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Institution

Jarislowsky, Fraser Ltd

13F for September 30, 2025, filed October 21, 2025 · SEC CIK 1123778 · Holdings history from December 31, 2000

The latest available holdings for this manager are dated September 30, 2025.

Reported value
$18.2bn
82% in companies we cover
Positions we cover
152
Largest TD 5.2%
Copy, a year
+8.9%
S&P 500 +14.1%
Copy Sharpe ratio
0.48
S&P 500 0.78

Copy-performance statistics: August 16, 2013 to January 30, 2026. Holdings history can start earlier than the price data used for performance.

Historical holdings

Holdings across the available history, including securities outside our stock coverage. Select a date to view the holdings for that period.

Related reporting managers

SEC notices identify these reporting relationships. Each manager retains its own holdings history; changes in reporting scope can involve several managers.

192 reported entries for September 30, 2025.

IssuerClass / typeReported valueQuantity
CME Group Inc.12572Q105 · CME Common Stock $47.3m 175,151
Coca-Cola Company191216100 · KO Common Stock $3.9m 58,738
Colgate-Palmolive Company194162103 · CL Common Stock $33.5m 418,440
Colliers International Group Inc194693107 · CIGI Common Stock $331.0m 2,115,789
Comcast Corp - A20030N101 · CMCSA Common Stock $5.6m 176,738
Copart Inc217204106 · CPRT Common Stock $140.0m 3,112,375
Costco Wholesale Corporation22160K105 · COST Common Stock $40.6m 43,841
Credicorp Ltd ADRG2519Y108 Common Stock $10.4m 38,882
Credit Acceptance Corp.225310101 · CACC Common Stock $32.3m 69,214
CVS Health Corporation126650100 · CVS Common Stock $2.8m 36,771
CyberArk Software Ltd ADRM2682V108 Common Stock $299,553 620
Danaher Corporation235851102 · DHR Common Stock $109.9m 554,230
Descartes Systems Group Inc249906108 · DSGX Common Stock $233.9m 2,483,153
Diageo Plc ADR25243Q205 ADR $32.4m 339,798
Dominion Energy25746U109 · D Common Stock $265,233 4,336
Duke Energy Corporation26441C204 · DUK Common Stock $3.0m 24,383
Eli Lilly & Company532457108 · LLY Common Stock $15.5m 20,327
Emerson Electric Co.291011104 · EMR Common Stock $6.0m 45,460
Enbridge Inc29250N105 · ENB Common Stock $84.3m 1,671,318
EOG Resources Inc.26875P101 · EOG Common Stock $1.7m 15,525
Exxon Mobil Corporation30231G102 Common Stock $16.1m 142,564
Fastenal Co311900104 · FAST Common Stock $240,099 4,896
Fiserv Inc.337738108 · FISV Common Stock $194.5m 1,508,425
Fomento Econ.Mexicano SAB de CV ADR344419106 ADR $5.5m 55,306
Fortis Inc.349553107 · FTS Common Stock $676,018 13,325
Franco Nevada Corporation351858105 · FNV Common Stock $548.3m 2,462,713
Gildan Activewear Inc.375916103 · GIL Common Stock $395.7m 6,848,156
Guidewire Software Inc40171V100 · GWRE Common Stock $101.1m 439,972
Haleon PLC405552100 · HLN Common Stock $7.4m 821,006
HDFC Bank Ltd ADR40415F101 · HDB ADR $113.3m 3,317,169
Hilton Worldwide Holdings Inc.43300A203 · HLT Common Stock $374,890 1,445
Home Depot Inc.437076102 · HD Common Stock $1.3m 3,235
Honeywell International Inc.438516106 Common Stock $201,659 958
Illinois Tool Works Inc.452308109 · ITW Common Stock $276,927 1,062
Imperial Oil Limited453038408 · IMO Common Stock $2.5m 27,678
Infosys Ltd ADR456788108 ADR $3.9m 238,197
ING Groep N.V. ADR456837103 ADR $2.0m 76,392
Interactive Brokers Group Inc45841N107 · IBKR Common Stock $256.3m 3,724,608
Intercontinental Hotels-ADR45857P806 ADR $901,446 7,434
International Flavors & Fragrances459506101 · IFF Common Stock $1.1m 18,000
Intuit Inc461202103 · INTU Common Stock $90.5m 132,503
Invesco QQQ Trust Series 1.46090E103 ETP $621,382 1,035
IQVIA Holdings Inc46266C105 · IQV Common Stock $149.2m 785,658
iShares 1-5 Year Investment Grade Corporate Bond ETF464288646 ETF $10.2m 192,744
iShares 5-10 Year Inv. Grade Corp. Bond ETF464288638 ETP $4.8m 89,421
iShares Barclays 1-3 Yr Trsry Bond ETF464287457 ETF $3.4m 41,528
iShares Core 1-5 Year USD Bond ETF46432F859 ETF $2.2m 44,580
iShares MSCI EAFE Index Fund464287465 ETP $1.3m 14,000
iShares MSCI Emerging Market464287234 ETP $269,189 5,041
iShares S&P 500 ETF464287200 ETP $441,738 660
iShares US Technology ETF464287721 ETP $565,056 2,885
JD.com Inc ADR47215P106 · JD ADR $2.3m 66,790
Johnson & Johnson478160104 · JNJ Common Stock $83.5m 450,506
JPMorgan Chase & Co.46625H100 · JPM Common Stock $277.0m 878,324
Kimberly-Clark Corporation494368103 · KMB Common Stock $2.4m 19,263
LCI Industries50189K103 · LCII Common Stock $22.1m 236,956
Linde PLCG54950103 · LIN Common Stock $1.7m 3,600
Lowe's Companies Inc.548661107 · LOW Common Stock $642,097 2,555
M&T Bank Corporation55261F104 · MTB Common Stock $387,335 1,960
Magna International Inc - A559222401 · MGA Common Stock $980,332 20,686
Manulife Financial Corporation56501R106 · MFC Common Stock $102.0m 3,273,476
Marsh & McLennan Companies Inc.571748102 · MRSH Common Stock $468,154 2,323
Mastercard Inc - A57636Q104 · MA Common Stock $311.5m 547,672
McDonald's Corporation580135101 · MCD Common Stock $4.1m 13,592
Medtronic Inc. PlcG5960L103 · MDT Common Stock $666,203 6,995
MercadoLibre Inc58733R102 · MELI Common Stock $14.4m 6,175
Merck & Co. Inc.58933Y105 · MRK Common Stock $2.8m 32,875
Meta Platforms Inc30303M102 · META Common Stock $173.0m 235,586
MetLife Inc.59156R108 · MET Common Stock $554,761 6,735
Microsoft Corporation594918104 · MSFT Common Stock $661.8m 1,277,760
Mitsubishi UFJ Financial Group ADR606822104 ADR $557,071 34,948
Mondelez International Inc.609207105 · MDLZ Common Stock $97.0m 1,552,357
Monster Beverage Corp61174X109 · MNST Common Stock $72.3m 1,074,573
National Grid Plc ADR636274409 ADR $2.7m 37,226
NIKE Inc654106103 · NKE Common Stock $2.7m 38,455
Novartis AG ADR66987V109 ADR $6.7m 52,037
Novo Nordisk A/S Sponsored ADR670100205 · NVO ADR $2.6m 46,215
NU Holdings Ltd/Cayman IslandsG6683N103 · NU Common Stock $10.4m 651,820
Nutrien Ltd67077M108 · NTR Common Stock $10.7m 181,665
NVIDIA Corporation67066G104 · NVDA Common Stock $8.4m 45,038
Open Text Corporation683715106 · OTEX Common Stock $790.7m 21,150,154
Oracle Corporation68389X105 · ORCL Common Stock $343.3m 1,220,787
Pembina Pipeline Corporation706327103 · PBA Common Stock $356.5m 8,814,455
PepsiCo Inc.713448108 · PEP Common Stock $182.9m 1,302,013
Pfizer Inc.717081103 · PFE Common Stock $3.6m 141,001
Philip Morris International Inc.718172109 · PM Common Stock $932,650 5,750
Procter & Gamble Company742718109 · PG Common Stock $62.1m 404,384
Progressive Corp/The743315103 · PGR Common Stock $22.5m 91,262
Public Service Enterprises Group744573106 · PEG Common Stock $85.6m 1,025,305
RB Global Inc74935Q107 · RBA Common Stock $195.6m 1,805,849
Relx Plc ADR759530108 ADR $53.9m 1,129,509
Restaurant Brands International Inc.76131D103 · QSR Common Stock $209.4m 3,263,219

Values use the units disclosed in the source. Where a dollar scale cannot be established, the original amount is shown as filed. Rows may include separate allocations, options and principal amounts; these are kept separate from the covered-stock portfolio used for performance.

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $51.8k$29.0k
CopyS&P 500 $10,000 copying Jarislowsky, Fraser Ltd's usable filed holdings in companies we cover from August 16, 2013, rebalancing at the first weekly close after each usable filing and holding until the next, against the S&P 500 (total return). Missing prices carry their last observed value. Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −39.1% (S&P 500 −31.8%); beta 0.96; alpha −4.0% a year (t = −1.98); last 12 months +13.6% against +15.2%.

Reported value by quarter

Jarislowsky, Fraser Ltd: 13F reported value Total reported value where the source's dollar units can be established. Earlier filings in thousands of dollars are converted; dates with unresolved value units are omitted.
$0 $10B $20B $30B Reported value, 2001-03-31: $7.3B Reported value, 2013-06-30: $16.5B Reported value, 2013-09-30: $17.1B Reported value, 2013-12-31: $17.8B Reported value, 2014-03-31: $17.2B Reported value, 2014-06-30: $17.9B Reported value, 2014-09-30: $16.7B Reported value, 2014-12-31: $16.2B Reported value, 2015-03-31: $15B Reported value, 2015-06-30: $14.7B Reported value, 2015-09-30: $13.3B Reported value, 2015-12-31: $13.2B Reported value, 2016-03-31: $14.3B Reported value, 2016-06-30: $14.4B Reported value, 2016-09-30: $14.8B Reported value, 2016-12-31: $15.6B Reported value, 2017-03-31: $15.8B Reported value, 2017-06-30: $15.8B Reported value, 2017-09-30: $16.7B Reported value, 2017-12-31: $17.2B Reported value, 2018-03-31: $16.1B Reported value, 2018-06-30: $16.7B Reported value, 2018-09-30: $16.1B Reported value, 2018-12-31: $14.5B Reported value, 2019-03-31: $16B Reported value, 2019-06-30: $16.5B Reported value, 2019-09-30: $17.8B Reported value, 2019-12-31: $18.9B Reported value, 2020-03-31: $13.7B Reported value, 2020-06-30: $16B Reported value, 2020-09-30: $17B Reported value, 2020-12-31: $19.6B Reported value, 2021-03-31: $20.3B Reported value, 2021-06-30: $21.4B Reported value, 2021-09-30: $20.5B Reported value, 2021-12-31: $21.5B Reported value, 2022-03-31: $18.8B Reported value, 2022-06-30: $15.7B Reported value, 2022-09-30: $14.4B Reported value, 2022-12-31: $15.3B Reported value, 2023-03-31: $16.2B Reported value, 2023-06-30: $16.8B Reported value, 2023-09-30: $15.4B Reported value, 2023-12-31: $17B Reported value, 2024-03-31: $17.4B Reported value, 2024-06-30: $16.5B Reported value, 2024-09-30: $17.9B Reported value, 2024-12-31: $17.1B Reported value, 2025-03-31: $16B Reported value, 2025-06-30: $17.5B Reported value, 2025-09-30: $18.2B 2001-03-31 2015-09-30 2018-03-31 2020-09-30 2023-03-31 2025-09-30 $18.2B
View chart data
Period Reported value
2001-03-31 $7.3B
2013-06-30 $16.5B
2013-09-30 $17.1B
2013-12-31 $17.8B
2014-03-31 $17.2B
2014-06-30 $17.9B
2014-09-30 $16.7B
2014-12-31 $16.2B
2015-03-31 $15B
2015-06-30 $14.7B
2015-09-30 $13.3B
2015-12-31 $13.2B
2016-03-31 $14.3B
2016-06-30 $14.4B
2016-09-30 $14.8B
2016-12-31 $15.6B
2017-03-31 $15.8B
2017-06-30 $15.8B
2017-09-30 $16.7B
2017-12-31 $17.2B
2018-03-31 $16.1B
2018-06-30 $16.7B
2018-09-30 $16.1B
2018-12-31 $14.5B
2019-03-31 $16B
2019-06-30 $16.5B
2019-09-30 $17.8B
2019-12-31 $18.9B
2020-03-31 $13.7B
2020-06-30 $16B
2020-09-30 $17B
2020-12-31 $19.6B
2021-03-31 $20.3B
2021-06-30 $21.4B
2021-09-30 $20.5B
2021-12-31 $21.5B
2022-03-31 $18.8B
2022-06-30 $15.7B
2022-09-30 $14.4B
2022-12-31 $15.3B
2023-03-31 $16.2B
2023-06-30 $16.8B
2023-09-30 $15.4B
2023-12-31 $17B
2024-03-31 $17.4B
2024-06-30 $16.5B
2024-09-30 $17.9B
2024-12-31 $17.1B
2025-03-31 $16B
2025-06-30 $17.5B
2025-09-30 $18.2B

Latest covered holdings and moves

Covered holdings as of September 30, 2025.

CompanyShare of portfolioValueSharesChange in shares
TDToronto Dominion Bank5.16%$938.0m11.73M−2.2% Reduced
OTEXOpen Text Corp4.35%$790.7m21.15M+0.6% Added
BMOBank Of Montreal4.18%$760.4m5.83M−8.8% Reduced
SHOPShopify Inc.3.97%$722.4m4.86M−4.4% Reduced
MSFTMicrosoft Corporation3.64%$661.8m1.28M−8.6% Reduced
CAECAE Inc3.41%$620.3m20.94M−3.7% Reduced
TRPTC Energy Corp3.21%$584.7m10.75M−4.4% Reduced
FNVFranco Nevada Corp3.01%$548.3m2.46M−12.0% Reduced
STNStantec Inc2.42%$440.3m4.08M−17.8% Reduced
AMZNAmazon2.39%$435.1m1.98M−1.5% Reduced
GILGildan Activewear Inc.2.17%$395.7m6.85M−7.6% Reduced
PBAPembina Pipeline Corp1.96%$356.5m8.81M+1894.9% Added
ORCLOracle Corporation1.89%$343.3m1.22M−14.5% Reduced
CIGIColliers International Group Inc.1.82%$331.0m2.12M−16.5% Reduced
MAMastercard1.71%$311.5m547.7K−2.7% Reduced
ABTAbbott Laboratories1.59%$289.1m2.16M−1.7% Reduced
TFIITFI International Inc.1.55%$281.8m3.20M−3.1% Reduced
JPMJPMorgan Chase1.52%$277.0m878.3K−5.2% Reduced
GOOGLAlphabet Inc. (Class A)1.44%$262.5m1.08M−11.2% Reduced
IBKRInteractive Brokers1.41%$256.3m3.72M−11.7% Reduced
RYRoyal Bank Of Canada1.33%$242.6m1.65M−17.0% Reduced
DSGXDescartes Systems Group Inc1.28%$233.9m2.48M−4.7% Reduced
UNHUnitedHealth Group1.26%$229.5m664.7K−0.7% Reduced
BSXBoston Scientific1.18%$214.1m2.19M−3.4% Reduced
QSRRestaurant Brands International Inc.1.15%$209.4m3.26M−4.3% Reduced
TSMTaiwan Semiconductor Manufacturing Co LTD1.14%$206.6m739.6K−0.1%
RBARB Global Inc.1.07%$195.6m1.81MNew
FISVFiserv1.07%$194.5m1.51M+9.1% Added
PEPPepsiCo1.00%$182.9m1.30M+0.1%
BDXBecton Dickinson0.96%$175.0m935.1K−0.7% Reduced
METAMeta Platforms0.95%$173.0m235.6K+36.2% Added
IQVIQVIA0.82%$149.2m785.7K−0.9% Reduced
CPRTCopart0.77%$140.0m3.11M−2.6% Reduced
AVGOBroadcom0.76%$138.9m420.9K−0.8% Reduced
ACNAccenture0.73%$132.1m535.8K−3.1% Reduced
TJXTJX Companies0.71%$128.5m888.9K−0.6% Reduced
SHWSherwin-Williams0.66%$120.0m346.5K−2.8% Reduced
AMEAmetek0.64%$115.6m614.7K−1.6% Reduced
HDBHdfc Bank LTD0.62%$113.3m3.32M+82.7% Added
DHRDanaher Corporation0.60%$109.9m554.2K−2.1% Reduced
CDNSCadence Design Systems Inc0.59%$106.6m303.4K−0.9% Reduced
MFCManulife Financial Corp0.56%$102.0m3.27M−3.2% Reduced
GWREGuidewire Software, Inc.0.56%$101.1m440.0K−1.2% Reduced
MDLZMondelez International0.53%$97.0m1.55M+8.9% Added
INTUIntuit0.50%$90.5m132.5KNew
PEGPublic Service Enterprise Group0.47%$85.6m1.03M+107.1% Added
ENBEnbridge Inc0.46%$84.3m1.67M−2.9% Reduced
JNJJohnson & Johnson0.46%$83.5m450.5K−4.7% Reduced
BNSBank Of Nova Scotia0.44%$80.4m1.24M−8.9% Reduced
CBChubb Limited0.43%$78.7m278.7K−2.9% Reduced
MNSTMonster Beverage0.40%$72.3m1.07M−1.4% Reduced
PGProcter & Gamble0.34%$62.1m404.4K−4.2% Reduced
ASMLAsml Holding NV0.33%$60.7m62.7K+0.3%
AFGAmerican Financial Group Inc0.30%$53.9m369.8K−1.0% Reduced
CMECME Group0.26%$47.3m175.2K−2.2% Reduced
SAPSAP SE0.24%$44.1m165.1K+14.2% Added
COSTCostco0.22%$40.6m43.8K−6.0% Reduced
CLColgate-Palmolive0.18%$33.5m418.4K−6.6% Reduced
AXAxos Financial, Inc.0.18%$32.4m382.2K−1.2% Reduced
CACCCredit Acceptance Corp0.18%$32.3m69.2K−1.8% Reduced
SFBSServisfirst Bancshares, Inc.0.13%$24.4m303.1K−1.0% Reduced
PGRProgressive Corporation0.12%$22.5m91.3K−1.0% Reduced
LCIILCI Industries0.12%$22.1m237.0K−1.0% Reduced
VRSKVerisk Analytics, Inc.0.12%$21.8m86.7K−11.6% Reduced
ABBVAbbVie0.11%$20.6m88.9K+0.1%
ADSKAutodesk, Inc.0.10%$18.8m59.2K−82.7% Reduced
ALCAlcon Inc0.09%$17.2m230.4K−1.7% Reduced
LLYLilly (Eli)0.09%$15.5m20.3K−1.1% Reduced
SESea Ltd0.09%$15.5m86.5K−3.3% Reduced
ADPAutomatic Data Processing0.09%$15.4m52.5K−14.9% Reduced
MELIMercadolibre Inc0.08%$14.4m6.2K+0.5%
TFPMTriple Flag Precious Metals Corp.0.07%$13.0m443.7K−15.7% Reduced
TCOMTrip.com Group Ltd0.07%$12.5m166.9K−2.5% Reduced
AAPLApple Inc.0.06%$11.4m44.7K−14.6% Reduced
ZTSZoetis0.06%$11.2m76.7K−8.1% Reduced
NTRNutrien Ltd.0.06%$10.7m181.7K−1.0% Reduced
NUNu Holdings Ltd.0.06%$10.4m651.8K+0.4%
TUTelus Corp0.06%$10.2m645.2K−1.5% Reduced
BKNGBooking Holdings0.05%$8.8m1.6K−4.4% Reduced
ATSATS Corp0.05%$8.8m334.9K−11.7% Reduced
NVDANVIDIA Corporation0.05%$8.4m45.0K+518.7% Added
HLNHaleon plc0.04%$7.4m821.0K+12.5% Added
EMREmerson Electric0.03%$6.0m45.5K0.0%
CMCSAComcast0.03%$5.6m176.7K−9.7% Reduced
YUMCYum China Holdings, Inc.0.03%$5.4m126.5K+0.1%
CPCanadian Pacific Kansas City LTD0.03%$5.2m69.6K+12.0% Added
CVXChevron Corporation0.03%$5.1m32.6K0.0%
SUSuncor Energy Inc0.03%$4.9m118.1K+7.1% Added
BCEBCE Inc0.03%$4.7m199.7K+12.7% Added
CMCanadian Imperial Bank Of Commerce0.02%$4.4m55.7K+21.3% Added
MCDMcDonald's0.02%$4.1m13.6K−3.1% Reduced
KOThe Coca-Cola Company0.02%$3.9m58.7K−1.7% Reduced
SLFSUN Life Financial Inc0.02%$3.7m61.5K+4.6% Added
PFEPfizer0.02%$3.6m141.0K−0.9% Reduced
DUKDuke Energy0.02%$3.0m24.4K0.0%
XELXcel Energy0.02%$2.8m35.0K0.0%
CVSCVS Health0.01%$2.8m36.8K−3.4% Reduced
MRKMerck & Co.0.01%$2.8m32.9K−3.7% Reduced
NKENike, Inc.0.01%$2.7m38.5K−5.9% Reduced
NVONovo Nordisk A S0.01%$2.6m46.2K−35.7% Reduced
IMOImperial OIL LTD0.01%$2.5m27.7K+2.7% Added
KMBKimberly-Clark0.01%$2.4m19.3K−1.0% Reduced
ALLAllstate0.01%$2.4m11.1K−0.4%
JDJd.com, Inc.0.01%$2.3m66.8K−11.2% Reduced
CNQCanadian Natural Resources Ltd0.01%$2.1m66.4K+32.6% Added
VVisa Inc.0.01%$1.9m5.4K−9.3% Reduced
EOGEOG Resources0.01%$1.7m15.5K0.0%
LINLinde plc0.01%$1.7m3.6K−0.3%
BBarrick Mining Corp0.01%$1.5m46.3K+40.7% Added
AZNAstrazeneca PLC0.01%$1.5m19.5K+13.2% Added
WMTWalmart0.01%$1.4m13.7K−1.5% Reduced
HDThe Home Depot0.01%$1.3m3.2K0.0%
AFLAflac0.01%$1.3m11.6K0.0%
IFFInternational Flavors & Fragrances0.01%$1.1m18.0K−5.3% Reduced
SHELShell plc0.01%$1.1m15.2K−2.6% Reduced
ZBHZimmer Biomet0.01%$1.0m10.3K0.0%
WFCWells Fargo0.01%$1.0m12.0K+4.3% Added
AEMAgnico Eagle Mines LTD0.01%$998,3145.9K+24.1% Added
MGAMagna International Inc0.01%$980,33220.7K+21.0% Added
PMPhilip Morris International0.01%$932,6505.8K0.0%
BF.BBrown–Forman0.00%$708,79526.3K−1.9% Reduced
FTSFortis Inc.0.00%$676,01813.3K+1.7% Added
MDTMedtronic0.00%$666,2037.0K−0.3%
CTASCintas0.00%$656,8323.2K0.0%
LOWLowe's0.00%$642,0972.6K−17.0% Reduced
MOAltria0.00%$614,3589.3K0.0%
WCNWaste Connections, Inc.0.00%$595,0333.4K+26.4% Added
METMetLife0.00%$554,7616.7K−51.1% Reduced
MMM3M0.00%$515,9733.3K−7.6% Reduced
MRSHMarsh McLennan0.00%$468,1542.3K0.0%
CVECenovus Energy Inc.0.00%$449,60526.5K+61.4% Added
TXNTexas Instruments0.00%$408,7992.2K−3.7% Reduced
MTBM&T Bank0.00%$387,3352.0K−9.0% Reduced
USBU.S. Bancorp0.00%$386,1568.0K−28.4% Reduced
WFGWest Fraser Timber Co., LTD0.00%$381,7315.6K+56.4% Added
HLTHilton Worldwide0.00%$374,8901.4K0.0%
VLOValero Energy0.00%$339,1572.0K0.0%
CATCaterpillar Inc.0.00%$336,3907050.0%
ROSTRoss Stores0.00%$331,2952.2K0.0%
CAHCardinal Health0.00%$313,9202.0K0.0%
CDWCDW Corporation0.00%$310,4361.9K0.0%
ADBEAdobe Inc.0.00%$305,1288650.0%
TRVThe Travelers Companies0.00%$290,3881.0K0.0%
ITWIllinois Tool Works0.00%$276,9271.1K0.0%
DDominion Energy0.00%$265,2334.3K0.0%
FASTFastenal0.00%$240,0994.9K0.0%
TTTrane Technologies0.00%$238,407565−5.8% Reduced
UNPUnion Pacific Corporation0.00%$237,0791.0K0.0%
BIDUBaidu, Inc.0.00%$232,4421.8KNew
XPXP Inc.0.00%$205,73110.9K−96.6% Reduced
CompanyBought (value)Shares
PBAPembina Pipeline Corp$338.6m8.37M
RBARB Global Inc.$195.6m1.81M
INTUIntuit$90.5m132.5K
HDBHdfc Bank LTD$51.3m1.50M
METAMeta Platforms$46.0m62.6K
PEGPublic Service Enterprise Group$44.3m530.2K
FISVFiserv$16.2m125.5K
MDLZMondelez International$8.0m127.4K
NVDANVIDIA Corporation$7.0m37.8K
SAPSAP SE$5.5m20.5K
OTEXOpen Text Corp$4.4m117.4K
HLNHaleon plc$815,40990.9K
CMCanadian Imperial Bank Of Commerce$780,9649.8K
CPCanadian Pacific Kansas City LTD$553,4117.4K
BCEBCE Inc$527,60322.6K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
STNStantec Inc−$95.1m−881.9K
ADSKAutodesk, Inc.−$89.8m−282.8K
FNVFranco Nevada Corp−$74.4m−334.3K
BMOBank Of Montreal−$73.8m−566.3K
CIGIColliers International Group Inc.−$65.2m−417.0K
MSFTMicrosoft Corporation−$62.0m−119.8K
ORCLOracle Corporation−$58.0m−206.2K
SITESiteone Landscape Supply, Inc.−$54.0m−419.5K
RYRoyal Bank Of Canada−$49.8m−337.5K
IBKRInteractive Brokers−$33.9m−492.1K
GOOGLAlphabet Inc. (Class A)−$33.0m−135.8K
SHOPShopify Inc.−$32.9m−221.6K
GILGildan Activewear Inc.−$32.6m−564.0K
TRPTC Energy Corp−$26.8m−493.0K
CAECAE Inc−$23.9m−805.5K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
AMDAdvanced Micro Devices$219,6611.5K
  • Technology24.7%
  • Financials24.2%
  • Industrials12.6%
  • Health Care9.0%
  • Consumer Discretionary8.3%
  • Energy7.0%
  • Materials4.7%
  • Consumer Staples3.4%
  • Communication Services3.2%
  • Real Estate2.2%
  • Utilities0.6%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestAugust 16, 2013 to January 30, 2026+8.9%+14.1%0.480.78−39.1%0.96
2018 onwardsJanuary 5, 2018 to January 30, 2026+9.4%+13.9%0.430.66−39.1%0.95
Last three yearsFebruary 3, 2023 to January 30, 2026+16.0%+20.5%0.801.03−12.3%0.85
Last yearJanuary 31, 2025 to January 30, 2026+13.8%+16.4%0.680.74−11.9%0.78

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.