JARISLOWSKY, FRASER Ltd

MONTREAL, A8 · CIK 1123778 · 13F filing filed 2024-08-12

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.

$16.5bn reported value -5.6% vs Q1 2024

185positions

37.2%in top 10

8 new 26 added 135 reduced 19 sold out vs Q1 2024

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 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	8,610,928	$1.0bn6.18%	6.18%	Added +99.7k	+99,716 1.2%
2	BROOKFIELD CORP CL A LTD VT SH BN	BN	21,144,135	$879.2m5.34%	5.34%	Reduced -523.0k	-522,986 -2.4%
3	MICROSOFT CORP COM MSFT	MSFT	1,500,227	$670.5m4.07%	4.07%	Reduced -70.1k	-70,136 -4.5%
4	THOMSON REUTERS CORP COM COM		3,589,198	$604.9m3.67%	3.67%	Reduced -135.0k	-134,957 -3.6%
5	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	12,685,074	$580.1m3.52%	3.52%	Reduced -56.0k	-56,047 -0.4%
6	MANULIFE FINL CORP COM MFC	MFC	18,560,925	$494.2m3.00%	3.00%	Reduced -1.4m	-1,422,205 -7.1%
7	TC ENERGY CORP COM TRP	TRP	12,592,857	$477.3m2.90%	2.90%	Reduced -166.5k	-166,474 -1.3%
8	OPEN TEXT CORP COM OTEX	OTEX	15,702,510	$471.4m2.86%	2.86%	Added +767.8k	+767,822 5.1%
9	RESTAURANT BRANDS INTL INC COM QSR	QSR	6,673,716	$470.2m2.86%	2.86%	Reduced -83.0k	-82,979 -1.2%
10	CGI INC CL A SUB VTG GIB	GIB	4,609,507	$460.0m2.79%	2.79%	Reduced -101.2k	-101,163 -2.1%
11	STANTEC INC COM STN	STN	5,316,836	$445.0m2.70%	2.70%	Reduced -128.4k	-128,392 -2.4%
12	BANK MONTREAL QUE COM BMO	BMO	5,239,662	$439.7m2.67%	2.67%	Added +1.4m	+1,412,532 36.9%
13	AMAZON COM INC COM AMZN	AMZN	2,167,526	$418.9m2.54%	2.54%	Reduced -42.7k	-42,725 -1.9%
14	GILDAN ACTIVEWEAR INC COM GIL	GIL	11,031,700	$418.3m2.54%	2.54%	Reduced -190.5k	-190,454 -1.7%
15	CAE INC COM CAE	CAE	22,249,466	$413.2m2.51%	2.51%	Added +284.8k	+284,768 1.3%
16	FRANCO NEV CORP COM FNV	FNV	3,434,574	$407.1m2.47%	2.47%	Reduced -40.2k	-40,199 -1.2%
17	UNITEDHEALTH GROUP INC COM UNH	UNH	654,348	$333.2m2.02%	2.02%	Reduced -752	-752 -0.1%
18	MAGNA INTL INC COM MGA	MGA	7,148,236	$299.5m1.82%	1.82%	Added +395.7k	+395,745 5.9%
19	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	4,437,786	$293.2m1.78%	1.78%	Added +667.6k	+667,604 17.7%
20	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,599,495	$291.3m1.77%	1.77%	Reduced -65.4k	-65,388 -3.9%
21	MASTERCARD INCORPORATED CL A MA	MA	649,969	$286.7m1.74%	1.74%	Reduced -21.0k	-20,975 -3.1%
22	DESCARTES SYS GROUP INC COM DSGX	DSGX	2,890,232	$280.0m1.70%	1.70%	Reduced -439.0k	-438,988 -13.2%
23	FISERV INC COM FISV	FISV	1,667,270	$248.5m1.51%	1.51%	Reduced -79.9k	-79,939 -4.6%
24	COLLIERS INTL GROUP INC SUB VTG SHS CIGI	CIGI	2,190,257	$244.5m1.49%	1.49%	Reduced -25.5k	-25,508 -1.1%
25	ALPHABET INC CAP STK CL C GOOG	GOOG	1,304,464	$239.3m1.45%	1.45%	Reduced -149.0k	-148,985 -10.2%
26	PEPSICO INC COM PEP	PEP	1,436,046	$236.8m1.44%	1.44%	Reduced -15.7k	-15,690 -1.1%
27	COPART INC COM CPRT	CPRT	4,249,625	$230.2m1.40%	1.40%	Reduced -96.1k	-96,070 -2.2%
28	ABBOTT LABS COM ABT	ABT	2,204,558	$229.1m1.39%	1.39%	Added +124.7k	+124,685 6.0%
29	ROYAL BK CDA COM RY	RY	2,089,756	$222.4m1.35%	1.35%	Reduced -145.7k	-145,673 -6.5%
30	BOSTON SCIENTIFIC CORP COM BSX	BSX	2,879,213	$221.7m1.35%	1.35%	Reduced -83.7k	-83,697 -2.8%
31	ORACLE CORP COM ORCL	ORCL	1,522,231	$214.9m1.31%	1.31%	Reduced -136.0k	-135,999 -8.2%
32	JPMORGAN CHASE & CO COM JPM	JPM	1,027,573	$207.8m1.26%	1.26%	Reduced -82.0k	-81,951 -7.4%
33	BECTON DICKINSON & CO COM BDX	BDX	883,000	$206.4m1.25%	1.25%	Reduced -13.2k	-13,176 -1.5%
34	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	1,528,790	$187.4m1.14%	1.14%	Reduced -181.5k	-181,496 -10.6%
35	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	550,117	$166.9m1.01%	1.01%	Added +53.2k	+53,151 10.7%
36	IQVIA HLDGS INC COM IQV	IQV	762,305	$161.2m0.98%	0.98%	Added +4.9k	+4,908 0.7%
37	DANAHER CORPORATION COM DHR	DHR	587,708	$146.8m0.89%	0.89%	Added +9.7k	+9,669 1.7%
38	CHUBB LIMITED COM CB	CB	518,976	$132.4m0.80%	0.80%	Reduced -194.9k	-194,878 -27.3%
39	SHERWIN WILLIAMS CO COM SHW	SHW	411,155	$122.7m0.75%	0.75%	Reduced -2.0k	-2,006 -0.5%
40	TJX COS INC NEW COM TJX	TJX	1,016,375	$111.9m0.68%	0.68%	Reduced -3.7k	-3,671 -0.4%
41	META PLATFORMS INC CL A META	META	220,283	$111.1m0.67%	0.67%	Reduced -1.8k	-1,845 -0.8%
42	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	800,544	$110.4m0.67%	0.67%	Reduced -45.8k	-45,849 -5.4%
43	AMETEK INC COM AME	AME	655,392	$109.3m0.66%	0.66%	Reduced -4.5k	-4,543 -0.7%
44	HDFC BANK LTD SPONSORED ADS HDB	HDB	1,648,305	$106.0m0.64%	0.64%	Added +7.7k	+7,656 0.5%
45	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	234,066	$95.2m0.58%	0.58%	Reduced -23.5k	-23,456 -9.1%
46	AUTODESK INC COM ADSK	ADSK	379,882	$94.0m0.57%	0.57%	Added +147.8k	+147,767 63.7%
47	MONDELEZ INTL INC CL A MDLZ	MDLZ	1,390,582	$91.0m0.55%	0.55%	Added +132.8k	+132,826 10.6%
48	TORONTO DOMINION BK ONT COM NEW TD	TD	1,621,285	$89.1m0.54%	0.54%	Reduced -217.4k	-217,441 -11.8%
49	DIAGEO PLC SPON ADR NEW DEO	DEO	650,907	$82.1m0.50%	0.50%	Reduced -48.2k	-48,234 -6.9%
50	BANK OZK LITTLE ROCK ARK COM OZK	OZK	1,971,037	$80.8m0.49%	0.49%	Added +483.9k	+483,943 32.5%
51	PROCTER AND GAMBLE CO COM PG	PG	475,704	$78.5m0.48%	0.48%	Reduced -147.1k	-147,131 -23.6%
52	JOHNSON & JOHNSON COM JNJ	JNJ	535,628	$78.3m0.48%	0.48%	Reduced -119.3k	-119,285 -18.2%
53	ENBRIDGE INC COM ENB	ENB	1,978,942	$70.4m0.43%	0.43%	Reduced -767.3k	-767,321 -27.9%
54	SITEONE LANDSCAPE SUPPLY INC COM SITE	SITE	549,302	$66.7m0.41%	0.41%	Added +114.5k	+114,489 26.3%
55	AMERICAN FINL GROUP INC OHIO COM AFG	AFG	477,005	$58.7m0.36%	0.36%	Reduced -14.4k	-14,413 -2.9%
56	RELX PLC SPONSORED ADR RELX	RELX	1,212,161	$55.6m0.34%	0.34%	Reduced -69.3k	-69,293 -5.4%
57	PUBLIC SVC ENTERPRISE GRP IN COM PEG	PEG	718,243	$52.9m0.32%	0.32%	Added +36.2k	+36,188 5.3%
58	MONSTER BEVERAGE CORP NEW COM MNST	MNST	1,051,153	$52.5m0.32%	0.32%	Reduced -22.4k	-22,442 -2.1%
59	COLGATE PALMOLIVE CO COM CL	CL	525,223	$51.0m0.31%	0.31%	Reduced -63.9k	-63,861 -10.8%
60	COSTCO WHSL CORP NEW COM COST	COST	55,235	$46.9m0.29%	0.29%	Reduced -9.2k	-9,170 -14.2%
61	LAUDER ESTEE COS INC CL A EL	EL	440,919	$46.9m0.28%	0.28%	Reduced -6.7k	-6,670 -1.5%
62	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	257,562	$44.8m0.27%	0.27%	Reduced -32.8k	-32,828 -11.3%
63	CYBERARK SOFTWARE LTD SHS CYBR	CYBR	149,084	$40.8m0.25%	0.25%	Reduced -2.0k	-1,954 -1.3%
64	CME GROUP INC COM CME	CME	205,592	$40.4m0.25%	0.25%	Added +48.7k	+48,672 31.0%
65	UNILEVER PLC SPON ADR NEW SPON ADR NEW		669,290	$36.8m0.22%	0.22%	Added +23.7k	+23,659 3.7%
66	AXOS FINANCIAL INC COM AX	AX	634,041	$36.2m0.22%	0.22%	Reduced -17.8k	-17,794 -2.7%
67	VERISK ANALYTICS INC COM VRSK	VRSK	128,754	$34.7m0.21%	0.21%	Reduced -78.3k	-78,258 -37.8%
68	CREDIT ACCEP CORP MICH COM CACC	CACC	66,805	$34.4m0.21%	0.21%	Reduced -2.9k	-2,864 -4.1%
69	LCI INDS COM LCII	LCII	298,276	$30.8m0.19%	0.19%	Reduced -241.1k	-241,139 -44.7%
70	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	29,211	$29.9m0.18%	0.18%	Added +2.1k	+2,113 7.8%
71	PROGRESSIVE CORP COM PGR	PGR	139,479	$29.0m0.18%	0.18%	Reduced -2.4k	-2,430 -1.7%
72	SAP SE SPON ADR SAP	SAP	131,643	$26.6m0.16%	0.16%	Reduced -15.7k	-15,693 -10.7%
73	SERVISFIRST BANCSHARES INC COM SFBS	SFBS	391,797	$24.8m0.15%	0.15%	Reduced -6.5k	-6,543 -1.6%
74	ELI LILLY & CO COM LLY	LLY	25,772	$23.3m0.14%	0.14%	Reduced -5.9k	-5,895 -18.6%
75	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	42,739	$23.3m0.14%	0.14%	Reduced -2.9k	-2,922 -6.4%
76	EXXON MOBIL CORP COM XOM	XOM	192,562	$22.2m0.13%	0.13%	Reduced -84.2k	-84,210 -30.4%
77	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	89,709	$21.4m0.13%	0.13%	Reduced -16.4k	-16,385 -15.4%
78	ALCON AG ORD SHS ALC	ALC	235,905	$21.0m0.13%	0.13%	Added +1.1k	+1,119 0.5%
79	PEMBINA PIPELINE CORP COM PBA	PBA	464,899	$17.2m0.10%	0.10%	Reduced -32.1k	-32,072 -6.5%
80	ABBVIE INC COM ABBV	ABBV	99,533	$17.1m0.10%	0.10%	Reduced -32.1k	-32,145 -24.4%
81	ZOETIS INC CL A ZTS	ZTS	86,363	$15.0m0.09%	0.09%	Reduced -15.7k	-15,672 -15.4%
82	TELUS CORPORATION COM TU	TU	888,052	$13.4m0.08%	0.08%	Reduced -68.5k	-68,469 -7.2%
83	COMCAST CORP NEW CL A CMCSA	CMCSA	342,536	$13.4m0.08%	0.08%	Reduced -81.5k	-81,522 -19.2%
84	NOVO-NORDISK A S ADR NVO	NVO	81,357	$11.6m0.07%	0.07%	Reduced -37.7k	-37,695 -31.7%
85	APPLE INC COM AAPL	AAPL	53,585	$11.3m0.07%	0.07%	Reduced -3.3k	-3,321 -5.8%
86	NUTRIEN LTD COM NTR	NTR	210,410	$10.7m0.07%	0.07%	Reduced -68.2k	-68,226 -24.5%
87	SUN LIFE FINANCIAL INC. COM SLF	SLF	217,209	$10.6m0.06%	0.06%	Reduced -13.8k	-13,837 -6.0%
88	CHEVRON CORP NEW COM CVX	CVX	65,865	$10.3m0.06%	0.06%	Reduced -5.1k	-5,126 -7.2%
89	NU HLDGS LTD ORD SHS CL A NU	NU	727,482	$9.4m0.06%	0.06%	Added +4.4k	+4,356 0.6%
90	BOOKING HOLDINGS INC COM BKNG	BKNG	2,351	$9.3m0.06%	0.06%	Reduced -3.4k	-3,353 -58.8%
91	TRIPLE FLAG PRECIOUS METAL COM TFPM	TFPM	540,302	$8.4m0.05%	0.05%	Reduced -87.8k	-87,766 -14.0%
92	TRIP COM GROUP LTD ADS TCOM	TCOM	162,471	$7.6m0.05%	0.05%	Reduced -21.8k	-21,801 -11.8%
93	BCE INC COM NEW BCE	BCE	217,153	$7.0m0.04%	0.04%	Reduced -77.3k	-77,306 -26.2%
94	SEA LTD SPONSORD ADS SE	SE	88,476	$6.3m0.04%	0.04%	Reduced -9.1k	-9,080 -9.3%
95	CREDICORP LTD COM BAP	BAP	37,608	$6.1m0.04%	0.04%	Reduced -2.0k	-1,987 -5.0%
96	XP INC CL A XP	XP	344,149	$6.1m0.04%	0.04%	Added +59.0k	+59,021 20.7%
97	NOVARTIS AG SPONSORED ADR NVS	NVS	56,728	$6.0m0.04%	0.04%	Reduced -4.6k	-4,585 -7.5%
98	KIMBERLY-CLARK CORP COM KMB	KMB	41,067	$5.7m0.03%	0.03%	Reduced -18.1k	-18,088 -30.6%
99	SUNCOR ENERGY INC NEW COM SU	SU	146,664	$5.6m0.03%	0.03%	Reduced -28.4k	-28,403 -16.2%
100	PFIZER INC COM PFE	PFE	199,499	$5.6m0.03%	0.03%	Reduced -26.3k	-26,295 -11.7%

Sold out since Q1 2024

Security	Ticker	Shares held before	Value then
ALITHYA GROUP INC ALYAF	ALYAF	2,316,984	$3.6m2.3m shares
PARKER-HANNIFIN CORP PH	PH	5,630	$3.1m5.6k shares
ISHARES TR SGOV	SGOV	17,103	$1.7m17.1k shares
BERRY GLOBAL GROUP INC BERY	BERY	24,164	$1.5m24.2k shares
STRYKER CORPORATION SYK	SYK	2,429	$869.3k2.4k shares
BANK AMERICA CORP BAC	BAC	19,587	$742.7k19.6k shares
CLOROX CO DEL CLX	CLX	4,000	$612.4k4.0k shares
DOLLAR TREE INC DLTR	DLTR	4,050	$539.3k4.0k shares
DISNEY WALT CO DIS	DIS	3,139	$384.1k3.1k shares
HARTFORD INSURANCE GROUP INC HIG	HIG	3,600	$371.0k3.6k shares
BERKLEY W R CORP WRB	WRB	3,114	$275.4k3.1k shares
LULULEMON ATHLETICA INC LULU	LULU	700	$273.5k700 shares
CISCO SYS INC CSCO	CSCO	4,750	$237.1k4.8k shares
MCCORMICK & CO INC MKC	MKC	2,700	$207.4k2.7k shares
VERALTO CORP VLTO	VLTO	2,339	$207.4k2.3k shares
BAIDU INC BIDU	BIDU	1,946	$204.9k1.9k shares
SANOFI SNY	SNY	4,200	$204.1k4.2k shares
BROOKFIELD RENEWABLE PARTNER BEP	BEP	8,767	$204.1k8.8k shares
INTERNATIONAL BUSINESS MACHS IBM	IBM	1,050	$200.5k1.1k 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