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.

$16.8bn reported value +3.6% vs Q1 2023

197positions

40.5%in top 10

8 new 29 added 133 reduced 9 sold out vs Q1 2023

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, Q2 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	9,248,550	$1.1bn6.67%	6.67%	Reduced -308.0k	-307,961 -3.2%
2	BROOKFIELD CORP CL A LTD VT SH BN	BN	23,288,257	$784.9m4.67%	4.67%	Added +2.1m	+2,117,528 10.0%
3	OPEN TEXT CORP COM OTEX	OTEX	16,141,191	$672.1m4.00%	4.00%	Reduced -663.3k	-663,276 -4.0%
4	THOMSON REUTERS CORP COM COM		4,927,018	$666.0m3.96%	3.96%	New
5	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	12,826,024	$642.4m3.82%	3.82%	Reduced -602.8k	-602,826 -4.5%
6	CGI INC CL A SUB VTG GIB	GIB	5,731,582	$605.1m3.60%	3.60%	Reduced -974.7k	-974,704 -14.5%
7	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	9,298,233	$601.6m3.58%	3.58%	Reduced -1.0m	-1,020,322 -9.9%
8	MICROSOFT CORP COM MSFT	MSFT	1,755,011	$597.7m3.56%	3.56%	Reduced -192.2k	-192,241 -9.9%
9	RESTAURANT BRANDS INTL INC COM QSR	QSR	7,397,619	$574.2m3.42%	3.42%	Reduced -349.3k	-349,321 -4.5%
10	TC ENERGY CORP COM TRP	TRP	13,588,544	$549.8m3.27%	3.27%	Added +1.2m	+1,200,975 9.7%
11	STANTEC INC COM STN	STN	7,604,317	$497.0m2.96%	2.96%	Reduced -999.7k	-999,671 -11.6%
12	FRANCO NEV CORP COM FNV	FNV	2,984,634	$425.9m2.53%	2.53%	Reduced -141.3k	-141,315 -4.5%
13	MANULIFE FINL CORP COM MFC	MFC	22,055,654	$417.4m2.48%	2.48%	Reduced -1.3m	-1,320,641 -5.7%
14	MAGNA INTL INC COM MGA	MGA	7,363,910	$416.2m2.48%	2.48%	Reduced -326.2k	-326,189 -4.2%
15	GILDAN ACTIVEWEAR INC COM GIL	GIL	12,644,689	$408.1m2.43%	2.43%	Reduced -538.0k	-538,028 -4.1%
16	DESCARTES SYS GROUP INC COM DSGX	DSGX	4,466,346	$358.2m2.13%	2.13%	Reduced -219.7k	-219,652 -4.7%
17	AMAZON COM INC COM AMZN	AMZN	2,560,281	$333.8m1.99%	1.99%	Reduced -254.6k	-254,601 -9.0%
18	UNITEDHEALTH GROUP INC COM UNH	UNH	671,865	$322.9m1.92%	1.92%	Added +9.5k	+9,451 1.4%
19	CAE INC COM CAE	CAE	13,535,551	$303.3m1.80%	1.80%	Reduced -575.5k	-575,525 -4.1%
20	MASTERCARD INCORPORATED CL A MA	MA	706,516	$277.9m1.65%	1.65%	Reduced -16.3k	-16,344 -2.3%
21	ABBOTT LABS COM ABT	ABT	2,198,192	$239.6m1.43%	1.43%	Reduced -60.0k	-59,999 -2.7%
22	PEPSICO INC COM PEP	PEP	1,284,432	$237.9m1.42%	1.42%	Added +172.5k	+172,491 15.5%
23	COLLIERS INTL GROUP INC SUB VTG SHS CIGI	CIGI	2,398,178	$235.6m1.40%	1.40%	Added +305.1k	+305,066 14.6%
24	FISERV INC COM FISV	FISV	1,854,847	$234.0m1.39%	1.39%	Reduced -163.0k	-162,964 -8.1%
25	BECTON DICKINSON & CO COM BDX	BDX	885,445	$233.8m1.39%	1.39%	Added +26.8k	+26,757 3.1%
26	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,871,058	$224.0m1.33%	1.33%	Reduced -22.0k	-22,005 -1.2%
27	ROYAL BK CDA COM RY	RY	2,269,000	$216.9m1.29%	1.29%	Reduced -25.9k	-25,906 -1.1%
28	COPART INC COM CPRT	CPRT	2,324,118	$212.0m1.26%	1.26%	Reduced -169.0k	-168,987 -6.8%
29	ALPHABET INC CAP STK CL C GOOG	GOOG	1,743,734	$210.9m1.25%	1.25%	Reduced -112.8k	-112,786 -6.1%
30	ORACLE CORP COM ORCL	ORCL	1,689,838	$201.2m1.20%	1.20%	Reduced -103.7k	-103,675 -5.8%
31	IQVIA HLDGS INC COM IQV	IQV	801,250	$180.1m1.07%	1.07%	Added +77.2k	+77,158 10.7%
32	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	2,143,405	$178.1m1.06%	1.06%	Added +10.5k	+10,486 0.5%
33	BOSTON SCIENTIFIC CORP COM BSX	BSX	3,131,118	$169.4m1.01%	1.01%	Reduced -120.2k	-120,227 -3.7%
34	JPMORGAN CHASE & CO COM JPM	JPM	1,157,271	$168.3m1.00%	1.00%	Reduced -11.5k	-11,496 -1.0%
35	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	484,664	$149.6m0.89%	0.89%	Added +480.2k	+480,249 10877.7%
36	CHUBB LIMITED COM CB	CB	687,657	$132.4m0.79%	0.79%	Added +62.1k	+62,099 9.9%
37	DIAGEO PLC SPON ADR NEW DEO	DEO	725,513	$125.9m0.75%	0.75%	Added +3.1k	+3,053 0.4%
38	TORONTO DOMINION BK ONT COM NEW TD	TD	1,972,083	$122.4m0.73%	0.73%	Reduced -68.4k	-68,351 -3.4%
39	DANAHER CORPORATION COM DHR	DHR	507,290	$121.7m0.72%	0.72%	Added +111.2k	+111,242 28.1%
40	JOHNSON & JOHNSON COM JNJ	JNJ	699,367	$115.8m0.69%	0.69%	Reduced -7.2k	-7,240 -1.0%
41	SHERWIN WILLIAMS CO COM SHW	SHW	426,041	$113.1m0.67%	0.67%	Reduced -2.8k	-2,804 -0.7%
42	AMETEK INC COM AME	AME	681,636	$110.3m0.66%	0.66%	Reduced -6.7k	-6,670 -1.0%
43	ENBRIDGE INC COM ENB	ENB	2,895,028	$107.7m0.64%	0.64%	Reduced -58.2k	-58,158 -2.0%
44	BOOKING HOLDINGS INC COM BKNG	BKNG	38,919	$105.1m0.63%	0.63%	Reduced -6.7k	-6,693 -14.7%
45	HDFC BANK LTD SPONSORED ADS HDB	HDB	1,477,769	$103.0m0.61%	0.61%	Added +9.8k	+9,756 0.7%
46	PROCTER AND GAMBLE CO COM PG	PG	674,663	$102.4m0.61%	0.61%	Reduced -17.1k	-17,089 -2.5%
47	ABCAM PLC ADS ADS		4,071,086	$99.6m0.59%	0.59%	Reduced -106.6k	-106,559 -2.5%
48	TJX COS INC NEW COM TJX	TJX	1,105,906	$93.8m0.56%	0.56%	Reduced -38.6k	-38,636 -3.4%
49	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	273,868	$93.4m0.56%	0.56%	Reduced -620	-620 -0.2%
50	MONDELEZ INTL INC CL A MDLZ	MDLZ	1,251,700	$91.3m0.54%	0.54%	Added +9.5k	+9,539 0.8%
51	META PLATFORMS INC CL A META	META	279,179	$80.1m0.48%	0.48%	Reduced -389.2k	-389,161 -58.2%
52	LCI INDS COM LCII	LCII	616,472	$77.9m0.46%	0.46%	Reduced -12.2k	-12,183 -1.9%
53	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	995,494	$75.7m0.45%	0.45%	Reduced -583.4k	-583,351 -37.0%
54	BANK OZK LITTLE ROCK ARK COM OZK	OZK	1,751,675	$70.3m0.42%	0.42%	Reduced -38.4k	-38,409 -2.1%
55	MONSTER BEVERAGE CORP NEW COM MNST	MNST	1,140,474	$65.5m0.39%	0.39%	Reduced -203.5k	-203,459 -15.1%
56	VERISK ANALYTICS INC COM VRSK	VRSK	275,397	$62.2m0.37%	0.37%	Reduced -78.6k	-78,649 -22.2%
57	COLGATE PALMOLIVE CO COM CL	CL	692,474	$53.3m0.32%	0.32%	Reduced -31.4k	-31,382 -4.3%
58	AMERICAN FINL GROUP INC OHIO COM AFG	AFG	407,058	$48.3m0.29%	0.29%	Added +42.3k	+42,302 11.6%
59	BERRY GLOBAL GROUP INC COM BERY	BERY	741,047	$47.7m0.28%	0.28%	Added +15.1k	+15,072 2.1%
60	RELX PLC SPONSORED ADR RELX	RELX	1,338,623	$44.8m0.27%	0.27%	Reduced -47.6k	-47,607 -3.4%
61	CYBERARK SOFTWARE LTD SHS CYBR	CYBR	253,013	$39.6m0.24%	0.24%	Reduced -2.4k	-2,421 -0.9%
62	COSTCO WHSL CORP NEW COM COST	COST	71,908	$38.7m0.23%	0.23%	Reduced -3.7k	-3,651 -4.8%
63	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	351,861	$35.5m0.21%	0.21%	Reduced -3.1k	-3,082 -0.9%
64	AXOS FINANCIAL INC COM AX	AX	848,595	$33.5m0.20%	0.20%	Reduced -17.9k	-17,912 -2.1%
65	CREDIT ACCEP CORP MICH COM CACC	CACC	63,885	$32.4m0.19%	0.19%	Added +24.6k	+24,576 62.5%
66	UNILEVER PLC SPON ADR NEW SPON ADR NEW		606,395	$31.6m0.19%	0.19%	Added +11.6k	+11,638 2.0%
67	EXXON MOBIL CORP COM XOM	XOM	292,740	$31.4m0.19%	0.19%	Reduced -3.1k	-3,069 -1.0%
68	BANK MONTREAL QUE COM BMO	BMO	319,292	$28.9m0.17%	0.17%	Added +3.4k	+3,383 1.1%
69	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	116,943	$25.7m0.15%	0.15%	Reduced -6.3k	-6,299 -5.1%
70	SAP SE SPON ADR SAP	SAP	184,054	$25.2m0.15%	0.15%	Reduced -15.8k	-15,804 -7.9%
71	PROGRESSIVE CORP COM PGR	PGR	173,684	$23.0m0.14%	0.14%	Reduced -3.5k	-3,517 -2.0%
72	COMCAST CORP NEW CL A CMCSA	CMCSA	522,845	$21.7m0.13%	0.13%	Reduced -98.4k	-98,389 -15.8%
73	TELUS CORPORATION COM TU	TU	1,097,644	$21.4m0.13%	0.13%	Added +92.8k	+92,769 9.2%
74	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	29,370	$21.3m0.13%	0.13%	Reduced -609	-609 -2.0%
75	NUTRIEN LTD COM NTR	NTR	358,812	$21.2m0.13%	0.13%	Reduced -48.7k	-48,658 -11.9%
76	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	46,389	$20.6m0.12%	0.12%	Reduced -212	-212 -0.5%
77	ZOETIS INC CL A ZTS	ZTS	118,501	$20.4m0.12%	0.12%	Reduced -3.6k	-3,645 -3.0%
78	ELI LILLY & CO COM LLY	LLY	41,696	$19.6m0.12%	0.12%	Reduced -17.8k	-17,767 -29.9%
79	ALCON AG ORD SHS ALC	ALC	236,619	$19.4m0.12%	0.12%	Reduced -18.0k	-18,018 -7.1%
80	ABBVIE INC COM ABBV	ABBV	143,418	$19.3m0.11%	0.11%	Reduced -3.0k	-2,967 -2.0%
81	PEMBINA PIPELINE CORP COM PBA	PBA	590,316	$18.6m0.11%	0.11%	Reduced -11.1k	-11,125 -1.9%
82	CHEVRON CORP NEW COM CVX	CVX	85,025	$13.4m0.08%	0.08%	Reduced -2.1k	-2,061 -2.4%
83	SUN LIFE FINANCIAL INC. COM SLF	SLF	237,402	$12.4m0.07%	0.07%	Reduced -23.0k	-22,970 -8.8%
84	APPLE INC COM AAPL	AAPL	62,070	$12.0m0.07%	0.07%	Reduced -2.3k	-2,270 -3.5%
85	BCE INC COM NEW BCE	BCE	251,805	$11.5m0.07%	0.07%	Added +8.7k	+8,669 3.6%
86	PFIZER INC COM PFE	PFE	304,965	$11.2m0.07%	0.07%	Reduced -33.2k	-33,192 -9.8%
87	SERVISFIRST BANCSHARES INC COM SFBS	SFBS	270,947	$11.1m0.07%	0.07%	Reduced -6.0k	-6,033 -2.2%
88	NOVO-NORDISK A S ADR NVO	NVO	67,831	$11.0m0.07%	0.07%	Reduced -1.8k	-1,800 -2.6%
89	KIMBERLY-CLARK CORP COM KMB	KMB	67,985	$9.4m0.06%	0.06%	Reduced -2.8k	-2,785 -3.9%
90	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	77,122	$8.5m0.05%	0.05%	Added +1.7k	+1,710 2.3%
91	NIKE INC CL B NKE	NKE	76,406	$8.4m0.05%	0.05%	Reduced -2.7k	-2,710 -3.4%
92	3M CO COM MMM	MMM	83,243	$8.3m0.05%	0.05%	Reduced -17.5k	-17,455 -17.3%
93	XP INC CL A XP	XP	338,888	$8.0m0.05%	0.05%	Unchanged
94	EMERSON ELEC CO COM EMR	EMR	86,770	$7.8m0.05%	0.05%	Reduced -455	-455 -0.5%
95	CVS HEALTH CORP COM CVS	CVS	112,259	$7.8m0.05%	0.05%	Reduced -7.4k	-7,425 -6.2%
96	NOVARTIS AG SPONSORED ADR NVS	NVS	72,363	$7.3m0.04%	0.04%	Reduced -8.5k	-8,466 -10.5%
97	COCA COLA CO COM KO	KO	117,608	$7.1m0.04%	0.04%	Reduced -1.1k	-1,065 -0.9%
98	TRIP COM GROUP LTD ADS TCOM	TCOM	196,947	$6.9m0.04%	0.04%	Unchanged
99	YUM CHINA HLDGS INC COM YUMC	YUMC	121,658	$6.9m0.04%	0.04%	Reduced -700	-700 -0.6%
100	WELLS FARGO CO NEW COM WFC	WFC	136,081	$5.8m0.03%	0.03%	Reduced -13.0k	-13,000 -8.7%

Sold out since Q1 2023

Security	Ticker	Shares held before	Value then
THOMSON REUTERS CORP.		5,472,372	$711.0m5.5m shares
ALARM COM HLDGS INC ALRM	ALRM	438,949	$22.1m438.9k shares
SHAW COMMUNICATIONS INC		219,319	$6.6m219.3k shares
CANADIAN PAC RY LTD		56,340	$4.3m56.3k shares
RITCHIE BROS AUCTIONEERS RBA	RBA	14,955	$840.3k15.0k shares
FRESENIUS MEDICAL CARE AG FMS	FMS	14,345	$305.0k14.3k shares
ISHARES TR ISTB	ISTB	6,430	$303.2k6.4k shares
BANK NEW YORK MELLON CORP BNY	BNY	5,264	$239.2k5.3k shares
WASTE CONNECTIONS INC WCN	WCN	1,452	$201.8k1.5k 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