JARISLOWSKY, FRASER Ltd

MONTREAL, A8 · CIK 1123778 · 13F filing filed 2025-07-15

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.

$17.5bn reported value +9.7% vs Q1 2025

188positions

41.1%in top 10

6 new 55 added 96 reduced 3 sold out vs Q1 2025

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 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	9,241,703	$961.0m5.49%	5.49%	Added +25.2k	+25,244 0.3%
2	BROOKFIELD CORP CL A LTD VT SH BN	BN	15,506,528	$957.8m5.47%	5.47%	Reduced -338.9k	-338,907 -2.1%
3	TORONTO DOMINION BK ONT COM NEW TD	TD	11,996,531	$880.6m5.03%	5.03%	Reduced -131.1k	-131,058 -1.1%
4	BANK MONTREAL QUE COM BMO	BMO	6,400,179	$707.8m4.04%	4.04%	Reduced -149.4k	-149,380 -2.3%
5	MICROSOFT CORP COM MSFT	MSFT	1,397,554	$695.2m3.97%	3.97%	Reduced -46.4k	-46,429 -3.2%
6	CAE INC COM CAE	CAE	21,748,736	$636.1m3.63%	3.63%	Reduced -1.4m	-1,439,092 -6.2%
7	OPEN TEXT CORP COM OTEX	OTEX	21,032,718	$613.3m3.50%	3.50%	Added +406.2k	+406,180 2.0%
8	THOMSON REUTERS CORP COM COM		3,010,760	$604.2m3.45%	3.45%	Reduced -255.8k	-255,834 -7.8%
9	SHOPIFY INC CL A SUB VTG SHS SHOP	SHOP	5,082,979	$585.1m3.34%	3.34%	Added +1.1m	+1,083,169 27.1%
10	TC ENERGY CORP COM TRP	TRP	11,244,354	$547.8m3.13%	3.13%	Reduced -256.0k	-255,965 -2.2%
11	STANTEC INC COM STN	STN	4,964,066	$539.0m3.08%	3.08%	Reduced -676.4k	-676,400 -12.0%
12	FRANCO NEV CORP COM FNV	FNV	2,797,010	$458.3m2.62%	2.62%	Reduced -67.8k	-67,783 -2.4%
13	CGI INC CL A SUB VTG GIB	GIB	4,218,244	$442.1m2.53%	2.53%	Reduced -45.7k	-45,701 -1.1%
14	AMAZON COM INC COM AMZN	AMZN	2,011,481	$441.3m2.52%	2.52%	Added +45.0k	+45,026 2.3%
15	GILDAN ACTIVEWEAR INC COM GIL	GIL	7,412,206	$364.5m2.08%	2.08%	Added +449.1k	+449,144 6.5%
16	COLLIERS INTL GROUP INC SUB VTG SHS CIGI	CIGI	2,532,836	$330.7m1.89%	1.89%	Added +530.3k	+530,253 26.5%
17	MASTERCARD INCORPORATED CL A MA	MA	562,749	$316.2m1.81%	1.81%	Reduced -5.6k	-5,577 -1.0%
18	ORACLE CORP COM ORCL	ORCL	1,427,023	$312.0m1.78%	1.78%	Added +68.0k	+68,012 5.0%
19	ABBOTT LABS COM ABT	ABT	2,195,829	$298.7m1.71%	1.71%	Added +26.1k	+26,112 1.2%
20	TFI INTL INC COM TFII	TFII	3,304,033	$296.0m1.69%	1.69%	Added +1.1m	+1,132,014 52.1%
21	JPMORGAN CHASE & CO COM JPM	JPM	926,080	$268.5m1.53%	1.53%	Reduced -20.2k	-20,235 -2.1%
22	DESCARTES SYS GROUP INC COM DSGX	DSGX	2,604,847	$264.1m1.51%	1.51%	Reduced -44.9k	-44,912 -1.7%
23	ROYAL BK CDA COM RY	RY	1,983,304	$260.9m1.49%	1.49%	Reduced -13.7k	-13,735 -0.7%
24	BOSTON SCIENTIFIC CORP COM BSX	BSX	2,268,973	$243.7m1.39%	1.39%	Reduced -2.6k	-2,566 -0.1%
25	FISERV INC COM FISV	FISV	1,382,912	$238.4m1.36%	1.36%	Added +154.7k	+154,702 12.6%
26	INTERACTIVE BROKERS GROUP IN COM CL A IBKR	IBKR	4,216,701	$233.6m1.33%	1.33%	Reduced -58.0k	-57,987 -1.4%
27	RESTAURANT BRANDS INTL INC COM QSR	QSR	3,411,337	$225.8m1.29%	1.29%	Reduced -2.8m	-2,813,702 -45.2%
28	ALPHABET INC CAP STK CL A GOOGL	GOOGL	1,215,482	$214.2m1.22%	1.22%	Added +8.1k	+8,127 0.7%
29	UNITEDHEALTH GROUP INC COM UNH	UNH	669,494	$208.9m1.19%	1.19%	Added +74.0k	+73,961 12.4%
30	ALPHABET INC CAP STK CL C GOOG	GOOG	1,144,198	$203.0m1.16%	1.16%	Reduced -15.1k	-15,138 -1.3%
31	PEPSICO INC COM PEP	PEP	1,300,128	$171.7m0.98%	0.98%	Added +1.1k	+1,124 0.1%
32	TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS TSM	TSM	740,709	$167.8m0.96%	0.96%	Added +238.3k	+238,299 47.4%
33	ACCENTURE PLC IRELAND SHS CLASS A ACN	ACN	553,027	$165.3m0.94%	0.94%	Added +15.5k	+15,541 2.9%
34	BECTON DICKINSON & CO COM BDX	BDX	941,803	$162.2m0.93%	0.93%	Added +116.2k	+116,190 14.1%
35	COPART INC COM CPRT	CPRT	3,194,714	$156.8m0.90%	0.90%	Reduced -586.3k	-586,286 -15.5%
36	HDFC BANK LTD SPONSORED ADS HDB	HDB	1,815,448	$139.2m0.80%	0.80%	Added +46.6k	+46,571 2.6%
37	META PLATFORMS INC CL A META	META	172,946	$127.6m0.73%	0.73%	Reduced -3.0k	-3,039 -1.7%
38	IQVIA HLDGS INC COM IQV	IQV	793,023	$125.0m0.71%	0.71%	Added +84.5k	+84,543 11.9%
39	SHERWIN WILLIAMS CO COM SHW	SHW	356,345	$122.4m0.70%	0.70%	Added +423	+423 0.1%
40	BROADCOM INC COM AVGO	AVGO	424,414	$117.0m0.67%	0.67%	Reduced -15.1k	-15,128 -3.4%
41	AMETEK INC COM AME	AME	624,414	$113.0m0.65%	0.65%	Added +1.1k	+1,105 0.2%
42	DANAHER CORPORATION COM DHR	DHR	566,066	$111.8m0.64%	0.64%	Added +4.1k	+4,148 0.7%
43	BERKSHIRE HATHAWAY INC DEL CL B NEW BRK.B	BRK.B	227,734	$110.6m0.63%	0.63%	Reduced -3.4k	-3,420 -1.5%
44	TJX COS INC NEW COM TJX	TJX	894,104	$110.4m0.63%	0.63%	Added +2.3k	+2,302 0.3%
45	MANULIFE FINL CORP COM MFC	MFC	3,380,967	$107.9m0.62%	0.62%	Reduced -63.8k	-63,753 -1.9%
46	AUTODESK INC COM ADSK	ADSK	342,031	$105.9m0.60%	0.60%	Reduced -71.0k	-71,007 -17.2%
47	GUIDEWIRE SOFTWARE INC COM GWRE	GWRE	445,232	$104.8m0.60%	0.60%	Reduced -6.3k	-6,328 -1.4%
48	MONDELEZ INTL INC CL A MDLZ	MDLZ	1,424,945	$96.1m0.55%	0.55%	Added +12.5k	+12,455 0.9%
49	CADENCE DESIGN SYSTEM INC COM CDNS	CDNS	306,107	$94.3m0.54%	0.54%	Added +10.0k	+9,970 3.4%
50	BANK OZK LITTLE ROCK ARK COM OZK	OZK	1,802,199	$84.8m0.48%	0.48%	Added +2.8k	+2,809 0.2%
51	CHUBB LIMITED COM CB	CB	286,876	$83.1m0.47%	0.47%	Reduced -3.6k	-3,562 -1.2%
52	ENBRIDGE INC COM ENB	ENB	1,720,893	$77.9m0.44%	0.44%	Reduced -32.2k	-32,188 -1.8%
53	BANK NOVA SCOTIA HALIFAX COM BNS	BNS	1,363,367	$75.2m0.43%	0.43%	Reduced -610.3k	-610,273 -30.9%
54	JOHNSON & JOHNSON COM JNJ	JNJ	472,846	$72.2m0.41%	0.41%	Reduced -5.7k	-5,727 -1.2%
55	MONSTER BEVERAGE CORP NEW COM MNST	MNST	1,089,720	$68.3m0.39%	0.39%	Added +7.4k	+7,391 0.7%
56	PROCTER AND GAMBLE CO COM PG	PG	421,922	$67.2m0.38%	0.38%	Reduced -2.8k	-2,816 -0.7%
57	RELX PLC SPONSORED ADR RELX	RELX	1,149,177	$62.4m0.36%	0.36%	Reduced -17.6k	-17,645 -1.5%
58	CYBERARK SOFTWARE LTD SHS CYBR	CYBR	153,324	$62.4m0.36%	0.36%	Added +10.6k	+10,575 7.4%
59	DIAGEO PLC SPON ADR NEW DEO	DEO	603,410	$60.8m0.35%	0.35%	Reduced -5.4k	-5,433 -0.9%
60	SITEONE LANDSCAPE SUPPLY INC COM SITE	SITE	421,067	$50.9m0.29%	0.29%	Reduced -86.1k	-86,125 -17.0%
61	ASML HOLDING N V N Y REGISTRY SHS ASML	ASML	62,544	$50.1m0.29%	0.29%	Added +2.1k	+2,143 3.5%
62	CME GROUP INC COM CME	CME	179,009	$49.3m0.28%	0.28%	Reduced -22.6k	-22,603 -11.2%
63	AMERICAN FINL GROUP INC OHIO COM AFG	AFG	373,366	$47.1m0.27%	0.27%	Added +4.5k	+4,543 1.2%
64	COSTCO WHSL CORP NEW COM COST	COST	46,618	$46.1m0.26%	0.26%	Reduced -786	-786 -1.7%
65	SAP SE SPON ADR SAP	SAP	144,581	$44.0m0.25%	0.25%	Added +23.2k	+23,167 19.1%
66	PUBLIC SVC ENTERPRISE GRP IN COM PEG	PEG	495,057	$41.7m0.24%	0.24%	Reduced -34.2k	-34,156 -6.5%
67	COLGATE PALMOLIVE CO COM CL	CL	448,102	$40.7m0.23%	0.23%	Reduced -4.9k	-4,863 -1.1%
68	UNILEVER PLC SPON ADR NEW SPON ADR NEW		656,322	$40.1m0.23%	0.23%	Reduced -1.1k	-1,137 -0.2%
69	CREDIT ACCEP CORP MICH COM CACC	CACC	70,479	$35.9m0.21%	0.21%	Added +847	+847 1.2%
70	SPDR S&P 500 ETF TR TR UNIT SPY	SPY	50,798	$31.4m0.18%	0.18%	Added +6.6k	+6,565 14.8%
71	VERISK ANALYTICS INC COM VRSK	VRSK	98,038	$30.5m0.17%	0.17%	Reduced -4.4k	-4,433 -4.3%
72	AXOS FINANCIAL INC COM AX	AX	386,660	$29.4m0.17%	0.17%	Added +3.4k	+3,365 0.9%
73	PROGRESSIVE CORP COM PGR	PGR	92,162	$24.6m0.14%	0.14%	Added +950	+950 1.0%
74	SERVISFIRST BANCSHARES INC COM SFBS	SFBS	306,182	$23.7m0.14%	0.14%	Added +4.0k	+4,036 1.3%
75	LCI INDS COM LCII	LCII	239,243	$21.8m0.12%	0.12%	Added +9.7k	+9,696 4.2%
76	ALCON AG ORD SHS ALC	ALC	234,542	$20.7m0.12%	0.12%	Reduced -859	-859 -0.4%
77	AUTOMATIC DATA PROCESSING IN COM ADP	ADP	61,672	$19.0m0.11%	0.11%	Reduced -2.7k	-2,737 -4.2%
78	PEMBINA PIPELINE CORP COM PBA	PBA	441,843	$16.6m0.09%	0.09%	Reduced -12.3k	-12,256 -2.7%
79	ABBVIE INC COM ABBV	ABBV	88,783	$16.5m0.09%	0.09%	Reduced -3.5k	-3,510 -3.8%
80	MERCADOLIBRE INC COM MELI	MELI	6,147	$16.1m0.09%	0.09%	Added +38	+38 0.6%
81	ELI LILLY & CO COM LLY	LLY	20,547	$16.0m0.09%	0.09%	Reduced -1.4k	-1,375 -6.3%
82	EXXON MOBIL CORP COM XOM	XOM	144,227	$15.5m0.09%	0.09%	Reduced -1.9k	-1,920 -1.3%
83	SEA LTD SPONSORD ADS SE	SE	89,480	$14.3m0.08%	0.08%	Reduced -303	-303 -0.3%
84	ZOETIS INC CL A ZTS	ZTS	83,422	$13.0m0.07%	0.07%	Reduced -1.1k	-1,113 -1.3%
85	TRIPLE FLAG PRECIOUS METAL COM TFPM	TFPM	526,223	$12.5m0.07%	0.07%	Reduced -21.4k	-21,409 -3.9%
86	ATS CORPORATION COM ATS	ATS	379,208	$12.1m0.07%	0.07%	Added +241.7k	+241,688 175.8%
87	APPLE INC COM AAPL	AAPL	52,388	$10.7m0.06%	0.06%	Reduced -412	-412 -0.8%
88	NUTRIEN LTD COM NTR	NTR	183,571	$10.7m0.06%	0.06%	Reduced -11.7k	-11,650 -6.0%
89	TELUS CORPORATION COM TU	TU	654,773	$10.5m0.06%	0.06%	Added +8.0k	+7,964 1.2%
90	CREDICORP LTD COM BAP	BAP	46,640	$10.4m0.06%	0.06%	Reduced -20	-20 -0.0%
91	TRIP COM GROUP LTD ADS TCOM	TCOM	171,123	$10.0m0.06%	0.06%	Reduced -149	-149 -0.1%
92	BOOKING HOLDINGS INC COM BKNG	BKNG	1,710	$9.9m0.06%	0.06%	Reduced -120	-120 -6.6%
93	NU HLDGS LTD ORD SHS CL A NU	NU	649,240	$8.9m0.05%	0.05%	Reduced -16.0k	-15,971 -2.4%
94	HALEON PLC SPON ADS HLN	HLN	730,102	$7.6m0.04%	0.04%	Added +24.7k	+24,704 3.5%
95	COMCAST CORP NEW CL A CMCSA	CMCSA	195,736	$7.0m0.04%	0.04%	Reduced -4.5k	-4,500 -2.2%
96	ISHARES TR ISHS 1-5YR INVS · principal IGSB · principal	IGSB	128,935	$6.8m0.04%	0.04%	Added +3.5k	+3,502 2.8%
97	XP INC CL A XP	XP	325,157	$6.6m0.04%	0.04%	Added +2.8k	+2,805 0.9%
98	NOVARTIS AG SPONSORED ADR NVS	NVS	53,447	$6.5m0.04%	0.04%	Reduced -700	-700 -1.3%
99	EMERSON ELEC CO COM EMR	EMR	45,460	$6.1m0.03%	0.03%	Unchanged
100	FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS FMX	FMX	56,456	$5.8m0.03%	0.03%	Reduced -77	-77 -0.1%

Sold out since Q1 2025

Security	Ticker	Shares held before	Value then
BARRICK GOLD CORP		32,640	$633.6k32.6k shares
COOPER COS INC COO	COO	5,800	$489.2k5.8k shares
VANGUARD INDEX FDS VUG	VUG	800	$296.7k800 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