JARISLOWSKY, FRASER Ltd

MONTREAL, A8 · CIK 1123778 · 13F filing filed 2025-02-14

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.

$17.1bn reported value -4.4% vs Q3 2024

189positions

38.3%in top 10

4 new 38 added 118 reduced 4 sold out vs Q3 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, Q4 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	BROOKFIELD CORP CL A LTD VT SH BN	BN	18,297,896	$1.1bn6.15%	6.15%	Reduced -863.5k	-863,522 -4.5%
2	CANADIAN NATL RY CO COM CNI	CNI	9,159,075	$926.6m5.42%	5.42%	Added +422.1k	+422,078 4.8%
3	BANK MONTREAL QUE COM BMO	BMO	6,711,773	$651.3m3.81%	3.81%	Added +426.4k	+426,442 6.8%
4	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	11,750,934	$628.3m3.67%	3.67%	Reduced -641.3k	-641,313 -5.2%
5	CAE INC COM CAE	CAE	23,994,091	$606.7m3.55%	3.55%	Added +1.7m	+1,702,904 7.6%
6	MICROSOFT CORP COM MSFT	MSFT	1,371,654	$572.7m3.35%	3.35%	Reduced -77.5k	-77,453 -5.3%
7	TC ENERGY CORP COM TRP	TRP	11,797,379	$549.5m3.21%	3.21%	Reduced -450.6k	-450,630 -3.7%
8	THOMSON REUTERS CORP COM COM		3,353,428	$536.7m3.14%	3.14%	Reduced -171.8k	-171,754 -4.9%
9	OPEN TEXT CORP COM OTEX	OTEX	18,547,256	$522.9m3.06%	3.06%	Added +2.0m	+1,957,695 11.8%
10	MANULIFE FINL CORP COM MFC	MFC	16,160,979	$494.7m2.89%	2.89%	Reduced -571.1k	-571,139 -3.4%
11	CGI INC CL A SUB VTG GIB	GIB	4,341,175	$473.2m2.77%	2.77%	Reduced -181.6k	-181,606 -4.0%
12	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	4,116,015	$436.2m2.55%	2.55%	Reduced -1.8m	-1,833,209 -30.8%
13	AMAZON COM INC COM AMZN	AMZN	2,009,385	$436.0m2.55%	2.55%	Reduced -128.6k	-128,594 -6.0%
14	GILDAN ACTIVEWEAR INC COM GIL	GIL	8,773,086	$411.2m2.41%	2.41%	Reduced -1.6m	-1,555,263 -15.1%
15	RESTAURANT BRANDS INTL INC COM QSR	QSR	6,330,904	$410.9m2.40%	2.40%	Reduced -238.1k	-238,122 -3.6%
16	STANTEC INC COM STN	STN	4,997,846	$390.6m2.28%	2.28%	Reduced -212.7k	-212,664 -4.1%
17	FRANCO NEV CORP COM FNV	FNV	3,219,986	$376.8m2.20%	2.20%	Reduced -152.2k	-152,215 -4.5%
18	MASTERCARD INCORPORATED CL A MA	MA	610,962	$318.8m1.86%	1.86%	Reduced -28.3k	-28,276 -4.4%
19	MAGNA INTL INC COM MGA	MGA	7,496,860	$312.1m1.83%	1.83%	Reduced -519.9k	-519,890 -6.5%
20	DESCARTES SYS GROUP INC COM DSGX	DSGX	2,706,032	$306.2m1.79%	1.79%	Reduced -132.8k	-132,828 -4.7%
21	UNITEDHEALTH GROUP INC COM UNH	UNH	607,582	$304.7m1.78%	1.78%	Reduced -32.7k	-32,695 -5.1%
22	FISERV INC COM FISV	FISV	1,358,882	$279.1m1.63%	1.63%	Reduced -207.7k	-207,747 -13.3%
23	COLLIERS INTL GROUP INC SUB VTG SHS CIGI	CIGI	2,044,558	$277.1m1.62%	1.62%	Reduced -104.7k	-104,654 -4.9%
24	ABBOTT LABS COM ABT	ABT	2,262,391	$254.0m1.49%	1.49%	Reduced -114.9k	-114,939 -4.8%
25	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,349,673	$251.7m1.47%	1.47%	Reduced -217.0k	-216,960 -13.8%
26	ROYAL BK CDA COM RY	RY	2,019,759	$243.4m1.42%	1.42%	Reduced -51.7k	-51,747 -2.5%
27	ALPHABET INC CAP STK CL C GOOG	GOOG	1,243,510	$236.8m1.39%	1.39%	Reduced -16.6k	-16,553 -1.3%
28	JPMORGAN CHASE & CO COM JPM	JPM	972,123	$233.0m1.36%	1.36%	Reduced -7.7k	-7,703 -0.8%
29	ORACLE CORP COM ORCL	ORCL	1,391,121	$229.8m1.34%	1.34%	Reduced -136.5k	-136,474 -8.9%
30	BOSTON SCIENTIFIC CORP COM BSX	BSX	2,519,272	$222.8m1.30%	1.30%	Reduced -250.0k	-249,994 -9.0%
31	COPART INC COM CPRT	CPRT	3,865,070	$219.7m1.29%	1.29%	Reduced -302.0k	-302,026 -7.2%
32	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	1,239,524	$216.8m1.27%	1.27%	Reduced -215.0k	-214,981 -14.8%
33	PEPSICO INC COM PEP	PEP	1,353,630	$204.5m1.20%	1.20%	Reduced -44.2k	-44,171 -3.2%
34	BECTON DICKINSON & CO COM BDX	BDX	862,836	$193.9m1.13%	1.13%	Reduced -2.2k	-2,219 -0.3%
35	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	542,896	$191.0m1.12%	1.12%	Reduced -9.7k	-9,749 -1.8%
36	IQVIA HLDGS INC COM IQV	IQV	719,874	$140.3m0.82%	0.82%	Reduced -30.4k	-30,382 -4.0%
37	DANAHER CORPORATION COM DHR	DHR	570,323	$129.9m0.76%	0.76%	Reduced -16.8k	-16,818 -2.9%
38	CHUBB LIMITED COM CB	CB	456,532	$126.1m0.74%	0.74%	Reduced -5.5k	-5,494 -1.2%
39	SHERWIN WILLIAMS CO COM SHW	SHW	365,322	$123.4m0.72%	0.72%	Reduced -11.7k	-11,737 -3.1%
40	AUTODESK INC COM ADSK	ADSK	414,120	$122.4m0.72%	0.72%	Added +2.5k	+2,538 0.6%
41	AMETEK INC COM AME	AME	629,766	$112.5m0.66%	0.66%	Reduced -19.3k	-19,312 -3.0%
42	TJX COS INC NEW COM TJX	TJX	932,188	$111.1m0.65%	0.65%	Reduced -59.3k	-59,346 -6.0%
43	HDFC BANK LTD SPONSORED ADS HDB	HDB	1,698,012	$108.4m0.63%	0.63%	Added +40.1k	+40,080 2.4%
44	META PLATFORMS INC CL A META	META	182,223	$106.7m0.62%	0.62%	Reduced -30.9k	-30,878 -14.5%
45	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	232,962	$105.6m0.62%	0.62%	Added +1.3k	+1,276 0.6%
46	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	534,615	$88.4m0.52%	0.52%	Reduced -105.1k	-105,143 -16.4%
47	CADENCE DESIGN SYSTEM INC COM CDNS	CDNS	284,470	$85.5m0.50%	0.50%	Added +41.4k	+41,377 17.0%
48	BANK OZK LITTLE ROCK ARK COM OZK	OZK	1,854,885	$81.3m0.48%	0.48%	Reduced -137.6k	-137,586 -6.9%
49	DIAGEO PLC SPON ADR NEW DEO	DEO	623,534	$79.3m0.46%	0.46%	Added +3.9k	+3,919 0.6%
50	TORONTO DOMINION BK ONT COM NEW TD	TD	1,472,075	$78.3m0.46%	0.46%	Reduced -49.1k	-49,125 -3.2%
51	ENBRIDGE INC COM ENB	ENB	1,791,976	$76.0m0.44%	0.44%	Reduced -23.4k	-23,431 -1.3%
52	MONDELEZ INTL INC CL A MDLZ	MDLZ	1,291,561	$75.8m0.44%	0.44%	Reduced -102.9k	-102,913 -7.4%
53	PROCTER AND GAMBLE CO COM PG	PG	429,274	$72.0m0.42%	0.42%	Reduced -33.7k	-33,698 -7.3%
54	JOHNSON & JOHNSON COM JNJ	JNJ	488,573	$70.7m0.41%	0.41%	Reduced -23.4k	-23,399 -4.6%
55	SITEONE LANDSCAPE SUPPLY INC COM SITE	SITE	517,019	$68.1m0.40%	0.40%	Reduced -37.0k	-37,020 -6.7%
56	MONSTER BEVERAGE CORP NEW COM MNST	MNST	1,114,307	$57.3m0.34%	0.34%	Reduced -123.4k	-123,367 -10.0%
57	RELX PLC SPONSORED ADR RELX	RELX	1,202,753	$54.6m0.32%	0.32%	Added +36.9k	+36,867 3.2%
58	CME GROUP INC COM CME	CME	223,879	$52.0m0.30%	0.30%	Added +1.8k	+1,819 0.8%
59	AMERICAN FINL GROUP INC OHIO COM AFG	AFG	386,973	$51.1m0.30%	0.30%	Reduced -76.9k	-76,892 -16.6%
60	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	243,958	$48.2m0.28%	0.28%	Reduced -8.7k	-8,713 -3.5%
61	CYBERARK SOFTWARE LTD SHS CYBR	CYBR	140,653	$46.9m0.27%	0.27%	Reduced -5.2k	-5,244 -3.6%
62	COSTCO WHSL CORP NEW COM COST	COST	50,786	$46.5m0.27%	0.27%	Reduced -1.5k	-1,484 -2.8%
63	PUBLIC SVC ENTERPRISE GRP IN COM PEG	PEG	541,507	$45.8m0.27%	0.27%	Reduced -190.1k	-190,100 -26.0%
64	COLGATE PALMOLIVE CO COM CL	CL	465,390	$42.3m0.25%	0.25%	Reduced -8.4k	-8,450 -1.8%
65	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	58,643	$40.6m0.24%	0.24%	Added +29.9k	+29,912 104.1%
66	UNILEVER PLC SPON ADR NEW SPON ADR NEW		664,094	$37.7m0.22%	0.22%	Added +20.3k	+20,281 3.1%
67	CREDIT ACCEP CORP MICH COM CACC	CACC	73,135	$33.1m0.19%	0.19%	Added +8.2k	+8,153 12.6%
68	VERISK ANALYTICS INC COM VRSK	VRSK	114,091	$31.4m0.18%	0.18%	Reduced -5.7k	-5,697 -4.8%
69	SAP SE SPON ADR SAP	SAP	125,620	$30.9m0.18%	0.18%	Reduced -2.4k	-2,416 -1.9%
70	LAUDER ESTEE COS INC CL A EL	EL	395,444	$29.7m0.17%	0.17%	Reduced -48.1k	-48,052 -10.8%
71	AXOS FINANCIAL INC COM AX	AX	404,939	$28.3m0.17%	0.17%	Reduced -209.4k	-209,399 -34.1%
72	SERVISFIRST BANCSHARES INC COM SFBS	SFBS	316,675	$25.8m0.15%	0.15%	Reduced -63.7k	-63,689 -16.7%
73	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	42,263	$24.8m0.14%	0.14%	Reduced -85	-85 -0.2%
74	LCI INDS COM LCII	LCII	239,455	$23.8m0.14%	0.14%	Reduced -46.8k	-46,754 -16.3%
75	PROGRESSIVE CORP COM PGR	PGR	95,856	$22.2m0.13%	0.13%	Reduced -39.7k	-39,743 -29.3%
76	ALCON AG ORD SHS ALC	ALC	238,082	$20.2m0.12%	0.12%	Added +15.9k	+15,924 7.2%
77	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	66,564	$19.5m0.11%	0.11%	Reduced -9.8k	-9,765 -12.8%
78	EXXON MOBIL CORP COM XOM	XOM	167,711	$18.0m0.11%	0.11%	Reduced -1.3k	-1,291 -0.8%
79	ABBVIE INC COM ABBV	ABBV	99,228	$17.6m0.10%	0.10%	Reduced -130	-130 -0.1%
80	ELI LILLY & CO COM LLY	LLY	22,762	$17.6m0.10%	0.10%	Reduced -987	-987 -4.2%
81	PEMBINA PIPELINE CORP COM PBA	PBA	456,629	$16.9m0.10%	0.10%	Reduced -5.0k	-5,025 -1.1%
82	ZOETIS INC CL A ZTS	ZTS	85,714	$14.0m0.08%	0.08%	Reduced -2.2k	-2,161 -2.5%
83	APPLE INC COM AAPL	AAPL	52,703	$13.2m0.08%	0.08%	Added +572	+572 1.1%
84	SUN LIFE FINANCIAL INC. COM SLF	SLF	187,148	$11.1m0.06%	0.06%	Reduced -35.3k	-35,284 -15.9%
85	TELUS CORPORATION COM TU	TU	728,668	$9.9m0.06%	0.06%	Added +17.3k	+17,256 2.4%
86	TRIP COM GROUP LTD ADS TCOM	TCOM	136,222	$9.4m0.05%	0.05%	Reduced -19.2k	-19,249 -12.4%
87	BOOKING HOLDINGS INC COM BKNG	BKNG	1,863	$9.3m0.05%	0.05%	Reduced -104	-104 -5.3%
88	NUTRIEN LTD COM NTR	NTR	205,584	$9.2m0.05%	0.05%	Reduced -5.3k	-5,285 -2.5%
89	TRIPLE FLAG PRECIOUS METAL COM TFPM	TFPM	570,183	$8.6m0.05%	0.05%	Reduced -6.4k	-6,408 -1.1%
90	COMCAST CORP NEW CL A CMCSA	CMCSA	224,201	$8.4m0.05%	0.05%	Reduced -35.4k	-35,435 -13.7%
91	SEA LTD SPONSORD ADS SE	SE	72,283	$7.7m0.04%	0.04%	Reduced -12.2k	-12,233 -14.5%
92	CREDICORP LTD COM BAP	BAP	38,551	$7.1m0.04%	0.04%	Reduced -101	-101 -0.3%
93	NOVO-NORDISK A S ADR NVO	NVO	77,441	$6.7m0.04%	0.04%	Added +3.9k	+3,944 5.4%
94	HALEON PLC SPON ADS HLN	HLN	697,108	$6.7m0.04%	0.04%	Added +56.6k	+56,615 8.8%
95	YUM CHINA HLDGS INC COM YUMC	YUMC	127,699	$6.2m0.04%	0.04%	Added +2.9k	+2,864 2.3%
96	INFOSYS LTD SPONSORED ADR INFY	INFY	267,301	$5.9m0.03%	0.03%	Reduced -651	-651 -0.2%
97	XP INC CL A XP	XP	486,118	$5.8m0.03%	0.03%	Added +109.6k	+109,595 29.1%
98	NU HLDGS LTD ORD SHS CL A NU	NU	554,731	$5.7m0.03%	0.03%	Reduced -103.6k	-103,558 -15.7%
99	EMERSON ELEC CO COM EMR	EMR	45,660	$5.7m0.03%	0.03%	Reduced -700	-700 -1.5%
100	MERCADOLIBRE INC COM MELI	MELI	3,249	$5.5m0.03%	0.03%	Added +987	+987 43.6%

Sold out since Q3 2024

Security	Ticker	Shares held before	Value then
HINGHAM INSTN SVGS MASS HIFS	HIFS	995	$242.1k995 shares
SMITH A O CORP AOS	AOS	2,494	$224.0k2.5k shares
BAIDU INC BIDU	BIDU	2,022	$212.9k2.0k shares
EXPEDITORS INTL WASH INC EXPD	EXPD	1,580	$207.6k1.6k 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