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 December 12, 2019

FUND NAME PRICE (CND) CHANGE HISTORY
NBI Jarislowsky Fraser Select Income Fund (Advisor Series) 10.14 -0.1% Consult
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) 14.76 0.1% Consult
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) 17.47 0.2% Consult

As at October 31, 2019

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 1.23 7.61 6.74 2.25 2.76 4.17
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) Oct. 7, 2010 0.27 10.93 9.38 4.18 4.25 5.78
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) Oct. 7, 2010 -1.53 13.68 9.88 5.05 4.47 6.52

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 October 31, 2019

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 1.23 7.61 6.74 2.25 2.76 4.17

Portfolio management team

QUARTERLY COMMENTARIES

Global bond markets posted another quarter of strong returns although Canada was a notable laggard. The Canadian economy does not yet seem to be displaying as much sensitivity to slowing global growth. In Canada, the yield curve continued on its flattening trend with two-year yields rising 12 bps while long yields were down 16 bps.  The decline in corporate bond yields was less than the decline in federal government bond yields. With the extra running yield, corporate bonds managed to slightly outperform government bonds.

The risk of deflation still overhangs the global economies given the historically weak demographic profile, extreme levels of debt and continued efficiencies from the implementation of advancements in technology. For investors, the battle is whether monetary policy can overcome these factors’ weight on growth and inflation.

Canadian bond yields ended the third quarter slightly lower; consequently, the portfolio’s underweight duration position was a detractor to relative performance. Canadian corporate bonds gained more than federal bonds, benefitting the portfolio due to its overweight position in corporates.

Several of the companies in the equity portion of the portfolio performed strongly in the quarter, following good results. Top contributors were Brookfield Asset Management, Industrial Alliance and Intact. Top detractors to performance were Nutrien, CCL and SNC-Lavalin, which had another difficult quarter.

Disclosures:

Returns of the F Series may vary mainly because of the different fees and expenses: NBI Jarislowsky Fraser Select Income Fund 3 months 1.1%, 1 year 5.7%, 3 years 3.1%, 5 years 3.7%, Since Inception 5.1%. 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.

 


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 October 31, 2019

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 0.27 10.93 9.38 4.18 4.25 5.78

Portfolio management team

QUARTERLY COMMENTARIES

After some panic moments in August, markets for the most part settled back down in September, although the rally in the bond market fizzled. While none of the problems that caused the market angst (trade wars and Brexit) were resolved, there were other developments that occupied the headlines. In Canada, the federal election campaign is well under way, and at this time it looks too close to call, a minority government is not beyond the realms of possibility. In the U.S., yet another scandal involving the President has surfaced, with calls for impeachment getting louder.

On the economic front, growth appears to be slowing in most jurisdictions. Central banks, including the U.S. Federal Reserve and the European Central Bank, have reacted with interest rate cuts. Whether this is enough to maintain the global economy on a growth trajectory remains to be seen, but there are numerous externalities, including the potential for further escalation in the trade war between the U.S. and China, that could have a negative impact.

Canadian and U.S markets saw solid gains for the quarter, whereas international markets had generally weaker performance, with ongoing geopolitical issues and weaker economic data serving to dent risk appetite globally after a strong start to the year.

The Canadian Equity portfolio underperformed partially due to the decline in the Health Care sector, which in Canada are dominated by cannabis companies. Top detractors to performance in Materials were the absence of gold stocks, and declines in CCL, Nutrien and SNC-Lavalin. Top contributors to performance were Brookfield Asset Management, Industrial Alliance and Intact. The fact that we do not invest in Cannabis stocks also contributed to our relative performance. In the Foreign Equities portfolio, UnitedHealth and AIA were top detractors to performance, while Alphabet and Anheuser-Busch InBev were positive contributors.  

The fixed income portfolio modestly outperformed the benchmark in the third quarter. Canadian bond yields ended the third quarter slightly lower; consequently, the portfolio’s underweight duration position was a detractor to relative performance. Canadian corporate bonds gained more than federal bonds, contributing to the portfolio’s outperformance due to its overweight position in corporates.  

Disclosures:

Returns of the F Series may vary mainly because of the different fees and expenses: NBI Jarislowsky Fraser Select Balanced Fund 3 months 1.1%, 1 year 7.7%, 3 years 5.7%, 5 years 5.6%, Since Inception 7.1%. 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.


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 October 31, 2019

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 -1.53 13.68 9.88 5.05 4.47 6.52

Portfolio management team

QUARTERLY COMMENTARIES

After some panic moments in August, markets for the most part settled back down in September. While none of the problems that caused the market angst (trade wars and Brexit) were resolved, there were other developments that occupied the headlines. In Canada, the federal election campaign is well under way, and at this time it looks too close to call, with a minority government not beyond the realm of possibility. In the U.S., yet another scandal involving the President has surfaced, with calls for impeachment getting louder.

On the economic front, growth appears to be slowing in most jurisdictions. Central banks, including the U.S. Federal Reserve and the European Central Bank, have reacted with interest rate cuts. Whether this is enough to maintain the global economy on a growth trajectory remains to be seen, but there are numerous externalities, including the potential for further escalation in the trade war between the U.S. and China, that could have a negative impact.

Canadian and U.S markets saw solid gains for the quarter, whereas international markets had generally weaker performance, with ongoing geopolitical issues and weaker economic data serving to dent risk appetite globally after a strong start to the year. As of the end of the third quarter, the world’s equity markets are on track for a strong year. Yet, despite a still relatively rosy economic picture, there remain a number of events that could affect the outcome.

Top detractors to performance were the absence of gold stocks in our holdings and declines in Nutrien, CCL and SNC-Lavalin, which had another difficult quarter. This was partially offset by solid performance from top performers such as Brookfield Asset Management, Industrial Alliance and Intact. The fact that we do not invest in Cannabis stocks also contributed to our relative performance.

CCL declined because of soft quarterly results and fears of a recession. Nutrien was affected somewhat by a weaker demand and lower prices for potash, as well as rising inventories, which happens periodically. While negative sentiment persists on SNC-Lavalin, it has significantly de-risked its balance sheet (using the proceeds from the partial sale of the Highway ETR407), and continues to win important contracts. Management has decided to exit fixed-price contracts that were causing much of the volatility.

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 1.3%, 1 year 7.0%, 3 years 7.1%, 5 years 5.8%, 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.

 

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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