JARISLOWSKY, FRASER Ltd

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CIK 1123778

13F portfolio (2025-Q3)

$18.2B

Positions

188

Implied 1Y CAGR

modeled · as filed

Long positions in SEC Section 13(f) securities (US-listed stocks, ADRs and ETFs), largest first · Δ vs 2025-Q2. A lagged quarterly snapshot (filed ≤45 days after quarter-end); excludes shorts, options, cash, and shares listed only on non-US exchanges — foreign companies held via a US listing or ADR (e.g. Alibaba, TSMC) ARE included.

Implied return what this book implies · modeled, not advice methodology →

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As filed = each book applied at its quarter-end (what the reported book did) · As copyable = applied at its statutory 45-day filing deadline (what a 13F follower could have earned).

Computing…

Hypothetical modeled performance constructed with hindsight — not actual results, and not indicative of future results. See the Disclaimer.

Exposures · what this manager owns, by sector & size (2025-Q3)

Holdings

188

Top 5

23.9%

Top 10

41.2%

Effective N

39.7

HHI

0.025

This quarter

5 new · 0 exit →

By sector

Information Technology24.1%

Financials21.2%

Industrials14.4%

Consumer Discretionary8.3%

Real Estate7.4%

Communication Services6.4%

Health Care5.5%

Utilities3.7%

Other9.0%

By market cap

Large ($10–200B)34.8%

Unknown33.9%

Mega (>$200B)24.3%

Mid ($2–10B)6.9%

By region

North America96.3%

Asia-Pacific1.9%

Europe1.3%

Other0.5%

Latin America0.1%

By industry group GICS — finer than sector

Industry group	Weight	Names
Banks	13.92%	17
Software	12.78%	10
Software & IT Services	8.42%	8
Real Estate Management & Development	7.41%	2
Road & Rail	6.18%	4
Commercial Services & Supplies	5.13%	10
Specialty Retail	4.79%	12
Technology Hardware & Equipment	4.72%	5
Professional Services	4.40%	2
Utilities	3.74%	7
Metals & Mining	3.03%	3
Insurance	2.72%	11
Oil, Gas & Consumable Fuels	2.61%	11
Media & Publishing	2.47%	1
Pharmaceuticals & Biotechnology	2.40%	10
Health Care Equipment & Supplies	2.25%	7
Textiles, Apparel & Luxury Goods	2.18%	2
Semiconductors & Semiconductor Equipment	1.95%	4
Capital Markets	1.74%	4
Beverages	1.63%	6
Unclassified	1.53%	17
Hotels, Restaurants & Leisure	1.21%	5
Life Sciences Tools & Services	0.82%	1
Chemicals	0.66%	7
Food Products	0.53%	1
Machinery	0.39%	4
Automobiles & Components	0.13%	2
Diversified Telecommunication Services	0.08%	2
Transportation Infrastructure	0.05%	1
Electrical Equipment & Components	0.03%	1
Media & Entertainment	0.03%	1
Paper & Forest Products	0.02%	2
Food & Staples Retailing	0.02%	1
Tobacco	0.01%	2
Household Durables	0.00%	1
Construction Materials	0.00%	1
Distributors	0.00%	2
Aerospace & Defense	0.00%	1

Top holdings

#	Ticker	Name	Sector	Weight
1	BN	BROOKFIELD Corp /ON/	Real Estate	5.59%
2	TD	TORONTO DOMINION BANK	Financials	5.16%
3	CNI	CANADIAN NATIONAL RAILWAY CO	Industrials	4.60%
4	OTEX	OPEN TEXT CORP	Information Technology	4.35%
5	BMO	BANK OF MONTREAL /CAN/	Financials	4.18%
6	SHOP	SHOPIFY INC.	Information Technology	3.97%
7	MSFT	MICROSOFT CORP	Information Technology	3.64%
8	CAE	CAE INC	Information Technology	3.41%
9	TRP	TC ENERGY CORP	Utilities	3.22%
10	FNV	FRANCO NEVADA CORP	Materials	3.02%

174/188 names classified · sector 99.6% of weight · industry 98.5% · mkt cap 66.1%; unclassified names shown, never dropped.

Sector allocation over time · how the GICS mix & top names shifted quarter by quarter

top 5/sector, rest → “Other” · 50 quarters

FinancialsTD, BNS, RY, MFC, BMO · other

Information TechnologyOTEX, MSFT, CAE, SHOP, DSGX · other

IndustrialsCNI, STN, GIB, FISV, TFII · other

EnergyENB, CNQ, SU, PBA, CVE · other

Consumer DiscretionaryGIL, QSR, MGA, AMZN, CPRT · other

Health CareABT, BDX, JNJ, IQV, BSX · other

MaterialsNTR, FNV, PG, CCJ, BHP · other

Consumer StaplesPEP, DEO, CVS, BUD, PM · other

Communication ServicesGOOGL, GOOG, TRI, CMCSA, META · other

Real EstateBN, CIGI, AMT, FSV, MAA · other

UtilitiesTRP, PEG, D, DUK, NGG · other

UnclassifiedBROOKFIELD ASSET MGMT INC, THOMSON REUTERS CORP., THOMSON REUTERS CORP, POTASH CORP OF SASKATCHEWAN, GROUPE CGI INC · other

Sector is classified on each name's CURRENT fundamentals, not point-in-time — apparent sector drift can reflect the market re-rating a holding, not a manager trade. 13F is a lagged quarterly snapshot of long positions in US-listed securities only — foreign companies held via a US listing or ADR ARE included, but shares listed only on non-US exchanges (plus shorts, options and cash) are not. Latest quarter: 99.6% of the book is sector-classified (unclassified names shown, never dropped).

Style box · size × value-growth placement of the reported book (2025-Q3), classified on current fundamentals (not point-in-time) — load it into PORT to overlay your own portfolio

Only 48% of book weight classified — the grid is NOT representative of the whole book.

holdings, colored by sector (107 classified)JARISLOWSKY, FRASER Ltd centroid (Mid Core)

Information TechnologyFinancialsConsumer DiscretionaryHealth CareCommunication ServicesIndustrialsReal EstateConsumer StaplesMaterialsUtilitiesEnergy

Style box summary for JARISLOWSKY, FRASER Ltd: centroid Mid Core. Heaviest cells: Large Growth 20.1%, Large Value 5.4%, Large Core 5.1%.

Classified: 48.4% of book weight (107/186 names) · unclassified 51.6%: BN, TD, CNI, BMO, CAE, TRP, FNV, TRI, STN, GIL +69 more. Size: cap 70/20/10 bands; style: value/growth composite on our own metrics — not Morningstar's model.

Contribution holdings-based, any period

No contribution data for this period.

Holdings· 188 positions (2025-Q3) · largest first · Δ vs 2025-Q2

#	Security	Shares	Value	Weight	Δ QoQ
1	BNBROOKFIELD CORP	14,806,245	$1.0B	5.6%	TRIM −5%
2	TDTORONTO DOMINION BK ONT	11,728,785	$938M	5.2%	TRIM −2%
3	CNICANADIAN NATL RY CO	8,871,249	$837M	4.6%	TRIM −4%
4	OTEXOPEN TEXT CORP	21,150,154	$791M	4.4%	HOLD
5	BMOBANK MONTREAL MEDIUM	5,833,830	$760M	4.2%	TRIM −9%
6	SHOPSHOPIFY INC	4,861,383	$722M	4.0%	TRIM −4%
7	MSFTMICROSOFT CORP	1,277,760	$662M	3.6%	TRIM −9%
8	CAECAE INC	20,943,262	$620M	3.4%	TRIM −4%
9	TRPTC ENERGY CORP	10,751,401	$585M	3.2%	TRIM −4%
10	FNVFRANCO NEV CORP	2,462,713	$548M	3.0%	TRIM −12%
11	TRITHOMSON REUTERS CORP	2,886,701	$448M	2.5%	TRIM −4%
12	STNSTANTEC INC	4,082,124	$440M	2.4%	TRIM −18%
13	AMZNAMAZON COM INC	1,981,602	$435M	2.4%	HOLD
14	GILGILDAN ACTIVEWEAR INC	6,848,156	$396M	2.2%	TRIM −8%
15	GIBCGI INC	4,033,813	$359M	2.0%	TRIM −4%
16	PBAPEMBINA PIPELINE CORP	8,814,455	$356M	2.0%	ADD 1895%
17	ORCLORACLE CORP	1,220,787	$343M	1.9%	TRIM −14%
18	CIGICOLLIERS INTL GROUP INC	2,115,789	$331M	1.8%	TRIM −16%
19	MAMASTERCARD INCORPORATED	547,672	$312M	1.7%	TRIM −3%
20	ABTABBOTT LABS	2,158,089	$289M	1.6%	HOLD
21	TFIITFI INTL INC	3,201,844	$282M	1.6%	TRIM −3%
22	JPMJPMORGAN CHASE & CO	878,324	$277M	1.5%	TRIM −5%
23	GOOGALPHABET INC	1,078,837	$263M	1.4%	TRIM −6%
24	GOOGLALPHABET INC	1,079,717	$262M	1.4%	TRIM −11%
25	IBKRINTERACTIVE BROKERS GROUP IN	3,724,608	$256M	1.4%	TRIM −12%
26	RYROYAL BK CDA	1,645,780	$243M	1.3%	TRIM −17%
27	DSGXDESCARTES SYS GROUP INC	2,483,153	$234M	1.3%	TRIM −5%
28	UNHUNITEDHEALTH GROUP INC	664,655	$230M	1.3%	HOLD
29	BSXBOSTON SCIENTIFIC CORP	2,192,794	$214M	1.2%	TRIM −3%
30	QSRRESTAURANT BRANDS INTL INC	3,263,219	$209M	1.2%	TRIM −4%
31	TSMTAIWAN SEMICONDUCTOR MFG LTD	739,611	$207M	1.1%	HOLD
32	RBARB GLOBAL INC	1,805,849	$196M	1.1%	NEW
33	FISVFISERV INC	1,508,425	$194M	1.1%	ADD 9%
34	PEPPEPSICO INC	1,302,013	$183M	1.0%	HOLD
35	BDXBECTON DICKINSON & CO	935,130	$175M	1.0%	HOLD
36	METAMETA PLATFORMS INC	235,586	$173M	1.0%	ADD 36%
37	IQVIQVIA HLDGS INC	785,658	$149M	0.8%	HOLD
38	CPRTCOPART INC	3,112,375	$140M	0.8%	TRIM −3%
39	AVGOBROADCOM INC	420,881	$139M	0.8%	HOLD
40	ACNACCENTURE PLC IRELAND	535,794	$132M	0.7%	TRIM −3%
41	TJXTJX COS INC NEW	888,931	$128M	0.7%	HOLD
42	SHWSHERWIN WILLIAMS CO	346,536	$120M	0.7%	TRIM −3%
43	AMEAMETEK INC	614,702	$116M	0.6%	HOLD
44	HDBHDFC BANK LTD	3,317,169	$113M	0.6%	ADD 83%
45	BRK.BBERKSHIRE HATHAWAY INC DEL	221,593	$111M	0.6%	TRIM −3%
46	DHRDANAHER CORP DEL	554,230	$110M	0.6%	TRIM −2%
47	CDNSCADENCE DESIGN SYSTEM INC	303,436	$107M	0.6%	HOLD
48	MFCMANULIFE FINL CORP	3,273,476	$102M	0.6%	TRIM −3%
49	GWREGUIDEWIRE SOFTWARE INC	439,972	$101M	0.6%	HOLD
50	MDLZMONDELEZ INTL INC	1,552,357	$97M	0.5%	ADD 9%
51	INTUINTUIT	132,503	$90M	0.5%	NEW
52	PEGPUBLIC SVC ENTERPRISE GROUP	1,025,305	$86M	0.5%	ADD 107%
53	OZKBANK OZK LITTLE ROCK ARK	1,658,271	$85M	0.5%	TRIM −8%
54	ENBENBRIDGE INC	1,671,318	$84M	0.5%	TRIM −3%
55	JNJJOHNSON & JOHNSON	450,506	$84M	0.5%	TRIM −5%
56	BNSBANK NOVA SCOTIA B C	1,242,357	$80M	0.4%	TRIM −9%
57	CBCHUBB LIMITED	278,658	$79M	0.4%	TRIM −3%
58	MNSTMONSTER BEVERAGE CORP NEW	1,074,573	$72M	0.4%	HOLD
59	PGPROCTER AND GAMBLE CO	404,384	$62M	0.3%	TRIM −4%
60	ASMLASML HOLDING N V	62,723	$61M	0.3%	HOLD
61	RELXRELX PLC	1,129,509	$54M	0.3%	HOLD
62	AFGAMERICAN FINL GROUP INC OHIO	369,784	$54M	0.3%	HOLD
63	CMECME GROUP INC	175,151	$47M	0.3%	TRIM −2%
64	SAPSAP SE	165,093	$44M	0.2%	ADD 14%
65	COSTCOSTCO WHSL CORP NEW	43,841	$41M	0.2%	TRIM −6%
66	UNILEVER PLC	676,812	$40M	0.2%	ADD 3%
67	CLCOLGATE PALMOLIVE CO	418,440	$33M	0.2%	TRIM −7%
68	DEODIAGEO PLC	339,798	$32M	0.2%	TRIM −44%
69	AXAXOS FINANCIAL INC	382,183	$32M	0.2%	HOLD
70	CACCCREDIT ACCEP CORP MICH	69,214	$32M	0.2%	HOLD
71	SPYSTATE STR SPDR S&P 500 ETF T	41,279	$27M	0.2%	TRIM −19%
72	SFBSSERVISFIRST BANCSHARES INC	303,115	$24M	0.1%	HOLD
73	PGRPROGRESSIVE CORP	91,262	$23M	0.1%	HOLD
74	LCIILCI INDS	236,956	$22M	0.1%	HOLD
75	VRSKVERISK ANALYTICS INC	86,669	$22M	0.1%	TRIM −12%
76	ABBVABBVIE INC	88,873	$21M	0.1%	HOLD
77	ADSKAUTODESK INC	59,225	$19M	0.1%	TRIM −83%
78	ALCALCON AG	230,438	$17M	0.1%	HOLD
79	XOMEXXON MOBIL CORP	142,564	$16M	0.1%	HOLD
80	LLYELI LILLY & CO	20,327	$16M	0.1%	HOLD
81	SESEA LTD	86,522	$15M	0.1%	TRIM −3%
82	ADPAUTOMATIC DATA PROCESSING IN	52,462	$15M	0.1%	TRIM −15%
83	MELIMERCADOLIBRE INC	6,175	$14M	0.1%	HOLD
84	TFPMTRIPLE FLAG PRECIOUS METAL	443,713	$13M	0.1%	TRIM −16%
85	TCOMTRIP COM GROUP LTD	166,860	$13M	0.1%	TRIM −2%
86	AAPLAPPLE INC	44,738	$11M	0.1%	TRIM −15%
87	ZTSZOETIS INC	76,698	$11M	0.1%	TRIM −8%
88	NTRNUTRIEN LTD	181,665	$11M	0.1%	HOLD
89	NUNU HLDGS LTD	651,820	$10M	0.1%	HOLD
90	BAPCREDICORP LTD	38,882	$10M	0.1%	TRIM −17%
91	TUTELUS CORPORATION	645,207	$10M	0.1%	HOLD
92	BKNGBOOKING HOLDINGS INC	1,634	$9M	0.0%	TRIM −4%
93	ATSATS CORPORATION	334,904	$9M	0.0%	TRIM −12%
94	NVDANVIDIA CORPORATION	45,038	$8M	0.0%	ADD 519%
95	HLNHALEON PLC	821,006	$7M	0.0%	ADD 12%
96	NVSNOVARTIS AG	52,037	$7M	0.0%	TRIM −3%
97	EMREMERSON ELEC CO	45,460	$6M	0.0%	HOLD
98	CMCSACOMCAST CORP NEW	176,738	$6M	0.0%	TRIM −10%
99	FMXFOMENTO ECONOMICO MEXICANO S	55,306	$5M	0.0%	TRIM −2%
100	YUMCYUM CHINA HLDGS INC	126,474	$5M	0.0%	HOLD
101	CPCANADIAN PACIFIC KANSAS CITY	69,573	$5M	0.0%	ADD 12%
102	CVXCHEVRON CORP NEW	32,600	$5M	0.0%	HOLD
103	SUSUNCOR ENERGY INC NEW	118,134	$5M	0.0%	ADD 7%
104	BCEBCE INC	199,725	$5M	0.0%	ADD 13%
105	CMCANADIAN IMPERIAL BANK OF CO	55,674	$4M	0.0%	ADD 21%
106	MCDMCDONALDS CORP	13,592	$4M	0.0%	TRIM −3%
107	KOCOCA COLA CO	58,738	$4M	0.0%	HOLD
108	INFYINFOSYS LTD	238,197	$4M	0.0%	TRIM −23%
109	SLFSUN LIFE FINANCIAL INC.	61,475	$4M	0.0%	ADD 5%
110	PFEPFIZER INC	141,001	$4M	0.0%	HOLD
111	DOOBRP INC	52,687	$3M	0.0%	TRIM −23%
112	DUKDUKE ENERGY CORP NEW	24,383	$3M	0.0%	HOLD
113	TOTALENERGIES SE	48,301	$3M	0.0%	TRIM −3%
114	XELXCEL ENERGY INC	35,000	$3M	0.0%	HOLD
115	CVSCVS HEALTH CORP	36,771	$3M	0.0%	TRIM −3%
116	MRKMERCK & CO INC	32,875	$3M	0.0%	TRIM −4%
117	NGGNATIONAL GRID PLC	37,226	$3M	0.0%	HOLD
118	NKENIKE INC	38,455	$3M	0.0%	TRIM −6%
119	NVONOVO-NORDISK A S	46,215	$3M	0.0%	TRIM −36%
120	IMOIMPERIAL OIL LTD	27,678	$3M	0.0%	ADD 3%
121	KMBKIMBERLY-CLARK CORP	19,263	$2M	0.0%	HOLD
122	ALLALLSTATE CORP	11,081	$2M	0.0%	HOLD
123	JDJD.COM INC	66,790	$2M	0.0%	TRIM −11%
124	CNQCANADIAN NAT RES LTD	66,366	$2M	0.0%	ADD 33%
125	INGING GROEP N.V.	76,392	$2M	0.0%	HOLD
126	VVISA INC	5,427	$2M	0.0%	TRIM −9%
127	EOGEOG RES INC	15,525	$2M	0.0%	HOLD
128	LINLINDE PLC	3,600	$2M	0.0%	HOLD
129	BBARRICK MNG CORP	46,306	$2M	0.0%	ADD 41%
130	BRK.ABERKSHIRE HATHAWAY INC DEL	2	$2M	0.0%	HOLD
131	AZNASTRAZENECA PLC	19,548	$1M	0.0%	ADD 13%
132	WMTWALMART INC	13,659	$1M	0.0%	HOLD
133	HDHOME DEPOT INC	3,235	$1M	0.0%	HOLD
134	EFAISHARES TR	14,000	$1M	0.0%	HOLD
135	AFLAFLAC INC	11,600	$1M	0.0%	HOLD
136	IFFINTERNATIONAL FLAVORS&FRAGRA	18,000	$1M	0.0%	TRIM −5%
137	SHELSHELL PLC	15,220	$1M	0.0%	TRIM −3%
138	GLDSPDR GOLD TR	2,989	$1M	0.0%	TRIM −10%
139	ZBHZIMMER BIOMET HOLDINGS INC	10,250	$1M	0.0%	HOLD
140	WFCWELLS FARGO CO NEW	12,000	$1M	0.0%	ADD 4%
141	AEMAGNICO EAGLE MINES LTD	5,926	$998,314	0.0%	ADD 24%
142	MGAMAGNA INTL INC	20,686	$980,332	0.0%	ADD 21%
143	PMPHILIP MORRIS INTL INC	5,750	$932,650	0.0%	HOLD
144	IHGINTERCONTINENTAL HOTELS GROU	7,434	$901,446	0.0%	HOLD
145	RCIROGERS COMMUNICATIONS INC	24,288	$836,307	0.0%	ADD 54%
146	SONYSONY GROUP CORP	25,082	$722,110	0.0%	ADD 37%
147	FTSFORTIS INC	13,325	$676,018	0.0%	HOLD
148	MDTMEDTRONIC PLC	6,995	$666,203	0.0%	HOLD
149	CTASCINTAS CORP	3,200	$656,832	0.0%	HOLD
150	LOWLOWES COS INC	2,555	$642,097	0.0%	TRIM −17%
151	SNNSMITH & NEPHEW PLC	17,150	$622,373	0.0%	TRIM −18%
152	QQQINVESCO QQQ TR	1,035	$621,382	0.0%	NEW
153	MOALTRIA GROUP INC	9,300	$614,358	0.0%	HOLD
154	WCNWASTE CONNECTIONS INC	3,384	$595,033	0.0%	ADD 26%
155	IYWISHARES TR	2,885	$565,056	0.0%	HOLD
156	MUFGMITSUBISHI UFJ FINANCIAL GRO	34,948	$557,071	0.0%	NEW
157	METMETLIFE INC	6,735	$554,761	0.0%	TRIM −51%
158	TECKTECK RESOURCES LTD	12,059	$529,108	0.0%	ADD 71%
159	MMM3M CO	3,325	$515,973	0.0%	TRIM −8%
160	MRSHMARSH & MCLENNAN COS INC	2,323	$468,154	0.0%	HOLD
161	CVECENOVUS ENERGY INC	26,474	$449,605	0.0%	ADD 61%
162	IVVISHARES TR	660	$441,738	0.0%	ADD 18%
163	TXNTEXAS INSTRS INC	2,225	$408,799	0.0%	TRIM −4%
164	MTBM & T BK CORP	1,960	$387,335	0.0%	TRIM −9%
165	USBUS BANCORP	7,990	$386,156	0.0%	TRIM −28%
166	WFGWEST FRASER TIMBER CO LTD	5,614	$381,731	0.0%	ADD 56%
167	HLTHILTON WORLDWIDE HLDGS INC	1,445	$374,890	0.0%	HOLD
168	BF.ABROWN FORMAN CORP	13,200	$355,212	0.0%	HOLD
169	BF.BBROWN FORMAN CORP	13,057	$353,583	0.0%	TRIM −4%
170	VLOVALERO ENERGY CORP	1,992	$339,157	0.0%	HOLD
171	CATCATERPILLAR INC	705	$336,390	0.0%	HOLD
172	ROSTROSS STORES INC	2,174	$331,295	0.0%	HOLD
173	CAHCARDINAL HEALTH INC	2,000	$313,920	0.0%	HOLD
174	CDWCDW CORP	1,949	$310,436	0.0%	HOLD
175	ADBEADOBE INC	865	$305,128	0.0%	HOLD
176	CYBERARK SOFTWARE LTD	620	$299,553	0.0%	TRIM −100%
177	TRVTRAVELERS COMPANIES INC	1,040	$290,388	0.0%	HOLD
178	ITWILLINOIS TOOL WKS INC	1,062	$276,927	0.0%	HOLD
179	EEMISHARES TR	5,041	$269,189	0.0%	TRIM −40%
180	DDOMINION ENERGY INC	4,336	$265,233	0.0%	HOLD
181	FASTFASTENAL CO	4,896	$240,099	0.0%	HOLD
182	TTTRANE TECHNOLOGIES PLC	565	$238,407	0.0%	TRIM −6%
183	UNPUNION PAC CORP	1,003	$237,079	0.0%	HOLD
184	BIDUBAIDU INC	1,764	$232,442	0.0%	NEW
185	XPXP INC	10,949	$205,731	0.0%	TRIM −97%
186	SITESITEONE LANDSCAPE SUPPLY INC	1,584	$204,019	0.0%	TRIM −100%
187	HONHONEYWELL INTL INC	958	$201,659	0.0%	HOLD
188	ABEVAMBEV SA	71,951	$160,450	0.0%	HOLD

☆JARISLOWSKY, FRASER Ltd