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.

$17.4bn reported value +2.5% vs Q4 2023

196positions

37.7%in top 10

6 new 32 added 137 reduced 31 sold out vs Q4 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, Q1 2024

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	8,511,212	$1.1bn6.43%	6.43%	Reduced -308.2k	-308,249 -3.5%
2	BROOKFIELD CORP CL A LTD VT SH BN	BN	21,667,121	$907.5m5.21%	5.21%	Reduced -836.5k	-836,471 -3.7%
3	MICROSOFT CORP COM MSFT	MSFT	1,570,363	$660.7m3.79%	3.79%	Reduced -93.2k	-93,213 -5.6%
4	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	12,741,121	$659.7m3.78%	3.78%	Reduced -422.4k	-422,424 -3.2%
5	THOMSON REUTERS CORP COM COM		3,724,155	$580.1m3.33%	3.33%	Reduced -579.4k	-579,436 -13.5%
6	OPEN TEXT CORP COM OTEX	OTEX	14,934,688	$580.1m3.33%	3.33%	Reduced -456.9k	-456,869 -3.0%
7	RESTAURANT BRANDS INTL INC COM QSR	QSR	6,756,695	$537.1m3.08%	3.08%	Reduced -285.3k	-285,300 -4.0%
8	CGI INC CL A SUB VTG GIB	GIB	4,710,670	$520.2m2.98%	2.98%	Reduced -636.7k	-636,654 -11.9%
9	TC ENERGY CORP COM TRP	TRP	12,759,331	$513.3m2.94%	2.94%	Reduced -407.1k	-407,123 -3.1%
10	MANULIFE FINL CORP COM MFC	MFC	19,983,130	$499.6m2.87%	2.87%	Reduced -732.5k	-732,472 -3.5%
11	CAE INC COM CAE	CAE	21,964,698	$454.0m2.60%	2.60%	Added +4.6m	+4,630,063 26.7%
12	STANTEC INC COM STN	STN	5,445,228	$452.5m2.60%	2.60%	Reduced -1.0m	-1,011,619 -15.7%
13	GILDAN ACTIVEWEAR INC COM GIL	GIL	11,222,154	$416.9m2.39%	2.39%	Reduced -660.6k	-660,646 -5.6%
14	FRANCO NEV CORP COM FNV	FNV	3,474,773	$414.4m2.38%	2.38%	Added +29.9k	+29,925 0.9%
15	AMAZON COM INC COM AMZN	AMZN	2,210,251	$398.7m2.29%	2.29%	Reduced -132.2k	-132,242 -5.7%
16	BANK MONTREAL QUE COM BMO	BMO	3,827,130	$374.0m2.15%	2.15%	Added +3.5m	+3,512,716 1117.2%
17	MAGNA INTL INC COM MGA	MGA	6,752,491	$368.2m2.11%	2.11%	Reduced -214.3k	-214,341 -3.1%
18	UNITEDHEALTH GROUP INC COM UNH	UNH	655,100	$324.1m1.86%	1.86%	Added +1.9k	+1,891 0.3%
19	MASTERCARD INCORPORATED CL A MA	MA	670,944	$323.1m1.85%	1.85%	Reduced -16.8k	-16,841 -2.5%
20	DESCARTES SYS GROUP INC COM DSGX	DSGX	3,329,220	$304.8m1.75%	1.75%	Reduced -1.0m	-1,006,030 -23.2%
21	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	3,770,182	$291.1m1.67%	1.67%	Reduced -1.1m	-1,088,442 -22.4%
22	FISERV INC COM FISV	FISV	1,747,209	$279.2m1.60%	1.60%	Reduced -48.8k	-48,836 -2.7%
23	COLLIERS INTL GROUP INC SUB VTG SHS CIGI	CIGI	2,215,765	$271.1m1.55%	1.55%	Reduced -81.7k	-81,714 -3.6%
24	PEPSICO INC COM PEP	PEP	1,451,736	$254.1m1.46%	1.46%	Added +180.8k	+180,831 14.2%
25	COPART INC COM CPRT	CPRT	4,345,695	$251.7m1.44%	1.44%	Reduced -176.5k	-176,475 -3.9%
26	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,664,883	$251.3m1.44%	1.44%	Reduced -51.9k	-51,876 -3.0%
27	ABBOTT LABS COM ABT	ABT	2,079,873	$236.4m1.36%	1.36%	Reduced -42.5k	-42,532 -2.0%
28	ROYAL BK CDA COM RY	RY	2,235,429	$225.7m1.29%	1.29%	Reduced -22.4k	-22,378 -1.0%
29	JPMORGAN CHASE & CO COM JPM	JPM	1,109,524	$222.2m1.27%	1.27%	Reduced -36.0k	-36,039 -3.1%
30	BECTON DICKINSON & CO COM BDX	BDX	896,176	$221.8m1.27%	1.27%	Added +31.4k	+31,414 3.6%
31	ALPHABET INC CAP STK CL C GOOG	GOOG	1,453,449	$221.3m1.27%	1.27%	Reduced -65.8k	-65,792 -4.3%
32	ORACLE CORP COM ORCL	ORCL	1,658,230	$208.3m1.19%	1.19%	Reduced -42.4k	-42,366 -2.5%
33	BOSTON SCIENTIFIC CORP COM BSX	BSX	2,962,910	$202.9m1.16%	1.16%	Reduced -65.3k	-65,305 -2.2%
34	IQVIA HLDGS INC COM IQV	IQV	757,397	$191.5m1.10%	1.10%	Reduced -31.5k	-31,498 -4.0%
35	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	1,710,286	$191.1m1.10%	1.10%	Reduced -101.5k	-101,518 -5.6%
36	CHUBB LIMITED COM CB	CB	713,854	$185.0m1.06%	1.06%	Added +31.2k	+31,208 4.6%
37	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	496,966	$172.3m0.99%	0.99%	Reduced -974	-974 -0.2%
38	DANAHER CORPORATION COM DHR	DHR	578,039	$144.3m0.83%	0.83%	Added +5.2k	+5,181 0.9%
39	SHERWIN WILLIAMS CO COM SHW	SHW	413,161	$143.5m0.82%	0.82%	Reduced -12.2k	-12,165 -2.9%
40	AMETEK INC COM AME	AME	659,935	$120.7m0.69%	0.69%	Reduced -6.8k	-6,815 -1.0%
41	TORONTO DOMINION BK ONT COM NEW TD	TD	1,838,726	$111.1m0.64%	0.64%	Reduced -78.6k	-78,632 -4.1%
42	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	257,522	$108.3m0.62%	0.62%	Reduced -13.2k	-13,206 -4.9%
43	META PLATFORMS INC CL A META	META	222,128	$107.9m0.62%	0.62%	Reduced -9.6k	-9,576 -4.1%
44	DIAGEO PLC SPON ADR NEW DEO	DEO	699,141	$104.0m0.60%	0.60%	Reduced -20.9k	-20,923 -2.9%
45	JOHNSON & JOHNSON COM JNJ	JNJ	654,913	$103.6m0.59%	0.59%	Reduced -27.1k	-27,110 -4.0%
46	TJX COS INC NEW COM TJX	TJX	1,020,046	$103.5m0.59%	0.59%	Reduced -28.0k	-28,019 -2.7%
47	PROCTER AND GAMBLE CO COM PG	PG	622,835	$101.1m0.58%	0.58%	Reduced -21.1k	-21,136 -3.3%
48	ENBRIDGE INC COM ENB	ENB	2,746,263	$99.3m0.57%	0.57%	Reduced -56.3k	-56,261 -2.0%
49	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	846,393	$98.8m0.57%	0.57%	Reduced -17.8k	-17,779 -2.1%
50	HDFC BANK LTD SPONSORED ADS HDB	HDB	1,640,649	$91.8m0.53%	0.53%	Added +105.3k	+105,323 6.9%
51	MONDELEZ INTL INC CL A MDLZ	MDLZ	1,257,756	$88.0m0.50%	0.50%	Added +1.1k	+1,141 0.1%
52	SITEONE LANDSCAPE SUPPLY INC COM SITE	SITE	434,813	$75.9m0.44%	0.44%	New
53	LAUDER ESTEE COS INC CL A EL	EL	447,589	$69.0m0.40%	0.40%	Reduced -8.6k	-8,574 -1.9%
54	BANK OZK LITTLE ROCK ARK COM OZK	OZK	1,487,094	$67.6m0.39%	0.39%	Reduced -120.4k	-120,351 -7.5%
55	AMERICAN FINL GROUP INC OHIO COM AFG	AFG	491,418	$67.1m0.38%	0.38%	Reduced -13.3k	-13,329 -2.6%
56	LCI INDS COM LCII	LCII	539,415	$66.4m0.38%	0.38%	Reduced -11.3k	-11,285 -2.0%
57	MONSTER BEVERAGE CORP NEW COM MNST	MNST	1,073,595	$63.6m0.37%	0.37%	Reduced -29.6k	-29,579 -2.7%
58	AUTODESK INC COM ADSK	ADSK	232,115	$60.4m0.35%	0.35%	Reduced -2.6k	-2,594 -1.1%
59	RELX PLC SPONSORED ADR RELX	RELX	1,281,454	$55.5m0.32%	0.32%	Reduced -33.1k	-33,129 -2.5%
60	COLGATE PALMOLIVE CO COM CL	CL	589,084	$53.0m0.30%	0.30%	Reduced -41.2k	-41,228 -6.5%
61	VERISK ANALYTICS INC COM VRSK	VRSK	207,012	$48.8m0.28%	0.28%	Reduced -26.8k	-26,779 -11.4%
62	COSTCO WHSL CORP NEW COM COST	COST	64,405	$47.2m0.27%	0.27%	Reduced -4.3k	-4,338 -6.3%
63	PUBLIC SVC ENTERPRISE GRP IN COM PEG	PEG	682,055	$45.5m0.26%	0.26%	Added +676.5k	+676,525 12233.7%
64	CYBERARK SOFTWARE LTD SHS CYBR	CYBR	151,038	$40.1m0.23%	0.23%	Reduced -53.3k	-53,253 -26.1%
65	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	290,390	$39.5m0.23%	0.23%	Reduced -52.2k	-52,216 -15.2%
66	CREDIT ACCEP CORP MICH COM CACC	CACC	69,669	$38.4m0.22%	0.22%	Reduced -1.6k	-1,593 -2.2%
67	AXOS FINANCIAL INC COM AX	AX	651,835	$35.2m0.20%	0.20%	Reduced -173.8k	-173,832 -21.1%
68	CME GROUP INC COM CME	CME	156,920	$33.8m0.19%	0.19%	Added +3.0k	+3,050 2.0%
69	UNILEVER PLC SPON ADR NEW SPON ADR NEW		645,631	$32.4m0.19%	0.19%	Added +20.4k	+20,442 3.3%
70	EXXON MOBIL CORP COM XOM	XOM	276,772	$32.2m0.18%	0.18%	Reduced -14.8k	-14,787 -5.1%
71	PROGRESSIVE CORP COM PGR	PGR	141,909	$29.3m0.17%	0.17%	Reduced -3.3k	-3,287 -2.3%
72	SAP SE SPON ADR SAP	SAP	147,336	$28.7m0.16%	0.16%	Reduced -12.2k	-12,242 -7.7%
73	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	106,094	$26.5m0.15%	0.15%	Reduced -4.7k	-4,703 -4.2%
74	SERVISFIRST BANCSHARES INC COM SFBS	SFBS	398,340	$26.4m0.15%	0.15%	Added +134.7k	+134,677 51.1%
75	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	27,098	$26.3m0.15%	0.15%	Reduced -1.1k	-1,114 -4.0%
76	ELI LILLY & CO COM LLY	LLY	31,667	$24.6m0.14%	0.14%	Reduced -7.0k	-7,003 -18.1%
77	ABBVIE INC COM ABBV	ABBV	131,678	$24.0m0.14%	0.14%	Reduced -12.0k	-11,954 -8.3%
78	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	45,661	$23.9m0.14%	0.14%	Reduced -745	-745 -1.6%
79	BOOKING HOLDINGS INC COM BKNG	BKNG	5,704	$20.7m0.12%	0.12%	Reduced -22.1k	-22,090 -79.5%
80	ALCON AG ORD SHS ALC	ALC	234,786	$19.6m0.11%	0.11%	Reduced -4.8k	-4,788 -2.0%
81	ISHARES TR SHORT TREAS BD SHV	SHV	167,621	$18.5m0.11%	0.11%	New
82	COMCAST CORP NEW CL A CMCSA	CMCSA	424,058	$18.4m0.11%	0.11%	Reduced -31.3k	-31,330 -6.9%
83	PEMBINA PIPELINE CORP COM PBA	PBA	496,971	$17.6m0.10%	0.10%	Reduced -8.5k	-8,513 -1.7%
84	ZOETIS INC CL A ZTS	ZTS	102,035	$17.3m0.10%	0.10%	Reduced -9.3k	-9,311 -8.4%
85	TELUS CORPORATION COM TU	TU	956,521	$15.3m0.09%	0.09%	Reduced -118.5k	-118,547 -11.0%
86	NOVO-NORDISK A S ADR NVO	NVO	119,052	$15.3m0.09%	0.09%	Reduced -4.7k	-4,680 -3.8%
87	NUTRIEN LTD COM NTR	NTR	278,636	$15.2m0.09%	0.09%	Reduced -62.1k	-62,108 -18.2%
88	SUN LIFE FINANCIAL INC. COM SLF	SLF	231,046	$12.6m0.07%	0.07%	Added +19	+19 0.0%
89	CHEVRON CORP NEW COM CVX	CVX	70,991	$11.2m0.06%	0.06%	Reduced -5.4k	-5,419 -7.1%
90	BCE INC COM NEW BCE	BCE	294,459	$10.0m0.06%	0.06%	Reduced -96.1k	-96,119 -24.6%
91	APPLE INC COM AAPL	AAPL	56,906	$9.7m0.06%	0.06%	Reduced -10.5k	-10,499 -15.6%
92	TRIPLE FLAG PRECIOUS METAL COM TFPM	TFPM	628,068	$9.1m0.05%	0.05%	Added +333.2k	+333,168 113.0%
93	NU HLDGS LTD ORD SHS CL A NU	NU	723,126	$8.6m0.05%	0.05%	Added +6.4k	+6,410 0.9%
94	TRIP COM GROUP LTD ADS TCOM	TCOM	184,272	$8.1m0.05%	0.05%	Unchanged
95	KIMBERLY-CLARK CORP COM KMB	KMB	59,155	$7.7m0.04%	0.04%	Reduced -3.9k	-3,870 -6.1%
96	CVS HEALTH CORP COM CVS	CVS	94,545	$7.5m0.04%	0.04%	Reduced -10.9k	-10,885 -10.3%
97	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	57,047	$7.4m0.04%	0.04%	Reduced -3.7k	-3,660 -6.0%
98	XP INC CL A XP	XP	285,128	$7.3m0.04%	0.04%	Added +2.7k	+2,710 1.0%
99	EMERSON ELEC CO COM EMR	EMR	60,950	$6.9m0.04%	0.04%	Reduced -11.4k	-11,403 -15.8%
100	CREDICORP LTD COM BAP	BAP	39,595	$6.7m0.04%	0.04%	Added +170	+170 0.4%

Sold out since Q4 2023

Security	Ticker	Shares held before	Value then
VANGUARD INDEX FDS VTI	VTI	247,900	$58.8m247.9k shares
COOPER COS INC		3,850	$1.5m3.9k shares
TECK RESOURCES LTD TECK	TECK	28,574	$1.2m28.6k shares
THERMO FISHER SCIENTIFIC INC TMO	TMO	2,077	$1.1m2.1k shares
TE CONNECTIVITY LTD TEL1USD	TEL1USD	6,800	$955.4k6.8k shares
SALESFORCE INC CRM	CRM	3,600	$947.3k3.6k shares
VERIZON COMMUNICATIONS INC VZ	VZ	24,490	$923.3k24.5k shares
AMERICAN TOWER CORP NEW AMT	AMT	3,845	$830.1k3.8k shares
INTUIT INTU	INTU	1,311	$819.4k1.3k shares
ELEVANCE HEALTH INC ELV	ELV	1,715	$808.7k1.7k shares
MID-AMER APT CMNTYS INC MAA	MAA	5,854	$787.1k5.9k shares
ECOLAB INC ECL	ECL	3,900	$773.6k3.9k shares
INTEL CORP INTC	INTC	15,242	$765.9k15.2k shares
NEXTERA ENERGY INC NEE	NEE	12,498	$759.1k12.5k shares
BLACKROCK INC BLK	BLK	905	$734.7k905 shares
RTX CORPORATION RTX	RTX	7,800	$656.3k7.8k shares
FIRSTSERVICE CORP NEW FSV	FSV	3,783	$613.2k3.8k shares
AMERICAN WTR WKS CO INC NEW AWK	AWK	4,127	$544.7k4.1k shares
ICICI BANK LIMITED IBN	IBN	20,810	$496.1k20.8k shares
BLACKSTONE INC BX	BX	3,648	$477.6k3.6k shares
REPUBLIC SVCS INC RSG	RSG	2,859	$471.5k2.9k shares
GRANITE REAL ESTATE INVT TR		8,034	$464.8k8.0k shares
EATON CORP PLC ETN	ETN	1,619	$389.9k1.6k shares
ISHARES TR SHV	SHV	3,518	$387.4k3.5k shares
AMERICAN ELEC PWR CO INC AEP	AEP	4,545	$369.1k4.5k 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