Jarislowsky, Fraser Ltd

CIK

1123778

Location

MONTREAL, A8

Portfolio Value

Large $17,486,168,947

Diversification

Diversified

Filing Date

Global Rank

#303 / 7,986 ▼ 3 · as of Sep 2025

Top Industry

Banks - Diversified 13.4%

3Y Alpha vs SPY

-8.6%

Period ended 9 months ago

Filed Oct 21, 2025 · 9mo

23 quarters · since Mar 2020

Clone Performance

Jul 2023–Jul 2026 · vs SPY

Hypothetical growth of cloning every reported 13F position and rebalancing on each filing, indexed to the same start.

Cloned portfolio

+41.3%

SPY

+76.5%

Annualised alpha

-8.6%

Max drawdown

−14.4%

Estimate. 13F holdings are quarter-lagged and long-only, so the clone rebalances about 45 days after each period end — when the filing becomes public — and excludes options and short positions. Past performance does not predict future results.

Portfolio Concentration

177 positions · as of Sep 30, 2025 · Δ vs Jun 30, 2025

Top Position

5.4%

−0.4 pts

Top 5

23.1%

−0.0 pts

Top 10

40.8%

−0.2 pts

HHI

251

Diversified−9

Portfolio Trend

23 quarters · across all stocks

Sector Breakdown

As of Sep 30, 2025

Sector	% Portfolio	Value	Positions
Financial Services	24.5%	$4,285,154,855	35
Technology	23.2%	$4,051,928,565	23
Industrials	18.2%	$3,178,079,540	23
Healthcare	7.5%	$1,305,703,303	21
Consumer Cyclical	7.2%	$1,264,369,580	20
Energy	6.1%	$1,060,277,867	12
Basic Materials	4.0%	$698,848,464	10
Consumer Defensive	3.1%	$535,966,976	15
Communication Services	2.6%	$456,609,381	7
Real Estate	1.9%	$330,507,399	1
Unclassified	1.3%	$223,664,360	4
Utilities	0.5%	$95,058,657	6

Last Quarter's Activity

Export CSV

Sep 30, 2025 vs Jun 30, 2025

Added To

Positions the filer increased

25 positions

Ticker	Company	Δ Shares	Shares	Value
PBA	Pembina Pipeline Corp	+8,372,612	8,814,455	$356,632,849
HDB	Hdfc Bank Ltd	+1,501,721	3,317,169	$113,314,493
PEG	Public Service Enterprise Group Inc	+530,248	1,025,305	$85,571,955
MDLZ	Mondelez International, Inc.	+127,412	1,552,357	$96,975,741
FISV	Fiserv Inc	+125,513	1,508,425	$194,481,235
OTEX	Open Text Corp	+117,436	21,150,154	$790,592,756
HLN	Haleon plc	+90,904	821,006	$7,364,423
META	Meta Platforms, Inc.	+62,640	235,586	$173,009,646
NVDA	Nvidia Corp	+37,758	45,038	$8,403,190
BCE	Bce Inc	+22,574	199,725	$4,671,567
SAP	Sap SE	+20,512	165,093	$44,114,500
CNQ	CANADIAN NATURAL RESOURCES Ltd	+16,327	66,366	$2,121,057
B	Barrick Mining Corp	+13,404	46,306	$1,517,447
CVE	Cenovus Energy Inc.	+10,076	26,474	$449,793
CM	Canadian Imperial Bank Of Commerce /Can/	+9,771	55,674	$4,447,795
RCI	Rogers Communications Inc	+8,504	24,288	$837,207
SU	Suncor Energy Inc	+7,852	118,134	$4,939,182
CP	Canadian Pacific Kansas City Ltd/Cn	+7,429	69,573	$5,182,492
SONY	Sony Group Corp	+6,805	25,082	$722,110
TECK	Teck Resources Ltd	+4,997	12,059	$529,269
MGA	Magna International Inc	+3,596	20,686	$980,102
SLF	Sun Life Financial Inc	+2,725	61,475	$3,690,344
NU	Nu Holdings Ltd.	+2,580	651,820	$10,435,638
WFG	West Fraser Timber Co., Ltd	+2,024	5,614	$381,639
PEP	Pepsico Inc	+1,885	1,302,013	$182,854,705
No positions match the current search.

Trimmed

Positions the filer reduced

25 positions

Ticker	Company	Δ Shares	Shares	Value
STN	Stantec Inc	−881,942	4,082,124	$440,052,967
CAE	Cae Inc	−805,474	20,943,262	$620,758,285
BN	BROOKFIELD Corp /ON/	−700,283	14,806,245	$676,941,521
BMO	Bank Of Montreal /Can/	−566,349	5,833,830	$759,856,357
GIL	Gildan Activewear Inc.	−564,050	6,848,156	$395,823,416
TRP	Tc Energy Corp	−492,953	10,751,401	$584,983,728
IBKR	Interactive Brokers Group, Inc.	−492,093	3,724,608	$256,290,276
SITE	SiteOne Landscape Supply, Inc.	−419,483	1,584	$204,019
CIGI	Colliers International Group Inc.	−417,047	2,115,789	$330,507,399
CNI	Canadian National Railway Co	−370,454	8,871,249	$836,558,780
RY	Royal Bank Of Canada	−337,524	1,645,780	$242,456,309
FNV	FRANCO NEVADA Corp	−334,297	2,462,713	$548,963,354
XP	XP Inc.	−314,208	10,949	$205,731
ADSK	Autodesk, Inc.	−282,806	59,225	$18,814,005
TD	Toronto Dominion Bank	−267,746	11,728,785	$937,716,360
DEO	Diageo PLC	−263,612	339,798	$32,426,923
SHOP	Shopify Inc.	−221,596	4,861,383	$722,450,127
ORCL	Oracle Corp	−206,236	1,220,787	$343,334,135
GIB	Cgi Inc	−184,431	4,033,813	$359,533,752
QSR	Restaurant Brands International Inc.	−148,118	3,263,219	$209,302,866
OZK	Bank OZK	−143,928	1,658,271	$84,538,655
GOOGL	Alphabet Inc.	−135,765	1,079,717	$262,479,202
TRI	Thomson Reuters Corp /Can/	−124,059	2,886,701	$448,391,266
DSGX	Descartes Systems Group Inc	−121,694	2,483,153	$233,987,507
BNS	Bank Of Nova Scotia	−121,010	1,242,357	$80,318,380
No positions match the current search.

New Positions

Positions the filer opened this quarter

5 positions

Ticker	Company	Shares	Value
RBA	Rb Global Inc.	1,805,849	$195,681,797
INTU	Intuit Inc.	132,503	$90,487,623
QQQ	Invesco Qqq Trust, Series 1	1,035	$621,382
MUFG	Mitsubishi Ufj Financial Group Inc	34,948	$557,071
BIDU	Baidu, Inc.	1,764	$232,442
No positions match the current search.

Sold Out

Positions the filer fully exited

1 positions

Ticker	Company	Shares	Value	Open
AMD	Advanced Micro Devices Inc	1,548	$219,661
No positions match the current search.

Portfolio Positions

Compact Export CSV View 13F filing

177 positions · $17,486,168,947 total · as of Sep 30, 2025

All sectors Basic Materials Communication Services Consumer Cyclical Consumer Defensive Energy Financial Services Healthcare Industrials Real Estate Technology Utilities

Showing 1–50 of 177 positions by value · page 1 of 4

Ticker	Company	Type	Shares	Δ Shares	Value (USD)	% Δ Value	% of Portfolio
TD	Toronto Dominion Bank Financial Services	Reduced	11,728,785	-267,746	$937,716,360	+6.4%	5.36%
CNI	Canadian National Railway Co Industrials	Reduced	8,871,249	-370,454	$836,558,780	−13.0%	4.78%
OTEX	Open Text Corp Technology	Added	21,150,154	+117,436	$790,592,756	+28.7%	4.52%
BMO	Bank Of Montreal /Can/ Financial Services	Reduced	5,833,830	-566,349	$759,856,357	+7.3%	4.35%
SHOP	Shopify Inc. Technology	Reduced	4,861,383	-221,596	$722,450,127	+23.2%	4.13%
BN	BROOKFIELD Corp /ON/ Financial Services	Reduced	14,806,245	-700,283	$676,941,521	+5.9%	3.87%
MSFT	Microsoft Corp Technology	Reduced	1,277,760	-119,794	$661,815,792	−4.8%	3.78%
CAE	Cae Inc Industrials	Reduced	20,943,262	-805,474	$620,758,285	−2.5%	3.55%
TRP	Tc Energy Corp Energy	Reduced	10,751,401	-492,953	$584,983,728	+6.6%	3.35%
FNV	FRANCO NEVADA Corp Basic Materials	Reduced	2,462,713	-334,297	$548,963,354	+19.7%	3.14%
TRI	Thomson Reuters Corp /Can/ Industrials	Reduced	2,886,701	-124,059	$448,391,266	−26.0%	2.56%
STN	Stantec Inc Industrials	Reduced	4,082,124	-881,942	$440,052,967	−18.4%	2.52%
AMZN	Amazon Com Inc Consumer Cyclical	Reduced	1,981,602	-29,879	$435,100,351	−1.4%	2.49%
GIL	Gildan Activewear Inc. Consumer Cyclical	Reduced	6,848,156	-564,050	$395,823,416	+8.5%	2.26%
GIB	Cgi Inc Technology	Reduced	4,033,813	-184,431	$359,533,752	−18.7%	2.06%
PBA	Pembina Pipeline Corp Energy	Added	8,814,455	+8,372,612	$356,632,849	+2051.8%	2.04%
ORCL	Oracle Corp Technology	Reduced	1,220,787	-206,236	$343,334,135	+10.0%	1.96%
CIGI	Colliers International Group Inc. Real Estate	Reduced	2,115,789	-417,047	$330,507,399	−0.0%	1.89%
MA	Mastercard Inc Financial Services	Reduced	547,672	-15,077	$311,521,310	−1.5%	1.78%
ABT	Abbott Laboratories Healthcare	Reduced	2,158,089	-37,740	$289,054,440	−3.2%	1.65%
TFII	TFI International Inc. Industrials	Reduced	3,201,844	-102,189	$281,954,382	−4.8%	1.61%
JPM	Jpmorgan Chase & Co Financial Services	Reduced	878,324	-47,756	$277,049,739	+3.2%	1.58%
GOOGL	Alphabet Inc. Communication Services	Reduced	1,079,717	-135,765	$262,479,202	+22.5%	1.50%
IBKR	Interactive Brokers Group, Inc. Financial Services	Reduced	3,724,608	-492,093	$256,290,276	+9.7%	1.47%
RY	Royal Bank Of Canada Financial Services	Reduced	1,645,780	-337,524	$242,456,309	−7.1%	1.39%
DSGX	Descartes Systems Group Inc Technology	Reduced	2,483,153	-121,694	$233,987,507	−11.6%	1.34%
UNH	Unitedhealth Group Inc Healthcare	Reduced	664,655	-4,839	$229,505,371	+9.9%	1.31%
BSX	Boston Scientific Corp Healthcare	Reduced	2,192,794	-76,179	$214,082,478	−12.2%	1.22%
QSR	Restaurant Brands International Inc. Consumer Cyclical	Reduced	3,263,219	-148,118	$209,302,866	−7.4%	1.20%
TSM	Taiwan Semiconductor Manufacturing Co Ltd Technology	Reduced	739,611	-1,098	$206,565,956	+23.1%	1.18%
RBA	Rb Global Inc. Industrials	NEW	1,805,849	NEW	$195,681,797	NEW	1.12%
FISV	Fiserv Inc	Added	1,508,425	+125,513	$194,481,235	−18.4%	1.11%
PEP	Pepsico Inc Consumer Defensive	Added	1,302,013	+1,885	$182,854,705	+6.5%	1.05%
META	Meta Platforms, Inc. Communication Services	Added	235,586	+62,640	$173,009,646	+35.5%	0.99%
IQV	Iqvia Holdings Inc. Healthcare	Reduced	785,658	-7,365	$149,227,880	+19.4%	0.85%
CPRT	Copart Inc Industrials	Reduced	3,112,375	-82,339	$139,963,503	−10.7%	0.80%
AVGO	Broadcom Inc. Technology	Reduced	420,881	-3,533	$138,852,850	+18.7%	0.79%
BDX	Becton Dickinson & Co Healthcare	Reduced	935,130	-6,673	$137,600,826	+7.9%	0.79%
ACN	Accenture plc Technology	Reduced	535,794	-17,233	$132,126,800	−20.1%	0.76%
TJX	Tjx Companies Inc /De/ Consumer Cyclical	Reduced	888,931	-5,173	$128,486,086	+16.4%	0.73%
SHW	Sherwin Williams Co Basic Materials	Reduced	346,536	-9,809	$119,991,555	−1.9%	0.69%
AME	Ametek Inc/ Industrials	Reduced	614,702	-9,712	$115,563,976	+2.3%	0.66%
HDB	Hdfc Bank Ltd Financial Services	Added	3,317,169	+1,501,721	$113,314,493	+62.8%	0.65%
BRK-B	Berkshire Hathaway Inc Financial Services	Reduced	221,593	-6,141	$111,403,664	+0.7%	0.64%
DHR	Danaher Corp /De/ Healthcare	Reduced	554,230	-11,836	$109,881,639	−1.7%	0.63%
CDNS	Cadence Design Systems Inc Technology	Reduced	303,436	-2,671	$106,584,929	+13.0%	0.61%
MFC	Manulife Financial Corp Financial Services	Reduced	3,273,476	-107,491	$101,968,777	−5.6%	0.58%
GWRE	Guidewire Software, Inc. Technology	Reduced	439,972	-5,260	$101,131,963	−3.5%	0.58%
MDLZ	Mondelez International, Inc. Consumer Defensive	Added	1,552,357	+127,412	$96,975,741	+0.9%	0.55%
INTU	Intuit Inc. Technology	NEW	132,503	NEW	$90,487,623	NEW	0.52%