JARISLOWSKY, FRASER Ltd — 13F Holdings & Portfolio
CIK 1123778 · latest 13F-HR filed 2025-10-21
JARISLOWSKY, FRASER Ltd manages $18.20B in 13F-reported U.S. long-equity assets across 192 reported positions as of its 2025-09-30 13F-HR filing. Its largest disclosed positions are BN (5.58%), TD (5.16%), CNI (4.60%). Quarter over quarter (versus its 2025-06-30 filing) the fund opened 5 new positions, exited 1, added to 78, and trimmed 60.
AUM is the long-equity portion reported on Form 13F-HR. Excludes short positions, cash, foreign holdings, and non-13F assets. For informational purposes only — not investment advice.
$18.20B
Long-equity book
192
Distinct positions
2025-09-30
Filed 2025-10-21
+5 / −1 / ↑78 / ↓60
vs 2025-06-30
| Name | Title / Status | Ownership | Type |
|---|
Top Adds (vs prior quarter)
- Pembina Pipeline Corporation$339.9M +2053.0%
- Open Text Corporation$177.4M +28.9%
- Shopify Inc. Class - A$137.3M +23.5%
- Franco Nevada Corporation$90.0M +19.6%
- Alphabet Inc - C$59.8M +29.5%
Top Trims
- Thomson Reuters Corp-$155.9M -25.8%
- Canadian National Railway Company-$124.3M -12.9%
- Stantec Inc-$98.7M -18.3%
- Autodesk Inc-$87.1M -82.2%
- CGI Inc.-$82.7M -18.7%
New Positions
- RB Global Inc$195.6M
- Intuit Inc$90.5M
- Invesco QQQ Trust Series 1.$621.4K
- Mitsubishi UFJ Financial Group ADR$557.1K
- Baidu Inc. Sponsored ADR$232.4K
Rows tagged Call or Put are options positions, not stock. Per SEC Form 13F-HR, Value shows the notional value of the underlying (shares covered × underlying price), not the option premium. Shares is the number of underlying shares covered (divide by 100 for contract count).
| # | Issuer | Symbol | CUSIP | Value | Weight | Shares | Type |
|---|---|---|---|---|---|---|---|
| 1 | Brookfield Corp | BN | 11271J107 | $1.02B | 5.58% | 14,806,245 | SH |
| 2 | Toronto-Dominion Bank | TD | 891160509 | $938.0M | 5.16% | 11,728,785 | SH |
| 3 | Canadian National Railway Company | CNI | 136375102 | $836.8M | 4.60% | 8,871,249 | SH |
| 4 | Open Text Corporation | OTEX | 683715106 | $790.7M | 4.35% | 21,150,154 | SH |
| 5 | Bank of Montreal | BMO | 063671101 | $760.4M | 4.18% | 5,833,830 | SH |
| 6 | Shopify Inc. Class - A | SHOP | 82509L107 | $722.4M | 3.97% | 4,861,383 | SH |
| 7 | Microsoft Corporation | MSFT | 594918104 | $661.8M | 3.64% | 1,277,760 | SH |
| 8 | CAE Inc. | CAE | 124765108 | $620.3M | 3.41% | 20,943,262 | SH |
| 9 | TC Energy Corp. | TRP | 87807B107 | $584.7M | 3.21% | 10,751,401 | SH |
| 10 | Franco Nevada Corporation | FNV | 351858105 | $548.3M | 3.01% | 2,462,713 | SH |
| 11 | Thomson Reuters Corp | TRI | 884903808 | $448.3M | 2.46% | 2,886,701 | SH |
| 12 | Stantec Inc | STN | 85472N109 | $440.3M | 2.42% | 4,082,124 | SH |
| 13 | Amazon.Com Inc | AMZN | 023135106 | $435.1M | 2.39% | 1,981,602 | SH |
| 14 | Gildan Activewear Inc. | GIL | 375916103 | $395.7M | 2.17% | 6,848,156 | SH |
| 15 | CGI Inc. | GIB | 12532H104 | $359.4M | 1.98% | 4,033,813 | SH |
| 16 | Pembina Pipeline Corporation | PBA | 706327103 | $356.5M | 1.96% | 8,814,455 | SH |
| 17 | Oracle Corporation | ORCL | 68389X105 | $343.3M | 1.89% | 1,220,787 | SH |
| 18 | Colliers International Group Inc | CIGI | 194693107 | $331.0M | 1.82% | 2,115,789 | SH |
| 19 | Mastercard Inc - A | MA | 57636Q104 | $311.5M | 1.71% | 547,672 | SH |
| 20 | Abbott Laboratories | ABT | 002824100 | $289.1M | 1.59% | 2,158,089 | SH |
| 21 | TFI International Inc. | TFII | 87241L109 | $281.8M | 1.55% | 3,201,844 | SH |
| 22 | JPMorgan Chase & Co. | JPM | 46625H100 | $277.0M | 1.52% | 878,324 | SH |
| 23 | Alphabet Inc - C | GOOG | 02079K107 | $262.8M | 1.44% | 1,078,837 | SH |
| 24 | Alphabet Inc - A | GOOGL | 02079K305 | $262.5M | 1.44% | 1,079,717 | SH |
| 25 | Interactive Brokers Group Inc | IBKR | 45841N107 | $256.3M | 1.41% | 3,724,608 | SH |
| 26 | Royal Bank of Canada | RY | 780087102 | $242.6M | 1.33% | 1,645,780 | SH |
| 27 | Descartes Systems Group Inc | DSGX | 249906108 | $233.9M | 1.29% | 2,483,153 | SH |
| 28 | UnitedHealth Group Incorporated | UNH | 91324P102 | $229.5M | 1.26% | 664,655 | SH |
| 29 | Boston Scientific Corporation | BSX | 101137107 | $214.1M | 1.18% | 2,192,794 | SH |
| 30 | Restaurant Brands International Inc. | QSR | 76131D103 | $209.4M | 1.15% | 3,263,219 | SH |
| 31 | Taiwan Semiconductor Manufactng ADR | TSM | 874039100 | $206.6M | 1.14% | 739,611 | SH |
| 32 | RB Global Inc | RBA | 74935Q107 | $195.6M | 1.08% | 1,805,849 | SH |
| 33 | Fiserv Inc. | FISV | 337738108 | $194.5M | 1.07% | 1,508,425 | SH |
| 34 | PepsiCo Inc. | PEP | 713448108 | $182.9M | 1.00% | 1,302,013 | SH |
| 35 | Becton Dickinson and Company | BDX | 075887109 | $175.0M | 0.96% | 935,130 | SH |
| 36 | Meta Platforms Inc | META | 30303M102 | $173.0M | 0.95% | 235,586 | SH |
| 37 | IQVIA Holdings Inc | IQV | 46266C105 | $149.2M | 0.82% | 785,658 | SH |
| 38 | Copart Inc | CPRT | 217204106 | $140.0M | 0.77% | 3,112,375 | SH |
| 39 | Broadcom Inc | AVGO | 11135F101 | $138.9M | 0.76% | 420,881 | SH |
| 40 | Accenture Plc | ACN | G1151C101 | $132.1M | 0.73% | 535,794 | SH |
| 41 | TJX Companies Inc. | TJX | 872540109 | $128.5M | 0.71% | 888,931 | SH |
| 42 | The Sherwin-Williams Company | SHW | 824348106 | $120.0M | 0.66% | 346,536 | SH |
| 43 | AMETEK Inc | AME | 031100100 | $115.6M | 0.64% | 614,702 | SH |
| 44 | HDFC Bank Ltd ADR | HDB | 40415F101 | $113.3M | 0.62% | 3,317,169 | SH |
| 45 | Berkshire Hathaway Inc - B | BRK.B | 084670702 | $111.4M | 0.61% | 221,593 | SH |
| 46 | Danaher Corporation | DHR | 235851102 | $109.9M | 0.60% | 554,230 | SH |
| 47 | Cadence Design Systems Inc | CDNS | 127387108 | $106.6M | 0.59% | 303,436 | SH |
| 48 | Manulife Financial Corporation | MFC | 56501R106 | $102.0M | 0.56% | 3,273,476 | SH |
| 49 | Guidewire Software Inc | GWRE | 40171V100 | $101.1M | 0.56% | 439,972 | SH |
| 50 | Mondelez International Inc. | MDLZ | 609207105 | $97.0M | 0.53% | 1,552,357 | SH |
| Period | Filed | AUM | Holdings | Accession |
|---|---|---|---|---|
| 2025-09-30 | 2025-10-21 | $18.20B | 192 | 0001123778-25-000007 |
| 2025-06-30 | 2025-07-15 | $17.50B | 188 | 0001123778-25-000003 |