Jarislowsky Fraser Sells $30 Million in Shopify as Stock Nears 2021 Highs
Key Points
Montreal-based Jarislowsky Fraser sold 221,596 shares of Shopify for an estimated $30 million in the third quarter.
The investment management firm now owns nearly 4.9 million Shopify shares valued at $722.4 million as of September 30.
The e-commerce company now comprises 4% of fund assets as of September 30.
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On Tuesday, Montreal-based investment firm Jarislowsky Fraser disclosed it sold 221,596 shares of Shopify (NASDAQ:SHOP) for an estimated $30 million in the third quarter.
What Happened
According to a filing with the Securities and Exchange Commission released on Tuesday, Jarislowsky Fraser reduced its position in Shopify by approximately 221,600 shares during the third quarter. The estimated value of this transaction, based on the average closing price for the quarter, was $30 million. Following the trade, the fund reported holding nearly 4.9 million shares worth $722.4 million.
What Else to Know
Top holdings after the filing:
- NYSE:BN: $1 billion (5.6% of AUM)
- NYSE:TD: $938 million (5.2% of AUM)
- NYSE:CNI: $836.8 million (4.6% of AUM)
- NASDAQ:OTEX: $790.7 million (4.3% of AUM)
- TSX:BMO: $760.4 million (4.2% of AUM)
As of Wednesday market close, shares of Shopify were priced at $162.01, surging 98.5% over the past year and well outperforming the S&P 500's 14.5% gain.
Company Overview
| Metric | Value |
|---|---|
| Price (as of market close Wednesday) | $162.01 |
| Market capitalization | $210 billion |
| Revenue (TTM) | $10 billion |
| Net income (TTM) | $2.3 billion |
Company Snapshot
- Shopify provides a comprehensive commerce platform and related services, including payment processing, shipping, fulfillment, custom themes, and app integrations for merchants worldwide.
- The company generates revenue through subscription fees for its platform and value-added merchant solutions such as payment processing, shipping, and working capital loans.
- Shopify serves a diverse customer base, including small and medium-sized businesses, direct-to-consumer brands, and enterprise merchants seeking to manage online and offline sales channels.
Shopify is a leading global commerce platform provider, employing over 8,000 people and serving a broad merchant base from its headquarters in Ottawa, Canada. Its integrated ecosystem and robust merchant solutions position it as a key enabler of digital commerce growth worldwide.
Foolish Take
Jarislowsky Fraser slightly pared back its Shopify position last quarter, trimming about $30 million in shares but maintaining a sizable $722 million stake—making it one of its largest U.S. equity holdings though it falls outside the top five. The move likely reflects minor profit-taking after Shopify’s stock nearly doubled over the past year, with shares roughly 5% below their 2021 record highs.
The Montreal-based investment manager’s modest reduction comes amid a broader reshuffling of positions that otherwise left its technology exposure largely intact. Shopify remains central to that strategy. In its most recent quarterly report, the company posted 31% revenue growth and an impressive 16% free cash flow margin—marking eight straight quarters of double-digit free cash generation. Management highlighted particularly strong momentum in Europe, where gross merchandise volume jumped 42% on a constant-currency basis.
Shopify is slated to report its next quarterly results on November 4. For long-term holders, Jarislowsky’s move looks tactical rather than bearish—locking in gains while keeping exposure to one of Canada’s most dominant growth stories.
Glossary
13F: A quarterly Securities and Exchange Commission (SEC) filing by institutional investment managers disclosing their equity holdings.
Assets under management (AUM): The total market value of investments managed on behalf of clients by a fund or firm.
Quarter (Q3 2025): The third three-month period of the 2025 fiscal year, typically July through September.
Stake: The ownership interest or number of shares held in a company by an investor or fund.
Top holdings: The largest individual investments within a fund, ranked by their value or portfolio weight.
Outperforming: Achieving a higher return than a benchmark or comparison group, such as the S&P 500.
Filing: An official document submitted to regulators, often detailing financial or ownership information.
Commerce platform: An online system enabling businesses to sell products or services and manage transactions digitally.
Subscription fees: Recurring payments made by customers for ongoing access to a service or platform.
Value-added merchant solutions: Additional services offered to merchants, such as payment processing, shipping, or financing, beyond basic platform access.
Integrated ecosystem: A suite of interconnected products and services designed to work together seamlessly for users.
TTM: The 12-month period ending with the most recent quarterly report.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Brookfield, Brookfield Corporation, and Shopify. The Motley Fool recommends Canadian National Railway. The Motley Fool has a disclosure policy.
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