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 January 16, 2019

FUND NAME PRICE (CND) CHANGE HISTORY
NBI Jarislowsky Fraser Select Income Fund (Advisor Series) 9.84 0.0% Consult
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) 13.36 0.2% Consult
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) 15.45 0.5% Consult

As at October 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 -0.75 -2.19 -2.09 1.90 2.98 3.85
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) Oct. 7, 2010 -0.37 -2.12 -2.22 2.86 4.46 5.34
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) Oct. 7, 2010 -0.52 -3.39 -3.46 4.34 5.31 6.11

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, 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 -0.75 -2.19 -2.09 1.90 2.98 3.85

Portfolio management team

QUARTERLY COMMENTARIES

 The Canadian bond market posted one of its weakest quarters in recent years, declining -1.0% as global interest rates rose in response to decent economic growth and continued central bank interest rate increases in Canada and the US.

After lagging the US Federal Reserve in its program to normalize interest rates, the Bank of Canada raised its target interest rate by 0.25% to 1.5%, matching the Federal Reserve’s 0.25% increase. The European Central Bank (ECB) is likely keen to also move rates higher as it remains stuck in negative territory (-0.4%). It has already announced that it will phase out its asset purchase program by yearend. The Bank of Japan has allowed more flexibility around its yield control target and as a result its ten-year government bond yield rose from 0.02% to 0.12%. All together it is clear that central banks are unwinding the unprecedented liquidity expansion of the past decade.

The bond fund outperformed the FTSE/TMX Universe return with most of the outperformance attributed to the shorter duration of the portfolio which reduced its downside to the increase in interest rates experienced during the quarter. Our overweight in corporate credit and in particular, senior Canadian bank deposit notes, was also a positive contributor to performance.

Canadian and U.S. 10-year government yields rose approximately 0.3% in the quarter. Corporate bonds recovered some of their underperformance earlier in the year. Their performance was consistent with the improved growth scenario and some late in the quarter stability in the emerging markets. Issuance remains robust with year-to-date levels likely to be close to record highs. Quality is weak, as you would expect late in the credit cycle, with loan covenants in particular favouring the borrower over the lender.

The equities portion of the portfolio benefitted from a solid progression from Financial Services, and foreign stocks in Consumer Staples, Information Technology and Health Care.

Disclosures:

Returns of the F Series may vary mainly because of the different fees and expenses: NBI Jarislowsky Fraser Select Income Fund 3 months -0.2%, 1 year 2.6%, 3 years 3.8%, 5 years 4.8%, 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 October 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 -0.37 -2.12 -2.22 2.86 4.46 5.34

Portfolio management team

QUARTERLY COMMENTARIES

In the third quarter, the U.S. continued to lead the developed world with strong equity market results. Higher inflation and fears around the impact of tariffs and trade were overshadowed by solid economic growth, low unemployment, improved productivity and above-consensus corporate earnings. The U.S. Federal Reserve (Fed) increased the fed funds rate in June, and economic data continued to support additional tightening. This hawkish dynamic sustained the upward momentum in the U.S. dollar, and consequently has put several emerging market currencies under pressure. The acute weakness of the Turkish lira, in particular, affected sentiment on a number of European banks that have small but manageable exposures. In Canada, quarterly results were muted given the weakness in the oil price and the instability over the Trans Mountain pipeline.

Trade tension escalated between the U.S. and China during the quarter as President Trump announced in late September, additional tariffs ($200B) at an initial rate of 10%. China retaliated with its own set of measures, targeting primarily agricultural products. This ongoing gamesmanship as well as on-and-off trade talks between the negotiators is creating volatility in the markets in the short term, filtering into the broader global landscape.

In Europe, Italian budget negotiations are an area of focus, as the two populist parties try to agree on a budget for October. The markets are monitoring whether the two "Eurosceptic" coalition populist parties keep to their spending plans and increase the deficit, which concerns the European Union (EU) and increased tensions with its northern partners. Elections will likely be called in short order if the budget does not pass, which will add increased uncertainty.

The largest positive contributor to the Canadian equities outperformance came from our absence in gold stocks (some of which have declined by more than 25%) and the solid performance of Nutrien. Financials outperformance came from banks, a solid rebound from Intact and Thomson Reuters. Information Technology continued its positive trend driven by the appreciation of Open Text. In foreign equities, the Consumer Staples and Health Care sectors benefitted from solid performances by Walgreens and Roche respectively.

A key strength of the fixed income portfolio in the quarter was its shorter duration, which reduced its downside to the increase in interest rates experienced 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 0.7%, 1 year 5.3%, 3 years 6.1%, 5 years 7.0%, Since Inception 7.0%. 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 October 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 -0.52 -3.39 -3.46 4.34 5.31 6.11

Portfolio management team

QUARTERLY COMMENTARIES

In the third quarter, the U.S. continued to lead the developed world with strong equity market results. The U.S. Federal Reserve (Fed) increased the fed funds rate in June, and economic data continued to support additional tightening. In Canada, quarterly results were muted given the weakness in the oil price and the instability over the Trans Mountain pipeline.

Trade tension escalated between the U.S. and China during the quarter. On-and-off trade talks between the negotiators is creating volatility in the markets in the short term, filtering into the broader global landscape.

In Europe, Italian budget negotiations are an area of focus, as the two populist parties try to agree on a budget for October. The markets are monitoring whether the two "Eurosceptic" coalition populist parties keep to their spending plans and increase the deficit, which concerns the European Union (EU) and increased tensions with its northern partners.

Financials performed well in the Canadian equities portion of the Fund with solid progression from banks, a solid rebound from Intact, which produced excellent results following a couple of disappointing quarters, and Thomson Reuters. The Consumer Discretionary sector backed by good stock selection was a good second contributor, attributable to progression from Gildan and our absence from pricy Dollarama, which declined materially following two consecutive quarters of disappointing earnings. Sectors that declined during the quarter were Energy, due mainly to pipeline congestion affecting spreads between the Canadian and international price of oil, and Materials due to declining gold stocks, but Nutrien did show a solid performance.

In Q3, the Health Care sector was generally a strong performer in the foreign equities portion of the Fund, where Roche posted solid increases.

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 0.8%, 1 year 6.3%, 3 years 8.7%, 5 years 8.6%, Since Inception 8.1%. 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.

 

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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 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

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

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