Jarislowsky, Fraser Ltd Portfolio holdings
Jarislowsky Fraser started in 1955 as a Montreal research firm that sold its stock research to investment managers in the US and UK. Its founder, Stephen Jarislowsky, was a Harvard-educated investor and former Alcan executive. The firm won its first pension fund client by 1966, and managing money for institutions became its core business. Scotiabank bought it in 2018, and the firm kept its Montreal headquarters and its investment independence. It looks for quality, sustainable businesses to hold for long-term growth, and serves pension funds, endowments, foundations, corporations and Indigenous communities.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Enbridge
ENB
|
+$61.4M |
| 2 |
Booking.com
BKNG
|
+$31.5M |
| 3 |
Novartis
NVS
|
+$16.7M |
| 4 |
Costco
COST
|
+$16.7M |
| 5 |
Mondelez International
MDLZ
|
+$14.6M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
MetLife
MET
|
+$51.8M |
| 2 |
Bank of New York Mellon
BNY
|
+$30.2M |
| 3 |
Toronto Dominion Bank
TD
|
+$23.3M |
| 4 |
Dollar Tree
DLTR
|
+$19.9M |
| 5 |
Cameco
CCJ
|
+$17.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 32.92% |
| 2 | Energy | 17.83% |
| 3 | Industrials | 13.14% |
| 4 | Technology | 11.02% |
| 5 | Healthcare | 8.57% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Toronto Dominion Bank
TD
$202B
| $1.48B | 8.6% |
25,132,926
-408,159
| -2% | -$23.3M |
2016 Q3
5 quarters
|
|
2
Royal Bank of Canada
RY
$281B
| $1.33B | 7.75% |
16,249,648
-200,151
| -1% | -$15.9M |
2016 Q3
5 quarters
|
|
3
Scotiabank
BNS
$113B
| $1.08B | 6.27% |
16,642,229
-187,132
| -1% | -$12.1M |
2013 Q2
18 quarters
|
|
|
4
Enbridge
ENB
$107B
| $945M | 5.5% |
24,082,674
+1,594,953
| +7% | +$61.4M |
2013 Q2
18 quarters
|
|
5
Canadian National Railway
CNI
$76.6B
| $839M | 4.88% |
10,141,055
-114,447
| -1% | -$9.22M |
2013 Q2
18 quarters
|
|
6
Canadian Natural Resources
CNQ
$100B
| $758M | 4.41% |
43,168,354
-463,009
| -1% | -$7.78M |
2013 Q2
18 quarters
|
|
7
Manulife Financial
MFC
$72.6B
| $712M | 4.14% |
34,013,147
-363,619
| -1% | -$7.56M |
2013 Q2
18 quarters
|
|
8
Open Text
OTEX
$5.99B
| $608M | 3.54% |
17,044,981
-194,239
| -1% | -$6.48M |
2013 Q2
18 quarters
|
|
|
POT
9
DELISTED
Potash Corp Of Saskatchewan
POT
| $562M | 3.27% |
27,333,545
+334,766
| +1% | +$6.49M |
2013 Q2
18 quarters
|
|
10
Gildan
GIL
$6.45B
| $469M | 2.73% |
14,478,702
-218,496
| -1% | -$6.82M |
2015 Q1
11 quarters
|
|
11
Pembina Pipeline
PBA
$29.1B
| $463M | 2.69% |
12,734,797
+361,919
| +3% | +$12.5M |
2013 Q3
17 quarters
|
|
12
CGI
GIB
$16.7B
| $449M | 2.62% |
8,245,639
-32,372
| -0.4% | -$1.72M |
2014 Q4
12 quarters
|
|
13
Thomson Reuters
TRI
$47.4B
| $400M | 2.33% |
7,874,808
-90,138
| -1% | -$4.71M |
2016 Q3
5 quarters
|
|
14
Stantec
STN
$8.44B
| $288M | 1.67% |
10,252,714
-35,625
| -0.3% | -$993K |
2016 Q3
5 quarters
|
|
15
JPMorgan Chase
JPM
$910B
| $284M | 1.65% |
2,652,041
+68,108
| +3% | +$6.9M |
2013 Q2
18 quarters
|
|
16
CAE Inc
CAE
$8.99B
| $230M | 1.34% |
12,338,596
-134,600
| -1% | -$2.38M |
2013 Q2
18 quarters
|
|
17
Vermilion Energy
VET
$1.65B
| $228M | 1.33% |
6,248,479
-78,859
| -1% | -$2.75M |
2016 Q3
5 quarters
|
|
18
Microsoft
MSFT
$3.88T
| $222M | 1.29% |
2,594,642
+1,765
| +0.1% | +$145K |
2013 Q2
18 quarters
|
|
19
Johnson & Johnson
JNJ
$683B
| $218M | 1.27% |
1,563,817
-39,783
| -2% | -$5.54M |
2013 Q2
18 quarters
|
|
20
PepsiCo
PEP
$194B
| $197M | 1.15% |
1,642,709
-12,021
| -0.7% | -$1.37M |
2013 Q2
18 quarters
|
|
21
Wells Fargo
WFC
$257B
| $193M | 1.12% |
3,174,974
-52,215
| -2% | -$2.95M |
2016 Q3
5 quarters
|
|
22
Becton Dickinson
BDX
$58.8B
| $181M | 1.05% |
867,121
-6,338
| -0.7% | -$1.33M |
2013 Q2
18 quarters
|
|
23
Procter & Gamble
PG
$389B
| $171M | 1% |
1,864,284
+50,417
| +3% | +$4.53M |
2013 Q2
18 quarters
|
|
24
3M
MMM
$96B
| $168M | 0.98% |
855,567
-17,709
| -2% | -$3.41M |
2013 Q2
18 quarters
|
|
25
Comcast
CMCSA
$88.1B
| $167M | 0.97% |
4,171,490
-24,907
| -0.6% | -$936K |
2014 Q2
14 quarters
|
|
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Jarislowsky, Fraser Ltd's Q4 2017 Portfolio in Review
As of Q4 2017, Jarislowsky, Fraser Ltd held 231 positions worth $17.2B, up 3% from $16.7B the previous quarter. Its ten largest holdings account for 51% of the portfolio.
Trading was light in Q4 2017: portfolio turnover was 4.3%. Jarislowsky, Fraser Ltd opened 5 new positions and exited 5, leaving the 231-position portfolio largely intact.
By sector, the portfolio is most concentrated in Financials at 33% of assets, down from 33% a quarter earlier, followed by Energy and Industrials.
- Jarislowsky, Fraser Ltd's largest Q4 2017 buy was Booking.com: 434,750 shares worth $30.2M.
- Jarislowsky, Fraser Ltd added most to Enbridge in Q4 2017, an estimated $61.4M increase.
- Jarislowsky, Fraser Ltd's biggest Q4 2017 reduction was MetLife, cutting an estimated $51.8M.
- Jarislowsky, Fraser Ltd fully exited WPP in Q4 2017, selling an estimated $237K.
- Jarislowsky, Fraser Ltd's ten largest holdings make up 51% of its $17.2B portfolio in Q4 2017.
- Jarislowsky, Fraser Ltd opened 5 new positions and closed 5 in Q4 2017.
- Jarislowsky, Fraser Ltd's portfolio value rose 3% quarter-over-quarter to $17.2B.
Based on Jarislowsky, Fraser Ltd's 13F filing for Q4 2017, filed 13 Feb 2018.