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.

$17.0bn reported value +10.6% vs Q3 2023

221positions

39.6%in top 10

37 new 51 added 114 reduced 4 sold out vs Q3 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, Q4 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	8,819,461	$1.1bn6.55%	6.55%	Reduced -275.8k	-275,772 -3.0%
2	BROOKFIELD CORP CL A LTD VT SH BN	BN	22,503,592	$907.1m5.33%	5.33%	Reduced -566.6k	-566,586 -2.5%
3	OPEN TEXT CORP COM OTEX	OTEX	15,391,557	$650.0m3.82%	3.82%	Reduced -520.6k	-520,648 -3.3%
4	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	13,163,545	$643.9m3.79%	3.79%	Added +542.4k	+542,398 4.3%
5	THOMSON REUTERS CORP COM COM		4,303,591	$632.3m3.72%	3.72%	Reduced -154.1k	-154,059 -3.5%
6	MICROSOFT CORP COM MSFT	MSFT	1,663,576	$625.6m3.68%	3.68%	Reduced -52.0k	-51,973 -3.0%
7	CGI INC CL A SUB VTG GIB	GIB	5,347,324	$575.7m3.38%	3.38%	Reduced -284.7k	-284,747 -5.1%
8	RESTAURANT BRANDS INTL INC COM QSR	QSR	7,041,995	$552.9m3.25%	3.25%	Reduced -240.9k	-240,887 -3.3%
9	STANTEC INC COM STN	STN	6,456,847	$520.9m3.06%	3.06%	Reduced -1.0m	-1,017,723 -13.6%
10	TC ENERGY CORP COM TRP	TRP	13,166,454	$516.8m3.04%	3.04%	Reduced -437.8k	-437,807 -3.2%
11	MANULIFE FINL CORP COM MFC	MFC	20,715,602	$460.0m2.70%	2.70%	Reduced -935.9k	-935,863 -4.3%
12	MAGNA INTL INC COM MGA	MGA	6,966,832	$413.6m2.43%	2.43%	Reduced -281.6k	-281,562 -3.9%
13	GILDAN ACTIVEWEAR INC COM GIL	GIL	11,882,800	$394.9m2.32%	2.32%	Reduced -574.0k	-574,011 -4.6%
14	FRANCO NEV CORP COM FNV	FNV	3,444,848	$383.4m2.25%	2.25%	Added +508.3k	+508,318 17.3%
15	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	4,858,624	$380.1m2.24%	2.24%	Reduced -2.8m	-2,822,947 -36.8%
16	CAE INC COM CAE	CAE	17,334,635	$376.0m2.21%	2.21%	Added +3.8m	+3,843,611 28.5%
17	DESCARTES SYS GROUP INC COM DSGX	DSGX	4,335,250	$366.0m2.15%	2.15%	Reduced -119.2k	-119,224 -2.7%
18	AMAZON COM INC COM AMZN	AMZN	2,342,493	$355.9m2.09%	2.09%	Reduced -222.5k	-222,456 -8.7%
19	UNITEDHEALTH GROUP INC COM UNH	UNH	653,209	$343.9m2.02%	2.02%	Reduced -8.7k	-8,698 -1.3%
20	MASTERCARD INCORPORATED CL A MA	MA	687,785	$293.3m1.72%	1.72%	Reduced -11.4k	-11,420 -1.6%
21	COLLIERS INTL GROUP INC SUB VTG SHS CIGI	CIGI	2,297,479	$292.0m1.72%	1.72%	Reduced -65.5k	-65,548 -2.8%
22	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,716,759	$239.8m1.41%	1.41%	Reduced -91.9k	-91,919 -5.1%
23	FISERV INC COM FISV	FISV	1,796,045	$238.6m1.40%	1.40%	Reduced -35.6k	-35,618 -1.9%
24	ABBOTT LABS COM ABT	ABT	2,122,405	$233.6m1.37%	1.37%	Reduced -58.5k	-58,487 -2.7%
25	ROYAL BK CDA COM RY	RY	2,257,807	$229.4m1.35%	1.35%	Reduced -4.1k	-4,147 -0.2%
26	COPART INC COM CPRT	CPRT	4,522,170	$221.6m1.30%	1.30%	Reduced -81.5k	-81,480 -1.8%
27	PEPSICO INC COM PEP	PEP	1,270,905	$215.9m1.27%	1.27%	Reduced -10.2k	-10,206 -0.8%
28	ALPHABET INC CAP STK CL C GOOG	GOOG	1,519,241	$214.1m1.26%	1.26%	Reduced -123.8k	-123,778 -7.5%
29	BECTON DICKINSON & CO COM BDX	BDX	864,762	$210.9m1.24%	1.24%	Reduced -13.1k	-13,112 -1.5%
30	JPMORGAN CHASE & CO COM JPM	JPM	1,145,563	$194.9m1.15%	1.15%	Reduced -3.0k	-2,967 -0.3%
31	IQVIA HLDGS INC COM IQV	IQV	788,895	$182.5m1.07%	1.07%	Reduced -6.1k	-6,106 -0.8%
32	ORACLE CORP COM ORCL	ORCL	1,700,596	$179.3m1.05%	1.05%	Added +19.6k	+19,633 1.2%
33	BOSTON SCIENTIFIC CORP COM BSX	BSX	3,028,215	$175.1m1.03%	1.03%	Reduced -56.6k	-56,630 -1.8%
34	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	497,940	$174.7m1.03%	1.03%	Reduced -2.3k	-2,259 -0.5%
35	CHUBB LIMITED COM CB	CB	682,646	$154.3m0.91%	0.91%	Reduced -8.7k	-8,695 -1.3%
36	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	1,811,804	$150.2m0.88%	0.88%	Reduced -16.3k	-16,269 -0.9%
37	SHERWIN WILLIAMS CO COM SHW	SHW	425,326	$132.7m0.78%	0.78%	Added +1.9k	+1,868 0.4%
38	DANAHER CORPORATION COM DHR	DHR	572,858	$132.5m0.78%	0.78%	Added +55.9k	+55,908 10.8%
39	TORONTO DOMINION BK ONT COM NEW TD	TD	1,917,358	$124.5m0.73%	0.73%	Reduced -14.5k	-14,523 -0.8%
40	AMETEK INC COM AME	AME	666,750	$109.9m0.65%	0.65%	Reduced -12.5k	-12,501 -1.8%
41	JOHNSON & JOHNSON COM JNJ	JNJ	682,023	$106.9m0.63%	0.63%	Reduced -6.9k	-6,896 -1.0%
42	DIAGEO PLC SPON ADR NEW DEO	DEO	720,064	$104.9m0.62%	0.62%	Reduced -2.6k	-2,608 -0.4%
43	HDFC BANK LTD SPONSORED ADS HDB	HDB	1,535,326	$103.0m0.61%	0.61%	Added +71.9k	+71,935 4.9%
44	ENBRIDGE INC COM ENB	ENB	2,802,524	$101.4m0.60%	0.60%	Reduced -71.5k	-71,512 -2.5%
45	BOOKING HOLDINGS INC COM BKNG	BKNG	27,794	$98.6m0.58%	0.58%	Reduced -6.9k	-6,900 -19.9%
46	TJX COS INC NEW COM TJX	TJX	1,048,065	$98.3m0.58%	0.58%	Reduced -4.8k	-4,766 -0.5%
47	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	270,728	$96.6m0.57%	0.57%	Reduced -2.7k	-2,735 -1.0%
48	PROCTER AND GAMBLE CO COM PG	PG	643,971	$94.4m0.55%	0.55%	Reduced -17.0k	-16,992 -2.6%
49	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	864,172	$94.2m0.55%	0.55%	Reduced -88.9k	-88,860 -9.3%
50	MONDELEZ INTL INC CL A MDLZ	MDLZ	1,256,615	$91.0m0.54%	0.54%	Reduced -4.3k	-4,310 -0.3%
51	META PLATFORMS INC CL A META	META	231,704	$82.0m0.48%	0.48%	Reduced -9.0k	-9,023 -3.8%
52	BANK OZK LITTLE ROCK ARK COM OZK	OZK	1,607,445	$80.1m0.47%	0.47%	Reduced -118.1k	-118,071 -6.8%
53	LCI INDS COM LCII	LCII	550,700	$69.2m0.41%	0.41%	Reduced -38.9k	-38,908 -6.6%
54	LAUDER ESTEE COS INC CL A EL	EL	456,163	$66.7m0.39%	0.39%	Added +178.5k	+178,520 64.3%
55	MONSTER BEVERAGE CORP NEW COM MNST	MNST	1,103,174	$63.6m0.37%	0.37%	Reduced -26.5k	-26,462 -2.3%
56	AMERICAN FINL GROUP INC OHIO COM AFG	AFG	504,747	$60.0m0.35%	0.35%	Reduced -13.4k	-13,391 -2.6%
57	VANGUARD INDEX FDS TOTAL STK MKT VTI	VTI	247,900	$58.8m0.35%	0.35%	New
58	AUTODESK INC COM ADSK	ADSK	234,709	$57.1m0.34%	0.34%	New
59	VERISK ANALYTICS INC COM VRSK	VRSK	233,791	$55.8m0.33%	0.33%	Reduced -17.7k	-17,713 -7.0%
60	RELX PLC SPONSORED ADR RELX	RELX	1,314,583	$52.1m0.31%	0.31%	Reduced -5.4k	-5,410 -0.4%
61	COLGATE PALMOLIVE CO COM CL	CL	630,312	$50.2m0.30%	0.30%	Reduced -38.0k	-37,966 -5.7%
62	BERRY GLOBAL GROUP INC COM BERY	BERY	722,017	$48.7m0.29%	0.29%	Reduced -17.0k	-16,979 -2.3%
63	COSTCO WHSL CORP NEW COM COST	COST	68,743	$45.4m0.27%	0.27%	Reduced -1.9k	-1,942 -2.8%
64	AXOS FINANCIAL INC COM AX	AX	825,667	$45.1m0.27%	0.27%	Reduced -18.7k	-18,691 -2.2%
65	CYBERARK SOFTWARE LTD SHS CYBR	CYBR	204,291	$44.7m0.26%	0.26%	Reduced -48.0k	-47,994 -19.0%
66	CREDIT ACCEP CORP MICH COM CACC	CACC	71,262	$38.0m0.22%	0.22%	Added +7.6k	+7,612 12.0%
67	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	342,606	$35.6m0.21%	0.21%	Reduced -7.0k	-7,030 -2.0%
68	CME GROUP INC COM CME	CME	153,870	$32.4m0.19%	0.19%	Added +5.6k	+5,623 3.8%
69	BANK MONTREAL QUE COM BMO	BMO	314,414	$31.3m0.18%	0.18%	Reduced -8.9k	-8,855 -2.7%
70	UNILEVER PLC SPON ADR NEW SPON ADR NEW		625,189	$30.3m0.18%	0.18%	Added +32.7k	+32,710 5.5%
71	EXXON MOBIL CORP COM XOM	XOM	291,559	$29.2m0.17%	0.17%	Added +3.6k	+3,628 1.3%
72	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	110,797	$25.8m0.15%	0.15%	Reduced -2.9k	-2,870 -2.5%
73	SAP SE SPON ADR SAP	SAP	159,578	$24.7m0.15%	0.15%	Reduced -17.3k	-17,306 -9.8%
74	PROGRESSIVE CORP COM PGR	PGR	145,196	$23.1m0.14%	0.14%	Reduced -27.7k	-27,733 -16.0%
75	ELI LILLY & CO COM LLY	LLY	38,670	$22.5m0.13%	0.13%	Reduced -728	-728 -1.9%
76	ABBVIE INC COM ABBV	ABBV	143,632	$22.3m0.13%	0.13%	Added +547	+547 0.4%
77	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	46,406	$22.1m0.13%	0.13%	Added +1.1k	+1,060 2.3%
78	ZOETIS INC CL A ZTS	ZTS	111,346	$22.0m0.13%	0.13%	Reduced -6.0k	-5,975 -5.1%
79	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	28,212	$21.4m0.13%	0.13%	Reduced -1.2k	-1,209 -4.1%
80	COMCAST CORP NEW CL A CMCSA	CMCSA	455,388	$20.0m0.12%	0.12%	Reduced -19.6k	-19,637 -4.1%
81	NUTRIEN LTD COM NTR	NTR	340,744	$19.3m0.11%	0.11%	Reduced -7.1k	-7,055 -2.0%
82	TELUS CORPORATION COM TU	TU	1,075,068	$19.2m0.11%	0.11%	Reduced -17.2k	-17,180 -1.6%
83	ALCON AG ORD SHS ALC	ALC	239,574	$18.7m0.11%	0.11%	Added +3.4k	+3,407 1.4%
84	SERVISFIRST BANCSHARES INC COM SFBS	SFBS	263,663	$17.6m0.10%	0.10%	Reduced -7.0k	-6,981 -2.6%
85	PEMBINA PIPELINE CORP COM PBA	PBA	505,484	$17.5m0.10%	0.10%	Reduced -74.8k	-74,818 -12.9%
86	BCE INC COM NEW BCE	BCE	390,578	$15.5m0.09%	0.09%	Reduced -4.6k	-4,632 -1.2%
87	APPLE INC COM AAPL	AAPL	67,405	$13.0m0.08%	0.08%	Added +6.1k	+6,114 10.0%
88	NOVO-NORDISK A S ADR NVO	NVO	123,732	$12.8m0.08%	0.08%	Reduced -9.6k	-9,550 -7.2%
89	SUN LIFE FINANCIAL INC. COM SLF	SLF	231,027	$12.0m0.07%	0.07%	Reduced -4.0k	-4,031 -1.7%
90	CHEVRON CORP NEW COM CVX	CVX	76,410	$11.4m0.07%	0.07%	Reduced -4.8k	-4,783 -5.9%
91	CVS HEALTH CORP COM CVS	CVS	105,430	$8.3m0.05%	0.05%	Reduced -4.8k	-4,784 -4.3%
92	3M CO COM MMM	MMM	73,660	$8.1m0.05%	0.05%	Reduced -5.4k	-5,423 -6.9%
93	NIKE INC CL B NKE	NKE	73,640	$8.0m0.05%	0.05%	Added +2.1k	+2,059 2.9%
94	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	60,707	$7.9m0.05%	0.05%	Reduced -6.7k	-6,745 -10.0%
95	COCA COLA CO COM KO	KO	132,804	$7.8m0.05%	0.05%	Added +16.5k	+16,483 14.2%
96	KIMBERLY-CLARK CORP COM KMB	KMB	63,025	$7.7m0.05%	0.05%	Reduced -3.7k	-3,700 -5.5%
97	XP INC CL A XP	XP	282,418	$7.4m0.04%	0.04%	Added +9.3k	+9,280 3.4%
98	PFIZER INC COM PFE	PFE	251,097	$7.2m0.04%	0.04%	Reduced -21.9k	-21,905 -8.0%
99	CANADIAN PACIFIC KANSAS CITY COM CP	CP	89,644	$7.1m0.04%	0.04%	Added +34.9k	+34,856 63.6%
100	EMERSON ELEC CO COM EMR	EMR	72,353	$7.0m0.04%	0.04%	Reduced -12.9k	-12,907 -15.1%

Sold out since Q3 2023

Security	Ticker	Shares held before	Value then
ABCAM PLC		66,595	$1.5m66.6k shares
BROOKFIELD INFRAST PARTNERS BIP	BIP	11,226	$331.0k11.2k shares
QUEST DIAGNOSTICS INC DGX	DGX	1,735	$211.4k1.7k shares
VODAFONE GROUP PLC NEW VOD	VOD	12,650	$119.9k12.7k 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