JFL

Why Jarislowsky Fraser?

Jarislowsky Fraser's 60+ years of proven fundamental research and investing is available through mutual funds to a broad spectrum of investors.

For decades, Jarislowsky Fraser's research and investment insights have helped institutional investors and affluent individuals turn market opportunity into investment performance.

With the launch of our three low-fee mutual funds in 2010 — Select Income Fund, Select Balanced Fund and Select Canadian Equity Fund — we deliver the same expertise to a more diverse set of investors, providing exclusive access to low-risk, high-quality investments with long-term, consistent returns in any economic environment.

 

Benefit From Our Investment Management Expertise

Our three Funds are built upon Jarislowsky Fraser's low-fee commitment to providing Canadians with greater access to the returns our proven expertise can offer.

Bottom line: our commitment to low fees helps ensure you have the opportunity to maximize your investments.

Our Funds are RSP-eligible and available to Canadian investors with an initial investment as little as $500 through an advisor or discount broker.

 

Invest Through An Advisor

When you consult with an investment advisor or financial planner, you have two no-load options with the Jarislowsky Fraser Funds:

  • Advisor Series – for use in traditional investment accounts
  • F-Series – for use in fee-based accounts

 

Self-Directed Investing

If you manage your own portfolio, we offer the E-Series.

  • E-Series is available through a discount broker and may be subject to regular commission or transaction fees.
  • Jarislowsky Fraser E-Series Funds require a minimum initial investment of $10,000.

 

For more information on the Jarislowsky Fraser Funds, see our fund overview below or contact us at mutualfunds@jflglobal.com.

 

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Unit Prices and Performance

  • Unit Prices
    Advisor Series
  • Performance
    Advisor Series

As at March 29, 2017

FUND NAME PRICE (CND) CHANGE HISTORY
NBI Jarislowsky Fraser Select Income Fund (Advisor Series) 10.70 0.2% Consult
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) 13.89 0.1% Consult
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) 15.71 0.1% Consult

As at December 31, 2016

FUND NAME INCEPTION DATE RETURN (%)
6 Mth Ytd 1 Yr 3 Yr 5 Yr Since Inception
NBI Jarislowsky Fraser Select Income Fund (Advisor Series) Oct. 7, 2010 2.03 5.89 5.89 4.78 5.34 5.01
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) Oct. 7, 2010 6.41 7.48 7.48 6.31 8.09 6.78
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) Oct. 7, 2010 11.48 14.79 14.79 7.40 10.48 7.94

Mutual fund performance is calculated net or “after” fees.
Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. The indicated rates of return are the historical annual compounded total returns including changes in unit values and reinvestment of all distributions and does not take into account sales, redemption, distribution or optional changes or income taxes payable by any security holder that would have reduced returns. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.

NBI Jarislowsky Fraser Funds

  • NBI Jarislowsky Fraser Select Income Fund
    (Advisor Series)
  • NBI Jarislowsky Fraser Select Balanced Fund
    (Advisor Series)
  • NBI Jarislowsky Fraser Select Canadian Equity Fund
    (Advisor Series)

INVESTMENT OBJECTIVE

The Fund’s investment objective is to provide regular income and achieve moderate capital growth by investing in a diversified portfolio, comprised primarily of Canadian fixed-income and equity securities. The Fund may invest approximately 25% of its assets in the equity or fixed-income securities of foreign issuers.

IDEAL FOR

Investors willing to tolerate a low level of risk. Investors who seek a diversified mix of equity and fixed-income securities.

STRATEGY

  • The Fund holds investment‐grade fixed-income and high‐quality equity securities to maximize income and minimize both interest rate and default risk.
  • The Fund’s maturity and credit quality are positioned to weather every stage of the business cycle.
  • Lower credit-quality issuers are analyzed with a focus on cash flow stability and the recovery value of their fixed-income securities.
  • Overall, the Fund will invest in higher-quality, investment-grade issues.

 

 

 

NBI Jarislowsky Fraser Select Income Fund (Advisor Series)

Performance

As at December 31, 2016

FUND NAME INCEPTION DATE RETURN (%)
6 Mth Ytd 1 Yr 3 Yr 5 Yr Since Inception
NBI Jarislowsky Fraser Select Income Fund (Advisor Series) Oct. 7, 2010 2.03 5.89 5.89 4.78 5.34 5.01

Portfolio management team

QUARTERLY COMMENTARIES

The key theme in global fixed income markets in the third quarter was the overwhelming impact of central bank policy actions coupled with the perceived intermittent inaction among specific central banks, most notably the U.S. Federal Reserve.   The full impact of the Bank of England’s incremental quantitative easing program announced in June coupled with the Bank of Japan’s September announcement of a revision to its quantitative easing program which targeted specific government interest rates applied significant downward pressure on global sovereign rate markets.  The impact on Canadian bond yields from global central bank actions was felt directly in the form of increased demand for positive yielding sovereign and credit based Canadian dollar fixed income assets. The modest rise in Canadian yields, which persisted for most of the third quarter, was erased late in the quarter after the Bank of Japan’s policy decision which coincided with weak underlying Canadian economic data. 

For the third quarter the performance of the NBI JF Select Income Fund slightly lagged the benchmark with a return of 2.1% versus the benchmark of 2.2%. Corporate bonds outperformed in each of the Index term slices as spreads narrowed 8 bps on average. The majority of the outperformance is attributable to the significant overweight in corporate bonds. Security selection contributed a small amount through a combination of many small positives and negatives with the largest being a positive 4 bps from Government of Canada Real Return Bonds and a negative 4 bps from the Great-West Lifeco callable 2017 issue. Our yield curve positioning and duration difference were a 5-bp detraction.

Canadian credit markets were quite active from an issuance and secondary activity perspective during the third quarter. We took advantage of these flows to pare some risk while partaking in a handful of new issues and relative value trades. On the new issue and relative value front, we continue to find some western Canadian provincial issues that offer good value. We purchased some long Province of Saskatchewan bonds at new issue at an attractive 19 bps over Ontario bonds of a similar maturity.  Later in the quarter, we migrated out of 5-year Province of British Columbia bonds that were richly valued to get into a new issue from the Canada Housing Trust. The other notable new issue purchase was that of an attractively priced 7-year deposit note from TD Bank at a spread of +118 bps early in the quarter. That purchase was funded via the sale of very short-dated TD Bank legacy subordinated paper. Throughout the quarter, we continued to reduce risk by trimming our holdings of subordinated bank capital securities, namely issues from Bank of Nova Scotia, TD Bank, RBC and Bank of Montreal.

Equities outperformed bonds over the quarter and enhance overall returns.  The top contributors to quarterly performance were Vermillion Energy Inc. (+25.3%), Open Text Corp. (+11.7%) and Saputo Group Inc. (+19.2%). Foreign equities also contributed to overall performance, with top performance coming from HSBC Holdings Plc (+23.9%).

 

 

Disclosures:

Returns of the F Series may vary mainly because of the different fees and expenses. Jarislowsky Fraser Select Income Fund 3 months 2.7%, 1 year 4.0%, 3 years 6.5%, 5 years 6.2%, Since Inception 5.9%. The Jarislowsky Fraser Select Funds (the “Funds”) are managed by National Bank Securities Inc., a wholly owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with investments in the Funds. Please read the prospectus of the Funds before investing. The Funds’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Funds are not guaranteed, their values change frequently and past performance may not be repeated. The indicated rates of returns are based on the historical annual compounded total returns including changes in securities value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns.

 

 


INVESTMENT OBJECTIVE

The Fund’s investment objective is to achieve moderate capital growth by investing in a diversified portfolio, comprised mainly of Canadian fixed-income and equity securities.The Fund may invest approximately 25% of its assets in the equity or fixed-income securities of foreign issuers.

IDEAL FOR

Investors willing to tolerate a low to moderate level of risk. Investors who seek a diversified mix of equities and fixed-income securities.

STRATEGY

  • The Fund holds high‐quality equity securities and investment‐grade fixed-income issues.
  • The Fund's investment approach is prudent and aimed at capital preservation, with a focus on the securities of large‐capitalization companies that are industry leaders with strong management, a solid track record of earnings and limited financial leverage.
  • Lower credit-quality issuers are analyzed with a focus on cash flow stability and the recovery value of their fixed-income securities.
  • Overall, the Fund will invest in higher-quality, investment-grade issues.

 

 

NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series)

Performance

As at December 31, 2016

FUND NAME INCEPTION DATE RETURN (%)
6 Mth Ytd 1 Yr 3 Yr 5 Yr Since Inception
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) Oct. 7, 2010 6.41 7.48 7.48 6.31 8.09 6.78

Portfolio management team

QUARTERLY COMMENTARIES

Interest rates remained near historic lows during the third quarter and economic growth remains stagnant despite continued central bank stimulus. Governments are turning to fiscal policy to stimulate economies. Rates in the Eurozone and Japan remain firmly negative and over US$14 trillion of debt is trading at negative yields. The U.S. Federal Reserve seems to be waiting before taking further steps towards rate normalization. A Clinton victory seems most likely for the U.S. election and the general view holds that the initial reaction to a Trump victory would be sharply negative although neither candidate is seen as positive for markets. OPEC announced reduced production which led to a sharp oil price rally near quarter-end. Global equity markets performed well during the quarter, led by emerging markets and Europe. The S&P/TSX rose by 5.5%, while S&P 500 gained 3.9% (in US$). The MSCI EAFE Net Index of developed markets rose 6.4% while the MSCI Emerging Markets Index jumped 9.2% (both in US$). Oil (WTI) finished the quarter at US$48.24 and the CAD/USD exchange rate was fairly stable, closing at US$0.7635. The FTSE TMX Canada Universe Bond Index returned 1.2% for the quarter.

The NBI JF Select Balanced Fund generated a return of 3.8% during the third quarter, slightly outperforming the benchmark return of 3.7%. The overweight in equities continued to be the main source of value added, as equities handily outpaced bonds and cash.

The Canadian equity portion of the fund generated a return slightly lagging the S&P/TSX Composite return during the quarter. From a sector allocation standpoint, the underweight in the Materials sector, particularly gold stocks, was a positive contributor as gold companies pulled back after a strong first half of the year. Our absence from gold stocks alone contributed 1.2% to relative performance. The top contributors to quarterly performance were Vermillion Energy Inc. (+25.3%), Open Text Corp. (+11.7%) and Saputo Group Inc. (+19.2%). Foreign equities also contributed to overall performance, with top performance coming from HSBC Holdings Plc (+23.9%) and Borg-Warner Automotive Inc. (+21.1%).

Disclosures:

Source of data: Jarislowsky, Fraser Limited, MSCI Inc., S&P Financial Services LLC., TSX Inc., PC Bond Analytics, Global Industry Classification Standard (GICS) by MSCI and Standard and Poor’s, Wilshire Atlas Analytics, Bloomberg, RBC Capital Markets, Morningstar Research Inc., as at September 30, 2016.

This document is provided for information purposes only, it is not intended to convey investment, legal, tax or individually tailored investment advice. All opinions and estimates contained in this report constitute Jarislowsky, Fraser Limited’s judgment as of the time of writing and are provided in good faith. All data, facts and opinions presented in this document may change without notification.

Returns of the F Series may vary mainly because of the different fees and expenses. NBI Jarislowsky Fraser Select Balanced Fund 3 months 4.0%, 1 year 8.7%, 3 years 8.6%, 5 years 9.5%, Since Inception 7.8%. The NBI Jarislowsky Fraser Select Funds (the “Funds”) are managed by National Bank Securities Inc., a wholly owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with investments in the Funds. Please read the prospectus of the Funds before investing. The Funds’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Funds are not guaranteed, their values change frequently and past performance may not be repeated. The indicated rates of returns are based on the historical annual compounded total returns including changes in securities value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns.


INVESTMENT OBJECTIVE

The Fund’s investment objective is to achieve long-term capital growth by primarily investing in the equity securities of large-capitalization Canadian issuers. The Fund may invest up to 49% of its assets in foreign securities.

IDEAL FOR

Investors willing to tolerate a medium level of risk.Investors who wish to add a Canadian equity fund to their portfolio.

STRATEGY

  • The Fund invests in the equity securities of large‐capitalization companies that are industry leaders with strong management, a solid track record of earnings and limited financial leverage.
  • The screening of securities is based on fundamental analysis and a “growth at a reasonable price” valuation approach and an emphasis on long‐term investment horizon.
  • Up to 15% of the Fund’s holdings may be invested in the securities of foreign issuers with above-average growth potential and below-average risk.

 

NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series)

Performance

As at December 31, 2016

FUND NAME INCEPTION DATE RETURN (%)
6 Mth Ytd 1 Yr 3 Yr 5 Yr Since Inception
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) Oct. 7, 2010 11.48 14.79 14.79 7.40 10.48 7.94

Portfolio management team

QUARTERLY COMMENTARIES

The primary economic headline consistent through the third quarter was that interest rates remain near historic lows. Despite all the stimulus provided by central banks over the past seven years, economic growth remains stagnant. As it stands, central banks may be starting to run out of options on the monetary policy front, and governments are beginning to turn to fiscal policy to try to bring their economies from a simmer to a boil. Rates in the eurozone and Japan remain firmly in negative territory and there is now over US$14 trillion of debt trading at negative yields. The U.S. Federal Reserve (Fed) seems to be waiting for that moment where things in the economy are just right, before taking further steps on the (inevitable) path towards interest rate normalization.

OPEC’s announcement, near quarter‐end, that production by member states would be reduced, was greeted with a sigh of relief by the market. The price of oil rallied sharply, along with the share prices of many companies in the Energy sector, especially at the more junior end of the spectrum.

The NBI JF Select Canadian Equity Fund generated a return of 5.0% for the third quarter, slightly lagging the benchmark return of 5.2%. From a sector allocation standpoint, the underweight in the Materials sector, particularly gold stocks, was a positive contributor as gold companies pulled back after a strong first half of the year. Our absence from gold stocks alone contributed 1.2% to relative performance.

The top contributors to quarterly performance were Vermillion Energy Inc. (+25.3%), Open Text Corp. (+11.7%) and Saputo Group Inc. (+19.2%).

The main source of underperformance was stock selection in the Consumer Discretionary sector. Both Canadian Tire Limited (‐6.3%) and Gildan Activewear Inc. (‐2.9%) were relatively poor performers. In the Energy sector, Cameco Corp. (‐20.3%) also performed relatively poorly. As the world’s largest miner of uranium, the share price has languished as the commodity’s price has fallen close to all‐time lows. Despite supply reductions and mine closures, the slow reinstatement of Japan’s nuclear reactors along with the slow pace of construction of the 61 reactors currently in progress have weighed on the stock. Foreign equities also contributed to overall performance, with top performance coming from HSBC Holdings Plc (+23.9%) and Borg-Warner Automotive Inc. (+21.1%).

Disclosures:

Source of data: Jarislowsky, Fraser Limited, MSCI Inc., S&P Financial Services LLC., TSX Inc., PC Bond Analytics, Global Industry Classification Standard (GICS) by MSCI and Standard and Poor’s ,Wilshire Atlas Analytics, Bloomberg, RBC Capital Markets, Morningstar Research Inc., as at September 30, 2016.

This document is provided for information purposes only, it is not intended to convey investment, legal, tax or individually tailored investment advice. All opinions and estimates contained in this report constitute Jarislowsky, Fraser Limited’s judgment as of the time of writing and are provided in good faith. All data, facts and opinions presented in this document may change without notification.

Returns of the F Series may vary mainly because of the different fees and expenses. NBI Jarislowsky Fraser Select Canadian Equity Fund 3 months 5.4%, 1 year 11.9%, 3 years 9.6%, 5 years 11.6%, Since Inception 8.4%. The NBI Jarislowsky Fraser Select Funds (the “Funds”) are managed by National Bank Securities Inc., a wholly owned subsidiary of National Bank of Canada. Commissions, trailing commissions, management fees and expenses all may be associated with investments in the Funds. Please read the prospectus of the Funds before investing. The Funds’ securities are not insured by the Canada Deposit Insurance Corporation or by any other government deposit insurer. The Funds are not guaranteed, their values change frequently and past performance may not be repeated.

The indicated rates of returns are based on the historical annual compounded total returns including changes in securities value and reinvestment of all distributions and do not take into account sales, redemption, distribution or optional charges or income taxes payable by any security holder that would have reduced returns.

 

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Regulatory Documents & Proxy Voting

Fund name

Fund Facts -Jarislowsky Fraser Select Income Fund (Advisor Series)

Fund Facts -Jarislowsky Fraser Select Income Fund (F Series)

Fund Facts Jarislowsky FraserF Select Income Fund (E Series)

Fund Facts -Jarislowsky Fraser Select Balanced Fund (Advisor Series)

Fund Facts -Jarislowsky Fraser Select Balanced Fund (F Series)

Fund Facts -Jarislowsky Fraser Select Balanced Fund (E Series)

Fund Facts -Jarislowsky Fraser Select Balanced Fund (T5 Series)

Fund Facts -Jarislowsky Fraser Select Balanced Fund (F5 Series)

Fund Facts -Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series)

Fund Facts -Jarislowsky Fraser Select Canadian Equity Fund (F Series)

Fund Facts -Jarislowsky Fraser Select Canadian Equity Fund (T5 Series)

Fund Facts -Jarislowsky Fraser Select Canadian Equity Fund (E Series)

Fund Facts -Jarislowsky Fraser Select Canadian Equity Fund (F5 Series)

Annual Information Form

Annual Information Form - Amendment 1

Annual Information Form - Amendment 2

Annual Information Form - Amendment 3

Interim Financial Statements - Jarislowsky Fraser Select Income Fund

Interim Financial Statements - Jarislowsky Fraser Select Balanced Fund

Interim Financial Statements - Jarislowsky Fraser Select Canadian Equity Fund

Interim MRFP - Jarislowsky Fraser Select Income Fund

Interim MRFP - Jarislowsky Fraser Select Balanced Fund

Interim MRFP - Jarislowsky Fraser Select Canadian Equity Fund

Quarterly Portfolio Disclosure - Jarislowsky Fraser Select Income Fund

Quarterly Portfolio Disclosure - Jarislowsky Fraser Select Balanced Fund

Quarterly Portfolio Disclosure - Jarislowsky Fraser Select Canadian Equity Fund

Prospectus

Prospectus - Amendment 1

Prospectus - Amendment 2

Prospectus - Amendment 3

Proxy Voting Policy and Procedures

Proxy Voting - Jarislowsky Fraser Select Income Fund

Proxy Voting - Jarislowsky Fraser Select Balanced Fund

Proxy Voting - Jarislowsky Fraser Select Canadian Equity Fund

Report to Holders

Financial Statements - Jarislowsky Fraser Select Income Fund

Financial Statements - Jarislowsky Fraser Select Balanced Fund

Financial Statements - Jarislowsky Fraser Select Canadian Equity Fund

MRFP - Jarislowsky Fraser Select Income Fund

MRFP - Jarislowsky Fraser Select Balanced Fund

MRFP - Jarislowsky Fraser Select Canadian Equity Fund

Prospectus 11.18.2016

Annual Information Form 11.18.2016

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Contact Us

mutualfunds@jflglobal.com

Montreal Office
Maxime Ménard
mmenard@jflglobal.com
Tel: (514) 842-2727
(866) 475-1875

Toronto Office
Paul Ng
png@jflglobal.com   
Tel: (416) 363-7417
(800) 736-8666

Calgary Office
Don Herman
dherman@jflglobal.com
Tel: (403) 233-9117
(866) 475-1874

Vancouver Office
Mark Fattedad
mfattedad@jflglobal.com
Tel: (604) 676-3612
(866) 475-1877