# JARISLOWSKY, FRASER Ltd

> Institutional holdings reported to the SEC as of Q3 2025 on Form 13F. CIK 1123778. Source: https://holderbook.com/funds/1123778-jarislowsky-fraser-ltd/

- Reported value: $18.2B
- Positions: 192
- Weight of the ten largest: 41.1%
- Filed: 2025-10-21

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| BROOKFIELD CORP | [BN](https://holderbook.com/stocks/BN/) | $1.0B | 14,806,245 | 5.6% | 12 |
| TORONTO DOMINION BK ONT | [TD](https://holderbook.com/stocks/TD/) | $938.0M | 11,728,785 | 5.2% | 28 |
| CANADIAN NATL RY CO | [CNI](https://holderbook.com/stocks/CNI/) | $836.8M | 8,871,249 | 4.6% | 28 |
| OPEN TEXT CORP | [OTEX](https://holderbook.com/stocks/OTEX/) | $790.7M | 21,150,154 | 4.3% | 28 |
| BANK MONTREAL MEDIUM | [BMO](https://holderbook.com/stocks/BMO/) | $760.4M | 5,833,830 | 4.2% | 28 |
| SHOPIFY INC | [SHOP](https://holderbook.com/stocks/SHOP/) | $722.4M | 4,861,383 | 4.0% | 23 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $661.8M | 1,277,760 | 3.6% | 28 |
| CAE INC | [CAE](https://holderbook.com/stocks/CAE/) | $620.3M | 20,943,262 | 3.4% | 28 |
| TC ENERGY CORP | [TRP](https://holderbook.com/stocks/TRP/) | $584.7M | 10,751,401 | 3.2% | 26 |
| FRANCO NEV CORP | [FNV](https://holderbook.com/stocks/FNV/) | $548.3M | 2,462,713 | 3.0% | 19 |
| THOMSON REUTERS CORP | [TRIXXXX](https://holderbook.com/stocks/TRIXXXX/) | $448.3M | 2,886,701 | 2.5% | 10 |
| STANTEC INC | [STN](https://holderbook.com/stocks/STN/) | $440.3M | 4,082,124 | 2.4% | 28 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $435.1M | 1,981,602 | 2.4% | 28 |
| GILDAN ACTIVEWEAR INC | [GIL](https://holderbook.com/stocks/GIL/) | $395.7M | 6,848,156 | 2.2% | 28 |
| CGI INC | [GIB](https://holderbook.com/stocks/GIB/) | $359.4M | 4,033,813 | 2.0% | 27 |
| PEMBINA PIPELINE CORP | [PBA](https://holderbook.com/stocks/PBA/) | $356.5M | 8,814,455 | 2.0% | 28 |
| ORACLE CORP | [ORCL](https://holderbook.com/stocks/ORCL/) | $343.3M | 1,220,787 | 1.9% | 28 |
| COLLIERS INTL GROUP INC | [CIGI](https://holderbook.com/stocks/CIGI/) | $331.0M | 2,115,789 | 1.8% | 28 |
| MASTERCARD INCORPORATED | [MA](https://holderbook.com/stocks/MA/) | $311.5M | 547,672 | 1.7% | 28 |
| ABBOTT LABORATORIES | [ABT](https://holderbook.com/stocks/ABT/) | $289.1M | 2,158,089 | 1.6% | 28 |
| TFI INTERNATIONAL INC | [TFII](https://holderbook.com/stocks/TFII/) | $281.8M | 3,201,844 | 1.5% | 3 |
| JPMORGAN CHASE & CO | [JPM](https://holderbook.com/stocks/JPM/) | $277.0M | 878,324 | 1.5% | 28 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $262.8M | 1,078,837 | 1.4% | 28 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $262.5M | 1,079,717 | 1.4% | 28 |
| INTERACTIVE BROKERS GROUP IN | [IBKR](https://holderbook.com/stocks/IBKR/) | $256.3M | 3,724,608 | 1.4% | 25 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $242.6M | 1,645,780 | 1.3% | 28 |
| DESCARTES SYS GROUP INC | [DSGX](https://holderbook.com/stocks/DSGX/) | $233.9M | 2,483,153 | 1.3% | 28 |
| UNITEDHEALTH GROUP INC | [UNH](https://holderbook.com/stocks/UNH/) | $229.5M | 664,655 | 1.3% | 28 |
| BOSTON SCIENTIFIC CORP | [BSX](https://holderbook.com/stocks/BSX/) | $214.1M | 2,192,794 | 1.2% | 26 |
| RESTAURANT BRANDS INTL INC | [QSR](https://holderbook.com/stocks/QSR/) | $209.4M | 3,263,219 | 1.2% | 28 |
| TAIWAN SEMICONDUCTOR MANUFAC | [TSM](https://holderbook.com/stocks/TSM/) | $206.6M | 739,611 | 1.1% | 28 |
| RB GLOBAL INC | [RBA](https://holderbook.com/stocks/RBA/) | $195.6M | 1,805,849 | 1.1% | 1 |
| FISERV INC | [FISV](https://holderbook.com/stocks/FISV/) | $194.5M | 1,508,425 | 1.1% | 28 |
| PEPSICO INC | [PEP](https://holderbook.com/stocks/PEP/) | $182.9M | 1,302,013 | 1.0% | 28 |
| BECTON DICKINSON & CO | [BDX](https://holderbook.com/stocks/BDX/) | $175.0M | 935,130 | 1.0% | 28 |
| META PLATFORMS INC | [META](https://holderbook.com/stocks/META/) | $173.0M | 235,586 | 1.0% | 27 |
| IQVIA HLDGS INC | [IQV](https://holderbook.com/stocks/IQV/) | $149.2M | 785,658 | 0.8% | 28 |
| COPART INC | [CPRT](https://holderbook.com/stocks/CPRT/) | $140.0M | 3,112,375 | 0.8% | 27 |
| BROADCOM INC | [AVGO](https://holderbook.com/stocks/AVGO/) | $138.9M | 420,881 | 0.8% | 8 |
| ACCENTURE PLC IRELAND | [ACN](https://holderbook.com/stocks/ACN/) | $132.1M | 535,794 | 0.7% | 28 |
| TJX COS INC NEW | [TJX](https://holderbook.com/stocks/TJX/) | $128.5M | 888,931 | 0.7% | 28 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $120.0M | 346,536 | 0.7% | 19 |
| AMETEK INC | [AME](https://holderbook.com/stocks/AME/) | $115.6M | 614,702 | 0.6% | 26 |
| HDFC BANK LTD | [HDB](https://holderbook.com/stocks/HDB/) | $113.3M | 3,317,169 | 0.6% | 28 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $111.4M | 221,593 | 0.6% | 28 |
| DANAHER CORP DEL | [DHR](https://holderbook.com/stocks/DHR/) | $109.9M | 554,230 | 0.6% | 27 |
| CADENCE DESIGN SYSTEM INC | [CDNS](https://holderbook.com/stocks/CDNS/) | $106.6M | 303,436 | 0.6% | 5 |
| MANULIFE FINL CORP | [MFC](https://holderbook.com/stocks/MFC/) | $102.0M | 3,273,476 | 0.6% | 28 |
| GUIDEWIRE SOFTWARE INC | [GWRE](https://holderbook.com/stocks/GWRE/) | $101.1M | 439,972 | 0.6% | 19 |
| MONDELEZ INTL INC | [MDLZ](https://holderbook.com/stocks/MDLZ/) | $97.0M | 1,552,357 | 0.5% | 28 |
| INTUIT | [INTU](https://holderbook.com/stocks/INTU/) | $90.5M | 132,503 | 0.5% | 1 |
| PUBLIC SVC ENTERPRISE GROUP | [PEG](https://holderbook.com/stocks/PEG/) | $85.6M | 1,025,305 | 0.5% | 28 |
| BANK OZK LITTLE ROCK ARK | [OZK](https://holderbook.com/stocks/OZK/) | $84.5M | 1,658,271 | 0.5% | 26 |
| ENBRIDGE INC | [ENB](https://holderbook.com/stocks/ENB/) | $84.3M | 1,671,318 | 0.5% | 28 |
| JOHNSON & JOHNSON | [JNJ](https://holderbook.com/stocks/JNJ/) | $83.5M | 450,506 | 0.5% | 28 |
| BANK NOVA SCOTIA B C | [BNS](https://holderbook.com/stocks/BNS/) | $80.4M | 1,242,357 | 0.4% | 28 |
| CHUBB LIMITED | [CB](https://holderbook.com/stocks/CB/) | $78.7M | 278,658 | 0.4% | 25 |
| MONSTER BEVERAGE CORP NEW | [MNST](https://holderbook.com/stocks/MNST/) | $72.3M | 1,074,573 | 0.4% | 18 |
| PROCTER & GAMBLE CO | [PG](https://holderbook.com/stocks/PG/) | $62.1M | 404,384 | 0.3% | 28 |
| ASML HLDG NV | [ASML](https://holderbook.com/stocks/ASML/) | $60.7M | 62,723 | 0.3% | 28 |
| RELX PLC | [RELX](https://holderbook.com/stocks/RELX/) | $53.9M | 1,129,509 | 0.3% | 28 |
| AMERICAN FINANCIAL GROUP INC | [AFG](https://holderbook.com/stocks/AFG/) | $53.9M | 369,784 | 0.3% | 23 |
| CME GROUP INC | [CME](https://holderbook.com/stocks/CME/) | $47.3M | 175,151 | 0.3% | 9 |
| SAP SE | [SAP](https://holderbook.com/stocks/SAP/) | $44.1M | 165,093 | 0.2% | 28 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $40.6M | 43,841 | 0.2% | 28 |
| UNILEVER PLC | [ULXXXX](https://holderbook.com/stocks/ULXXXX/) | $40.1M | 676,812 | 0.2% | 28 |
| COLGATE PALMOLIVE CO | [CL](https://holderbook.com/stocks/CL/) | $33.5M | 418,440 | 0.2% | 28 |
| DIAGEO PLC | [DEO](https://holderbook.com/stocks/DEO/) | $32.4M | 339,798 | 0.2% | 28 |
| AXOS FINANCIAL INC | [AX](https://holderbook.com/stocks/AX/) | $32.4M | 382,183 | 0.2% | 14 |
| CREDIT ACCEP CORP MICH | [CACC](https://holderbook.com/stocks/CACC/) | $32.3M | 69,214 | 0.2% | 23 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $27.5M | 41,279 | 0.2% | 28 |
| SERVISFIRST BANCSHARES INC | [SFBS](https://holderbook.com/stocks/SFBS/) | $24.4M | 303,115 | 0.1% | 19 |
| PROGRESSIVE CORP | [PGR](https://holderbook.com/stocks/PGR/) | $22.5M | 91,262 | 0.1% | 19 |
| LCI INDS | [LCII](https://holderbook.com/stocks/LCII/) | $22.1M | 236,956 | 0.1% | 22 |
| VERISK ANALYTICS INC | [VRSK](https://holderbook.com/stocks/VRSK/) | $21.8M | 86,669 | 0.1% | 28 |
| ABBVIE INC | [ABBV](https://holderbook.com/stocks/ABBV/) | $20.6M | 88,873 | 0.1% | 28 |
| AUTODESK INC | [ADSK](https://holderbook.com/stocks/ADSK/) | $18.8M | 59,225 | 0.1% | 8 |
| ALCON AG | [ALC](https://holderbook.com/stocks/ALC/) | $17.2M | 230,438 | 0.1% | 26 |
| EXXON MOBIL CORP | [XOMXXXX](https://holderbook.com/stocks/XOMXXXX/) | $16.1M | 142,564 | 0.1% | 28 |
| ELI LILLY & CO | [LLY](https://holderbook.com/stocks/LLY/) | $15.5M | 20,327 | 0.1% | 28 |
| SEA LTD | [SE](https://holderbook.com/stocks/SE/) | $15.5M | 86,522 | 0.1% | 14 |
| AUTOMATIC DATA PROCESSING IN | [ADP](https://holderbook.com/stocks/ADP/) | $15.4M | 52,462 | 0.1% | 28 |
| MERCADOLIBRE INC | [MELI](https://holderbook.com/stocks/MELI/) | $14.4M | 6,175 | 0.1% | 6 |
| TRIPLE FLAG PRECIOUS METAL | [TFPM](https://holderbook.com/stocks/TFPM/) | $13.0M | 443,713 | 0.1% | 13 |
| TRIP COM GROUP LTD | [TCOM](https://holderbook.com/stocks/TCOM/) | $12.5M | 166,860 | 0.1% | 24 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $11.4M | 44,738 | 0.1% | 28 |
| ZOETIS INC | [ZTS](https://holderbook.com/stocks/ZTS/) | $11.2M | 76,698 | 0.1% | 28 |
| NUTRIEN LTD | [NTR](https://holderbook.com/stocks/NTR/) | $10.7M | 181,665 | 0.1% | 28 |
| NU HLDGS LTD | [NU](https://holderbook.com/stocks/NU/) | $10.4M | 651,820 | 0.1% | 11 |
| CREDICORP LTD | [BAP](https://holderbook.com/stocks/BAP/) | $10.4M | 38,882 | 0.1% | 28 |
| ISHARES TR | [IGSB](https://holderbook.com/stocks/IGSB/) | $10.2M | 192,744 | 0.1% | 4 |
| TELUS CORPORATION | [TU](https://holderbook.com/stocks/TU/) | $10.2M | 645,207 | 0.1% | 28 |
| BOOKING HOLDINGS INC | [BKNG](https://holderbook.com/stocks/BKNG/) | $8.8M | 1,634 | 0.0% | 28 |
| ATS CORPORATION | [ATS](https://holderbook.com/stocks/ATS/) | $8.8M | 334,904 | 0.0% | 10 |
| NVIDIA CORPORATION | [NVDA](https://holderbook.com/stocks/NVDA/) | $8.4M | 45,038 | 0.0% | 11 |
| HALEON PLC | [HLN](https://holderbook.com/stocks/HLN/) | $7.4M | 821,006 | 0.0% | 5 |
| NOVARTIS AG | [NVS](https://holderbook.com/stocks/NVS/) | $6.7M | 52,037 | 0.0% | 28 |
| EMERSON ELEC CO | [EMR](https://holderbook.com/stocks/EMR/) | $6.0M | 45,460 | 0.0% | 28 |
| COMCAST CORP NEW | [CMCSA](https://holderbook.com/stocks/CMCSA/) | $5.6M | 176,738 | 0.0% | 28 |
| FOMENTO ECONOMICO MEXICANO S | [FMX](https://holderbook.com/stocks/FMX/) | $5.5M | 55,306 | 0.0% | 28 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q3 2025 | +6.6% | +7.8% | -1.2% | 100% |
| Q2 2025 | +10.1% | +10.5% | -0.4% | 100% |
| Q1 2025 | -2.6% | -4.6% | +1.9% | 100% |
| Q4 2024 | +0.6% | +2.1% | -1.6% | 100% |
| Q3 2024 | +9.4% | +5.4% | +3.9% | 100% |
| Q2 2024 | -3.4% | +4.0% | -7.4% | 100% |
| Q1 2024 | +5.7% | +10.0% | -4.3% | 100% |
| Q4 2023 | +13.2% | +11.2% | +2.0% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q3 2025 | $18.2B | 192 |
| Q2 2025 | $17.5B | 188 |
| Q1 2025 | $16.0B | 185 |
| Q4 2024 | $17.1B | 189 |
| Q3 2024 | $17.9B | 189 |
| Q2 2024 | $16.5B | 185 |
| Q1 2024 | $17.4B | 196 |
| Q4 2023 | $17.0B | 221 |
| Q3 2023 | $15.4B | 188 |
| Q2 2023 | $16.8B | 197 |
| Q1 2023 | $16.2B | 198 |
| Q4 2022 | $15.3B | 206 |