%	0.23%	Reduced -880	-880 -0.3%
61	COSTCO WHSL CORP NEW COM COST	COST	75,559	$37.5m0.23%	0.23%	Reduced -3.5k	-3,506 -4.4%
62	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	354,943	$33.0m0.20%	0.20%	Reduced -7.5k	-7,508 -2.1%
63	EXXON MOBIL CORP COM XOM	XOM	295,809	$32.4m0.20%	0.20%	Reduced -1.6k	-1,640 -0.6%
64	AXOS FINANCIAL INC COM AX	AX	866,507	$32.0m0.20%	0.20%	Reduced -24.0k	-23,980 -2.7%
65	UNILEVER PLC SPON ADR NEW SPON ADR NEW		594,757	$30.9m0.19%	0.19%	Added +22.5k	+22,457 3.9%
66	NUTRIEN LTD COM NTR	NTR	407,470	$30.1m0.19%	0.19%	Reduced -45.8k	-45,763 -10.1%
67	BANK MONTREAL QUE COM BMO	BMO	315,909	$28.1m0.17%	0.17%	Added +43.7k	+43,662 16.0%
68	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	123,242	$27.4m0.17%	0.17%	Reduced -4.7k	-4,742 -3.7%
69	PROGRESSIVE CORP COM PGR	PGR	177,201	$25.4m0.16%	0.16%	Reduced -6.6k	-6,604 -3.6%
70	SAP SE SPON ADR SAP	SAP	199,858	$25.3m0.16%	0.16%	Reduced -6.4k	-6,382 -3.1%
71	COMCAST CORP NEW CL A CMCSA	CMCSA	621,234	$23.6m0.15%	0.15%	Reduced -72.6k	-72,587 -10.5%
72	ABBVIE INC COM ABBV	ABBV	146,385	$23.3m0.14%	0.14%	Reduced -4.3k	-4,301 -2.9%
73	ALARM COM HLDGS INC COM ALRM	ALRM	438,949	$22.1m0.14%	0.14%	Reduced -11.6k	-11,633 -2.6%
74	ELI LILLY & CO COM LLY	LLY	59,463	$20.4m0.13%	0.13%	Reduced -1.5k	-1,494 -2.5%
75	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	29,979	$20.4m0.13%	0.13%	Reduced -86	-86 -0.3%
76	ZOETIS INC CL A ZTS	ZTS	122,146	$20.3m0.13%	0.13%	Reduced -1.4k	-1,352 -1.1%
77	TELUS CORPORATION COM TU	TU	1,004,875	$19.9m0.12%	0.12%	Reduced -16.5k	-16,533 -1.6%
78	PEMBINA PIPELINE CORP COM PBA	PBA	601,441	$19.5m0.12%	0.12%	Added +71.2k	+71,186 13.4%
79	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	46,601	$19.1m0.12%	0.12%	Reduced -13.0k	-13,002 -21.8%
80	ALCON AG ORD SHS ALC	ALC	254,637	$18.0m0.11%	0.11%	Reduced -7.8k	-7,824 -3.0%
81	CREDIT ACCEP CORP MICH COM CACC	CACC	39,309	$17.1m0.11%	0.11%	Added +300	+300 0.8%
82	SERVISFIRST BANCSHARES INC COM SFBS	SFBS	276,980	$15.1m0.09%	0.09%	Reduced -7.8k	-7,791 -2.7%
83	CHEVRON CORP NEW COM CVX	CVX	87,086	$14.2m0.09%	0.09%	Reduced -2.0k	-2,048 -2.3%
84	PFIZER INC COM PFE	PFE	338,157	$13.8m0.09%	0.09%	Reduced -65.9k	-65,916 -16.3%
85	SUN LIFE FINANCIAL INC. COM SLF	SLF	260,372	$12.1m0.07%	0.07%	Reduced -2.5k	-2,522 -1.0%
86	NOVO-NORDISK A S ADR NVO	NVO	69,631	$11.1m0.07%	0.07%	Reduced -2.0k	-1,965 -2.7%
87	BCE INC COM NEW BCE	BCE	243,136	$10.9m0.07%	0.07%	Added +8.6k	+8,551 3.6%
88	APPLE INC COM AAPL	AAPL	64,340	$10.6m0.07%	0.07%	Reduced -2.7k	-2,672 -4.0%
89	3M CO COM MMM	MMM	100,698	$10.6m0.07%	0.07%	Reduced -8.8k	-8,775 -8.0%
90	NIKE INC CL B NKE	NKE	79,116	$9.7m0.06%	0.06%	Reduced -3.9k	-3,885 -4.7%
91	KIMBERLY-CLARK CORP COM KMB	KMB	70,770	$9.5m0.06%	0.06%	Reduced -2.7k	-2,717 -3.7%
92	CVS HEALTH CORP COM CVS	CVS	119,684	$8.9m0.05%	0.05%	Reduced -6.0k	-6,030 -4.8%
93	YUM CHINA HLDGS INC COM YUMC	YUMC	122,358	$7.8m0.05%	0.05%	Reduced -20	-20 -0.0%
94	EMERSON ELEC CO COM EMR	EMR	87,225	$7.6m0.05%	0.05%	Reduced -9.4k	-9,395 -9.7%
95	NOVARTIS AG SPONSORED ADR NVS	NVS	80,829	$7.4m0.05%	0.05%	Reduced -4.5k	-4,505 -5.3%
96	TRIP COM GROUP LTD ADS TCOM	TCOM	196,947	$7.4m0.05%	0.05%	Reduced -412	-412 -0.2%
97	COCA COLA CO COM KO	KO	118,673	$7.4m0.05%	0.05%	Added +357	+357 0.3%
98	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	75,412	$7.2m0.04%	0.04%	Reduced -50	-50 -0.1%
99	COGNIZANT TECHNOLOGY SOLUTIO CL A CTSH	CTSH	110,639	$6.7m0.04%	0.04%	Reduced -471.6k	-471,590 -81.0%
100	SHAW COMMUNICATIONS INC CL B CONV CL B CONV		219,319	$6.6m0.04%	0.04%	Reduced -1.0k	-1,046 -0.5%

Sold out since Q4 2022

Security	Ticker	Shares held before	Value then
BOSTON BEER INC SAM	SAM	45,185	$14.9m45.2k shares
VANGUARD INDEX FDS VTI	VTI	24,000	$4.6m24.0k shares
ISHARES INC IEMG	IEMG	27,798	$1.3m27.8k shares
STARBUCKS CORP SBUX	SBUX	5,486	$544.2k5.5k shares
SELECT SECTOR SPDR TR XLP	XLP	5,000	$372.8k5.0k shares
DAVITA INC DVA	DVA	3,990	$297.9k4.0k shares
DISCOVER FINL SVCS DFS	DFS	3,000	$293.5k3.0k shares
ISHARES TR ISTB	ISTB	5,670	$263.3k5.7k shares
EMBECTA CORP EMBC	EMBC	9,411	$238.0k9.4k shares
CARDINAL HEALTH INC CAH	CAH	2,950	$226.8k3.0k shares
BERKLEY W R CORP WRB	WRB	3,114	$226.0k3.1k shares
ISHARES TR IGIB	IGIB	4,267	$211.3k4.3k shares
VIATRIS INC VTRS	VTRS	15,907	$177.0k15.9k 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