13F HOLDINGS REPORT
Jarislowsky, Fraser Ltd
Quarter ended Q2 2025 · Filed July 15, 2025 · Accession 0001123778-25-000003
Total Value
$17.50B
Positions
188
Other Managers
1
Confidential Omitted
No
Holdings (188)
| # | Issuer | Ticker / CUSIP | Shares | Value | % of Filing |
|---|---|---|---|---|---|
| 1 | Canadian National Railway Company | 136375102 | 9,241,703 | $961.0M | 5.49% |
| 2 | Brookfield Corp | 11271J107 | 15,506,528 | $957.8M | 5.47% |
| 3 | Toronto-Dominion Bank | TORO | 11,996,531 | $880.6M | 5.03% |
| 4 | Bank of Montreal | 063671101 | 6,400,179 | $707.8M | 4.04% |
| 5 | Microsoft Corporation | MSFT | 1,397,554 | $695.2M | 3.97% |
| 6 | CAE Inc. | CAE | 21,748,736 | $636.1M | 3.63% |
| 7 | Open Text Corporation | OTEX | 21,032,718 | $613.3M | 3.50% |
| 8 | Thomson Reuters Corp | TMSOF | 3,010,760 | $604.2M | 3.45% |
| 9 | Shopify Inc. Class - A | SHOP | 5,082,979 | $585.1M | 3.34% |
| 10 | TC Energy Corp. | TRPRF | 11,244,354 | $547.8M | 3.13% |
| 11 | Stantec Inc | STN | 4,964,066 | $539.0M | 3.08% |
| 12 | Franco Nevada Corporation | FNV | 2,797,010 | $458.3M | 2.62% |
| 13 | CGI Inc. | GIB | 4,218,244 | $442.1M | 2.53% |
| 14 | Amazon.Com Inc | AMZN | 2,011,481 | $441.3M | 2.52% |
| 15 | Gildan Activewear Inc. | GIL | 7,412,206 | $364.5M | 2.08% |
| 16 | Colliers International Group Inc | 194693107 | 2,532,836 | $330.7M | 1.89% |
| 17 | Mastercard Inc - A | MA | 562,749 | $316.2M | 1.81% |
| 18 | Oracle Corporation | ORCL-PD | 1,427,023 | $312.0M | 1.78% |
| 19 | Abbott Laboratories | ABLZF | 2,195,829 | $298.7M | 1.71% |
| 20 | TFI International Inc. | 87241L109 | 3,304,033 | $296.0M | 1.69% |
| 21 | JPMorgan Chase & Co. | VYLD | 926,080 | $268.5M | 1.53% |
| 22 | Descartes Systems Group Inc | 249906108 | 2,604,847 | $264.1M | 1.51% |
| 23 | Royal Bank of Canada | 780087102 | 1,983,304 | $260.9M | 1.49% |
| 24 | Boston Scientific Corporation | BSX | 2,268,973 | $243.7M | 1.39% |
| 25 | Fiserv Inc. | FISV | 1,382,912 | $238.4M | 1.36% |
| 26 | Interactive Brokers Group Inc | 45841N107 | 4,216,701 | $233.6M | 1.33% |
| 27 | Restaurant Brands International Inc. | 76131D103 | 3,411,337 | $225.8M | 1.29% |
| 28 | Alphabet Inc - A | GOOG | 1,215,482 | $214.2M | 1.22% |
| 29 | UnitedHealth Group Incorporated | UNH | 669,494 | $208.9M | 1.19% |
| 30 | Alphabet Inc - C | GOOG | 1,144,198 | $203.0M | 1.16% |
| 31 | PepsiCo Inc. | PEP | 1,300,128 | $171.7M | 0.98% |
| 32 | Taiwan Semiconductor Manufactng ADR | 874039100 | 740,709 | $167.8M | 0.96% |
| 33 | Accenture Plc | ACN | 553,027 | $165.3M | 0.94% |
| 34 | Becton Dickinson and Company | BDX | 941,803 | $162.2M | 0.93% |
| 35 | Copart Inc | CPRT | 3,194,714 | $156.8M | 0.90% |
| 36 | HDFC Bank Ltd ADR | HDB | 1,815,448 | $139.2M | 0.80% |
| 37 | Meta Platforms Inc | META | 172,946 | $127.6M | 0.73% |
| 38 | IQVIA Holdings Inc | IQV | 793,023 | $125.0M | 0.71% |
| 39 | The Sherwin-Williams Company | SHW | 356,345 | $122.4M | 0.70% |
| 40 | Broadcom Inc | AVGO | 424,414 | $117.0M | 0.67% |
| 41 | AMETEK Inc | AME | 624,414 | $113.0M | 0.65% |
| 42 | Danaher Corporation | 235851102 | 566,066 | $111.8M | 0.64% |
| 43 | Berkshire Hathaway Inc - B | BRK-A | 227,734 | $110.6M | 0.63% |
| 44 | TJX Companies Inc. | 872540109 | 894,104 | $110.4M | 0.63% |
| 45 | Manulife Financial Corporation | 56501R106 | 3,380,967 | $107.9M | 0.62% |
| 46 | Autodesk Inc | ADSK | 342,031 | $105.9M | 0.60% |
| 47 | Guidewire Software Inc | GWRE | 445,232 | $104.8M | 0.60% |
| 48 | Mondelez International Inc. | 609207105 | 1,424,945 | $96.1M | 0.55% |
| 49 | Cadence Design Systems Inc | CDNS | 306,107 | $94.3M | 0.54% |
| 50 | Bank OZK | OZKAP | 1,802,199 | $84.8M | 0.48% |
| 51 | Chubb Limited | CB | 286,876 | $83.1M | 0.47% |
| 52 | Enbridge Inc | ENNPF | 1,720,893 | $77.9M | 0.44% |
| 53 | Bank of Nova Scotia | 064149107 | 1,363,367 | $75.2M | 0.43% |
| 54 | Johnson & Johnson | JNJ | 472,846 | $72.2M | 0.41% |
| 55 | Monster Beverage Corp | MNST | 1,089,720 | $68.3M | 0.39% |
| 56 | Procter & Gamble Company | 742718109 | 421,922 | $67.2M | 0.38% |
| 57 | Relx Plc ADR | RLXXF | 1,149,177 | $62.4M | 0.36% |
| 58 | CyberArk Software Ltd ADR | M2682V108 | 153,324 | $62.4M | 0.36% |
| 59 | Diageo Plc ADR | DGEAF | 603,410 | $60.8M | 0.35% |
| 60 | SiteOne Landscape Supply Inc | SITE | 421,067 | $50.9M | 0.29% |
| 61 | ASML Holding NV-NY Reg Shs | ASMLF | 62,544 | $50.1M | 0.29% |
| 62 | CME Group Inc. | CME | 179,009 | $49.3M | 0.28% |
| 63 | American Financial Group Inc/OH | 025932104 | 373,366 | $47.1M | 0.27% |
| 64 | Costco Wholesale Corporation | 22160K105 | 46,618 | $46.1M | 0.26% |
| 65 | SAP AG ADR | SAPGF | 144,581 | $44.0M | 0.25% |
| 66 | Public Service Enterprises Group | 744573106 | 495,057 | $41.7M | 0.24% |
| 67 | Colgate-Palmolive Company | CL | 448,102 | $40.7M | 0.23% |
| 68 | Unilever Plc ADR | UNLYF | 656,322 | $40.1M | 0.23% |
| 69 | Credit Acceptance Corp. | 225310101 | 70,479 | $35.9M | 0.21% |
| 70 | SPDR S&P 500 ETF Trust | SPY | 50,798 | $31.4M | 0.18% |
| 71 | Verisk Analytics Inc - A | VRSK | 98,038 | $30.5M | 0.17% |
| 72 | Axos Financial Inc | AX | 386,660 | $29.4M | 0.17% |
| 73 | Progressive Corp/The | 743315103 | 92,162 | $24.6M | 0.14% |
| 74 | ServisFirst Bancshares Inc | SFBS | 306,182 | $23.7M | 0.14% |
| 75 | LCI Industries | 50189K103 | 239,243 | $21.8M | 0.12% |
| 76 | Alcon Inc. | ALC | 234,542 | $20.7M | 0.12% |
| 77 | Automatic Data Processing Inc. | ADP | 61,672 | $19.0M | 0.11% |
| 78 | Pembina Pipeline Corporation | PPLOF | 441,843 | $16.6M | 0.09% |
| 79 | Abbvie Inc | ABBV | 88,783 | $16.5M | 0.09% |
| 80 | MercadoLibre Inc | MELI | 6,147 | $16.1M | 0.09% |
| 81 | Eli Lilly & Company | LLY | 20,547 | $16.0M | 0.09% |
| 82 | Exxon Mobil Corporation | XOM | 144,227 | $15.5M | 0.09% |
| 83 | Sea Ltd | SE | 89,480 | $14.3M | 0.08% |
| 84 | Zoetis Inc. | ZTS | 83,422 | $13.0M | 0.07% |
| 85 | Triple Flag Precious Metals Corp | TFPM | 526,223 | $12.5M | 0.07% |
| 86 | ATS Corp | ATS | 379,208 | $12.1M | 0.07% |
| 87 | Apple Inc. | AAPL | 52,388 | $10.7M | 0.06% |
| 88 | Nutrien Ltd | NTR | 183,571 | $10.7M | 0.06% |
| 89 | TELUS Corp | TU | 654,773 | $10.5M | 0.06% |
| 90 | Credicorp Ltd ADR | BAP | 46,640 | $10.4M | 0.06% |
| 91 | Trip.com Group Ltd - ADR | TRPCF | 171,123 | $10.0M | 0.06% |
| 92 | Booking Holdings Inc | BKNG | 1,710 | $9.9M | 0.06% |
| 93 | NU Holdings Ltd/Cayman Islands | NU | 649,240 | $8.9M | 0.05% |
| 94 | Haleon PLC | HLNCF | 730,102 | $7.6M | 0.04% |
| 95 | Comcast Corp - A | CCZ | 195,736 | $7.0M | 0.04% |
| 96 | iShares 1-5 Year Investment Grade Corporate Bond ETF | 464288646 | 128,935 | $6.8M | 0.04% |
| 97 | XP Inc | XP | 325,157 | $6.6M | 0.04% |
| 98 | Novartis AG ADR | NVSEF | 53,447 | $6.5M | 0.04% |
| 99 | Emerson Electric Co. | EMR | 45,460 | $6.1M | 0.03% |
| 100 | Fomento Econ.Mexicano SAB de CV ADR | 344419106 | 56,456 | $5.8M | 0.03% |
| 101 | Infosys Ltd ADR | INFY | 310,969 | $5.8M | 0.03% |
| 102 | Yum China Holdings Inc | YUMC | 126,314 | $5.6M | 0.03% |
| 103 | Novo Nordisk A/S Sponsored ADR | NONOF | 71,840 | $5.0M | 0.03% |
| 104 | Canadian Pacific Kansas City Ltd | CP | 62,144 | $4.9M | 0.03% |
| 105 | Chevron Corporation | CVX | 32,595 | $4.7M | 0.03% |
| 106 | Coca-Cola Company | KO | 59,738 | $4.2M | 0.02% |
| 107 | Suncor Energy Inc. | SU | 110,282 | $4.1M | 0.02% |
| 108 | McDonald's Corporation | MCD | 14,025 | $4.1M | 0.02% |
| 109 | BCE Inc. | BCPPF | 177,151 | $3.9M | 0.02% |
| 110 | Sun Life Financial Inc. | SUNFF | 58,750 | $3.9M | 0.02% |
| 111 | Pfizer Inc. | PFE | 142,340 | $3.5M | 0.02% |
| 112 | Brp Inc. / ca Sub Voting | DOO | 68,664 | $3.3M | 0.02% |
| 113 | Canadian Imperial Bank of Commerce | CNDIF | 45,903 | $3.3M | 0.02% |
| 114 | TotalEnergies SE - ADR | TTE | 49,850 | $3.1M | 0.02% |
| 115 | iShares 5-10 Year Inv. Grade Corp. Bond ETF | 464288638 | 55,475 | $3.0M | 0.02% |
| 116 | NIKE Inc | NKE | 40,875 | $2.9M | 0.02% |
| 117 | Duke Energy Corporation | DUKB | 24,383 | $2.9M | 0.02% |
| 118 | National Grid Plc ADR | NMPWP | 37,371 | $2.8M | 0.02% |
| 119 | Merck & Co. Inc. | MRK | 34,150 | $2.7M | 0.02% |
| 120 | CVS Health Corporation | CVS | 38,080 | $2.6M | 0.02% |
| 121 | Kimberly-Clark Corporation | KMB | 19,460 | $2.5M | 0.01% |
| 122 | JD.com Inc ADR | JDCMF | 75,206 | $2.5M | 0.01% |
| 123 | Xcel Energy Inc. | XELLL | 35,000 | $2.4M | 0.01% |
| 124 | Allstate Corporation | ALL-PJ | 11,131 | $2.2M | 0.01% |
| 125 | Imperial Oil Limited | IMO | 26,947 | $2.1M | 0.01% |
| 126 | Visa Inc - A | V | 5,984 | $2.1M | 0.01% |
| 127 | iShares Barclays 1-3 Yr Trsry Bond ETF | 464287457 | 24,881 | $2.1M | 0.01% |
| 128 | EOG Resources Inc. | EOG | 15,525 | $1.9M | 0.01% |
| 129 | Linde PLC | LIN | 3,612 | $1.7M | 0.01% |
| 130 | ING Groep N.V. ADR | INGVF | 76,377 | $1.7M | 0.01% |
| 131 | Canadian Natural Resources | 136385101 | 50,039 | $1.6M | 0.01% |
| 132 | iShares Core 1-5 Year USD Bond ETF | 46432F859 | 32,143 | $1.6M | 0.01% |
| 133 | Berkshire Hathaway Inc - A | BRK-A | 2 | $1.5M | 0.01% |
| 134 | International Flavors & Fragrances | 459506101 | 19,000 | $1.4M | 0.01% |
| 135 | Wal-Mart Stores Inc. | WMT | 13,868 | $1.4M | 0.01% |
| 136 | iShares MSCI EAFE Index Fund | 464287465 | 14,000 | $1.3M | 0.01% |
| 137 | Aflac Incorporated | AFL | 11,600 | $1.2M | 0.01% |
| 138 | Astrazeneca PLC | AZN | 17,262 | $1.2M | 0.01% |
| 139 | Home Depot Inc. | HD | 3,235 | $1.2M | 0.01% |
| 140 | NVIDIA Corporation | NVDA | 7,280 | $1.2M | 0.01% |
| 141 | MetLife Inc. | MET-PF | 13,780 | $1.1M | 0.01% |
| 142 | Shell PLC - ADR | RYDAF | 15,620 | $1.1M | 0.01% |
| 143 | Philip Morris International Inc. | 718172109 | 5,750 | $1.0M | 0.01% |
| 144 | SPDR Gold Trust | GLD | 3,316 | $1.0M | 0.01% |
| 145 | Zimmer Biomet Holdings Inc | ZBH | 10,250 | $934,902 | 0.01% |
| 146 | Wells Fargo & Company | 949746101 | 11,500 | $921,380 | 0.01% |
| 147 | Intercontinental Hotels-ADR | 45857P806 | 7,389 | $852,247 | 0.00% |
| 148 | Cintas Corporation | CTAS | 3,200 | $713,184 | 0.00% |
| 149 | Barrick Mining Corp | 06849F108 | 32,902 | $685,008 | 0.00% |
| 150 | Lowe's Companies Inc. | 548661107 | 3,080 | $683,359 | 0.00% |
| 151 | Magna International Inc - A(Short) | 559222401 | 17,090 | $659,302 | 0.00% |
| 152 | Smith & Nephew Plc ADR | SNNUF | 20,825 | $637,869 | 0.00% |
| 153 | Fortis Inc. | FTRSF | 13,105 | $624,468 | 0.00% |
| 154 | Medtronic Inc. Plc | MDT | 7,017 | $611,671 | 0.00% |
| 155 | Agnico Eagle Mines Limited | AEM | 4,776 | $567,869 | 0.00% |
| 156 | 3M Company | MMM | 3,600 | $548,064 | 0.00% |
| 157 | Altria Group Inc. | MO | 9,300 | $545,259 | 0.00% |
| 158 | Marsh & McLennan Companies Inc. | 571748102 | 2,323 | $507,900 | 0.00% |
| 159 | US Bancorp | USB-PS | 11,152 | $504,628 | 0.00% |
| 160 | iShares US Technology ETF | 464287721 | 2,885 | $499,883 | 0.00% |
| 161 | Waste Connections Inc. | WCN | 2,678 | $499,252 | 0.00% |
| 162 | Texas Instruments Incorporated | 882508104 | 2,310 | $479,602 | 0.00% |
| 163 | Sony Corp. ADR | SNEJF | 18,277 | $475,750 | 0.00% |
| 164 | Rogers Communications Inc - B | RCIAF | 15,784 | $467,215 | 0.00% |
| 165 | M&T Bank Corporation | 55261F104 | 2,155 | $418,048 | 0.00% |
| 166 | iShares MSCI Emerging Market | 464287234 | 8,341 | $402,369 | 0.00% |
| 167 | Hilton Worldwide Holdings Inc. | HLT | 1,445 | $384,861 | 0.00% |
| 168 | Brown-Forman Corp - B | BF-B | 13,569 | $365,141 | 0.00% |
| 169 | Brown-Forman Corp - A | BF-B | 13,200 | $362,604 | 0.00% |
| 170 | CDW Corp/DE | CDW | 1,949 | $348,071 | 0.00% |
| 171 | iShares S&P 500 ETF | 464287200 | 558 | $346,462 | 0.00% |
| 172 | Cardinal Health Inc. | CAH | 2,000 | $336,000 | 0.00% |
| 173 | Adobe Inc. | ADBE | 865 | $334,651 | 0.00% |
| 174 | Teck Resources Limited - B | TCKRF | 7,062 | $285,016 | 0.00% |
| 175 | Travelers Companies Inc. | TRV | 1,040 | $278,241 | 0.00% |
| 176 | Ross Stores Inc. | ROST | 2,174 | $277,358 | 0.00% |
| 177 | Caterpillar Inc. | CAT | 705 | $273,688 | 0.00% |
| 178 | Valero Energy Corporation | VLO | 1,992 | $267,764 | 0.00% |
| 179 | West Fraser Timber Co. Ltd. | WFG | 3,590 | $262,731 | 0.00% |
| 180 | Illinois Tool Works Inc. | 452308109 | 1,062 | $262,579 | 0.00% |
| 181 | Trane Technologies plc | TT | 600 | $262,446 | 0.00% |
| 182 | Dominion Energy | D | 4,336 | $245,070 | 0.00% |
| 183 | Union Pacific Corporation | UNP | 1,003 | $230,770 | 0.00% |
| 184 | Honeywell International Inc. | 438516106 | 958 | $223,099 | 0.00% |
| 185 | Cenovus Energy Inc. | CVE | 16,398 | $222,685 | 0.00% |
| 186 | Advanced Micro Devices | AMD | 1,548 | $219,661 | 0.00% |
| 187 | Fastenal Co | FAST | 4,896 | $205,632 | 0.00% |
| 188 | Ambev SA ADR | ABEV | 71,201 | $171,594 | 0.00% |