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GFI Investment Counsel Ltd.

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13F filer, CIK 1688774, TORONTO, Ontario, Canada

GFI Investment Counsel Ltd. reported $960,551,188 across 26 holdings for the quarter ended 2025-09-30, in a 13F-HR filed 2025-11-13. Its ten largest share positions make up 75.79% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR 0001688774-25-000015

Period
2025-09-30
Reported value
$961M
Holdings
26
Top 10 weight
75.79%
New
6
Sold out
1

Largest buys vs the previous quarter

SecurityShares changeApprox. value
OTISnew+645,539$59M
BAHadded+10,789$1.08M
AAPLnew+2,480$631K
MSCIadded+767$435K
EFXadded+1,379$354K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Largest sells vs the previous quarter

SecurityShares changeApprox. value
FERGreduced-9,874-$2.22M
MSFTreduced-1,884-$976K
BILreduced-8,741-$802K
AMZNexited-1,040-$228K
Vreduced-509-$174K

Ranked by the share change valued at this quarter's implied price (value over shares in the 13F). A position sold out is valued at the previous quarter's price, its last report.

Holdings, Q3 2025

Share positions as resolved from 13F-HR 0001688774-25-000015, largest first. % of portfolio is the value over $960,092,758, the sum of the share positions whose value is usable for ratios (method).

SecurityHistorySharesValue% of portfolioChangeLatest eventTimeline
MSFTMICROSOFT CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 185,988 shares; 2024Q4: 187,372 shares; 2025Q1: 187,447 shares; 2025Q2: 185,666 shares; 2025Q3: 183,782 shares 183,782$95.2M9.91%-1,884Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 257,067 shares; 2024Q4: 254,190 shares; 2025Q1: 249,764 shares; 2025Q2: 247,995 shares; 2025Q3: 247,486 shares 247,486$84.5M8.8%-509Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 161,190 shares; 2024Q4: 161,376 shares; 2025Q1: 160,808 shares; 2025Q2: 161,060 shares; 2025Q3: 161,380 shares 161,380$76.9M8.01%+320Timeline
HLTHILTON WORLDWIDE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 265,924 shares; 2024Q4: 270,279 shares; 2025Q1: 273,493 shares; 2025Q2: 275,235 shares; 2025Q3: 274,821 shares 274,821$71.3M7.43%-414Timeline
ROPROPER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 140,519 shares; 2025Q2: 140,102 shares; 2025Q3: 140,301 shares 140,301$70M7.29%+199Timeline
AXPAMERICAN EXPRESS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 187,824 shares; 2024Q4: 195,292 shares; 2025Q1: 203,130 shares; 2025Q2: 205,727 shares; 2025Q3: 205,963 shares 205,963$68.4M7.13%+236Timeline
MSCIMSCI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 115,372 shares; 2024Q4: 116,611 shares; 2025Q1: 117,211 shares; 2025Q2: 118,549 shares; 2025Q3: 119,316 shares 119,316$67.7M7.05%+767Timeline
SHWSHERWIN WILLIAMS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 186,410 shares; 2024Q4: 186,551 shares; 2025Q1: 187,957 shares; 2025Q2: 189,262 shares; 2025Q3: 189,805 shares 189,805$65.7M6.85%+543Timeline
EFXEQUIFAX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 241,012 shares; 2024Q4: 245,231 shares; 2025Q1: 247,475 shares; 2025Q2: 249,301 shares; 2025Q3: 250,680 shares 250,680$64.3M6.7%+1,379Timeline
FERGFERGUSON ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 271,175 shares; 2024Q4: 282,388 shares; 2025Q1: 294,195 shares; 2025Q2: 293,384 shares; 2025Q3: 283,510 shares 283,510$63.7M6.63%-9,874Timeline
AONAON PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 155,154 shares; 2024Q4: 160,127 shares; 2025Q1: 163,336 shares; 2025Q2: 166,610 shares; 2025Q3: 167,596 shares 167,596$59.8M6.22%+986Timeline
OTISOTIS WORLDWIDE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 645,539 shares 645,539$59M6.15%newTimeline
GGENPACT LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 1,289,838 shares; 2024Q4: 1,320,949 shares; 2025Q1: 1,316,393 shares; 2025Q2: 1,329,859 shares; 2025Q3: 1,335,865 shares 1,335,865$56M5.83%+6,006Timeline
BAHBOOZ ALLEN HAMILTON HLDG CORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 293,134 shares; 2024Q4: 315,923 shares; 2025Q1: 387,611 shares; 2025Q2: 396,679 shares; 2025Q3: 407,468 shares 407,468$40.7M4.24%+10,789Timeline
BILSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,863 shares; 2024Q4: 69,863 shares; 2025Q1: 69,446 shares; 2025Q2: 73,846 shares; 2025Q3: 65,105 shares 65,105$5.97M0.62%-8,741Timeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,364 shares; 2024Q4: 23,305 shares; 2025Q1: 23,283 shares; 2025Q2: 23,273 shares; 2025Q3: 23,321 shares 23,321$5.53M0.58%+48Timeline
FSVFIRSTSERVICE CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,502 shares; 2024Q4: 12,502 shares; 2025Q1: 12,502 shares; 2025Q2: 12,502 shares; 2025Q3: 12,559 shares 12,559$2.39M0.25%+57Timeline
IGIBISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,984 shares; 2024Q4: 11,984 shares; 2025Q1: 11,984 shares; 2025Q2: 11,984 shares; 2025Q3: 11,984 shares 11,984$648K0.07%0Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 336,597 shares; 2024Q4: 335,652 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,480 shares 2,480$631K0.07%newTimeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,197 shares; 2025Q1: 1,197 shares; 2025Q2: 1,197 shares; 2025Q3: 1,197 shares 1,197$602K0.06%0Timeline
TSLATESLA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 628 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 628 shares 628$279K0.03%newTimeline
COSTCOSTCO WHOLESALE CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 257 shares; 2025Q3: 257 shares 257$238K0.02%0Timeline
CBRECBRE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,500 shares; 2025Q3: 1,500 shares 1,500$236K0.02%0Timeline
BUZZVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 6,320 shares 6,320$227K0.02%newTimeline
NFLXNETFLIX INC.Quarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2023Q4: restricted; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 182 shares 182$218K0.02%newTimeline

Options

Puts and calls, as filed. The amount and value describe the underlying shares, not the option premium, so they stay out of % of portfolio (H5).

SecurityTypeAmountValueChange
IWMISHARES TR SHSput4,130$458Knew

Sold out in Q3 2025

Positions in the previous quarter's report that this quarter's report no longer lists.

SecurityShares beforeValue beforeType
AMZNAMAZON COM INC1,040$228Kshares

How Q3 2025 was built

Available 13F filings of this filer for the quarter and their roles: the base report is the latest original or restatement, NEW HOLDINGS amendments filed after it are added (method).

FilingRoleAmendmentFiledAcceptedIngested
13F-HR 0001688774-25-000015 base2025-11-13acceptance time not in the bulk data set