Jarislowsky, Fraser
MONTREAL, A8files as JARISLOWSKY, FRASER Ltd
$18.2bn in 188 US stocks at the end of 30 September 2025. The top 10 are 41.2% of the money. It changed about 7.9% of the portfolio this quarter.
Value
$18.2bn
Stocks
188
Top 10 share
41.2%
Turnover
7.9%
What changed this quarter
New
Bought for the first time this quarter.
- RB GlobalRBA1.1% of the fund
- IntuitINTU0.5% of the fund
- Invesco QQQ TRQQQ<0.1% of the fund
- Mitsubishi UFJ Financial GroupMUFG<0.1% of the fund
- BaiduBIDU<0.1% of the fund
Added
Bought more of a stock they already held.
- Pembina PipelinePBA2.0% of the fund+1895%
- FiservFISV1.1% of the fund+9%
- Meta PlatformsMETA1.0% of the fund+36%
- Mondelez InternationalMDLZ0.5% of the fund+9%
- Public Service Enterprise GroupPEG0.5% of the fund+107%
- SAP SESAP0.2% of the fund+14%
- Unilever0.2% of the fund+3%
- NvidiaNVDA<0.1% of the fund+519%
- HaleonHLN<0.1% of the fund+12%
- Canadian Pacific Kansas CityCP<0.1% of the fund+12%
- Suncor EnergySU<0.1% of the fund+7%
- BCEBCE<0.1% of the fund+13%
- Canadian Imperial Bank of Commerce /canCM<0.1% of the fund+21%
- Sun Life FinancialSLF<0.1% of the fund+5%
- Imperial OilIMO<0.1% of the fund+3%
- Canadian Natural ResourcesCNQ<0.1% of the fund+33%
- Barrick MiningB<0.1% of the fund+41%
- AstrazenecaAZN<0.1% of the fund+13%
- Wells Fargo & CompanyWFC<0.1% of the fund+4%
- Agnico Eagle MinesAEM<0.1% of the fund+24%
- Magna InternationalMGA<0.1% of the fund+21%
- Rogers CommunicationsRCI<0.1% of the fund+54%
- Sony GroupSONY<0.1% of the fund+37%
- Waste ConnectionsWCN<0.1% of the fund+26%
- Teck ResourcesTECK<0.1% of the fund+71%
Cut
Sold some of their stake.
- BrookfieldBN5.6% of the fund-5%
- Toronto Dominion BankTD5.2% of the fund-2%
- Canadian National RailwayCNI4.6% of the fund-4%
- Bank of Montreal /canBMO4.2% of the fund-9%
- ShopifySHOP4.0% of the fund-4%
- MicrosoftMSFT3.6% of the fund-9%
- CAECAE3.4% of the fund-4%
- TC EnergyTRP3.2% of the fund-4%
- Franco NevadaFNV3.0% of the fund-12%
- Thomson Reuters2.5% of the fund-4%
- StantecSTN2.4% of the fund-18%
- Gildan ActivewearGIL2.2% of the fund-8%
- CGIGIB2.0% of the fund-4%
- OracleORCL1.9% of the fund-14%
- Colliers International GroupCIGI1.8% of the fund-16%
- MastercardMA1.7% of the fund-3%
- TFI InternationalTFII1.6% of the fund-3%
- JPMorgan ChaseJPM1.5% of the fund-5%
- AlphabetGOOG1.4% of the fund-6%
- AlphabetGOOGL1.4% of the fund-11%
- Interactive Brokers GroupIBKR1.4% of the fund-12%
- Royal Bank of CanadaRY1.3% of the fund-17%
- Descartes Systems GroupDSGX1.3% of the fund-5%
- Boston ScientificBSX1.2% of the fund-3%
- Restaurant Brands InternationalQSR1.2% of the fund-4%
Sold out
Sold their entire stake.
Holdings
- BrookfieldBN
- Share
- 5.6%
- Value
- $1.0bn
- Shares
- 14,806,245
-5%
- Toronto Dominion BankTD
- Share
- 5.2%
- Value
- $938m
- Shares
- 11,728,785
-2%
- Canadian National RailwayCNI
- Share
- 4.6%
- Value
- $837m
- Shares
- 8,871,249
-4%
- Bank of Montreal /canBMO
- Share
- 4.2%
- Value
- $760m
- Shares
- 5,833,830
-9%
- CAECAE
- Share
- 3.4%
- Value
- $620m
- Shares
- 20,943,262
-4%
- TC EnergyTRP
- Share
- 3.2%
- Value
- $585m
- Shares
- 10,751,401
-4%
- Franco NevadaFNV
- Share
- 3.0%
- Value
- $548m
- Shares
- 2,462,713
-12%
- Thomson Reuters
- Share
- 2.5%
- Value
- $448m
- Shares
- 2,886,701
-4%
- StantecSTN
- Share
- 2.4%
- Value
- $440m
- Shares
- 4,082,124
-18%
- Gildan ActivewearGIL
- Share
- 2.2%
- Value
- $396m
- Shares
- 6,848,156
-8%
- CGIGIB
- Share
- 2.0%
- Value
- $359m
- Shares
- 4,033,813
-4%
- Pembina PipelinePBA
- Share
- 2.0%
- Value
- $356m
- Shares
- 8,814,455
+1895%
- Colliers International GroupCIGI
- Share
- 1.8%
- Value
- $331m
- Shares
- 2,115,789
-16%
- TFI InternationalTFII
- Share
- 1.6%
- Value
- $282m
- Shares
- 3,201,844
-3%
- Royal Bank of CanadaRY
- Share
- 1.3%
- Value
- $243m
- Shares
- 1,645,780
-17%
- Descartes Systems GroupDSGX
- Share
- 1.3%
- Value
- $234m
- Shares
- 2,483,153
-5%
- Manulife FinancialMFC
- Share
- 0.6%
- Value
- $102m
- Shares
- 3,273,476
-3%
- Bank OZKOZK
- Share
- 0.5%
- Value
- $85m
- Shares
- 1,658,271
-8%
- Bank of Nova ScotiaBNS
- Share
- 0.4%
- Value
- $80m
- Shares
- 1,242,357
-9%
- RelxRELX
- Share
- 0.3%
- Value
- $54m
- Shares
- 1,129,509
Held
- Unilever
- Share
- 0.2%
- Value
- $40m
- Shares
- 676,812
+3%
- State STR Spdr S&P 500 ETF TSPY
- Share
- 0.2%
- Value
- $27m
- Shares
- 41,279
-19%
- SeaSE
- Share
- <0.1%
- Value
- $15m
- Shares
- 86,522
-3%
- Triple Flag Precious MetalsTFPM
- Share
- <0.1%
- Value
- $13m
- Shares
- 443,713
-16%
- Trip COM GroupTCOM
- Share
- <0.1%
- Value
- $13m
- Shares
- 166,860
-2%
- NutrienNTR
- Share
- <0.1%
- Value
- $11m
- Shares
- 181,665
Held
- TelusTU
- Share
- <0.1%
- Value
- $10m
- Shares
- 645,207
Held
- ATS Corp /ATSATS
- Share
- <0.1%
- Value
- $9m
- Shares
- 334,904
-12%
- HaleonHLN
- Share
- <0.1%
- Value
- $7m
- Shares
- 821,006
+12%
| Company | Share of fund | Value | Shares | Change |
|---|---|---|---|---|
| BrookfieldBN | 5.6% | $1.0bn | 14,806,245 | -5% |
| Toronto Dominion BankTD | 5.2% | $938m | 11,728,785 | -2% |
| Canadian National RailwayCNI | 4.6% | $837m | 8,871,249 | -4% |
| Open TextOTEX | 4.4% | $791m | 21,150,154 | Held |
| Bank of Montreal /canBMO | 4.2% | $760m | 5,833,830 | -9% |
| ShopifySHOP | 4.0% | $722m | 4,861,383 | -4% |
| MicrosoftMSFT | 3.6% | $662m | 1,277,760 | -9% |
| CAECAE | 3.4% | $620m | 20,943,262 | -4% |
| TC EnergyTRP | 3.2% | $585m | 10,751,401 | -4% |
| Franco NevadaFNV | 3.0% | $548m | 2,462,713 | -12% |
| Thomson Reuters | 2.5% | $448m | 2,886,701 | -4% |
| StantecSTN | 2.4% | $440m | 4,082,124 | -18% |
| Amazon.comAMZN | 2.4% | $435m | 1,981,602 | Held |
| Gildan ActivewearGIL | 2.2% | $396m | 6,848,156 | -8% |
| CGIGIB | 2.0% | $359m | 4,033,813 | -4% |
| Pembina PipelinePBA | 2.0% | $356m | 8,814,455 | +1895% |
| OracleORCL | 1.9% | $343m | 1,220,787 | -14% |
| Colliers International GroupCIGI | 1.8% | $331m | 2,115,789 | -16% |
| MastercardMA | 1.7% | $312m | 547,672 | -3% |
| Abbott LaboratoriesABT | 1.6% | $289m | 2,158,089 | Held |
| TFI InternationalTFII | 1.6% | $282m | 3,201,844 | -3% |
| JPMorgan ChaseJPM | 1.5% | $277m | 878,324 | -5% |
| AlphabetGOOG | 1.4% | $263m | 1,078,837 | -6% |
| AlphabetGOOGL | 1.4% | $262m | 1,079,717 | -11% |
| Interactive Brokers GroupIBKR | 1.4% | $256m | 3,724,608 | -12% |
| Royal Bank of CanadaRY | 1.3% | $243m | 1,645,780 | -17% |
| Descartes Systems GroupDSGX | 1.3% | $234m | 2,483,153 | -5% |
| UnitedHealth GroupUNH | 1.3% | $230m | 664,655 | Held |
| Boston ScientificBSX | 1.2% | $214m | 2,192,794 | -3% |
| Restaurant Brands InternationalQSR | 1.2% | $209m | 3,263,219 | -4% |
| Taiwan Semiconductor ManufacturingTSM | 1.1% | $207m | 739,611 | Held |
| RB GlobalRBA | 1.1% | $196m | 1,805,849 | New |
| FiservFISV | 1.1% | $194m | 1,508,425 | +9% |
| PepsiCoPEP | 1.0% | $183m | 1,302,013 | Held |
| Becton DickinsonBDX | 1.0% | $175m | 935,130 | Held |
| Meta PlatformsMETA | 1.0% | $173m | 235,586 | +36% |
| Iqvia HoldingsIQV | 0.8% | $149m | 785,658 | Held |
| CopartCPRT | 0.8% | $140m | 3,112,375 | -3% |
| BroadcomAVGO | 0.8% | $139m | 420,881 | Held |
| AccentureACN | 0.7% | $132m | 535,794 | -3% |
| TJX CompaniesTJX | 0.7% | $128m | 888,931 | Held |
| Sherwin-WilliamsSHW | 0.7% | $120m | 346,536 | -3% |
| AmetekAME | 0.6% | $116m | 614,702 | Held |
| HDFC BankHDB | 0.6% | $113m | 3,317,169 | -9% |
| Berkshire HathawayBRK-B | 0.6% | $111m | 221,593 | -3% |
| DanaherDHR | 0.6% | $110m | 554,230 | -2% |
| Cadence Design SystemsCDNS | 0.6% | $107m | 303,436 | Held |
| Manulife FinancialMFC | 0.6% | $102m | 3,273,476 | -3% |
| Guidewire SoftwareGWRE | 0.6% | $101m | 439,972 | Held |
| Mondelez InternationalMDLZ | 0.5% | $97m | 1,552,357 | +9% |
| IntuitINTU | 0.5% | $90m | 132,503 | New |
| Public Service Enterprise GroupPEG | 0.5% | $86m | 1,025,305 | +107% |
| Bank OZKOZK | 0.5% | $85m | 1,658,271 | -8% |
| EnbridgeENB | 0.5% | $84m | 1,671,318 | -3% |
| Johnson & JohnsonJNJ | 0.5% | $84m | 450,506 | -5% |
| Bank of Nova ScotiaBNS | 0.4% | $80m | 1,242,357 | -9% |
| ChubbCB | 0.4% | $79m | 278,658 | -3% |
| Monster BeverageMNST | 0.4% | $72m | 1,074,573 | Held |
| Procter & GamblePG | 0.3% | $62m | 404,384 | -4% |
| ASML Holding NVASML | 0.3% | $61m | 62,723 | Held |
| RelxRELX | 0.3% | $54m | 1,129,509 | Held |
| American Financial GroupAFG | 0.3% | $54m | 369,784 | Held |
| CME GroupCME | 0.3% | $47m | 175,151 | -2% |
| SAP SESAP | 0.2% | $44m | 165,093 | +14% |
| Costco WholesaleCOST | 0.2% | $41m | 43,841 | -6% |
| Unilever | 0.2% | $40m | 676,812 | +3% |
| Colgate-PalmoliveCL | 0.2% | $33m | 418,440 | -7% |
| DiageoDEO | 0.2% | $32m | 339,798 | -44% |
| Axos FinancialAX | 0.2% | $32m | 382,183 | Held |
| Credit AcceptanceCACC | 0.2% | $32m | 69,214 | Held |
| State STR Spdr S&P 500 ETF TSPY | 0.2% | $27m | 41,279 | -19% |
| ServisFirst BancsharesSFBS | 0.1% | $24m | 303,115 | Held |
| ProgressivePGR | 0.1% | $23m | 91,262 | Held |
| LCI IndustriesLCII | 0.1% | $22m | 236,956 | Held |
| Verisk AnalyticsVRSK | 0.1% | $22m | 86,669 | -12% |
| AbbVieABBV | 0.1% | $21m | 88,873 | Held |
| AutodeskADSK | 0.1% | $19m | 59,225 | -83% |
| AlconALC | <0.1% | $17m | 230,438 | Held |
| ExxonMobil HoldingsXOM | <0.1% | $16m | 142,564 | Held |
| Eli LillyLLY | <0.1% | $16m | 20,327 | Held |
| SeaSE | <0.1% | $15m | 86,522 | -3% |
| Automatic Data ProcessingADP | <0.1% | $15m | 52,462 | -15% |
| MercadoLibreMELI | <0.1% | $14m | 6,175 | Held |
| Triple Flag Precious MetalsTFPM | <0.1% | $13m | 443,713 | -16% |
| Trip COM GroupTCOM | <0.1% | $13m | 166,860 | -2% |
| AppleAAPL | <0.1% | $11m | 44,738 | -15% |
| ZoetisZTS | <0.1% | $11m | 76,698 | -8% |
| NutrienNTR | <0.1% | $11m | 181,665 | Held |
| Nu HoldingsNU | <0.1% | $10m | 651,820 | Held |
| CredicorpBAP | <0.1% | $10m | 38,882 | -17% |
| TelusTU | <0.1% | $10m | 645,207 | Held |
| Booking HoldingsBKNG | <0.1% | $9m | 1,634 | -4% |
| ATS Corp /ATSATS | <0.1% | $9m | 334,904 | -12% |
| NvidiaNVDA | <0.1% | $8m | 45,038 | +519% |
| HaleonHLN | <0.1% | $7m | 821,006 | +12% |
| Novartis AGNVS | <0.1% | $7m | 52,037 | -3% |
| Emerson ElectricEMR | <0.1% | $6m | 45,460 | Held |
| ComcastCMCSA | <0.1% | $6m | 176,738 | -10% |
| Mexican Economic DevelopmentFMX | <0.1% | $5m | 55,306 | -2% |
| Yum China HoldingsYUMC | <0.1% | $5m | 126,474 | Held |
Showing the largest 100 of 188.
Over time and by industry
Value over time
Sep '25
Value is up 3.9% since 30 June 2025.
Where the money is
Technology23.4%
Financial services21.0%
Industrials13.7%
Real estate7.4%
Health care7.4%
Retail & consumer6.7%
Media & telecom4.0%
Materials3.8%
Utilities3.7%
Everyday goods2.9%
Energy2.6%
Other3.4%
From the fund's 13F filings. They list US stocks and options only, 45 days after each quarter, and leave out cash, bonds, shorts and foreign shares.