Institutional Manager · CIK 0001688774

GFI Investment Counsel Ltd.

TORONTO, A6 · File #028-17681

Latest AUM

$1.09B

Positions

Top-10 Concentration

77.1%

Filings

Portfolio Value Over Time

2024-03

2024-06

2024-09

2024-12

2025-03

2025-06

2025-09

2025-12

Biggest QoQ Changes

Ranked by conviction flow (share change × current price) so mark-to-market moves don't dominate. Price effect column shows how much of the $ change was just the stock moving.

Action	Issuer	Ticker / CUSIP	Δ Shares	Flow ($)	Price Effect
NEW	BROOKFIELD ASSET MANAGEMENT	113004105	+3,473,984	+$182.1M	$0
REDUCE	BOOZ ALLEN HAMILTON HLDG COR	BAH	-403,354	-$34.0M	-$6.4M
REDUCE	SALESFORCE INC	CRM	-16,961	-$4.5M	+$650,891
REDUCE	MICROSOFT CORP	MSFT	-3,889	-$1.9M	-$6.3M
NEW	ALPHABET INC	GOOG	+5,828	+$1.8M	$0
REDUCE	MOODYS CORP	MCO	-2,965	-$1.5M	+$5.5M
REDUCE	ROPER TECHNOLOGIES INC	ROP	-3,181	-$1.4M	-$7.5M
REDUCE	VISA INC	V	-3,652	-$1.3M	+$2.3M
REDUCE	HILTON WORLDWIDE HLDGS INC	HLT	-4,171	-$1.2M	+$7.6M
ADD	FERGUSON ENTERPRISES INC	FERG	+4,363	+$971,335	-$552,845

Sector Allocation

Financials

33.9%$368.9M

Technology

19.5%$212.8M

Industrials

16.1%$174.8M

Consumer Discretionary

7.2%$78.0M

Materials

5.6%$61.0M

Real Estate

0.2%$2.2M

Filing History

Feb 25, 202613F HOLDINGS REPORT (Amended)Q/E Dec 202526 pos · $936.8M
Feb 25, 202613F HOLDINGS REPORT (Amended)Q/E Dec 20254 pos · $881,254
Feb 11, 202613F HOLDINGS REPORTQ/E Dec 202526 pos · $1.09B
Nov 13, 202513F HOLDINGS REPORTQ/E Sep 202526 pos · $960.6M
Aug 11, 202513F HOLDINGS REPORTQ/E Jun 202521 pos · $917.9M
Jun 10, 202513F HOLDINGS REPORT (Amended)Q/E Jun 202516 pos · $593.6M
Jun 10, 202513F HOLDINGS REPORT (Amended)Q/E Jun 202516 pos · $584.5M
Jun 10, 202513F HOLDINGS REPORT (Amended)Q/E Jun 202517 pos · $655.5M
Jun 10, 202513F HOLDINGS REPORT (Amended)Q/E Jun 202520 pos · $871.1M
Jun 10, 202513F HOLDINGS REPORT (Amended)Q/E Jun 202518 pos · $789.2M
Jun 10, 202513F HOLDINGS REPORT (Amended)Q/E Jun 202517 pos · $723.1M
Jun 10, 202513F HOLDINGS REPORT (Amended)Q/E Jun 202516 pos · $656.9M
Jun 10, 202513F HOLDINGS REPORT (Amended)Q/E Jun 202520 pos · $861.8M
Jun 10, 202513F HOLDINGS REPORT (Amended)Q/E Jun 202519 pos · $764.4M
May 14, 202513F HOLDINGS REPORTQ/E Mar 202518 pos · $859.8M
Feb 12, 202513F HOLDINGS REPORTQ/E Dec 202420 pos · $871,073
Nov 12, 202413F HOLDINGS REPORTQ/E Sep 202420 pos · $861,781
Aug 13, 202413F HOLDINGS REPORTQ/E Jun 202419 pos · $764,364
May 10, 202413F HOLDINGS REPORTQ/E Mar 202418 pos · $789,241
Nov 13, 202313F HOLDINGS REPORTQ/E Dec 202317 pos · $655,525

Top 20 Holdings — Dec 2025

#	Issuer	Ticker	Shares	Value	% of Portfolio
1	MICROSOFT CORP	MSFT	179,893	$87.0M	9.29%
2	VISA INC	V	242,924	$85.2M	9.09%
3	MOODYS CORP	MCO	158,415	$80.9M	8.64%
4	HILTON WORLDWIDE HLDGS INC	HLT	270,650	$77.7M	8.30%
5	AMERICAN EXPRESS CO	AXP	203,789	$75.4M	8.05%
6	MSCI INC	MSCI	118,234	$67.8M	7.24%
7	FERGUSON ENTERPRISES INC	FERG	287,873	$64.1M	6.84%
8	GENPACT LIMITED	G	1,320,185	$61.8M	6.59%
9	SHERWIN WILLIAMS CO	SHW	188,402	$61.0M	6.52%
10	ROPER TECHNOLOGIES INC	ROP	137,120	$61.0M	6.52%
11	AON PLC	AON	167,162	$59.0M	6.30%
12	OTIS WORLDWIDE CORP	OTIS	641,041	$56.0M	5.98%
13	EQUIFAX INC	EFX	250,462	$54.3M	5.80%
14	BROOKFIELD ASSET MANAGEMENT	113004105	588,390	$30.8M	3.29%
15	SPDR SERIES TRUST	78468R663	63,217	$5.8M	0.62%
16	FIRSTSERVICE CORP NEW	FSV	13,421	$2.1M	0.22%
17	ALPHABET INC	GOOG	5,628	$1.8M	0.19%
18	SALESFORCE INC	CRM	6,360	$1.7M	0.18%
19	APPLE INC	AAPL	2,764	$751,421	0.08%
20	ISHARES TR	464288638	11,984	$645,698	0.07%