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 November 21, 2017

FUND NAME PRICE (CND) CHANGE HISTORY
NBI Jarislowsky Fraser Select Income Fund (Advisor Series) 10.51 0.3% Consult
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) 13.97 0.4% Consult
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) 15.90 0.4% Consult

As at September 30, 2017

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 -1.21 0.34 0.25 2.55 4.49 4.51
NBI Jarislowsky Fraser Select Balanced Fund (Advisor Series) Oct. 7, 2010 -1.30 0.56 3.08 3.84 7.01 6.12
NBI Jarislowsky Fraser Select Canadian Equity Fund (Advisor Series) Oct. 7, 2010 -1.02 0.45 6.61 4.11 9.54 7.13

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 September 30, 2017

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 -1.21 0.34 0.25 2.55 4.49 4.51

Portfolio management team

QUARTERLY COMMENTARIES

After relatively robust returns during the first two quarters of 2017, global equity markets slowed down over the summer months. The causes were numerous, however the primary factor was the switch from stimulative monetary policy to a more hawkish stance that many of the world’s central bankers assumed in the spring. Both the U.S. Federal Reserve (Fed) and the Bank of Canada (BoC) raised short-term rates over the summer months as economic growth rates beat expectations. This had the result of sending bond markets down and putting the brakes on the strong stock market rally seen earlier in the year. It also caused the Canadian dollar to rally significantly.

Commodity prices rallied during the third quarter, led by oil, with WTI increasing by 12.2% to US$51.67 at quarter-end. Gold (+3.1%) and Copper (+8.5%) also increased, helping the S&P/TSX Composite rise by 3.7%. The bond market, as measured by the FTSE TMX Bond Universe slid by -1.8%. The Canadian bond market recorded one of its worst quarters in recent years as interest rates rose in response to the Bank of Canada’s two interest rate increases of 0.25% following our G7-leading economic growth rate in the first half of the year.

The NBI JF Select Income Fund declined -0.7% in the quarter, slightly lagging the benchmark’s return. The Fund continued to benefit from its overweight in corporate bonds with the stronger-than-expected economic backdrop favouring the corporate sector over federal bonds. For the same reason, provincial bonds also outperformed federal bonds of similar maturities. Our position in federal real return bonds made a slight positive contribution to performance.  While overall returns were negative for all sectors of the Canadian bond market, corporate bond spreads managed to tighten in the face of ample supply. Given our cautious outlook, we were selective with new issues and spent most of the quarter doing relative-value trades in the secondary market.

The equity portion contributed to overall performance; however, the Consumer Staples sector was weak and detracted returns. The portfolio’s Industrials holdings also struggled to keep up with the index as Air Canada, which is not a holding, rose by 51.0%; airlines do not generally fit our investment philosophy as they tend to be highly cyclical. Strong relative performance from two of the holdings in the Materials sector, Potash Corp and West Fraser Timber Ltd.  added considerable value.

Disclosures:

Source of data: PC Bond Analytics, Wilshire Analytics, Bloomberg, FTSE TMX Global Debt Capital Markets Inc. This document is provided for information purposes only, it is not intended to convey investment, legal, tax or individually tailored investment advice. All opinions and estimates contained in this report constitute Jarislowsky, Fraser Limited’s judgment as of the time of writing and are provided in good faith. All data, facts and opinions presented in this document may change without notification.

Returns of the F Series may vary mainly because of the different fees and expenses: NBI Jarislowsky Fraser Select Income Fund 3 months -0.5%,        1 year 1.1%, 3 years 3.4%, 5 years 5.3%, Since Inception 5.4%. 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 September 30, 2017

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 -1.30 0.56 3.08 3.84 7.01 6.12

Portfolio management team

QUARTERLY COMMENTARIES

After relatively robust returns during the first two quarters of 2017, global equity markets slowed down over the summer months. The causes were numerous, however the primary factor was the switch from stimulative monetary policy to a more hawkish stance that many of the world’s central bankers assumed in the spring. Both the U.S. Federal Reserve (Fed) and the Bank of Canada (BoC) raised short-term rates over the summer months as economic growth rates beat expectations. This had the result of sending bond markets down and putting the brakes on the strong stock market rally seen earlier in the year. It also caused the Canadian dollar to rally significantly.

Commodity prices rallied during the third quarter, led by oil, with WTI increasing by 12.2% to US$51.67 at quarter-end. Gold (+3.1%) and Copper (+8.5%) also increased, helping the S&P/TSX Composite rise by 3.7%. The U.S. market continued its good run, with the S&P 500 rising 4.5% in U.S. dollar terms but only increasing by 0.6% when converted to Canadian currency. International markets continued to lead, with the MSCI EAFE Net increasing by 5.4% in U.S. dollars and 1.5% in Canadian dollars. Latin American markets rebounded strongly, while markets in Asia were mixed. Overall, the MSCI Emerging Markets index rose by 4.0% (in Canadian dollars) during the quarter. The bond market, as measured by the FTSE TMX Bond Universe slid by -1.8%.

The NBI JF Select Balanced Fund generated a return of -0.6% during the third quarter, slightly lagging the benchmark return of 0.8%. The underweight in bonds was a strong positive contributor to both absolute and relative performance, and the overweight in international equities, combined with the portfolio’s strong performance, were also contributors. The absolute returns provided by the Canadian equity component helped the top line; however, its performance slightly lagged the benchmark and therefore was a drag on relative performance. The stronger Canadian dollar also reduced returns in the USD-denominated asset classes.

Over the past 12 months, the portfolio generated good returns, although slightly below the trend of the past few years. Overall, this is not really surprising, as we have now left behind the 20-year tailwind of falling interest rates. For the year ending September 30, 2017 the portfolio rose 3.1%.  The main contributors were bonds, Canadian equities and international equities.

 

Disclosures:

Source of data: Jarislowsky, Fraser Limited, MSCI Inc., S&P Financial Services LLC., TSX Inc., PC Bond Analytics, Global Industry Classification Standard (GICS) by MSCI and Standard and Poor’s, Wilshire Atlas Analytics, Bloomberg, RBC Capital Markets, Morningstar Research Inc., as at September 30th, 2017. This document is provided for information purposes only, it is not intended to convey investment, legal, tax or individually tailored investment advice. All opinions and estimates contained in this report constitute Jarislowsky, Fraser Limited’s judgment as of the time of writing and are provided in good faith. All data, facts and opinions presented in this document may change without notification.

Returns of the F Series may vary mainly because of the different fees and expenses: NBI Jarislowsky Fraser Select Balanced Fund 3 months -0.3%, 1 year 4.3%, 3 years 5.0%, 5 years 8.2%, Since Inception 7.3%. 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.


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 September 30, 2017

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 -1.02 0.45 6.61 4.11 9.54 7.13

Portfolio management team

QUARTERLY COMMENTARIES

After relatively robust returns during the first two quarters of 2017, global equity markets slowed down over the summer months. The causes were numerous, however the primary factor was the switch from stimulative monetary policy to a more hawkish stance that many of the world’s central bankers assumed in the spring. Both the U.S. Federal Reserve (Fed) and the Bank of Canada (BoC) raised short-term rates over the summer months as economic growth rates beat expectations. This had the result of sending bond markets down and putting the brakes on the strong stock market rally seen earlier in the year. It also caused the Canadian dollar to rally significantly.

Commodity prices rallied during the third quarter, led by oil, with WTI increasing by 12.2% to US$51.67 at quarter-end. Gold (+3.1%) and Copper (+8.5%) also increased, helping the S&P/TSX Composite rise by 3.7%. The U.S. market continued its good run, with the S&P 500 rising 4.5% in U.S. dollar terms but only increasing by 0.6% when converted to Canadian currency. International markets continued to lead, with the MSCI EAFE Net increasing by 5.4% in U.S. dollars and 1.5% in Canadian dollars. Latin American markets rebounded strongly, while markets in Asia were mixed. Overall, the MSCI Emerging Markets index rose by 4.0% (in Canadian dollars) during the quarter.

The NBI JF Select Canadian Equity Fund lagged its benchmark for the quarter, generating a return of 1.3%. Within Canadian equities, the main detractor was the Consumer Staples sector, falling by -2.7%. Alimentation Couche-Tard declined, mostly as a result of the overhang that was created from the acquisition of Jean Coutu by Metro Inc. and Metro’s decision to sell all or part of its stake in Couche-Tard to fund the acquisition. The portfolio’s Industrials holdings also struggled to keep up with the index as Air Canada, which is not a holding, increased by 51.0%; airlines do not generally fit our investment philosophy as they tend to be highly cyclical. Strong relative performance from two of the holdings in the Materials sector, Potash Corp and West Fraser Timber added considerable value. 

The global equity portion was not a significant contributor to returns as the stronger Canadian dollar reduced returns in USD-denominated foreign assets.

 

Disclosures:

Source of data: MSCI Inc., S&P Financial Services LLC., TSX Inc., Wilshire Analytics, Bloomberg. This document is provided for information purposes only, it is not intended to convey investment, legal, tax or individually tailored investment advice. All opinions and estimates contained in this report constitute Jarislowsky, Fraser Limited’s judgment as of the time of writing and are provided in good faith. All data, facts and opinions presented in this document may change without notification.

Returns of the F Series may vary mainly because of the different fees and expenses: NBI Jarislowsky Fraser Select Canadian Equity Fund 3 months 1.7%, 1 year 7.9%, 3 years 5.3%, 5 years 10.8%, Since Inception 8.4%. 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

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

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