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 16, 2021

FUND NAME PRICE (CND) CHANGE HISTORY
NBI Jarislowsky Fraser Select Income Fund (Advisor Series) 10.41 -0.3% Consult
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) 16.88 -0.1% Consult
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) 20.51 0.2% Consult

As at March 31, 2021

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 4.06 0.32 13.81 4.23 3.65 4.29
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) Oct. 7, 2010 9.02 2.70 23.36 7.51 6.17 6.28
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) Oct. 7, 2010 18.79 7.87 39.31 9.54 8.06 7.40

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, 2021

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 4.06 0.32 13.81 4.23 3.65 4.29

Portfolio management team

QUARTERLY COMMENTARIES

Bond markets gave back some of the very strong gains from 2020, as shown by the FTSE Universe benchmark declining -5% for the quarter. The NBI Select Income Fund outperformed its respective benchmark for the quarter.

Much as in recent quarters, the higher allocation to corporate and provincial bonds was a key factor to the value added quarterly performance. The allocation to Real Return bonds also contributed notably to the Fund’s outperformance, as did the Fund’s slightly lower exposure to interest rate risk relative to the benchmark. The steepening of the yield curve, with long-term rates rising more than short-term rates, was also a positive contribution to performance as the fund had an overweight in mid-term bonds. With government bond yields now over 100 basis points higher than at their trough last year, we have a much more neutral outlook on interest rates.

There may be some further increases in interest rates as confidence in the recovery builds; however, current interest rates already reflect much of the positive economic news, and therefore increases from this point should be limited. After maintaining an overweight, our risk exposure to corporate bonds is now more neutral as we took advantage of the rally early in the quarter to sell positions that had reached expensive valuations.

The tone in equity markets remained positive in Q1, despite mixed progress around containment of the COVID-19 pandemic. The Canadian market was amongst the strongest globally, as higher rates propelled financial shares higher and commodity exposed stocks also advanced. US markets were also firm (+4.7% in CAD), as progress around vaccinations and the passing of a major $1.9T stimulus program provided continued support for an economic recovery.

Notable contributors during the quarter were the engineering companies Stantec (+31%) and SNC-Lavalin (+24%), life insurance companies Manulife (+21%) and Industrial Alliance (+25%), as well as CCL Industries (+21%), a specialized labeling company, and Magna (+23%).

Disclosures:

The Bank of Nova Scotia (BNS) is the parent company of Jarislowsky, Fraser Limited.  BNS securities held in the portfolio are related securities. Returns of the F Series may vary mainly because of the different fees and expenses: NBI Jarislowsky Fraser Select Income Fund 3 months 2.4%, 1 year 3.6%, 3 years 4.0%, 5 years 4.2%, Since Inception 5.0%. 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 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, 2021

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 9.02 2.70 23.36 7.51 6.17 6.28

Portfolio management team

QUARTERLY COMMENTARIES

Balanced portfolios performed well on both an absolute and relative basis during the first quarter. The primary reason was the overweight in equities, where most markets delivered strong returns, along with the commensurate underweight in bonds, where rising yields led to losses. Strong relative performance from the Canadian and U.S. equity sections was also helpful as many markets shifted from a focus on less cyclical areas such as Information Technology to more value-oriented and cyclical areas such as the commodity complex.

The tone in equity markets remained positive in Q1, despite mixed progress around containment of the COVID-19 pandemic. The Canadian market was amongst the strongest globally, as higher rates propelled financial shares higher and commodity exposed stocks also advanced. US markets were also firm (+4.7% in CAD), as progress around vaccinations and the passing of a major $1.9T stimulus program provided continued support for an economic recovery.

Notable contributors during the quarter were the engineering companies Stantec (+31%) and SNC-Lavalin (+24%), life insurance companies Manulife (+21%) and Industrial Alliance (+25%), as well as CCL Industries (+21%), a specialized labeling company, and Magna (+23%).

Bond markets posted one of their weakest performances in history while equity markets touched new highs in the quarter. Corporate bonds modestly outperformed their government counterparts although the tone weakened into quarter-end as rising government yields weighed on overall bond market sentiment. Some large mergers and acquisitions also contributed to the softer market environment as investors weighed the possibility of increased corporate issuance to lock in rates.

Given that markets bottomed in March 2020, it is not surprising the portfolio has generated quite stunning returns over the past 12 months. Many of the world’s equity markets have risen by over 30% off their lows and are back to reaching new highs. Relative performance has met expectations over this period, lagging in some of the areas that have rebounded most strongly, but benefitting from good performance in many of the more stable parts of the market.

Disclosures:

The Bank of Nova Scotia (BNS) is the parent company of Jarislowsky, Fraser Limited.  BNS securities held in the portfolio are related securities. Returns of the F Series may vary mainly because of the different fees and expenses: NBI Jarislowsky Fraser Select Balanced Fund 3 months 3,7%, 1 year 4,7%, 3 years 5,9%, 5 years 6,1%, Since Inception 6,9%. 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 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, 2021

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 18.79 7.87 39.31 9.54 8.06 7.4

Portfolio management team

QUARTERLY COMMENTARIES

The portfolio provided strong returns for the quarter, outperforming its benchmark index. Most of the outperformance can be attributed to the decline in the gold sub-sector (-13.8%) within the index, given our relative underweight, and strong stock selection. The main drivers for the index were Energy (+20.3%), followed by Financial Services (+13.9%) and Consumer Discretionary (+12.5%), all sectors that rebounded with expectations of a vaccine-related improvement in the economy. Conversely, we saw Materials (-6.9%) decline, driven by lower prices of gold and gold producers, as well as Technology (-1.1%), following last year’s exceptional price appreciation due to the acceleration of digital adoption. The decline in gold contributed strongly this quarter, partially offset by our underweight in Energy, where stocks reacted positively to favorable supply/demand conditions.

Notable contributors during the quarter were the engineering companies Stantec (+31%) and SNC-Lavalin (+24%), life insurance companies Manulife (+21%) and Industrial Alliance (+25%), as well as CCL Industries (+21%), a specialized labeling company, and Magna (+23%).

The cyclical upturn in energy prices, due to higher demand and continued output controls from OPEC, has led to a rally in energy companies. The rise in Canadian Natural Resources and Suncor during the quarter affected our portfolio’s relative performance given our underweight in Energy, with Enbridge (+15%) being our only holding. That said, we continue to expect that long-term returns will be better for the companies in the portfolio that are less reliant on commodity prices.

In conclusion, despite the strong market appreciation in the first quarter, we believe that the companies in the portfolio will continue to provide attractive expected returns, which will be driven by an improving economy and expanding demand as the uncertainty around COVID dissipates. Our portfolio companies are poised to invest further due to improved confidence, as well as directly benefit from provincial and federal fiscal stimulus and pent-up demand.

Disclosures:

The Bank of Nova Scotia (BNS) is the parent company of Jarislowsky, Fraser Limited.  BNS securities held in the portfolio are related securities. 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 0.0%, 3 years 4.4%, 5 years 6.6%, 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.

 

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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

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

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
Guillaume Bougie
gbougie@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