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 October 12, 2018

FUND NAME PRICE (CND) CHANGE HISTORY
NBI Jarislowsky Fraser Select Income Fund (Advisor Series) 9.93 0.2% Consult
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) 13.69 0.7% Consult
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) 15.48 1.0% Consult

As at August 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 1.96 0.78 2.75 2.93 4.32 4.33
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) Oct. 7, 2010 3.78 2.45 6.38 4.75 6.40 6.06
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) Oct. 7, 2010 5.68 2.83 9.47 7.05 8.03 7.08

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 August 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 1.96 0.78 2.75 2.93 4.32 4.33

Portfolio management team

QUARTERLY COMMENTARIES

Bond market returns were modest as the rise in interest rates offset much of the interest income. The FTSE/TMX Universe index gained 0.5% while the bond portfolio slightly lagged. Most of the underperformance was attributable to the fund’s overweight in corporate bonds and, in particular, mid-term maturities which underperformed long-term maturities. In the last month of the quarter we established a shorter maturity profile than the index and yields subsequently declined, which also detracted from relative performance. The higher yield of the portfolio helped performance as did security selection with its overweight in the outperforming Province of Alberta bonds.

After a weak first quarter, many of the world’s equity markets rebounded in the second quarter, overcoming earlier fears of rising inflation and higher interest rates. While the U.S. Federal Reserve (the Fed), did increase rates by 0.25% in June, the Bank of Canada, European Central Bank and the Bank of England all passed, but continued to indicate that further rate increases may be expected later in 2018 or in early 2019. The U.S. dollar rallied strongly against most currencies, including the euro and the Canadian dollar and this has had important implications for the world’s equity markets.

The implementation of tariffs by the U.S. and retaliatory tariffs imposed by its trading partners remain a high concern. The end game of this fracas is hard to predict, although an all- out trade war is unlikely to produce any clear winner. The risk is that negative sentiment begins to spread and affect stock markets more broadly.

Activity in credit markets was brisk in the second quarter, especially on the new issuance front. The portfolio manager participated in a select group of new issues, including the inaugural debt issues from Keyera Corp. Corporate wise, additions included new issues from BP Capital Markets via a 7-year maple issue, as well as deposit notes from CIBC and TD.  The new issue Green bonds from CPPIB Capital Inc. as well as the Province of Quebec were added.

Within the equity component of the fund, positive contributors to performance included Canadian National Railway, WSP Global and Microsoft Corp.

Disclosures:

Returns of the F Series may vary mainly because of the different fees and expenses: NBI Jarislowsky Fraser Select Income Fund 3 months 1.6%, 1 year 2.3%, 3 years 3.4%, 5 years 5.1%, Since Inception 5.2%. 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 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 August 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 3.78 2.45 6.38 4.75 6.40 6.06

Portfolio management team

QUARTERLY COMMENTARIES

Hindsight would tell us that the world’s equity markets were due for a pullback in the first quarter after more than 500 days without a decline of over 5%− amid the second longest bull market in history. However, despite somewhat inflated market multiples, the fundamentals of the global economy had not shown any real signs that the market was ready to turn even though geopolitical risks, along with other “externalities”, were already accounted for in a more cautious outlook for 2018. Ironically, while the geopolitical landscape has calmed, market volatility has sky-rocketed and there are suddenly concerns that inflation is on the rise and the global expansion is coming to an end. Equity markets reacted strongly during the first quarter, going from historically low levels of volatility in 2017 to a quarter that saw 23 trading days with market moves of greater than 1% in both directions.

Most equity markets ended March in negative territory, with global Technology stocks leading the market downwards late in the quarter following the controversy surrounding Facebook and its usage of personal data. The S&P/TSX Composite fell by -4.5%, with the Energy sector leading the slide once again, despite the price of West Texas Intermediate crude rising by 7.5%. The U.S. fared better, but the S&P 500 still ended the quarter down by -0.8% (2.1% in CAD). International developed markets also fell, with the MSCI EAFE Net down -1.5% (1.3% in CAD), however the MSCI Emerging Markets index was the lone bright spot, rising 1.5% (4.4% in CAD) led by Latin America. For Canadian investors, the impact of lower foreign markets were offset, for the most part, by a stronger U.S. dollar, which rose by 2.8% during the quarter. Bond markets benefitted from a flight to safety, with yields falling across the board. The FTSE TMX Canada Universe Bond rose by 0.1% during the quarter.

The portfolio was down slightly over the first quarter. Positive contributions came from from U.S., emerging markets and international equities, along with relatively good performance from the bond section, offset by weaker returns from Canadian equities. Much of the positive benefit from the allocation to non-Canadian equities came from U.S. dollar strength due to a flight to safety during the quarter.

Disclosures:

Returns of the F Series may vary mainly because of the different fees and expenses: NBI Jarislowsky Fraser Select Balanced Fund 3 months 3.3%, 1 year 4.2%, 3 years 5.2%, 5 years 7.5%, Since Inception 7.2%. 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 August 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 5.68 2.83 9.47 7.05 8.03 7.08

Portfolio management team

QUARTERLY COMMENTARIES

After a weak first quarter, many of the world’s equity markets rebounded in the second quarter, overcoming earlier fears of rising inflation and higher interest rates. While the U.S. Federal Reserve (the Fed), did increase rates by 0.25% in June, the Bank of Canada, European Central Bank and the Bank of England all passed, but continued to indicate that further rate increases may be expected later in 2018 or in early 2019. The U.S. dollar rallied strongly against most currencies, including the euro and the Canadian dollar and this has had important implications for the world’s equity markets.

The implementation of tariffs by the U.S. and retaliatory tariffs imposed by its trading partners remain a high concern. The end game of this fracas is hard to predict, although an all- out trade war is unlikely to produce any clear winner. The risk is that negative sentiment begins to spread and affect stock markets more broadly.

With its relatively higher weight in Energy stocks, the S&P/TSX was a major beneficiary of rising oil prices, with a gain of 6.8% in the second quarter. The S&P 500 rose by 3.4% in local currency (+5.5% in C$) while the MSCI EAFE Net and the MSCI EM Net index fell –1.2% (+0.7% in C$) and −7.9% (–6.2% in C$), respectively.

The S&P/TSX rebounded strongly in the second quarter with a gain of 6.8%, leading returns year-to-date into positive territory. The best returning sectors were Energy (+15.7%) and Information Technology (+11.0%), driven by higher oil prices and some notable price appreciation, such as of CGI. On a year-to-date basis, Information Technology has also been the strongest performing sector, gaining 22.3% (vs. 1.9% for the index).

The main contributors to performance against the benchmark during the quarter were Canadian Natural Resources Limited, driven largely by higher oil prices and solid execution, and Enbridge which rebounded following a difficult start to the year, with positive regulatory developments on Line 3 as well as expected asset sales being the main catalysts.

The portfolio is currently overweight Information Technology, Consumer Staples, Health Care and Industrials while being underweight Materials, Energy and Utilities.

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 5.5%, 1 year 7.2%, 3 years 7.1%, 5 years 9.3%, Since Inception 8.3%. 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 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

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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