JARISLOWSKY, FRASER LtdJARISLOWSKY, FRASER Ltd

Institutional investor · Portfolio as of Q3 2025

SEC EDGAR SourceSEC Filings

Top Holdings192 positions

Activity:
Stock
Shares
Value
Weight
Avg Buy
Est. P&L
Held
Conviction

BROOKFIELD CORP

14.8M$1B5.6%$20.62+112.10%
12 qtrssince 2022-Q4
Decreased
0

TORONTO DOMINION BK ONT

11.7M$938M5.2%$56.25+114.26%
28 qtrssince 2018-Q4
Decreased
0

CANADIAN NATL RY CO

8.9M$836.8M4.6%$73.58+69.06%
28 qtrssince 2018-Q4
Decreased
0

OPEN TEXT CORP

21.2M$790.7M4.3%$28.90-20.37%
28 qtrssince 2018-Q4
Increased
58

BANK MONTREAL MEDIUM

5.8M$760.4M4.2%$86.78+106.22%
28 qtrssince 2018-Q4
Decreased
0

SHOPIFY INC

4.9M$722.4M4.0%$64.27+90.66%
23 qtrssince 2020-Q1
Decreased
0

MICROSOFT CORP

1.3M$661.8M3.6%$115.75+232.70%
28 qtrssince 2018-Q4
Decreased
0

CAE INC

20.9M$620.3M3.4%$20.22+26.69%
28 qtrssince 2018-Q4
Decreased
0

TC ENERGY CORP

10.8M$584.7M3.2%$34.37+95.90%
26 qtrssince 2019-Q2
Decreased
0

FRANCO NEV CORP

2.5M$548.3M3.0%$128.35+60.12%
19 qtrssince 2021-Q1
Decreased
0

THOMSON REUTERS CORP

2.9M$448.3M2.5%$44.38+102.02%
28 qtrssince 2018-Q4
Decreased
0

STANTEC INC

4.1M$440.3M2.4%$27.55+151.38%
28 qtrssince 2018-Q4
Decreased
0

AMAZON COM INC

2M$435.1M2.4%$111.90+119.25%
28 qtrssince 2018-Q4
Decreased
0

GILDAN ACTIVEWEAR INC

6.8M$395.7M2.2%$26.90+95.19%
28 qtrssince 2018-Q4
Decreased
0

CGI INC

4M$359.4M2.0%$69.71-3.80%
27 qtrssince 2019-Q1
Decreased
0

PEMBINA PIPELINE CORP

8.8M$356.5M2.0%$39.07+21.71%
28 qtrssince 2018-Q4
Increased
79

ORACLE CORP

1.2M$343.3M1.9%$52.52+167.80%
28 qtrssince 2018-Q4
Decreased
0

COLLIERS INTL GROUP INC

2.1M$331M1.8%$121.03-19.33%
28 qtrssince 2018-Q4
Decreased
0

MASTERCARD INCORPORATED

547,672$311.5M1.7%$223.32+135.87%
28 qtrssince 2018-Q4
Decreased
0

ABBOTT LABORATORIES

2.2M$289.1M1.6%$71.95+30.55%
28 qtrssince 2018-Q4
Decreased
0
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$18.2B
AUM
192
Positions
Q3 2025
Filing
Rating · 1.5
Quarterly Portfolio Change
-6%Q2'24$16.5B+9%Q3'24$17.9B-4%Q4'24$17.1B-7%Q1'25$16B+10%Q2'25$17.5B+4%Q3'25$18.2B
Activity profile
$ moved · Q3'25
New10%Increased26%Decreased64%Exited0%
Composition
Equity vs derivatives
Equity100%Puts0%Calls0%
Holding period
Avg 5.7 years
<1Q1%1-4Q3%1-2Y5%2Y+91%

JARISLOWSKY, FRASER Ltd manages $18.2B across 192 positions as of Q3 2025. Top holdings: BN (5.6%), TD (5.2%), CNI (4.6%). Fund DNA: Steady Compounder. HoldingsIntel Rating: 1.5/5.0.

Q3 2025 Summary

Added 5 new positions, exited 1, increased 45, trimmed 114. Top move: PBA (INCREASED, conviction 79). Portfolio: $18.2B across 192 positions.

Top holdings by portfolio weight

Total AUM$18B
BN5.58%
TD5.16%
CNI4.60%
OTEX4.35%
BMO4.18%
SHOP3.97%
MSFT3.64%
CAE3.41%
TRP3.21%
FNV3.01%
Other2.46%

Portfolio allocation by GICS sector

Sectors11
Financial Services25.46%
Technology22.29%
Industrials17.48%
Healthcare7.40%
Consumer Cyclical6.96%
Energy5.83%
Communication Services3.96%
Basic Materials3.84%
Consumer Defensive2.92%
Real Estate1.82%
Other2.03%

Behavioral investing profile

7-dimension quality assessment
Below Average(1.5 / 5.0)
Track Record77
Conviction38
Concentration0
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Position Outcomes

Best and worst performing positions by estimated return

Cost basis estimates based on full filing history using quarter-end prices. Actual transaction prices are not disclosed in 13F filings.

Accumulation Streaks

Positions with 2+ consecutive quarters of increases - persistent directional conviction.

Security
5Q
MELIMERCADOLIBRE INC
Q3 2024 Q3 2025+4,026 shares+$10.9M
5Q
ABEVAMBEV SA
Q3 2024 Q3 2025+32,848 shares+$80,289
5Q
HDBHDFC BANK LTD
Q3 2024 Q3 2025+1.7M shares+$7.3M

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Data sourced from SEC EDGAR 13F filings. Not financial advice. Full disclaimer

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