CIK: 0001123778
Total reported value
$18.2B
Reporting period: 2025-09-30 · Number of holdings: 192
JARISLOWSKY, FRASER Ltd disclosed 192 holdings in its latest 13F filing for the period ending 2025-09-30, with total reported value of $18.2B and a quarterly turnover rate of 25.8%.
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JARISLOWSKY, FRASER Ltd's disclosed holdings carry a Herfindahl concentration index of 0.025 — mathematically equivalent to about 40 equally-sized positions, well below its 192 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.96), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Sector classification currently covers about 37% of this portfolio's disclosed value; the remainder includes holdings (e.g. unmapped tickers, options, or other security types) not yet covered by our sector mapping.
Add PBA
+1894.9% $338.3M
Add SHOP
-4.4% $341.9M
Trim QSR
-4.3% -$205.5M
Add OTEX
+0.6% $270.2M
Trim TRI4EUR
-4.1% -$115.3M
Trim CNI
-4.0% -$60.0M
JARISLOWSKY, FRASER Ltd is not rotating or hedging—it's aggressively momentum-hunting, telegraphing a conviction that the winners will keep winning. The dramatic additions to SHOP and PBA against trims in TD and BN reveal a pursuit of alpha through secular growth names, not value or defensives.
The shift from Canadian banks and industrials into high-beta tech and energy infrastructure prices a continuation of the current risk-on, growth-above-all regime. The opposing thesis is that U.S. dollar strength and rising real rates will compress multiples on these extended growth positions.
The 100th percentile momentum score signals full tilt into the most crowded factor in modern markets—a sharp reversal or liquidity event would trigger a simultaneous unwind across their 192 names. The heavy 58% combined allocation to IT and Financials magnifies this, making them a vector for any rates-shock or earnings-miss contagion.
Produced with AI assistance from publicly disclosed 13F data. Historical only; not a personalized investment recommendation.
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | BN | Brookfield CORP | Stock-Financials | 5.58% | +0.38% | -4.52% | |
| 2 | TD | Toronto-dominion Bank | Stock-Financials | 5.16% | +0.61% | -2.23% | |
| 3 | CNI | Canadian Natl Railway Co | Stock-Industrials | 4.60% | -1.02% | -4.01% | |
| 4 | OTEX | Open Text CORP | Stock-Other | 4.35% | +1.09% | +0.56% | |
| 5 | BMO | Bank Of Montreal | Stock-Financials | 4.18% | +0.26% | -8.85% | |
| 6 | SHOP | Shopify INC - Class A | Stock-Tech | 3.97% | +1.59% | -4.36% | |
| 7 | MSFT | Microsoft CORP | Stock-Tech | 3.64% | +0.24% | -8.57% | |
| 8 | CAE | Cae INC | Stock-Other | 3.41% | -0.16% | -3.70% | |
| 9 | TRP | Tc Energy CORP | Stock-Energy | 3.21% | -0.19% | -4.38% | |
| 10 | FNV | Franco-nevada CORP | Stock-Materials | 3.01% | +0.19% | -11.95% | |
| 11 | TRI4EUR | Thomson Reuters CORP | Stock-Other | 2.46% | -1.07% | -4.12% | |
| 12 | STN | Stantec INC | Stock-Other | 2.42% | -0.51% | -17.77% | |
| 13 | AMZN | Amazon.com INC | Stock-Consumer Disc | 2.39% | +0.05% | -1.49% | |
| 14 | GIL | Gildan Activewear INC | Stock-Consumer Disc | 2.17% | +0.24% | -7.61% | |
| 15 | GIB | Cgi INC | Stock-Tech | 1.98% | -0.69% | -4.37% | |
| 16 | PBA | Pembina Pipeline CORP | Stock-Energy | 1.96% | +1.85% | +1894.93% | |
| 17 | ORCL | Oracle CORP | Stock-Tech | 1.89% | +0.70% | -14.45% | |
| 18 | CIGI | Colliers Intl Gr-subord Vot | Stock-Other | 1.82% | +0.30% | -16.47% | |
| 19 | MA | Mastercard INC - A | Stock-Financials | 1.71% | — | -2.68% | |
| 20 | ABT | Abbott Laboratories | Stock-Healthcare | 1.59% | — | -1.72% | |
| 21 | TFII | Tfi International INC | Stock-Other | 1.55% | +0.50% | -3.09% | |
| 22 | JPM | Jpmorgan Chase & Co | Stock-Financials | 1.52% | +0.07% | -5.16% | |
| 23 | GOOG | Alphabet Inc-cl C | Stock-Comm Services | 1.44% | +0.30% | -5.71% | |
| 24 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 1.44% | +0.27% | -11.17% | |
| 25 | IBKR | Interactive Brokers Gro-cl A | Stock-Financials | 1.41% | +0.30% | -11.67% | |
| 26 | RY | Royal Bank Of Canada | Stock-Financials | 1.33% | -0.08% | -17.02% | |
| 27 | DSGX | Descartes Systems Grp/the | Stock-Tech | 1.29% | -0.38% | -4.67% | |
| 28 | UNH | Unitedhealth Group INC | Stock-Healthcare | 1.26% | -0.69% | -0.72% | |
| 29 | BSX | Boston Scientific CORP | Stock-Healthcare | 1.18% | -0.26% | -3.36% | |
| 30 | QSR | Restaurant Brands Intern | Stock-Consumer Disc | 1.15% | -1.45% | -4.34% | |
| 31 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 1.14% | +0.62% | -0.15% | |
| 32 | RBA | Rb Global INC | Stock-Industrials | 1.08% | +1.08% | NEW | |
| 33 | FISV | Fiserv INC | Stock-Other | 1.07% | -0.63% | +9.08% | |
| 34 | PEP | Pepsico INC | Stock-Consumer Staples | 1.00% | -0.22% | +0.14% | |
| 35 | BDX | Becton Dickinson And Co | Stock-Healthcare | 0.96% | -0.23% | -0.71% | |
| 36 | META | Meta Platforms Inc-class A | Stock-Comm Services | 0.95% | +0.31% | +36.22% | |
| 37 | IQV | Iqvia Holdings INC | Stock-Healthcare | 0.82% | +0.04% | -0.93% | |
| 38 | CPRT | Copart INC | Stock-Industrials | 0.77% | -0.57% | -2.58% | |
| 39 | AVGO | Broadcom INC | Stock-Tech | 0.76% | +0.30% | -0.83% | |
| 40 | ACN | Accenture plc | Stock-Tech | 0.73% | -0.32% | -3.12% | |
| 41 | TJX | Tjx Companies INC | Stock-Consumer Disc | 0.71% | +0.03% | -0.58% | |
| 42 | SHW | Sherwin-williams Co/the | Stock-Materials | 0.66% | — | -2.75% | |
| 43 | AME | Ametek INC | Stock-Industrials | 0.64% | — | -1.56% | |
| 44 | HDB | Hdfc Bank Ltd-adr | Stock-Financials | 0.62% | — | +82.72% | |
| 45 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.61% | -0.16% | -2.70% | |
| 46 | DHR | Danaher CORP | Stock-Healthcare | 0.60% | — | -2.09% | |
| 47 | CDNS | Cadence Design Sys INC | Stock-Tech | 0.59% | +0.12% | -0.87% | |
| 48 | MFC | Manulife Financial CORP | Stock-Financials | 0.56% | — | -3.18% | |
| 49 | GWRE | Guidewire Software INC | Stock-Tech | 0.56% | +0.03% | -1.18% | |
| 50 | MDLZ | Mondelez International Inc-a | Stock-Consumer Staples | 0.53% | — | +8.94% |
Performance for Q3 2026
+2.4%
Performance Last 4 Quarters
+11.8%
Based on 75% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2025-09-30 | 192 | $18.2B | 26 | |
| 2025-06-30 | 188 | $17.5B | 0 | |
| 2025-03-31 | 185 | $16.0B | 100 | |
| 2024-12-31 | 189 | $17.1B | 0 | |
| 2024-09-30 | 189 | $17.9B | 0 | |
| 2024-06-30 | 185 | $16.5B | 0 | |
| 2024-03-31 | 196 | $17.4B | 0 | |
| 2023-12-31 | 221 | $17.0B | 0 | |
| 2023-09-30 | 188 | $15.4B | 0 | |
| 2023-06-30 | 197 | $16.8B | 0 | |
| 2023-03-31 | 198 | $16.2B | 0 | |
| 2022-12-31 | 206 | $15.3B | 0 | |
| 2022-09-30 | 207 | $14.4B | 0 | |
| 2022-06-30 | 205 | $15.7B | 0 | |
| 2022-03-31 | 208 | $18.8B | 0 | |
| 2021-12-31 | 218 | $21.5B | 0 | |
| 2021-09-30 | 219 | $20.5B | 0 | |
| 2021-06-30 | 228 | $21.4B | 97 | |
| 2021-03-31 | 216 | $20.3B | 14 | |
| 2020-12-31 | 219 | $19.6B | 17 | |
| 2020-09-30 | 206 | $17.0B | 14 | |
| 2020-06-30 | 210 | $16.0B | 21 | |
| 2020-03-31 | 210 | $13.7B | 36 | |
| 2019-12-31 | 226 | $18.9B | 9 | |
| 2019-09-30 | 226 | $17.8B | 10 | |
| 2019-06-30 | 223 | $16.5B | 9 | |
| 2019-03-31 | 224 | $16.0B | 19 | |
| 2018-12-31 | 214 | $14.5B | 19 | |
| 2018-09-30 | 204 | $16.1B | 16 | |
| 2018-06-30 | 213 | $16.7B | 9 | |
| 2018-03-31 | 217 | $16.1B | 100 | |
| 2017-12-31 | 225 | $17.2B | 0 | |
| 2017-09-30 | 225 | $16.7B | 0 | |
| 2017-06-30 | 204 | $15.8B | 9 | |
| 2017-03-31 | 199 | $15.8B | 6 | |
| 2016-12-31 | 197 | $15.6B | 14 | |
| 2016-09-30 | 138 | $14.8B | 65 | |
| 2016-06-30 | 140 | $14.4B | 67 | |
| 2016-03-31 | 143 | $14.3B | 12 | |
| 2015-12-31 | 144 | $13.2B | 12 | |
| 2015-09-30 | 142 | $13.3B | 14 | |
| 2015-06-30 | 145 | $14.7B | 9 | |
| 2015-03-31 | 147 | $15.0B | 14 | |
| 2014-12-31 | 141 | $16.2B | 16 | |
| 2014-09-30 | 137 | $16.7B | 13 | |
| 2014-06-30 | 136 | $17.9B | 9 | |
| 2014-03-31 | 137 | $17.2B | 9 | |
| 2013-12-31 | 136 | $17.8B | 7 | |
| 2013-09-30 | 136 | $17.1B | 9 | |
| 2013-06-30 | 132 | $16.5B | 0 |
JARISLOWSKY, FRASER Ltd's most significant position changes for 2025-09-30: New buy: Rb Global INC (RBA); New buy: Intuit INC (INTU); Add: Pembina Pipeline CORP (PBA) — shares +1894.93%; Add: Shopify INC - Class A (SHOP) — shares -4.36%; Trim: Restaurant Brands Intern (QSR) — shares -4.34%.
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | PBA | Pembina Pipeline CORP | +1.9% | +1894.93% | Add |
| 2 | SHOP | Shopify INC - Class A | +1.6% | -4.36% | Add |
| 3 | OTEX | Open Text CORP | +1.1% | +0.56% | Add |
| 4 | ORCL | Oracle CORP | +0.7% | -14.45% | Trim |
| 5 | TSM | Taiwan Semiconductor-sp Adr | +0.6% | -0.15% | Add |
| 6 | TD | Toronto-dominion Bank | +0.6% | -2.23% | Trim |
| 7 | TFII | Tfi International INC | +0.5% | -3.09% | Add |
| 8 | BN | Brookfield CORP | +0.4% | -4.52% | Trim |
| 9 | META | Meta Platforms Inc-class A | +0.3% | +36.22% | Add |
| 10 | CIGI | Colliers Intl Gr-subord Vot | +0.3% | -16.47% | Add |
| 11 | GOOG | Alphabet Inc-cl C | +0.3% | -5.71% | Trim |
| 12 | IBKR | Interactive Brokers Gro-cl A | +0.3% | -11.67% | Add |
| 13 | AVGO | Broadcom INC | +0.3% | -0.83% | Trim |
| 14 | GOOGL | Alphabet Inc-cl A | +0.3% | -11.17% | Trim |
| 15 | BMO | Bank Of Montreal | +0.3% | -8.85% | Trim |
| 16 | MSFT | Microsoft CORP | +0.2% | -8.57% | Trim |
| 17 | GIL | Gildan Activewear INC | +0.2% | -7.61% | Trim |
| 18 | PEG | Public Service Enterprise Gp | +0.2% | +107.11% | Add |
| 19 | FNV | Franco-nevada CORP | +0.2% | -11.95% | Trim |
| 20 | CDNS | Cadence Design Sys INC | +0.1% | -0.87% | Add |
| 21 | ASML | ASML Holding N.V. | +0.1% | +0.29% | Add |
| 22 | JPM | Jpmorgan Chase & Co | +0.1% | -5.16% | Trim |
| 23 | AMZN | Amazon.com INC | +0.1% | -1.49% | Add |
| 24 | IQV | Iqvia Holdings INC | 0% | -0.93% | Add |
| 25 | TJX | Tjx Companies INC | 0% | -0.58% | Trim |
| 26 | GWRE | Guidewire Software INC | 0% | -1.18% | Trim |
| 27 | RY | Royal Bank Of Canada | -0.1% | -17.02% | Trim |
| 28 | BNS | Bank Of Nova Scotia | -0.2% | -8.88% | Trim |
| 29 | CAE | Cae INC | -0.2% | -3.70% | Trim |
| 30 | BRK-B | Berkshire Hathaway Inc-cl B | -0.2% | -2.70% | Trim |
| 31 | TRP | Tc Energy CORP | -0.2% | -4.38% | Trim |
| 32 | DEO | Diageo Plc-sponsored Adr | -0.2% | -43.69% | Trim |
| 33 | PEP | Pepsico INC | -0.2% | +0.14% | Add |
| 34 | BDX | Becton Dickinson And Co | -0.2% | -0.71% | Add |
| 35 | BSX | Boston Scientific CORP | -0.3% | -3.36% | Trim |
| 36 | ✓ | Cyberark Software LTD | -0.3% | -99.60% | Trim |
| 37 | ACN | Accenture plc | -0.3% | -3.12% | Trim |
| 38 | DSGX | Descartes Systems Grp/the | -0.4% | -4.67% | Trim |
| 39 | SITE | Siteone Landscape Supply INC | -0.4% | -99.62% | Trim |
| 40 | STN | Stantec INC | -0.5% | -17.77% | Trim |
| 41 | CPRT | Copart INC | -0.6% | -2.58% | Trim |
| 42 | ADSK | Autodesk INC | -0.6% | -82.68% | Trim |
| 43 | FISV | Fiserv INC | -0.6% | +9.08% | Add |
| 44 | UNH | Unitedhealth Group INC | -0.7% | -0.72% | Add |
| 45 | GIB | Cgi INC | -0.7% | -4.37% | Trim |
| 46 | CNI | Canadian Natl Railway Co | -1% | -4.01% | Trim |
| 47 | TRI4EUR | Thomson Reuters CORP | -1.1% | -4.12% | Trim |
| 48 | QSR | Restaurant Brands Intern | -1.5% | -4.34% | Trim |
| 49 | RBA | Rb Global INC | — | NEW | New buy |
| 50 | INTU | Intuit INC | — | NEW | New buy |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2025-09-30 | 2025-10-21 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-07-15 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-12 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-02-14 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2024-11-13 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2024-08-12 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2024-09-30 | Amendment | View on EDGAR |
| 2024-03-31 | 2024-05-13 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2024-09-30 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-02-12 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2024-09-30 | Amendment | View on EDGAR |
| 2023-09-30 | 2023-11-06 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2024-09-27 | Amendment | View on EDGAR |
| 2023-06-30 | 2023-07-19 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2024-09-27 | Amendment | View on EDGAR |
| 2023-03-31 | 2023-05-11 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2024-09-27 | Amendment | View on EDGAR |
| 2022-12-31 | 2023-02-10 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-07 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-07-27 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-10 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-09 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-13 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-11 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-03 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-08-12 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-05-13 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2019-11-13 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2019-08-13 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-15 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-01 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-14 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-10 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-14 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-04-25 | Amendment | View on EDGAR |
| 2017-12-31 | 2018-02-13 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2018-01-31 | Amendment | View on EDGAR |
| 2017-09-30 | 2017-11-06 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-07-18 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-11 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-15 | 13F-HR | View on EDGAR |
| 2016-09-30 | 2016-11-14 | 13F-HR | View on EDGAR |
| 2016-06-30 | 2016-08-11 | 13F-HR | View on EDGAR |
| 2016-03-31 | 2016-05-12 | 13F-HR | View on EDGAR |
| 2015-12-31 | 2016-02-16 | 13F-HR | View on EDGAR |
| 2015-09-30 | 2015-11-10 | 13F-HR | View on EDGAR |
| 2015-06-30 | 2015-08-12 | Amendment | View on EDGAR |
| 2015-06-30 | 2015-08-11 | 13F-HR | View on EDGAR |
| 2015-03-31 | 2015-05-13 | 13F-HR | View on EDGAR |
| 2014-12-31 | 2015-02-13 | 13F-HR | View on EDGAR |
| 2014-09-30 | 2014-11-12 | 13F-HR | View on EDGAR |
| 2014-06-30 | 2014-08-11 | 13F-HR | View on EDGAR |
| 2014-03-31 | 2014-05-13 | 13F-HR | View on EDGAR |
| 2013-12-31 | 2014-02-18 | 13F-HR | View on EDGAR |
| 2013-09-30 | 2013-11-12 | 13F-HR | View on EDGAR |
| 2013-06-30 | 2013-08-13 | 13F-HR | View on EDGAR |
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