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Livermore
Livermore
ZHEN

Jarislowsky, Fraser Ltd

SEC CIK
0001123778
Latest filing
Oct 21, 2025

The latest 13F from Jarislowsky, Fraser Ltd covers Q3 2025 (filed Oct 21, 2025): 192 long positions worth $18.2B. The top 10 holdings make up 41.1% of the portfolio, and the largest is BROOKFIELD Corp (BN) at 5.6%. Livermore has 25 filings on Form 13F from this institution, going back to Q1 2021.

What changed in Q3 2025

Share counts compared with Q2 2025: how many positions were new, added to, reduced or sold out, and the biggest buys and sells. Dollar amounts are estimated at the quarter-end prices implied by the filing.

Full comparison
New
5
Est. +$287.5M
Added
40
Est. +$477.7M
Reduced
115
Est. −$1.25B
Sold out
1
Est. −$219.7K

Top 5 holdings

Share of this quarter's portfolio value

  1. BNBROOKFIELD Corp
    5.6%$1.02BHistory
  2. TDToronto Dominion Bank
    5.2%$938.0MHistory
  3. CNICanadian National Railway Co
    4.6%$836.8MHistory
  4. OTEXOpen Text Corp
    4.3%$790.7MHistory
  5. BMOBank of Montreal
    4.2%$760.4MHistory

Biggest buys

New and added positions, by estimated amount bought

  1. PBAPembina Pipeline Corp
    +$338.6MAddedHistory
  2. RBARB Global Inc.
    +$195.6MNewHistory
  3. INTUIntuit Inc.
    +$90.5MNewHistory
  4. METAMeta Platforms, Inc.
    +$46.0MAddedHistory
  5. PEGPublic Service Enterprise Group Inc
    +$44.3MAddedHistory

Largest weight increases

New and added positions, by percentage points of the portfolio gained

  1. PBAPembina Pipeline Corp
    +1.86 pp0.1% → 2.0%History
  2. RBARB Global Inc.
    +1.08 pp0.0% → 1.1%History
  3. OTEXOpen Text Corp
    +0.84 pp3.5% → 4.3%History
  4. INTUIntuit Inc.
    +0.50 pp0.0% → 0.5%History
  5. PEGPublic Service Enterprise Group Inc
    +0.23 pp0.2% → 0.5%History

Biggest sells

Reduced and sold-out positions, by estimated amount sold

  1. STNStantec Inc
    −$95.1MReducedHistory
  2. ADSKAutodesk, Inc.
    −$89.8MReducedHistory
  3. FNVFranco Nevada Corp
    −$74.4MReducedHistory
  4. BMOBank of Montreal
    −$73.8MReducedHistory
  5. Cyberark Software LtdM2682V108
    −$73.8MReduced

Largest weight decreases

Reduced and sold-out positions, by percentage points of the portfolio lost

  1. TRIThomson Reuters Corp
    −0.99 pp3.5% → 2.5%History
  2. CNICanadian National Railway Co
    −0.89 pp5.5% → 4.6%History
  3. STNStantec Inc
    −0.66 pp3.1% → 2.4%History
  4. GIBCgi Inc
    −0.55 pp2.5% → 2.0%History
  5. ADSKAutodesk, Inc.
    −0.50 pp0.6% → 0.1%History

Metrics

13F metrics for Q3 2025, computed only from the numbers in the filings. Definitions below.

Portfolio value
$18.2B
+$691.2M (+3.9%) vs. prior quarter
Positions
192
+4 vs. prior quarter
Top 10 concentration
41.1%
Top 10 as share of value
Turnover
4.3%
Q3 2025, one quarter
Average holding period
17.6 quarters
Weighted by value

How these are calculated

  • Portfolio value: the market value of all long positions in the 13F, as reported at quarter end, excluding options.
  • Top 10 concentration: the combined value of the 10 largest positions as a share of portfolio value.
  • Turnover: the smaller of this quarter's estimated purchases and estimated sales, divided by the average of this and last quarter's portfolio value. Estimates multiply the change in shares by the quarter-end price implied by the filing (market value divided by shares); new positions use this quarter's value and sold-out positions last quarter's. Only positions reported in shares count, and it is not calculated when the previous quarter was not filed.
  • Average holding period: how many consecutive quarters each current position has been held (including this one; a quarter without the position or without a filing starts the count over), weighted by this quarter's value. Counting starts with the first 13F in Livermore (Q1 2021), so positions held before then are understated.

13F filings by quarter

19 quarters, going back to Q1 2021. Bars show each quarter's 13F portfolio value; quarters without a filing are left blank.

Peak $21.5B (Q4 2021)

Q1 2021: $20.3BQ2 2021: $21.4BQ3 2021: $20.5BQ4 2021: $21.5BQ1 2022: $18.8BQ2 2022: $15.7BQ3 2022: $14.4BQ4 2022: $15.3BQ1 2023: $16.2BQ2 2023: $16.8BQ3 2023: $15.4BQ4 2023: $17.0BQ1 2024: $17.4BQ2 2024: $16.5BQ3 2024: $17.9BQ4 2024: $17.1BQ1 2025: $16.0BQ2 2025: $17.5BQ3 2025: $18.2B
Q1 2021Q3 2025
13F filings of Jarislowsky, Fraser Ltd by quarter
QuarterFiledPositionsValueTop 3 holdingsChangesFiling
Q3 2025Oct 21, 2025192$18.2BBNTDCNIvs. Q2 2025SEC
Q2 2025Jul 15, 2025188$17.5BCNIBNTDvs. Q1 2025SEC
Q1 2025May 12, 2025185$16.0BCNIBNTDvs. Q4 2024SEC
Q4 2024Feb 14, 2025189$17.1BBNCNIBMOvs. Q3 2024SEC
Q3 2024Nov 13, 2024189$17.9BCNIBNBNSvs. Q2 2024SEC
Q2 2024Aug 12, 2024185$16.5BCNIBNMSFTvs. Q1 2024SEC
Q1 2024Sep 30, 2024Amended196$17.4BCNIBNMSFTvs. Q4 2023SEC
Q4 2023Sep 30, 2024Amended221$17.0BCNIBNOTEXvs. Q3 2023SEC
Q3 2023Sep 30, 2024Amended188$15.4BCNIBNBNSvs. Q2 2023SEC
Q2 2023Sep 27, 2024Amended197$16.8BCNIBNOTEXvs. Q1 2023SEC
Q1 2023Sep 27, 2024Amended198$16.2BCNITRIBNvs. Q4 2022SEC
Q4 2022Sep 27, 2024Amended206$15.3BCNIBNSTRIvs. Q3 2022SEC
Q3 2022Nov 7, 2022207$14.4BCNIBAMBNSvs. Q2 2022SEC
Q2 2022Jul 27, 2022205$15.7BCNIBAMBNSvs. Q1 2022SEC
Q1 2022May 12, 2022208$18.8BCNIBAMBNSvs. Q4 2021SEC
Q4 2021Feb 10, 2022218$21.5BCNIBAMBNSvs. Q3 2021SEC
Q3 2021Nov 12, 2021219$20.5BCNIBAMBNSvs. Q2 2021SEC
Q2 2021Aug 9, 2021228$21.4BCNIBAMBNSvs. Q1 2021SEC
Q1 2021May 13, 2021216$20.3BCNIBAMBNS–SEC

13D and 13G filings

Companies where Jarislowsky, Fraser Ltd reports owning 5% or more on Schedule 13D or 13G, and its latest filings.

Current stakes of 5% or more

3 companies, largest stake first.

Companies where Jarislowsky, Fraser Ltd owns 5% or more
CompanyLatest formStakeChangeFirst filedLatest filingFiling
CAECae Inc13G/A6.99%22.3M shares–Nov 12, 20241 filingNov 12, 2024SEC
OTEXOpen Text Corp13G/A6.21%16.6M shares–Nov 12, 20241 filingNov 12, 2024SEC
GILGildan Activewear Inc.13G/A5.72%8.74M shares−0.76 ppfrom 6.48%Nov 12, 20242 filingsFeb 10, 2025SEC

Latest filings

8 filings on file made by Jarislowsky, Fraser Ltd or listing it as a reporting person, newest first.

Schedule 13D and 13G filings by Jarislowsky, Fraser Ltd
CompanyFiled (ET)FormStakeChangeEvent dateFiling
GILGildan Activewear Inc.Feb 10, 20252:15 PM ET13G/A5.72%8.74M shares−0.76 ppfrom 6.48%Dec 31, 2024SEC
CIGIColliers International Group Inc.Feb 10, 202510:48 AM ET13G/A4.14%2.04M shares−0.24 ppfrom 4.39%Below 5%Dec 31, 2024SEC
OTEXOpen Text CorpNov 12, 20241:22 PM ET13G/A6.21%16.6M shares–Sep 30, 2024SEC
GILGildan Activewear Inc.Nov 12, 20241:19 PM ET13G/A6.48%10.3M shares–Sep 30, 2024SEC
STNStantec IncNov 12, 20241:17 PM ET13G/A4.57%5.21M shares–Below 5%Sep 30, 2024SEC
CAECae IncNov 12, 20241:15 PM ET13G/A6.99%22.3M shares–Sep 30, 2024SEC
DSGXDescartes Systems Group IncNov 12, 20241:10 PM ET13G/A3.32%2.84M shares–Below 5%Sep 30, 2024SEC
CIGIColliers International Group Inc.Nov 12, 20241:09 PM ET13G/A4.39%2.15M shares–Below 5%Sep 30, 2024SEC