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 |
Canadian National Railway
CNI
|
+$77.8M |
| 2 |
Stantec
STN
|
+$53.3M |
| 3 |
Enbridge
ENB
|
+$30.8M |
| 4 |
Berry Global Group, Inc.
BERY
|
+$30M |
| 5 |
Dollar Tree
DLTR
|
+$18.4M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
GE Aerospace
GE
|
+$30.6M |
| 2 |
Procter & Gamble
PG
|
+$28.4M |
| 3 |
Pfizer
PFE
|
+$24.9M |
| 4 |
Toronto Dominion Bank
TD
|
+$17.5M |
| 5 |
Royal Bank of Canada
RY
|
+$12.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 30.78% |
| 2 | Energy | 17.81% |
| 3 | Industrials | 14.25% |
| 4 | Technology | 12.16% |
| 5 | Healthcare | 8.71% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Toronto Dominion Bank
TD
$202B
| $1.42B | 8.48% |
24,511,030
-305,869
| -1% | -$17.5M |
2016 Q3
7 quarters
|
|
|
2
Royal Bank of Canada
RY
$280B
| $1.2B | 7.18% |
15,960,924
-159,610
| -1% | -$12.2M |
2016 Q3
7 quarters
|
|
3
Scotiabank
BNS
$113B
| $926M | 5.54% |
16,368,123
-170,257
| -1% | -$10.3M |
2013 Q2
20 quarters
|
|
|
4
Enbridge
ENB
$106B
| $906M | 5.41% |
25,347,032
+971,726
| +4% | +$30.8M |
2013 Q2
20 quarters
|
|
|
5
Canadian National Railway
CNI
$76.3B
| $902M | 5.39% |
11,039,911
+979,329
| +10% | +$77.8M |
2013 Q2
20 quarters
|
|
6
Canadian Natural Resources
CNQ
$101B
| $752M | 4.5% |
42,591,519
-319,933
| -0.7% | -$5.42M |
2013 Q2
20 quarters
|
|
7
Nutrien
NTR
$33.8B
| $613M | 3.67% |
11,281,606
-146,740
| -1% | -$7.28M |
2018 Q1
1 quarter
|
|
8
Manulife Financial
MFC
$72.8B
| $605M | 3.62% |
33,707,580
-186,367
| -0.5% | -$3.51M |
2013 Q2
20 quarters
|
|
9
Open Text
OTEX
$6B
| $598M | 3.57% |
16,993,384
+21,153
| +0.1% | +$743K |
2013 Q2
20 quarters
|
|
10
CGI
GIB
$16.7B
| $521M | 3.12% |
8,233,272
-10,322
| -0.1% | -$621K |
2014 Q4
14 quarters
|
|
11
Pembina Pipeline
PBA
$29.3B
| $439M | 2.62% |
12,670,256
-83,095
| -0.7% | -$2.78M |
2013 Q3
19 quarters
|
|
12
Thomson Reuters
TRI
$47.4B
| $436M | 2.61% |
9,317,793
-11,642
| -0.1% | -$535K |
2016 Q3
7 quarters
|
|
13
Gildan
GIL
$6.42B
| $400M | 2.39% |
14,223,353
-100,570
| -0.7% | -$2.92M |
2015 Q1
13 quarters
|
|
|
14
Stantec
STN
$9.6B
| $332M | 1.98% |
12,900,937
+2,103,346
| +19% | +$53.3M |
2016 Q3
7 quarters
|
|
15
JPMorgan Chase
JPM
$919B
| $264M | 1.58% |
2,538,014
-69,483
| -3% | -$7.62M |
2013 Q2
20 quarters
|
|
16
Microsoft
MSFT
$3.89T
| $257M | 1.54% |
2,611,069
-21,156
| -0.8% | -$2.05M |
2013 Q2
20 quarters
|
|
17
CAE Inc
CAE
$8.92B
| $255M | 1.52% |
12,264,632
-45,513
| -0.4% | -$901K |
2013 Q2
20 quarters
|
|
18
Vermilion Energy
VET
$1.66B
| $224M | 1.34% |
6,219,720
+4,262
| +0.1% | +$147K |
2016 Q3
7 quarters
|
|
19
Becton Dickinson
BDX
$59.4B
| $194M | 1.16% |
831,856
-2,223
| -0.3% | -$495K |
2013 Q2
20 quarters
|
|
20
Johnson & Johnson
JNJ
$688B
| $185M | 1.11% |
1,524,440
-3,260
| -0.2% | -$407K |
2013 Q2
20 quarters
|
|
21
Wells Fargo
WFC
$258B
| $176M | 1.05% |
3,176,930
+10,833
| +0.3% | +$580K |
2016 Q3
7 quarters
|
|
22
PepsiCo
PEP
$198B
| $175M | 1.05% |
1,608,609
+5,266
| +0.3% | +$544K |
2013 Q2
20 quarters
|
|
23
Oracle
ORCL
$391B
| $161M | 0.96% |
3,648,510
+208,026
| +6% | +$9.6M |
2013 Q2
20 quarters
|
|
24
Verisk Analytics
VRSK
$26.7B
| $157M | 0.94% |
1,456,071
-3,291
| -0.2% | -$350K |
2016 Q3
7 quarters
|
|
25
Abbott
ABT
$188B
| $152M | 0.91% |
2,486,611
+103,836
| +4% | +$6.3M |
2013 Q2
20 quarters
|
|
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Jarislowsky, Fraser Ltd's Q2 2018 Portfolio in Review
As of Q2 2018, Jarislowsky, Fraser Ltd held 224 positions worth $16.7B, up 4.2% from $16.1B the previous quarter. Its ten largest holdings account for 50% of the portfolio.
Jarislowsky, Fraser Ltd's Q2 2018 filing shows 7 new, 66 increased, 118 reduced and 11 closed positions. Its largest new stake was Berry Global Group, Inc.: 647,465 shares worth $27.3M. The largest sale was GE Aerospace, an estimated $30.6M.
By sector, the portfolio is most concentrated in Financials at 31% of assets, down from 33% a quarter earlier, followed by Energy and Industrials.
- Jarislowsky, Fraser Ltd's largest Q2 2018 buy was Berry Global Group, Inc.: 647,465 shares worth $27.3M.
- Jarislowsky, Fraser Ltd added most to Canadian National Railway in Q2 2018, an estimated $77.8M increase.
- Jarislowsky, Fraser Ltd's biggest Q2 2018 reduction was GE Aerospace, cutting an estimated $30.6M.
- Jarislowsky, Fraser Ltd fully exited Capital One in Q2 2018, selling an estimated $2.31M.
- Jarislowsky, Fraser Ltd's ten largest holdings make up 50% of its $16.7B portfolio in Q2 2018.
- Jarislowsky, Fraser Ltd opened 7 new positions and closed 11 in Q2 2018.
- Jarislowsky, Fraser Ltd's portfolio value rose 4.2% quarter-over-quarter to $16.7B.
Based on Jarislowsky, Fraser Ltd's 13F filing for Q2 2018, filed 10 Aug 2018.