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JFL

Jarislowsky, Fraser Ltd Portfolio holdings

AUM $18.2B
1-Year Est. Return 22.04%
This Fund
S&P 500
This Quarter Est. Return
-1.22%
1 Year Est. Return
+22.04%
3 Year Est. Return
+92.61%
5 Year Est. Return
+122.31%
10 Year Est. Return
+241.41%
AUM
$16B
AUM Growth
-$1.14B
Cap. Flow
-$755M
Cap. Flow %
-4.73%
Top 10 Hldgs %
39.38%
Holding
192
New
2
Increased
33
Reduced
119
Closed
7

Top Buys

Rank Stock Value
1
TD icon
Toronto Dominion Bank
TD
+$620M
2
TFII icon
TFI International
TFII
+$240M
3
AVGO icon
Broadcom
AVGO
+$92.6M
4
OTEX icon
Open Text
OTEX
+$57.1M
5
STN icon
Stantec
STN
+$51.4M

Top Sells

Rank Stock Value
1
BNS icon
Scotiabank
BNS
+$491M
2
MFC icon
Manulife Financial
MFC
+$384M
3
MGA icon
Magna International
MGA
+$287M
4
BN icon
Brookfield
BN
+$139M
5
GIL icon
Gildan
GIL
+$90M

Sector Composition

Rank Sector Weight
1 Financials 24.98%
2 Technology 20.99%
3 Industrials 19.76%
4 Healthcare 9.05%
5 Consumer Discretionary 8.08%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
CNI icon
1
Canadian National Railway
CNI
$78.3B
$897M 5.62%
9,216,459
+57,384
+0.6% +$5.8M
BN icon
2
Brookfield
BN
$104B
$829M 5.2%
23,768,153
-3,678,691
-13% -$139M
TD icon
3
Toronto Dominion Bank
TD
$199B
$727M 4.55%
12,127,589
+10,655,514
+724% +$620M
BMO icon
4
Bank of Montreal
BMO
$127B
$625M 3.92%
6,549,559
-162,214
-2% -$16M
CAE icon
5
CAE Inc. Common Shares
CAE
$8.48B
$570M 3.57%
23,187,828
-806,263
-3% -$19.6M
TRI icon
6
Thomson Reuters
TRI
$45.1B
$564M 3.53%
3,216,158
-85,494
-3% -$14.8M
TRP icon
7
TC Energy
TRP
$70.5B
$543M 3.4%
11,500,319
-297,060
-3% -$13.9M
MSFT icon
8
Microsoft
MSFT
$2.92T
$542M 3.4%
1,443,983
+72,329
+5% +$29.5M
OTEX icon
9
Open Text
OTEX
$6.02B
$521M 3.26%
20,626,538
+2,079,282
+11% +$57.1M
STN icon
10
Stantec
STN
$8.19B
$467M 2.93%
5,640,466
+642,620
+13% +$51.4M
FNV icon
11
Franco-Nevada
FNV
$40.6B
$451M 2.82%
2,864,793
-355,193
-11% -$49.7M
GIB icon
12
CGI
GIB
$15B
$426M 2.67%
4,263,945
-77,230
-2% -$8.47M
QSR icon
13
Restaurant Brands International
QSR
$26B
$415M 2.6%
6,225,039
-105,865
-2% -$6.83M
SHOP icon
14
Shopify
SHOP
$169B
$380M 2.38%
3,999,810
-116,205
-3% -$12.7M
AMZN icon
15
Amazon
AMZN
$2.48T
$374M 2.34%
1,966,455
-42,930
-2% -$9.32M
UNH icon
16
UnitedHealth
UNH
$389B
$312M 1.95%
595,533
-12,049
-2% -$6.16M
MA icon
17
Mastercard
MA
$497B
$312M 1.95%
568,326
-42,636
-7% -$23.2M
GIL icon
18
Gildan
GIL
$9.58B
$308M 1.93%
6,963,062
-1,810,024
-21% -$90M
ABT icon
19
Abbott
ABT
$187B
$288M 1.8%
2,169,717
-92,674
-4% -$11.8M
FISV
20
Fiserv Inc
FISV
$28.9B
$271M 1.7%
1,228,210
-130,672
-10% -$28.6M
DSGX icon
21
Descartes Systems
DSGX
$6.48B
$267M 1.67%
2,649,759
-56,273
-2% -$6.22M
CIGI icon
22
Colliers International
CIGI
$5.31B
$242M 1.52%
2,002,583
-41,975
-2% -$5.5M
JPM icon
23
JPMorgan Chase
JPM
$950B
$232M 1.45%
946,315
-25,808
-3% -$6.58M
BSX icon
24
Boston Scientific
BSX
$68.5B
$229M 1.44%
2,271,539
-247,733
-10% -$24.9M
RY icon
25
Royal Bank of Canada
RY
$295B
$225M 1.41%
1,997,039
-22,720
-1% -$2.68M
1
2 3 4 5

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Jarislowsky, Fraser Ltd's Q1 2025 Portfolio in Review

As of Q1 2025, Jarislowsky, Fraser Ltd held 192 positions worth $16B, down 6.7% from $17.1B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Jarislowsky, Fraser Ltd withdrew a net $755M in Q1 2025, closing 7 positions and reducing 119 holdings. Its most notable exit was Estee Lauder, an estimated $29.7M position sold in full.

By sector, the portfolio is most concentrated in Financials at 25% of assets, down from 27% a quarter earlier, followed by Technology and Industrials.

Against the trend, Jarislowsky, Fraser Ltd opened a new position in TFI International worth $168M.

  • Jarislowsky, Fraser Ltd's largest Q1 2025 buy was TFI International: 2,172,019 shares worth $168M.
  • Jarislowsky, Fraser Ltd added most to Toronto Dominion Bank in Q1 2025, an estimated $620M increase.
  • Jarislowsky, Fraser Ltd's biggest Q1 2025 reduction was Scotiabank, cutting an estimated $491M.
  • Jarislowsky, Fraser Ltd fully exited Estee Lauder in Q1 2025, selling an estimated $29.7M.
  • Jarislowsky, Fraser Ltd's ten largest holdings make up 39% of its $16B portfolio in Q1 2025.
  • Jarislowsky, Fraser Ltd opened 2 new positions and closed 7 in Q1 2025.
  • Jarislowsky, Fraser Ltd's portfolio value fell 6.7% quarter-over-quarter to $16B.

Based on Jarislowsky, Fraser Ltd's 13F filing for Q1 2025, filed 12 May 2025.