JARISLOWSKY, FRASER Ltd

MONTREAL, A8 · CIK 1123778 · 13F filing filed 2025-05-12

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.

$16.0bn reported value -6.7% vs Q4 2024

185positions

39.4%in top 10

3 new 36 added 119 reduced 7 sold out vs Q4 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, Q1 2025

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	9,216,459	$896.8m5.62%	5.62%	Added +57.4k	+57,384 0.6%
2	BROOKFIELD CORP CL A LTD VT SH BN	BN	15,845,435	$829.1m5.20%	5.20%	Reduced -2.5m	-2,452,461 -13.4%
3	TORONTO DOMINION BK ONT COM NEW TD	TD	12,127,589	$726.6m4.55%	4.55%	Added +10.7m	+10,655,514 723.8%
4	BANK MONTREAL QUE COM BMO	BMO	6,549,559	$625.4m3.92%	3.92%	Reduced -162.2k	-162,214 -2.4%
5	CAE INC COM CAE	CAE	23,187,828	$570.0m3.57%	3.57%	Reduced -806.3k	-806,263 -3.4%
6	THOMSON REUTERS CORP COM COM		3,266,594	$563.6m3.53%	3.53%	Reduced -86.8k	-86,834 -2.6%
7	TC ENERGY CORP COM TRP	TRP	11,500,319	$543.0m3.40%	3.40%	Reduced -297.1k	-297,060 -2.5%
8	MICROSOFT CORP COM MSFT	MSFT	1,443,983	$542.1m3.40%	3.40%	Added +72.3k	+72,329 5.3%
9	OPEN TEXT CORP COM OTEX	OTEX	20,626,538	$520.5m3.26%	3.26%	Added +2.1m	+2,079,282 11.2%
10	STANTEC INC COM STN	STN	5,640,466	$467.5m2.93%	2.93%	Added +642.6k	+642,620 12.9%
11	FRANCO NEV CORP COM FNV	FNV	2,864,793	$450.5m2.82%	2.82%	Reduced -355.2k	-355,193 -11.0%
12	CGI INC CL A SUB VTG GIB	GIB	4,263,945	$425.6m2.67%	2.67%	Reduced -77.2k	-77,230 -1.8%
13	RESTAURANT BRANDS INTL INC COM QSR	QSR	6,225,039	$414.9m2.60%	2.60%	Reduced -105.9k	-105,865 -1.7%
14	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	3,999,810	$380.5m2.38%	2.38%	Reduced -116.2k	-116,205 -2.8%
15	AMAZON COM INC COM AMZN	AMZN	1,966,455	$374.1m2.34%	2.34%	Reduced -42.9k	-42,930 -2.1%
16	UNITEDHEALTH GROUP INC COM UNH	UNH	595,533	$311.9m1.95%	1.95%	Reduced -12.0k	-12,049 -2.0%
17	MASTERCARD INCORPORATED CL A MA	MA	568,326	$311.5m1.95%	1.95%	Reduced -42.6k	-42,636 -7.0%
18	GILDAN ACTIVEWEAR INC COM GIL	GIL	6,963,062	$307.8m1.93%	1.93%	Reduced -1.8m	-1,810,024 -20.6%
19	ABBOTT LABS COM ABT	ABT	2,169,717	$287.8m1.80%	1.80%	Reduced -92.7k	-92,674 -4.1%
20	FISERV INC COM FISV	FISV	1,228,210	$271.2m1.70%	1.70%	Reduced -130.7k	-130,672 -9.6%
21	DESCARTES SYS GROUP INC COM DSGX	DSGX	2,649,759	$266.7m1.67%	1.67%	Reduced -56.3k	-56,273 -2.1%
22	COLLIERS INTL GROUP INC SUB VTG SHS CIGI	CIGI	2,002,583	$242.3m1.52%	1.52%	Reduced -42.0k	-41,975 -2.0%
23	JPMORGAN CHASE & CO COM JPM	JPM	946,315	$232.1m1.45%	1.45%	Reduced -25.8k	-25,808 -2.6%
24	BOSTON SCIENTIFIC CORP COM BSX	BSX	2,271,539	$229.2m1.44%	1.44%	Reduced -247.7k	-247,733 -9.8%
25	ROYAL BK CDA COM RY	RY	1,997,039	$224.9m1.41%	1.41%	Reduced -22.7k	-22,720 -1.1%
26	COPART INC COM CPRT	CPRT	3,781,000	$214.0m1.34%	1.34%	Reduced -84.1k	-84,070 -2.2%
27	PEPSICO INC COM PEP	PEP	1,299,004	$194.8m1.22%	1.22%	Reduced -54.6k	-54,626 -4.0%
28	ORACLE CORP COM ORCL	ORCL	1,359,011	$190.0m1.19%	1.19%	Reduced -32.1k	-32,110 -2.3%
29	BECTON DICKINSON & CO COM BDX	BDX	825,613	$189.1m1.19%	1.19%	Reduced -37.2k	-37,223 -4.3%
30	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,207,355	$186.7m1.17%	1.17%	Reduced -142.3k	-142,318 -10.5%
31	ALPHABET INC CAP STK CL C GOOG	GOOG	1,159,336	$181.1m1.14%	1.14%	Reduced -84.2k	-84,174 -6.8%
32	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	1,068,672	$177.0m1.11%	1.11%	Reduced -170.9k	-170,852 -13.8%
33	TFI INTL INC COM TFII	TFII	2,172,019	$168.1m1.05%	1.05%	New
34	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	537,486	$167.7m1.05%	1.05%	Reduced -5.4k	-5,410 -1.0%
35	IQVIA HLDGS INC COM IQV	IQV	708,480	$124.9m0.78%	0.78%	Reduced -11.4k	-11,394 -1.6%
36	SHERWIN WILLIAMS CO COM SHW	SHW	355,922	$124.3m0.78%	0.78%	Reduced -9.4k	-9,400 -2.6%
37	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	231,154	$123.1m0.77%	0.77%	Reduced -1.8k	-1,808 -0.8%
38	HDFC BANK LTD SPONSORED ADS HDB	HDB	1,768,877	$117.5m0.74%	0.74%	Added +70.9k	+70,865 4.2%
39	DANAHER CORPORATION COM DHR	DHR	561,918	$115.2m0.72%	0.72%	Reduced -8.4k	-8,405 -1.5%
40	TJX COS INC NEW COM TJX	TJX	891,802	$108.6m0.68%	0.68%	Reduced -40.4k	-40,386 -4.3%
41	AUTODESK INC COM ADSK	ADSK	413,038	$108.1m0.68%	0.68%	Reduced -1.1k	-1,082 -0.3%
42	MANULIFE FINL CORP COM MFC	MFC	3,444,720	$107.3m0.67%	0.67%	Reduced -12.7m	-12,716,259 -78.7%
43	AMETEK INC COM AME	AME	623,309	$107.3m0.67%	0.67%	Reduced -6.5k	-6,457 -1.0%
44	META PLATFORMS INC CL A META	META	175,985	$101.4m0.64%	0.64%	Reduced -6.2k	-6,238 -3.4%
45	MONDELEZ INTL INC CL A MDLZ	MDLZ	1,412,490	$95.8m0.60%	0.60%	Added +120.9k	+120,929 9.4%
46	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	1,973,640	$93.6m0.59%	0.59%	Reduced -9.8m	-9,777,294 -83.2%
47	CHUBB LIMITED COM CB	CB	290,438	$87.7m0.55%	0.55%	Reduced -166.1k	-166,094 -36.4%
48	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	451,560	$84.6m0.53%	0.53%	Reduced -83.1k	-83,055 -15.5%
49	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	502,410	$83.4m0.52%	0.52%	Added +258.5k	+258,452 105.9%
50	JOHNSON & JOHNSON COM JNJ	JNJ	478,573	$79.4m0.50%	0.50%	Reduced -10.0k	-10,000 -2.0%
51	BANK OZK LITTLE ROCK ARK COM OZK	OZK	1,799,390	$78.2m0.49%	0.49%	Reduced -55.5k	-55,495 -3.0%
52	ENBRIDGE INC COM ENB	ENB	1,753,081	$77.6m0.49%	0.49%	Reduced -38.9k	-38,895 -2.2%
53	CADENCE DESIGN SYSTEM INC COM CDNS	CDNS	296,137	$75.3m0.47%	0.47%	Added +11.7k	+11,667 4.1%
54	BROADCOM INC COM AVGO	AVGO	439,542	$73.6m0.46%	0.46%	Added +437.5k	+437,542 21877.1%
55	PROCTER AND GAMBLE CO COM PG	PG	424,738	$72.4m0.45%	0.45%	Reduced -4.5k	-4,536 -1.1%
56	DIAGEO PLC SPON ADR NEW DEO	DEO	608,843	$63.8m0.40%	0.40%	Reduced -14.7k	-14,691 -2.4%
57	MONSTER BEVERAGE CORP NEW COM MNST	MNST	1,082,329	$63.3m0.40%	0.40%	Reduced -32.0k	-31,978 -2.9%
58	SITEONE LANDSCAPE SUPPLY INC COM SITE	SITE	507,192	$61.6m0.39%	0.39%	Reduced -9.8k	-9,827 -1.9%
59	RELX PLC SPONSORED ADR RELX	RELX	1,166,822	$58.8m0.37%	0.37%	Reduced -35.9k	-35,931 -3.0%
60	CME GROUP INC COM CME	CME	201,612	$53.5m0.34%	0.34%	Reduced -22.3k	-22,267 -9.9%
61	AMERICAN FINL GROUP INC OHIO COM AFG	AFG	368,823	$48.4m0.30%	0.30%	Reduced -18.1k	-18,150 -4.7%
62	CYBERARK SOFTWARE LTD SHS CYBR	CYBR	142,749	$48.2m0.30%	0.30%	Added +2.1k	+2,096 1.5%
63	COSTCO WHSL CORP NEW COM COST	COST	47,404	$44.8m0.28%	0.28%	Reduced -3.4k	-3,382 -6.7%
64	PUBLIC SVC ENTERPRISE GRP IN COM PEG	PEG	529,213	$43.6m0.27%	0.27%	Reduced -12.3k	-12,294 -2.3%
65	COLGATE PALMOLIVE CO COM CL	CL	452,965	$42.4m0.27%	0.27%	Reduced -12.4k	-12,425 -2.7%
66	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	60,401	$40.0m0.25%	0.25%	Added +1.8k	+1,758 3.0%
67	UNILEVER PLC SPON ADR NEW SPON ADR NEW		657,459	$39.2m0.25%	0.25%	Reduced -6.6k	-6,635 -1.0%
68	CREDIT ACCEP CORP MICH COM CACC	CACC	69,632	$36.0m0.23%	0.23%	Reduced -3.5k	-3,503 -4.8%
69	SAP SE SPON ADR SAP	SAP	121,414	$32.6m0.20%	0.20%	Reduced -4.2k	-4,206 -3.4%
70	VERISK ANALYTICS INC COM VRSK	VRSK	102,471	$30.5m0.19%	0.19%	Reduced -11.6k	-11,620 -10.2%
71	PROGRESSIVE CORP COM PGR	PGR	91,212	$25.8m0.16%	0.16%	Reduced -4.6k	-4,644 -4.8%
72	SERVISFIRST BANCSHARES INC COM SFBS	SFBS	302,146	$25.0m0.16%	0.16%	Reduced -14.5k	-14,529 -4.6%
73	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	44,233	$24.7m0.16%	0.16%	Added +2.0k	+1,970 4.7%
74	AXOS FINANCIAL INC COM AX	AX	383,295	$24.7m0.15%	0.15%	Reduced -21.6k	-21,644 -5.3%
75	ALCON AG ORD SHS ALC	ALC	235,401	$22.3m0.14%	0.14%	Reduced -2.7k	-2,681 -1.1%
76	LCI INDS COM LCII	LCII	229,547	$20.1m0.13%	0.13%	Reduced -9.9k	-9,908 -4.1%
77	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	64,409	$19.7m0.12%	0.12%	Reduced -2.2k	-2,155 -3.2%
78	ABBVIE INC COM ABBV	ABBV	92,293	$19.3m0.12%	0.12%	Reduced -6.9k	-6,935 -7.0%
79	PEMBINA PIPELINE CORP COM PBA	PBA	454,099	$18.2m0.11%	0.11%	Reduced -2.5k	-2,530 -0.6%
80	ELI LILLY & CO COM LLY	LLY	21,922	$18.1m0.11%	0.11%	Reduced -840	-840 -3.7%
81	EXXON MOBIL CORP COM XOM	XOM	146,147	$17.4m0.11%	0.11%	Reduced -21.6k	-21,564 -12.9%
82	ZOETIS INC CL A ZTS	ZTS	84,535	$13.9m0.09%	0.09%	Reduced -1.2k	-1,179 -1.4%
83	MERCADOLIBRE INC COM MELI	MELI	6,109	$11.9m0.07%	0.07%	Added +2.9k	+2,860 88.0%
84	APPLE INC COM AAPL	AAPL	52,800	$11.7m0.07%	0.07%	Added +97	+97 0.2%
85	SEA LTD SPONSORD ADS SE	SE	89,783	$11.7m0.07%	0.07%	Added +17.5k	+17,500 24.2%
86	TRIP COM GROUP LTD ADS TCOM	TCOM	171,272	$10.9m0.07%	0.07%	Added +35.0k	+35,050 25.7%
87	TRIPLE FLAG PRECIOUS METAL COM TFPM	TFPM	547,632	$10.5m0.07%	0.07%	Reduced -22.6k	-22,551 -4.0%
88	NUTRIEN LTD COM NTR	NTR	195,221	$9.7m0.06%	0.06%	Reduced -10.4k	-10,363 -5.0%
89	TELUS CORPORATION COM TU	TU	646,809	$9.3m0.06%	0.06%	Reduced -81.9k	-81,859 -11.2%
90	CREDICORP LTD COM BAP	BAP	46,660	$8.7m0.05%	0.05%	Added +8.1k	+8,109 21.0%
91	BOOKING HOLDINGS INC COM BKNG	BKNG	1,830	$8.4m0.05%	0.05%	Reduced -33	-33 -1.8%
92	COMCAST CORP NEW CL A CMCSA	CMCSA	200,236	$7.4m0.05%	0.05%	Reduced -24.0k	-23,965 -10.7%
93	HALEON PLC SPON ADS HLN	HLN	705,398	$7.3m0.05%	0.05%	Added +8.3k	+8,290 1.2%
94	NU HLDGS LTD ORD SHS CL A NU	NU	665,211	$6.8m0.04%	0.04%	Added +110.5k	+110,480 19.9%
95	YUM CHINA HLDGS INC COM YUMC	YUMC	126,479	$6.6m0.04%	0.04%	Reduced -1.2k	-1,220 -1.0%
96	ISHARES TR ISHS 1-5YR INVS · principal IGSB · principal	IGSB	125,433	$6.6m0.04%	0.04%	Added +68.7k	+68,676 121.0%
97	NOVARTIS AG SPONSORED ADR NVS	NVS	54,147	$6.0m0.04%	0.04%	Added +655	+655 1.2%
98	CHEVRON CORP NEW COM CVX	CVX	34,438	$5.8m0.04%	0.04%	Added +21	+21 0.1%
99	INFOSYS LTD SPONSORED ADR INFY	INFY	312,001	$5.7m0.04%	0.04%	Added +44.7k	+44,700 16.7%
100	NOVO-NORDISK A S ADR NVO	NVO	80,373	$5.6m0.03%	0.03%	Added +2.9k	+2,932 3.8%

Sold out since Q4 2024

Security	Ticker	Shares held before	Value then
LAUDER ESTEE COS INC EL	EL	395,444	$29.7m395.4k shares
BRP INC DOO	DOO	41,521	$2.1m41.5k shares
BROOKFIELD INFRAST PARTNERS BIP	BIP	12,097	$384.2k12.1k shares
AIR PRODS & CHEMS INC APD	APD	1,000	$290.0k1.0k shares
SOUTH BOW CORP SOBO	SOBO	11,044	$260.5k11.0k shares
PARKER-HANNIFIN CORP PH	PH	366	$232.8k366 shares
BROOKFIELD ASSET MANAGMT LTD BAM	BAM	3,879	$210.3k3.9k 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