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 June 01, 2020

FUND NAME PRICE (CND) CHANGE HISTORY
NBI Jarislowsky Fraser Select Income Fund (Advisor Series) 9.80 0.0% Consult
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) 14.30 -0.3% Consult
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) 15.73 -0.3% Consult

As at April 30, 2020

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 -0.70 -1.81 0.52 1.07 1.87 3.87
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) Oct. 7, 2010 -1.53 -4.27 -1.27 1.60 2.85 5.30
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) Oct. 7, 2010 -7.12 -11.36 -8.54 -0.20 2.20 5.36

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 April 30, 2020

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 -0.70 -1.81 0.52 1.07 1.87 3.87

Portfolio management team

QUARTERLY COMMENTARIES

“There are decades where nothing happens; and there are weeks where decades happen” is a most appropriate quote to summarize the first quarter of the new decade. The COVID-19 pandemic contributed to a multitude of economic, financial, political, and social unknowns. Given the scale of the disruption, global monetary policy coordination has been swift and significant. Central banks, such as the Bank of Canada and the US Federal Reserve, have cut interest rates outside of regularly scheduled meetings and initiated significant fixed income purchase programs in order to provide liquidity. Massive stimulus and bailout packages from governments led markets to finish March with overall losses that were perhaps less than many had expected.

During March, global bond markets experienced record low interest rates for federal government bonds, unprecedented fiscal and monetary policy responses, a broad based breakdown of liquidity, and the fastest ever adjustment in valuations, from expensive to cheap, for corporate credit. The longer the “unknowns” remain outstanding the greater the difficulty in pricing them in and the more of a discount to fair value that markets will demand. By late March markets seemed to have priced in a recessionary scenario with investment grade corporate bond spreads (the difference in yield between a corporate bond and the equivalent maturity federal government bond) reaching 2.7% while spreads for high yield issues reached above 10%.

Central bankers, particularly the US Federal Reserve, took a “kitchen sink” approach to stabilize market liquidity and catalyze a quarter end rebound. The US Federal Reserve’s announcement of unlimited purchases of high quality debt was unprecedented. By including investment grade corporate bonds they have essentially put a floor under valuations.

This quarter, bond performance was affected by slightly less duration relative to the benchmark in a period where yields declined. The Bank of Canada reduced the overnight interest rate by 1.5% contributing to shorter-term federal government bond yields declining by over 0.75% more than long term federal government bond yields. The portfolio’s maturity positioning was tilted towards the longer maturities causing a slight negative contribution to performance from yield curve positioning in the quarter. Over the past couple of years, we had reduced the corporate bond risk in the portfolio as valuations became unattractive and liquidity concerns rose. Despite this, our corporate credit exposure detracted from performance as the higher quality and more liquid names underperformed in the dash for cash. Our previous corporate bond sales did open up our ability to purchase high quality corporate bonds at attractive spreads during the quarter. Security selection was a positive contribution overall despite the underperformance of our small holding in real return bonds.

Notable contributors to performance in the equity portion of the portfolio were Metro, Thomson Reuters, Stantec and Microsoft. The main detractors to performance were Gildan, Canadian Natural Resources and CAE.

Disclosures:

Returns of the F Series may vary mainly because of the different fees and expenses: NBI Jarislowsky Fraser Select Income Fund 3 months -6.6%, 1 year -3.0%, 3 years 0.5%, 5 years 1.6%, Since Inception 4.2%. 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 April 30, 2020

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 -1.53 -4.27 -1.27 1.60 2.85 5.3

Portfolio management team

QUARTERLY COMMENTARIES

The COVID-19 pandemic contributed to a multitude of economic, financial, political, and social unknowns. Simultaneous supply and demand shocks in the oil market only added fuel to the fire. Given the scale of the disruption, global monetary policy coordination has been swift and significant. Central banks, such as the Bank of Canada and the US Federal Reserve, have cut interest rates outside of regularly scheduled meetings and initiated significant fixed income purchase programs in order to provide liquidity. Massive stimulus and bailout packages from governments led markets to finish March with overall losses that were perhaps less than many had expected. There was also a “flight to safety” in the currency markets, with the US dollar rallying, which benefitted Canadian investors as it helped to improve returns.

During March, global bond markets experienced record low interest rates for federal government bonds, unprecedented fiscal and monetary policy responses, a broad based breakdown of liquidity, and the fastest ever adjustment in valuations, from expensive to cheap, for corporate credit. Central bankers, particularly the US Federal Reserve, took a “kitchen sink” approach to stabilize market liquidity and catalyze a quarter end rebound.

The story on the equity side was similar, with global equity markets posting significant and rapid declines as a result of the spread of COVID-19 across the globe. No major markets were spared negative results, as investors indiscriminately sold any and all risk assets in light of the virtual shut down of most major economies. From a regional standpoint, the U.S. and other technology heavy markets were amongst the leading performers globally. Other defensive sectors showing resilience included Consumer Staples and Health Care, with lower economic sensitivity and robust balance sheets. Lagging sectors included Energy and Financials. Emerging markets showed a wide range of variability, with China posting much higher returns than many others. Other developed markets were also generally weaker, with strength in both the Swiss and Japanese markets being offset by most other developed European indices.

In the Canadian Equity portfolio, Metro, Thomson Reuters and Stantec were notable performers. Thomson Reuters continues to benefit from a strong, recurring top-line that is quite insensitive to the economy. The main detractors were Gildan, Canadian Natural Resources and CAE. In the Foreign Equities portfolio, top contributors to performance were Microsoft and Verisk, and top detractors were Booking Holdings and Boston Scientific.

The Fixed Income portfolio’s maturity positioning was tilted towards the longer maturities causing a slight negative contribution to performance from yield curve positioning in 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 -10.1%, 1 year -4.2%, 3 years 1.2%, 5 years 2.6%, Since Inception 5.8%. 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 April 30, 2020

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 -7.12 -11.36 -8.54 -0.20 2.20 5.36

Portfolio management team

QUARTERLY COMMENTARIES

The COVID-19 pandemic contributed to a multitude of economic, financial, political, and social unknowns. Simultaneous supply and demand shocks in the oil market only added fuel to the fire. Given the scale of the disruption, global monetary policy coordination has been swift and significant. Central banks, such as the Bank of Canada and the US Federal Reserve, have cut interest rates outside of regularly scheduled meetings and initiated significant fixed income purchase programs in order to provide liquidity. Massive stimulus and bailout packages from governments led markets to finish March with overall losses that were perhaps less than many had expected. There was also a “flight to safety” in the currency markets, with the US dollar rallying, which benefitted Canadian investors as it helped to improve returns converted to Canadian dollars.

During March, global bond markets experienced record low interest rates for federal government bonds, unprecedented fiscal and monetary policy responses, a broad based breakdown of liquidity, and the fastest ever adjustment in valuations, from expensive to cheap, for corporate credit. Central bankers, particularly the US Federal Reserve, took a “kitchen sink” approach to stabilize market liquidity and catalyze a quarter end rebound.

The story on the equity side was similar, with global equity markets posting significant and rapid declines as a result of the spread of COVID-19 across the globe. No major markets were spared negative results, as investors indiscriminately sold any and all risk assets in light of the virtual shut down of most major economies. From a regional standpoint, the U.S. and other technology heavy markets were amongst the leading performers globally. Other defensive sectors showing resilience included Consumer Staples and Health Care, with lower economic sensitivity and robust balance sheets. Lagging sectors included Energy and Financials. Emerging markets showed a wide range of variability, with China posting much higher returns than many others. Other developed markets were also generally weaker, with strength in both the Swiss and Japanese markets being offset by most other developed European indices.

 

The fund performed well against its benchmark, even though the absence of Shopify and gold stocks negatively affected relative performance. Restaurant Brands and Alimentation Couche-Tard, two typically very stable business models, were directly impacted by the constraints that affected dining and gas consumption. Notable contributors to performance were Metro, Thomson Reuters and Stantec. The main detractors to performance were Gildan, Canadian Natural Resources and CAE.

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 -18.1%, 1 year -11.8%, 3 years -1.3%, 5 years 1.9%, Since Inception 5.7%. 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

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

Annual MRFP - Jarislowsky Fraser Select Income Fund

Annual MRFP - Jarislowsky Fraser Select Balanced Fund

Annual MRFP - 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

Prospectus

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

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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