JARISLOWSKY, FRASER Ltd

MONTREAL, A8 · CIK 1123778 · 13F filing filed 2024-09-30

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.

$15.4bn reported value -8.5% vs Q2 2023

188positions

38.6%in top 10

2 new 24 added 143 reduced 11 sold out vs Q2 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, Q3 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	9,095,233	$989.5m6.44%	6.44%	Reduced -153.3k	-153,317 -1.7%
2	BROOKFIELD CORP CL A LTD VT SH BN	BN	23,070,178	$724.7m4.71%	4.71%	Reduced -218.1k	-218,079 -0.9%
3	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	12,621,147	$568.3m3.70%	3.70%	Reduced -204.9k	-204,877 -1.6%
4	OPEN TEXT CORP COM OTEX	OTEX	15,912,205	$561.0m3.65%	3.65%	Reduced -229.0k	-228,986 -1.4%
5	CGI INC CL A SUB VTG GIB	GIB	5,632,071	$557.7m3.63%	3.63%	Reduced -99.5k	-99,511 -1.7%
6	THOMSON REUTERS CORP COM COM		4,457,650	$547.8m3.56%	3.56%	Reduced -469.4k	-469,368 -9.5%
7	MICROSOFT CORP COM MSFT	MSFT	1,715,549	$541.7m3.52%	3.52%	Reduced -39.5k	-39,462 -2.2%
8	RESTAURANT BRANDS INTL INC COM QSR	QSR	7,282,882	$487.2m3.17%	3.17%	Reduced -114.7k	-114,737 -1.6%
9	STANTEC INC COM STN	STN	7,474,570	$487.2m3.17%	3.17%	Reduced -129.7k	-129,747 -1.7%
10	TC ENERGY CORP COM TRP	TRP	13,604,261	$470.0m3.06%	3.06%	Added +15.7k	+15,717 0.1%
11	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	7,681,571	$421.2m2.74%	2.74%	Reduced -1.6m	-1,616,662 -17.4%
12	MANULIFE FINL CORP COM MFC	MFC	21,651,465	$397.5m2.59%	2.59%	Reduced -404.2k	-404,189 -1.8%
13	FRANCO NEV CORP COM FNV	FNV	2,936,530	$393.8m2.56%	2.56%	Reduced -48.1k	-48,104 -1.6%
14	MAGNA INTL INC COM MGA	MGA	7,248,394	$390.2m2.54%	2.54%	Reduced -115.5k	-115,516 -1.6%
15	GILDAN ACTIVEWEAR INC COM GIL	GIL	12,456,811	$350.8m2.28%	2.28%	Reduced -187.9k	-187,878 -1.5%
16	UNITEDHEALTH GROUP INC COM UNH	UNH	661,907	$333.7m2.17%	2.17%	Reduced -10.0k	-9,958 -1.5%
17	DESCARTES SYS GROUP INC COM DSGX	DSGX	4,454,474	$328.5m2.14%	2.14%	Reduced -11.9k	-11,872 -0.3%
18	AMAZON COM INC COM AMZN	AMZN	2,564,949	$326.1m2.12%	2.12%	Added +4.7k	+4,668 0.2%
19	CAE INC COM CAE	CAE	13,491,024	$316.4m2.06%	2.06%	Reduced -44.5k	-44,527 -0.3%
20	MASTERCARD INCORPORATED CL A MA	MA	699,205	$276.8m1.80%	1.80%	Reduced -7.3k	-7,311 -1.0%
21	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,808,678	$236.7m1.54%	1.54%	Reduced -62.4k	-62,380 -3.3%
22	BECTON DICKINSON & CO COM BDX	BDX	877,874	$227.0m1.48%	1.48%	Reduced -7.6k	-7,571 -0.9%
23	COLLIERS INTL GROUP INC SUB VTG SHS CIGI	CIGI	2,363,027	$226.1m1.47%	1.47%	Reduced -35.2k	-35,151 -1.5%
24	PEPSICO INC COM PEP	PEP	1,281,111	$217.1m1.41%	1.41%	Reduced -3.3k	-3,321 -0.3%
25	ALPHABET INC CAP STK CL C GOOG	GOOG	1,643,019	$216.6m1.41%	1.41%	Reduced -100.7k	-100,715 -5.8%
26	ABBOTT LABS COM ABT	ABT	2,180,892	$211.2m1.37%	1.37%	Reduced -17.3k	-17,300 -0.8%
27	FISERV INC COM FISV	FISV	1,831,663	$206.9m1.35%	1.35%	Reduced -23.2k	-23,184 -1.2%
28	ROYAL BK CDA COM RY	RY	2,261,954	$198.6m1.29%	1.29%	Reduced -7.0k	-7,046 -0.3%
29	COPART INC COM CPRT	CPRT	4,603,650	$198.4m1.29%	1.29%	Reduced -44.6k	-44,586 -1.0%
30	ORACLE CORP COM ORCL	ORCL	1,680,963	$178.0m1.16%	1.16%	Reduced -8.9k	-8,875 -0.5%
31	JPMORGAN CHASE & CO COM JPM	JPM	1,148,530	$166.6m1.08%	1.08%	Reduced -8.7k	-8,741 -0.8%
32	BOSTON SCIENTIFIC CORP COM BSX	BSX	3,084,845	$162.9m1.06%	1.06%	Reduced -46.3k	-46,273 -1.5%
33	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	1,828,073	$158.2m1.03%	1.03%	Reduced -315.3k	-315,332 -14.7%
34	IQVIA HLDGS INC COM IQV	IQV	795,001	$156.4m1.02%	1.02%	Reduced -6.2k	-6,249 -0.8%
35	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	500,199	$153.6m1.00%	1.00%	Added +15.5k	+15,535 3.2%
36	CHUBB LIMITED COM CB	CB	691,341	$143.9m0.94%	0.94%	Added +3.7k	+3,684 0.5%
37	DANAHER CORPORATION COM DHR	DHR	516,950	$128.3m0.83%	0.83%	Added +9.7k	+9,660 1.9%
38	TORONTO DOMINION BK ONT COM NEW TD	TD	1,931,881	$116.9m0.76%	0.76%	Reduced -40.2k	-40,202 -2.0%
39	SHERWIN WILLIAMS CO COM SHW	SHW	423,458	$108.0m0.70%	0.70%	Reduced -2.6k	-2,583 -0.6%
40	DIAGEO PLC SPON ADR NEW DEO	DEO	722,672	$107.8m0.70%	0.70%	Reduced -2.8k	-2,841 -0.4%
41	JOHNSON & JOHNSON COM JNJ	JNJ	688,919	$107.3m0.70%	0.70%	Reduced -10.4k	-10,448 -1.5%
42	BOOKING HOLDINGS INC COM BKNG	BKNG	34,694	$107.0m0.70%	0.70%	Reduced -4.2k	-4,225 -10.9%
43	AMETEK INC COM AME	AME	679,251	$100.4m0.65%	0.65%	Reduced -2.4k	-2,385 -0.3%
44	PROCTER AND GAMBLE CO COM PG	PG	660,963	$96.4m0.63%	0.63%	Reduced -13.7k	-13,700 -2.0%
45	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	273,463	$95.8m0.62%	0.62%	Reduced -405	-405 -0.1%
46	ENBRIDGE INC COM ENB	ENB	2,874,036	$95.8m0.62%	0.62%	Reduced -21.0k	-20,992 -0.7%
47	TJX COS INC NEW COM TJX	TJX	1,052,831	$93.6m0.61%	0.61%	Reduced -53.1k	-53,075 -4.8%
48	MONDELEZ INTL INC CL A MDLZ	MDLZ	1,260,925	$87.5m0.57%	0.57%	Added +9.2k	+9,225 0.7%
49	HDFC BANK LTD SPONSORED ADS HDB	HDB	1,463,391	$86.4m0.56%	0.56%	Reduced -14.4k	-14,378 -1.0%
50	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	953,032	$85.8m0.56%	0.56%	Reduced -42.5k	-42,462 -4.3%
51	META PLATFORMS INC CL A META	META	240,727	$72.3m0.47%	0.47%	Reduced -38.5k	-38,452 -13.8%
52	LCI INDS COM LCII	LCII	589,608	$69.2m0.45%	0.45%	Reduced -26.9k	-26,864 -4.4%
53	BANK OZK LITTLE ROCK ARK COM OZK	OZK	1,725,516	$64.0m0.42%	0.42%	Reduced -26.2k	-26,159 -1.5%
54	MONSTER BEVERAGE CORP NEW COM MNST	MNST	1,129,636	$59.8m0.39%	0.39%	Reduced -10.8k	-10,838 -0.9%
55	VERISK ANALYTICS INC COM VRSK	VRSK	251,504	$59.4m0.39%	0.39%	Reduced -23.9k	-23,893 -8.7%
56	AMERICAN FINL GROUP INC OHIO COM AFG	AFG	518,138	$57.9m0.38%	0.38%	Added +111.1k	+111,080 27.3%
57	COLGATE PALMOLIVE CO COM CL	CL	668,278	$47.5m0.31%	0.31%	Reduced -24.2k	-24,196 -3.5%
58	BERRY GLOBAL GROUP INC COM BERY	BERY	738,996	$45.8m0.30%	0.30%	Reduced -2.1k	-2,051 -0.3%
59	RELX PLC SPONSORED ADR RELX	RELX	1,319,993	$44.5m0.29%	0.29%	Reduced -18.6k	-18,630 -1.4%
60	CYBERARK SOFTWARE LTD SHS CYBR	CYBR	252,285	$41.3m0.27%	0.27%	Reduced -728	-728 -0.3%
61	LAUDER ESTEE COS INC CL A EL	EL	277,643	$40.1m0.26%	0.26%	New
62	COSTCO WHSL CORP NEW COM COST	COST	70,685	$39.9m0.26%	0.26%	Reduced -1.2k	-1,223 -1.7%
63	EXXON MOBIL CORP COM XOM	XOM	287,931	$33.9m0.22%	0.22%	Reduced -4.8k	-4,809 -1.6%
64	AXOS FINANCIAL INC COM AX	AX	844,358	$32.0m0.21%	0.21%	Reduced -4.2k	-4,237 -0.5%
65	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	349,636	$30.4m0.20%	0.20%	Reduced -2.2k	-2,225 -0.6%
66	CME GROUP INC COM CME	CME	148,247	$29.7m0.19%	0.19%	New
67	CREDIT ACCEP CORP MICH COM CACC	CACC	63,650	$29.3m0.19%	0.19%	Reduced -235	-235 -0.4%
68	UNILEVER PLC SPON ADR NEW SPON ADR NEW		592,479	$29.3m0.19%	0.19%	Reduced -13.9k	-13,916 -2.3%
69	BANK MONTREAL QUE COM BMO	BMO	323,269	$27.4m0.18%	0.18%	Added +4.0k	+3,977 1.2%
70	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	113,667	$27.3m0.18%	0.18%	Reduced -3.3k	-3,276 -2.8%
71	PROGRESSIVE CORP COM PGR	PGR	172,929	$24.1m0.16%	0.16%	Reduced -755	-755 -0.4%
72	SAP SE SPON ADR SAP	SAP	176,884	$22.9m0.15%	0.15%	Reduced -7.2k	-7,170 -3.9%
73	NUTRIEN LTD COM NTR	NTR	347,799	$21.6m0.14%	0.14%	Reduced -11.0k	-11,013 -3.1%
74	ABBVIE INC COM ABBV	ABBV	143,085	$21.3m0.14%	0.14%	Reduced -333	-333 -0.2%
75	ELI LILLY & CO COM LLY	LLY	39,398	$21.2m0.14%	0.14%	Reduced -2.3k	-2,298 -5.5%
76	COMCAST CORP NEW CL A CMCSA	CMCSA	475,025	$21.1m0.14%	0.14%	Reduced -47.8k	-47,820 -9.2%
77	ZOETIS INC CL A ZTS	ZTS	117,321	$20.4m0.13%	0.13%	Reduced -1.2k	-1,180 -1.0%
78	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	45,346	$19.4m0.13%	0.13%	Reduced -1.0k	-1,043 -2.2%
79	ALCON AG ORD SHS ALC	ALC	236,167	$18.2m0.12%	0.12%	Reduced -452	-452 -0.2%
80	TELUS CORPORATION COM TU	TU	1,092,248	$17.9m0.12%	0.12%	Reduced -5.4k	-5,396 -0.5%
81	PEMBINA PIPELINE CORP COM PBA	PBA	580,302	$17.5m0.11%	0.11%	Reduced -10.0k	-10,014 -1.7%
82	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	29,421	$17.3m0.11%	0.11%	Added +51	+51 0.2%
83	BCE INC COM NEW BCE	BCE	395,210	$15.2m0.10%	0.10%	Added +143.4k	+143,405 57.0%
84	SERVISFIRST BANCSHARES INC COM SFBS	SFBS	270,644	$14.1m0.09%	0.09%	Reduced -303	-303 -0.1%
85	CHEVRON CORP NEW COM CVX	CVX	81,193	$13.7m0.09%	0.09%	Reduced -3.8k	-3,832 -4.5%
86	NOVO-NORDISK A S ADR NVO	NVO	133,282	$12.1m0.08%	0.08%	Reduced -2.4k	-2,380 -1.8%
87	SUN LIFE FINANCIAL INC. COM SLF	SLF	235,058	$11.5m0.07%	0.07%	Reduced -2.3k	-2,344 -1.0%
88	APPLE INC COM AAPL	AAPL	61,291	$10.5m0.07%	0.07%	Reduced -779	-779 -1.3%
89	PFIZER INC COM PFE	PFE	273,002	$9.1m0.06%	0.06%	Reduced -32.0k	-31,963 -10.5%
90	EMERSON ELEC CO COM EMR	EMR	85,260	$8.2m0.05%	0.05%	Reduced -1.5k	-1,510 -1.7%
91	KIMBERLY-CLARK CORP COM KMB	KMB	66,725	$8.1m0.05%	0.05%	Reduced -1.3k	-1,260 -1.9%
92	CVS HEALTH CORP COM CVS	CVS	110,214	$7.7m0.05%	0.05%	Reduced -2.0k	-2,045 -1.8%
93	3M CO COM MMM	MMM	79,083	$7.4m0.05%	0.05%	Reduced -4.2k	-4,160 -5.0%
94	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	67,452	$7.4m0.05%	0.05%	Reduced -9.7k	-9,670 -12.5%
95	NIKE INC CL B NKE	NKE	71,581	$6.8m0.04%	0.04%	Reduced -4.8k	-4,825 -6.3%
96	NOVARTIS AG SPONSORED ADR NVS	NVS	67,039	$6.8m0.04%	0.04%	Reduced -5.3k	-5,324 -7.4%
97	YUM CHINA HLDGS INC COM YUMC	YUMC	121,568	$6.8m0.04%	0.04%	Reduced -90	-90 -0.1%
98	COCA COLA CO COM KO	KO	116,321	$6.5m0.04%	0.04%	Reduced -1.3k	-1,287 -1.1%
99	XP INC CL A XP	XP	273,138	$6.3m0.04%	0.04%	Reduced -65.8k	-65,750 -19.4%
100	NU HLDGS LTD ORD SHS CL A NU	NU	859,936	$6.2m0.04%	0.04%	Added +165.1k	+165,140 23.8%

Sold out since Q2 2023

Security	Ticker	Shares held before	Value then
COGNIZANT TECHNOLOGY SOLUTIO CTSH	CTSH	16,431	$1.1m16.4k shares
ALIBABA GROUP HLDG LTD BABA	BABA	6,423	$535.4k6.4k shares
BAXTER INTL INC BAX	BAX	10,669	$486.1k10.7k shares
GSK PLC GSK	GSK	12,840	$457.6k12.8k shares
MARKEL GROUP INC MKL	MKL	330	$456.4k330 shares
CARMAX INC KMX	KMX	3,190	$267.0k3.2k shares
WALGREENS BOOTS ALLIANCE INC WBA	WBA	8,878	$252.9k8.9k shares
BRISTOL-MYERS SQUIBB CO BMY	BMY	3,470	$221.9k3.5k shares
UNION PAC CORP UNP	UNP	1,055	$215.9k1.1k shares
TRAVELERS COMPANIES INC TRV	TRV	1,165	$202.3k1.2k shares
HALEON PLC HLN	HLN	12,800	$107.3k12.8k 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