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.

 

Arrow

Unit Prices and Performance

  • Unit Prices
    Advisor Series
  • Performance
    Advisor Series

As at July 19, 2017

FUND NAME PRICE (CND) CHANGE HISTORY
NBI Jarislowsky Fraser Select Income Fund (Advisor Series) 10.46 0.1% Consult
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) 13.63 0.2% Consult
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) 15.23 0.5% Consult

As at March 31, 2017

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 1.48 1.57 6.17 4.25 5.31 5.06
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) Oct. 7, 2010 4.44 1.88 9.30 5.70 7.71 6.82
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) Oct. 7, 2010 7.71 1.49 13.97 6.53 9.89 7.87

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 March 31, 2017

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 1.48 1.57 6.17 4.25 5.31 5.06

Portfolio management team

QUARTERLY COMMENTARIES

Interest rates were range bound during the quarter as the market wrestled with upward pressure from improving growth and inflation prospects, pitted against extremely bearish positioning that contributed to a lack of sellers. Ultimately, it resulted in a respectable 1.24% return for the FTSE TMX benchmark in the quarter. Corporate bonds continued to outperform government bonds, although the pace of outperformance seems to have exhausted itself for now. The 10-year Government of Canada bond yield finished at 1.63% while the 10-year U.S.Treasury was at 2.39%.The Fed raised its target interest rate by 0.25% (to 1%) for the third time since December 2015, given an improved outlook for the economy. Low real interest rates partly reflect central banks’ effort to stimulate the economy. We expect that the major central banks are past the peak of their incremental stimulus for developed economies; therefore, as their efforts wind down, we expect real interest rates to rise in the short term.

The NBI JF Select Income Fund rose 1.6% in the first quarter, slightly ahead of the benchmark return of 1.5%. Our overweight allocation to corporate bonds contributed positively to  performance while the Government of Canada Real Return bonds underperformed as oil prices sagged. As well, both the equity and preferred share allocations contributed positively to overall performance in the quarter and one year period ending March 31, 2017. Canadian credit markets picked up where 2016 left off, with strong volumes on both the primary and secondary front. Broadly speaking, valuations are stretched and we capitalized on robust secondary flows to crystallize some gains and reduce risk in the portfolios. On the relative value front, we completed our exit of the positions in bank-subordinated debt (mainly Bank of Nova Scotia and TD Bank) as we felt it was trading richly when compared to more senior paper and did not foresee any catalyst for further meaningful spread compression. The energy and utilities space also saw some strong performers, and we trimmed holdings of both TransCanada Pipelines and Westcoast Energy, purchasing similar term Federal government bonds. Provincial credits have had a good run in recent quarters, and we sold some Province of Ontario and British Columbia issues in favour of similar term but higher-rated Canada Housing Trust 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 1.8%, 1 year 7.1%, 3 years 5.1%, 5 years 6.2%, Since Inception 5.9%. 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 March 31, 2017

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 4.44 1.88 9.30 5.70 7.71 6.82

Portfolio management team

QUARTERLY COMMENTARIES

 

The months since the election of President Trump and his inauguration have been very good for the world’s stock markets. Undoubtedly his administration’s pro-business focus, along with promises of lower taxes and infrastructure spending have been well received, despite the struggles faced in the implementation.

On the economic front the numbers have been fairly strong. In Canada, fourth quarter real GDP growth handily surpassed expectations, coming in at an annualized rate of 2.6%. In the U.S., record high consumer confidence and strong job growth suggest that the Federal Reserve’s (the “Fed”) path towards “normalized” interest rates is appropriate. In Europe, despite the U.K.’s actions towards a complete “Brexit”, the outlook for growth is improving and therefore the need for further stimulus is under review. All in all, the expectation for global economic growth in 2017 is a modest but healthy 3.4%, according to the IMF.

The above resulted in mostly above average market returns during the first quarter. The S&P/TSX was one of the weaker performing benchmarks, generating a return of 2.4% for the quarter. A pull back in the price of oil was the main detractor. In the U.S., the S&P 500 jumped 6.1% (in USD), while international developed markets, as measured by the MSCI EAFE Net Index, rose by 7.4% (in USD), helped by very strong performance from most European markets. Japan’s Nikkei fell by 1.0% (in JPY). The best performing markets were generally those in developing countries, with the MSCI Emerging Markets Index gaining 11.1% (in USD). The Canadian dollar gained 0.56% versus the U.S. dollar, finishing at US$0.7498, thus slightly reducing USD returns when converted back to Canadian dollars. On the bond side, the market rebounded after a poor fourth quarter, with the FTSE TMX Bond Universe generating a return of 1.2%. The 10-year Government of Canada bond yield finished at 1.63% while the 10-year U.S. Treasury was at 2.39%.

Both institutional investors and households are carrying equity weights that are well above long-term averages, and this has historically been a good predictor of long-term returns. Despite somewhat elevated valuations, we continue to believe that there is still the potential for more upside in global equity markets.

Asset allocation was a positive contributor, with the overweight in both U.S. and international equities adding value. The underweight in bonds also helped as, despite the reasonable performance of the bond component, equities handily outperformed. On the negative side, the strong rally in the U.S. market made it difficult for our portfolio of higher quality, more conservative stocks to outperform.

 

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 March 31, 2017.

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 2.2%, 1 year 10.5%, 3 years 6.9%, 5 years 8.9%, Since Inception 8.0%. 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 March 31, 2017

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 7.71 1.49 13.97 6.53 9.89 7.87

Portfolio management team

QUARTERLY COMMENTARIES

 

The months since the election of President Trump and his inauguration have been very good for the world’s stock markets. Undoubtedly his administration’s pro-business focus, along with promises of lower taxes and infrastructure spending have been well received, despite the struggles faced in the implementation. Thus far, the risks associated with the administration’s isolationist/protectionist view seem to have been ignored, as many of the markets that are likely to be negatively affected have, in fact, performed well.

On the economic front the numbers have been fairly strong. In Canada, fourth quarter real GDP growth handily surpassed expectations, coming in at an annualized rate of 2.6%. In the U.S., record high consumer confidence and strong job growth suggest that the Federal Reserve’s (the “Fed”) path towards “normalized” interest rates is appropriate. In Europe, despite the U.K.’s actions towards a complete “Brexit”, the outlook for growth is improving and therefore the need for further stimulus is under review. All in all, the expectation for global economic growth in 2017 is a modest but healthy 3.4%, according to the IMF.

The above resulted in mostly above average market returns during the first quarter. The S&P/TSX was one of the weaker performing indices, generating a return of 2.4% for the quarter. A pull back in the price of oil was the main detractor. The Canadian dollar gained 0.56% versus the U.S. dollar during the quarter, finishing at US$0.7498.

The NBI JF Select Canadian Equity Fund generated a return of 1.5%, slightly lagging the return of the S&P/TSX Composite (2.4%). Overall stock selection was positive and it was therefore the underweight in the Materials sector (+6.2%) that was responsible for most of the underperformance. Once again, the majority of this was caused by the portfolio’s lack of exposure to gold producers. Energy (−5.7%) was the poorest performing sector, as the price of oil fell, and our holdings in the sector varied in performance.

Over the twelve months ended March 31, 2017, the portfolio lagged the benchmark in a very strong, commodity-driven market. This was primarily the result of our overweight in Consumer Staples and our focus on larger, more integrated names in the Energy sector. The portfolio returned 14.0% while the S&P/TSX Composite returned 18.6%.

 

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 March 31, 2017.

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 1.8%, 1 year 15.3%, 3 years 7.8%, 5 years 11.1%, Since Inception 9.1%. 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.

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.

 

Arrow

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

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

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

Arrow

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