JARISLOWSKY, FRASER Ltd portfolio

Q3 2025 · Holdings as of 30 Sep 2025 · Filed 21 Oct 2025 · $18,195,809,349 reported in Form 13F

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What changed in Q3 2025?

Comparable share positions since Q2 2025.

View all holdings

New: 5
Increased: 41
Reduced: 114
Exited: 1

Largest disclosed changes

PBA Increased
Pembina Pipeline Corporation

8,372,612 shares

+$338,599,164 estimated

Weight +1.86 percentage points
RBA New
RB Global Inc

1,805,849 shares

+$195,640,130 estimated

Weight +1.08 percentage points
STN Reduced
Stantec Inc

-881,942 shares

-$95,134,849 estimated

Weight -0.66 percentage points
INTU New
Intuit Inc

132,503 shares

+$90,487,623 estimated

Weight +0.5 percentage points
ADSK Reduced
Autodesk Inc

-282,806 shares

-$89,838,978 estimated

Weight -0.5 percentage points

Estimates use share changes and filing prices. They are not trade proceeds. Options and principal positions are excluded.

Compare with Q2 2025

Holdings

Show detailed columns

Sym	Weight	Trade Impact	Company	Class	Share Change	Activity	Value change	SEC-reported value	SEC-reported price	Shares	Principal

Filing details and SEC source

Portfolio date: 30 Sep 2025
Reported 13F value: $18,195,809,349
Reported 13F holdings: 192
Largest 13F holdings: BN TD CNI OTEX BMO SHOP MSFT CAE TRP FNV TRI STN
+8 more
AMZN GIL GIB PBA ORCL CIGI MA ABT
What this filing covers: Period
Q3 2025
Calendar quarter covered by the filing.
13F holdings
192
Parsed equity rows, excluding option-only view rows.
Reported value
$18,195,809,349
SEC Form 13F market value, not total AUM.
Accepted by SEC
21 Oct 2025
EDGAR acceptance date.
How to read this filing
Start with the largest positions and changes, then open issuer-level rows for CUSIP-specific history.
Form 13F market value excludes cash and many non-13F assets, so it should not be treated as total assets under management.
SEC classifies this as a holdings report: this manager reports its visible U.S.-listed equity holdings in this filing.
Manager signature: Kevin Brown - Vice-President, Asset Management Compliance
Manager location: Montreal, Quebec, Canada
Accepted by SEC: 21 Oct 2025, 16:27:45 UTC
SEC form: 13F-HR
Prior SEC filing: Q2 2025 - 15 Jul 2025
Source filing: View source filing

This view compares filing 2025 Q3 with 2025 Q2. Changes are calculated against the previous SEC filing.

Compare Q3 2025 to

SEC-reported price is the security price as of the portfolio date and can indicate the last known price at which the security was still held.
^* marks a reported price that did not pass the local price check.

Person Signing this Report on Behalf of Reporting Manager:

Name	Title	City, State	Date
Kevin Brown	Vice-President, Asset Management Compliance	Toronto, Ontario, Canada	21 Oct 2025

Other Included Managers (1):

Num	Name	Location	File Number
1	BANK OF NOVA SCOTIA	Toronto, Ontario, Canada	028-11475