JARISLOWSKY, FRASER Ltd

MONTREAL, A8 · CIK 1123778 · 13F filing filed 2024-11-13

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.

$17.9bn reported value +8.6% vs Q2 2024

189positions

37.3%in top 10

12 new 47 added 100 reduced 8 sold out vs Q2 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, Q3 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	8,736,997	$1.0bn5.73%	5.73%	Added +126.1k	+126,069 1.5%
2	BROOKFIELD CORP CL A LTD VT SH BN	BN	19,161,418	$1.0bn5.70%	5.70%	Reduced -2.0m	-1,982,717 -9.4%
3	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	12,392,247	$676.0m3.78%	3.78%	Reduced -292.8k	-292,827 -2.3%
4	MICROSOFT CORP COM MSFT	MSFT	1,449,107	$623.6m3.49%	3.49%	Reduced -51.1k	-51,120 -3.4%
5	THOMSON REUTERS CORP COM COM		3,525,182	$602.0m3.37%	3.37%	Reduced -64.0k	-64,016 -1.8%
6	TC ENERGY CORP COM TRP	TRP	12,248,009	$582.9m3.26%	3.26%	Reduced -344.8k	-344,848 -2.7%
7	BANK MONTREAL QUE COM BMO	BMO	6,285,331	$567.8m3.18%	3.18%	Added +1.0m	+1,045,669 20.0%
8	OPEN TEXT CORP COM OTEX	OTEX	16,589,561	$552.8m3.09%	3.09%	Added +887.1k	+887,051 5.7%
9	CGI INC CL A SUB VTG GIB	GIB	4,522,781	$521.0m2.91%	2.91%	Reduced -86.7k	-86,726 -1.9%
10	MANULIFE FINL CORP COM MFC	MFC	16,732,118	$495.0m2.77%	2.77%	Reduced -1.8m	-1,828,807 -9.8%
11	GILDAN ACTIVEWEAR INC COM GIL	GIL	10,328,349	$486.7m2.72%	2.72%	Reduced -703.4k	-703,351 -6.4%
12	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	5,949,224	$477.1m2.67%	2.67%	Added +1.5m	+1,511,438 34.1%
13	RESTAURANT BRANDS INTL INC COM QSR	QSR	6,569,026	$474.5m2.65%	2.65%	Reduced -104.7k	-104,690 -1.6%
14	STANTEC INC COM STN	STN	5,210,510	$419.5m2.35%	2.35%	Reduced -106.3k	-106,326 -2.0%
15	FRANCO NEV CORP COM FNV	FNV	3,372,201	$419.3m2.35%	2.35%	Reduced -62.4k	-62,373 -1.8%
16	CAE INC COM CAE	CAE	22,291,187	$418.9m2.34%	2.34%	Added +41.7k	+41,721 0.2%
17	AMAZON COM INC COM AMZN	AMZN	2,137,979	$398.4m2.23%	2.23%	Reduced -29.5k	-29,547 -1.4%
18	UNITEDHEALTH GROUP INC COM UNH	UNH	640,277	$374.4m2.09%	2.09%	Reduced -14.1k	-14,071 -2.1%
19	MAGNA INTL INC COM MGA	MGA	8,016,750	$329.2m1.84%	1.84%	Added +868.5k	+868,514 12.2%
20	COLLIERS INTL GROUP INC SUB VTG SHS CIGI	CIGI	2,149,212	$326.5m1.83%	1.83%	Reduced -41.0k	-41,045 -1.9%
21	MASTERCARD INCORPORATED CL A MA	MA	639,238	$315.7m1.77%	1.77%	Reduced -10.7k	-10,731 -1.6%
22	DESCARTES SYS GROUP INC COM DSGX	DSGX	2,838,860	$292.4m1.64%	1.64%	Reduced -51.4k	-51,372 -1.8%
23	FISERV INC COM FISV	FISV	1,566,629	$281.4m1.57%	1.57%	Reduced -100.6k	-100,641 -6.0%
24	ABBOTT LABS COM ABT	ABT	2,377,330	$271.0m1.52%	1.52%	Added +172.8k	+172,772 7.8%
25	ORACLE CORP COM ORCL	ORCL	1,527,595	$260.3m1.46%	1.46%	Added +5.4k	+5,364 0.3%
26	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,566,633	$259.8m1.45%	1.45%	Reduced -32.9k	-32,862 -2.0%
27	ROYAL BK CDA COM RY	RY	2,071,506	$258.8m1.45%	1.45%	Reduced -18.2k	-18,250 -0.9%
28	PEPSICO INC COM PEP	PEP	1,397,801	$237.7m1.33%	1.33%	Reduced -38.2k	-38,245 -2.7%
29	BOSTON SCIENTIFIC CORP COM BSX	BSX	2,769,266	$232.1m1.30%	1.30%	Reduced -109.9k	-109,947 -3.8%
30	COPART INC COM CPRT	CPRT	4,167,096	$218.4m1.22%	1.22%	Reduced -82.5k	-82,529 -1.9%
31	ALPHABET INC CAP STK CL C GOOG	GOOG	1,260,063	$210.7m1.18%	1.18%	Reduced -44.4k	-44,401 -3.4%
32	BECTON DICKINSON & CO COM BDX	BDX	865,055	$208.6m1.17%	1.17%	Reduced -17.9k	-17,945 -2.0%
33	JPMORGAN CHASE & CO COM JPM	JPM	979,826	$206.6m1.16%	1.16%	Reduced -47.7k	-47,747 -4.7%
34	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	1,454,505	$202.7m1.13%	1.13%	Reduced -74.3k	-74,285 -4.9%
35	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	552,645	$195.3m1.09%	1.09%	Added +2.5k	+2,528 0.5%
36	IQVIA HLDGS INC COM IQV	IQV	750,256	$177.8m0.99%	0.99%	Reduced -12.0k	-12,049 -1.6%
37	DANAHER CORPORATION COM DHR	DHR	587,141	$163.2m0.91%	0.91%	Reduced -567	-567 -0.1%
38	SHERWIN WILLIAMS CO COM SHW	SHW	377,059	$143.9m0.80%	0.80%	Reduced -34.1k	-34,096 -8.3%
39	CHUBB LIMITED COM CB	CB	462,026	$133.2m0.75%	0.75%	Reduced -57.0k	-56,950 -11.0%
40	META PLATFORMS INC CL A META	META	213,101	$122.0m0.68%	0.68%	Reduced -7.2k	-7,182 -3.3%
41	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	639,758	$117.0m0.65%	0.65%	Reduced -160.8k	-160,786 -20.1%
42	TJX COS INC NEW COM TJX	TJX	991,534	$116.5m0.65%	0.65%	Reduced -24.8k	-24,841 -2.4%
43	AUTODESK INC COM ADSK	ADSK	411,582	$113.4m0.63%	0.63%	Added +31.7k	+31,700 8.3%
44	AMETEK INC COM AME	AME	649,078	$111.5m0.62%	0.62%	Reduced -6.3k	-6,314 -1.0%
45	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	231,686	$106.6m0.60%	0.60%	Reduced -2.4k	-2,380 -1.0%
46	HDFC BANK LTD SPONSORED ADS HDB	HDB	1,657,932	$103.7m0.58%	0.58%	Added +9.6k	+9,627 0.6%
47	MONDELEZ INTL INC CL A MDLZ	MDLZ	1,394,474	$102.7m0.57%	0.57%	Added +3.9k	+3,892 0.3%
48	TORONTO DOMINION BK ONT COM NEW TD	TD	1,521,200	$96.3m0.54%	0.54%	Reduced -100.1k	-100,085 -6.2%
49	DIAGEO PLC SPON ADR NEW DEO	DEO	619,615	$87.0m0.49%	0.49%	Reduced -31.3k	-31,292 -4.8%
50	BANK OZK LITTLE ROCK ARK COM OZK	OZK	1,992,471	$85.7m0.48%	0.48%	Added +21.4k	+21,434 1.1%
51	SITEONE LANDSCAPE SUPPLY INC COM SITE	SITE	554,039	$83.6m0.47%	0.47%	Added +4.7k	+4,737 0.9%
52	JOHNSON & JOHNSON COM JNJ	JNJ	511,972	$83.0m0.46%	0.46%	Reduced -23.7k	-23,656 -4.4%
53	PROCTER AND GAMBLE CO COM PG	PG	462,972	$80.2m0.45%	0.45%	Reduced -12.7k	-12,732 -2.7%
54	ENBRIDGE INC COM ENB	ENB	1,815,407	$73.8m0.41%	0.41%	Reduced -163.5k	-163,535 -8.3%
55	CADENCE DESIGN SYSTEM INC COM CDNS	CDNS	243,093	$65.9m0.37%	0.37%	New
56	PUBLIC SVC ENTERPRISE GRP IN COM PEG	PEG	731,607	$65.3m0.37%	0.37%	Added +13.4k	+13,364 1.9%
57	MONSTER BEVERAGE CORP NEW COM MNST	MNST	1,237,674	$64.6m0.36%	0.36%	Added +186.5k	+186,521 17.7%
58	AMERICAN FINL GROUP INC OHIO COM AFG	AFG	463,865	$62.4m0.35%	0.35%	Reduced -13.1k	-13,140 -2.8%
59	RELX PLC SPONSORED ADR RELX	RELX	1,165,886	$55.3m0.31%	0.31%	Reduced -46.3k	-46,275 -3.8%
60	COLGATE PALMOLIVE CO COM CL	CL	473,840	$49.2m0.28%	0.28%	Reduced -51.4k	-51,383 -9.8%
61	CME GROUP INC COM CME	CME	222,060	$49.0m0.27%	0.27%	Added +16.5k	+16,468 8.0%
62	COSTCO WHSL CORP NEW COM COST	COST	52,270	$46.3m0.26%	0.26%	Reduced -3.0k	-2,965 -5.4%
63	LAUDER ESTEE COS INC CL A EL	EL	443,496	$44.2m0.25%	0.25%	Added +2.6k	+2,577 0.6%
64	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	252,671	$43.9m0.25%	0.25%	Reduced -4.9k	-4,891 -1.9%
65	CYBERARK SOFTWARE LTD SHS CYBR	CYBR	145,897	$42.5m0.24%	0.24%	Reduced -3.2k	-3,187 -2.1%
66	UNILEVER PLC SPON ADR NEW SPON ADR NEW		643,813	$41.8m0.23%	0.23%	Reduced -25.5k	-25,477 -3.8%
67	AXOS FINANCIAL INC COM AX	AX	614,338	$38.6m0.22%	0.22%	Reduced -19.7k	-19,703 -3.1%
68	LCI INDS COM LCII	LCII	286,209	$34.5m0.19%	0.19%	Reduced -12.1k	-12,067 -4.0%
69	PROGRESSIVE CORP COM PGR	PGR	135,599	$34.4m0.19%	0.19%	Reduced -3.9k	-3,880 -2.8%
70	VERISK ANALYTICS INC COM VRSK	VRSK	119,788	$32.1m0.18%	0.18%	Reduced -9.0k	-8,966 -7.0%
71	SERVISFIRST BANCSHARES INC COM SFBS	SFBS	380,364	$30.6m0.17%	0.17%	Reduced -11.4k	-11,433 -2.9%
72	SAP SE SPON ADR SAP	SAP	128,036	$29.3m0.16%	0.16%	Reduced -3.6k	-3,607 -2.7%
73	CREDIT ACCEP CORP MICH COM CACC	CACC	64,982	$28.8m0.16%	0.16%	Reduced -1.8k	-1,823 -2.7%
74	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	42,348	$24.3m0.14%	0.14%	Reduced -391	-391 -0.9%
75	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	28,731	$23.9m0.13%	0.13%	Reduced -480	-480 -1.6%
76	ALCON AG ORD SHS ALC	ALC	222,158	$22.2m0.12%	0.12%	Reduced -13.7k	-13,747 -5.8%
77	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	76,329	$21.1m0.12%	0.12%	Reduced -13.4k	-13,380 -14.9%
78	ELI LILLY & CO COM LLY	LLY	23,749	$21.0m0.12%	0.12%	Reduced -2.0k	-2,023 -7.8%
79	EXXON MOBIL CORP COM XOM	XOM	169,002	$19.8m0.11%	0.11%	Reduced -23.6k	-23,560 -12.2%
80	ABBVIE INC COM ABBV	ABBV	99,358	$19.6m0.11%	0.11%	Reduced -175	-175 -0.2%
81	PEMBINA PIPELINE CORP COM PBA	PBA	461,654	$19.1m0.11%	0.11%	Reduced -3.2k	-3,245 -0.7%
82	ZOETIS INC CL A ZTS	ZTS	87,875	$17.2m0.10%	0.10%	Added +1.5k	+1,512 1.8%
83	SUN LIFE FINANCIAL INC. COM SLF	SLF	222,432	$12.9m0.07%	0.07%	Added +5.2k	+5,223 2.4%
84	APPLE INC COM AAPL	AAPL	52,131	$12.1m0.07%	0.07%	Reduced -1.5k	-1,454 -2.7%
85	TELUS CORPORATION COM TU	TU	711,412	$11.9m0.07%	0.07%	Reduced -176.6k	-176,640 -19.9%
86	COMCAST CORP NEW CL A CMCSA	CMCSA	259,636	$10.8m0.06%	0.06%	Reduced -82.9k	-82,900 -24.2%
87	NUTRIEN LTD COM NTR	NTR	210,869	$10.1m0.06%	0.06%	Added +459	+459 0.2%
88	TRIPLE FLAG PRECIOUS METAL COM TFPM	TFPM	576,591	$9.3m0.05%	0.05%	Added +36.3k	+36,289 6.7%
89	TRIP COM GROUP LTD ADS TCOM	TCOM	155,471	$9.2m0.05%	0.05%	Reduced -7.0k	-7,000 -4.3%
90	NU HLDGS LTD ORD SHS CL A NU	NU	658,289	$9.0m0.05%	0.05%	Reduced -69.2k	-69,193 -9.5%
91	NOVO-NORDISK A S ADR NVO	NVO	73,497	$8.8m0.05%	0.05%	Reduced -7.9k	-7,860 -9.7%
92	BOOKING HOLDINGS INC COM BKNG	BKNG	1,967	$8.3m0.05%	0.05%	Reduced -384	-384 -16.3%
93	SEA LTD SPONSORD ADS SE	SE	84,516	$8.0m0.04%	0.04%	Reduced -4.0k	-3,960 -4.5%
94	BCE INC COM NEW BCE	BCE	222,851	$7.8m0.04%	0.04%	Added +5.7k	+5,698 2.6%
95	CREDICORP LTD COM BAP	BAP	38,652	$7.0m0.04%	0.04%	Added +1.0k	+1,044 2.8%
96	HALEON PLC SPON ADS HLN	HLN	640,493	$6.8m0.04%	0.04%	New
97	XP INC CL A XP	XP	376,523	$6.8m0.04%	0.04%	Added +32.4k	+32,374 9.4%
98	NOVARTIS AG SPONSORED ADR NVS	NVS	56,767	$6.5m0.04%	0.04%	Added +39	+39 0.1%
99	INFOSYS LTD SPONSORED ADR INFY	INFY	267,952	$6.0m0.03%	0.03%	Unchanged
100	SUNCOR ENERGY INC NEW COM SU	SU	153,958	$5.7m0.03%	0.03%	Added +7.3k	+7,294 5.0%

Sold out since Q2 2024

Security	Ticker	Shares held before	Value then
VANGUARD INDEX FDS VOO	VOO	4,710	$2.4m4.7k shares
ISHARES TR SHV	SHV	21,197	$2.3m21.2k shares
ALIBABA GROUP HLDG LTD BABA	BABA	4,339	$312.4k4.3k shares
ISHARES TR IGIB	IGIB	4,096	$210.0k4.1k shares
BROOKFIELD ASSET MANAGMT LTD BAM	BAM	5,476	$208.4k5.5k shares
CEMEX SAB DE CV CX	CX	26,200	$166.1k26.2k shares
VALE S A VALE	VALE	13,100	$146.3k13.1k shares
SILVERCORP METALS INC SVM	SVM	31,500	$105.4k31.5k 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