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 February 21, 2019

FUND NAME PRICE (CND) CHANGE HISTORY
NBI Jarislowsky Fraser Select Income Fund (Advisor Series) 10.00 -0.1% Consult
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) 13.83 -0.1% Consult
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) 16.16 0.0% Consult

As at December 31, 2018

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 -3.27 -2.99 -2.99 1.65 2.68 3.67
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) Oct. 7, 2010 -3.81 -2.37 -2.37 3.50 4.84 6.23
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) Oct. 7, 2010 -7.78 -6.62 -6.62 3.61 3.72 5.55

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, 2018

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 -3.27 -2.99 -2.99 1.65 2.68 3.67

Portfolio management team

QUARTERLY COMMENTARIES

Bond markets rebounded strongly from the negative third quarter, posting a return of 1.8% in Canada and 7.4% in the United States (both denominated in CAD). The U.S. Federal Reserve (Fed) and the Bank of Canada continued to raise the overnight rate to 2.5% and 1.75%, respectively. The impact of their interest rate hikes was overshadowed by the weaker financial market environment and the obvious change to the tone of the central bankers’ communications. The European Central Bank announced the previously telegraphed end to their asset purchase program but maintained the dovish tone by keeping the overnight rate at -0.4%.

The Fund underperformed the FTSE/TMX Universe Bond in the fourth quarter primarily as a result of two factors. The overweight position in corporate bonds negatively impacted relative performance driven by the material widening in Canadian corporate spreads. The Fund’s holdings in inflation-linked bonds also negatively contributed to its total return as Canadian inflation expectations declined markedly in the fourth quarter. The underweight position in provincial bonds relative to FTSE/TMX Universe benchmark positively contributed to the top-line return given the underperformance of provincial bonds relative to federal government bonds.

The 10-year Canadian  government  yield declined by approximately 0.46% in the quarter while the 2-year equivalent yield was only 0.35% lower, flattening the yield curve as equity markets sold off. Corporate bonds significantly underperformed federal government bonds globally as investor confidence was shaken by non-economic factors such as talk of trade wars, yield curve inversions, central bank policy missteps, oil price declines, and Chinese debt bubbles. The material government agency bond’s underperformance was at least partly due to the illiquidity in the corporate bond market. As bond funds tried to satisfy the high volume of redeeming requests, market bids backed away which exacerbated the downturn and forced some selling of the more liquid bonds and more specifically government agency and provincial bonds.

Disclosures:

Returns of the F Series may vary mainly because of the different fees and expenses: NBI Jarislowsky Fraser Select Income Fund 3 months -2.6%, 1 year -2.2%, 3 years 2.6%, 5 years 3.6%, Since Inception 5.5%. 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 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, 2018

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 -3.81 -2.37 -2.37 3.50 4.84 6.23

Portfolio management team

QUARTERLY COMMENTARIES

The final quarter of 2018 saw heightened volatility, erasing the gains in equity indices from the last three quarters. Despite relatively strong economic fundamentals, generally accommodative monetary policy and a corporate tax cut in the U.S., the world’s equity markets suffered their worst year since the global financial crisis. While the USMCA trade agreement will replace NAFTA, the trade dispute between the U.S. and China continues, and Brexit negotiations are ongoing. Both involve massive trade relationships that will be affected for years into the future. The world’s central banks, led by the Federal Reserve in the U.S. (Fed), are on the path towards interest rate normalization. However, there has been great uncertainty around how far they will go and how fast. As expected, the Fed announced the fourth increase of 2018 in mid-December, but lowered its projections for future hikes, estimating that there will be an additional two increases in 2019.

In Canada, the narrative continues to be focused on the Energy sector, an issue that became quite divisive late in the year. Differentials between Western Canadian Select and West Texas Intermediate crude reached all-time highs in November. Trade tensions and the strong U.S. dollar have been the source of great uncertainty in emerging markets. Any country that lives with a substantial deficit in its current account has been particularly affected because much of their debt tends to be USD-denominated.

Over the course of the fourth quarter, the world’s stock markets all declined.

The Fund was essentially flat against the benchmark in the fourth quarter. The Canadian equity portfolio performed relatively well this quarter due to our large overweight in Consumer Staples with exposure to Metro and Alimentation Couche-Tard, followed closely by Consumer Discretionary due to our absence in declining Dollarama and good performance from Gildan. The Financials and Energy sectors also contributed strongly due to our conservative positioning. In the foreign equities, despite a conservative sector positioning, our overweight positions in both Consumer Staples and Health Care were not enough to offset our absence from the Utilities and Real Estate sectors. Our less cyclical positioning in areas such as Materials, Industrials  and Energy helped to offset the negative absolute performance in those areas. Stocks which held up well were generally found in more defensive sectors and included names such as Roche and Unilever.

The fixed income portfolio underperformed the FTSE/TMX Universe Bond return in the quarter as a result of two factors. The overweight position in corporate bonds negatively impacted relative performance driven by the material widening in Canadian corporate spreads, and the portfolio’s holdings in inflation-linked bonds also negatively contributed to its total return as Canadian inflation expectations declined.

Disclosures:

Returns of the F Series may vary mainly because of the different fees and expenses: NBI Jarislowsky Fraser Select Balanced Fund 3 months -4.5%, 1 year -2.4%, 3 years 3.5%, 5 years 4.8%, Since Inception 6.2%. 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, 2018

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 -7.78 -6.62 -6.62 3.61 3.72 5.55

Portfolio management team

QUARTERLY COMMENTARIES

The final quarter of 2018 saw heightened volatility, erasing the gains in equity indices from the last few quarters. In many ways, 2018 was the antithesis of 2017; volatility returned with a vengeance, both in terms of day-to-day fluctuations and in the form of two “corrections” of greater than 10%.

Despite relatively strong economic fundamentals, generally accommodative monetary policy and a corporate tax cut in the U.S., the world’s equity markets suffered their worst year since the global financial crisis. While the USMCA trade agreement will replace NAFTA, the U.S./China trade  tensions continue, and Brexit negotiations are ongoing. The world’s central banks, led by the U.S. Federal Reserve are on the path towards interest rate normalization. The Fed announced the fourth increase of 2018 in mid-December, but lowered its projections for future hikes, estimating that there will be an additional two increases in 2019. In Canada, the narrative continues to be focused on the Energy sector, an issue that became quite divisive late in the year. Differentials between the price for Western Canadian Select and West Texas Intermediate crude reached all-time highs during November. Access to new markets is limited by a lack of pipeline capacity, and until that issue is addressed in some meaningful way, even the $1.6 billion in federal assistance announced in December can only be seen as a “band aid” solution. In addition, the closing of the GM plant in Oshawa may turn out to be the canary in the coal mine for auto manufacturing in Canada.

The Canadian equity portfolio outperformed the benchmark for the quarter. Contributing strongly to our outperformance this quarter was our large overweight in Consumer Staples with exposure to Metro and Alimentation Couche-Tard, followed closely by Consumer Discretionary due to our absence in declining Dollarama and good performance from Gildan. Financials and Energy sectors also contributed strongly due to our conservative positioning, where we are underweight in banks, overweight in Thomson Reuters and overweight in the pipelines at the expense of energy producers. This was partially offset by the negative contribution from Materials, mainly due to declining stock prices at Nutrien and CCL, two significant positions with favourable long-term return expectations, in our opinion. Our absence from Communication Services and Utilities also cost us a little during the quarter, due to the flight to safety, but we continue to believe there are better long-term risk/reward opportunities.

Disclosures:

Returns of the F Series may vary mainly because of the different fees and expenses: NBI Jarislowsky Fraser Select Canadian Equity Fund 3 months -8.0%, 1 year -5.5%, 3 years 4.8%, 5 years 4.9%, Since Inception 6.8%. 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.

 

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Regulatory Documents & Proxy Voting

Fund name

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

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

Fund Facts - NBI Jarislowsky FraserF Select Income Fund (E Series)

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

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

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

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

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

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

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

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

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

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

Annual Information Form

Annual Information Form - Amendment 1

Annual Information Form - Amendment 1

Annual Information Form - Amendment 2

Annual Information Form - Amendment 3

Annual Information Form - Amendment 4

Annual Information Form - Amendment 5

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

Prospectus - Amendment 4

Prospectus - Amendment 5

Simplified Prospectus - Amendment 1

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

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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