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GFI Investment Counsel Ltd.

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

GFI Investment Counsel Ltd. reported $937,679,400 across 30 holdings for the quarter ended 2025-12-31, in a 13F-HR/A filed 2026-02-25. Its ten largest share positions make up 77% of the portfolio.

Filed (acceptance time not in the bulk data set), ingested 13F-HR/A 0001688774-26-000002

Period
2025-12-31
Reported value
$938M
Holdings
30
Top 10 weight
77%
New
6
Sold out
2

Largest buys vs the previous quarter

SecurityShares changeApprox. value
BAMnew+588,390$30.8M
GOOGLnew+5,628$1.76M
FERGadded+4,363$971K
RYnew+1,345$229K
AMZNnew+989$228K

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
BAHreduced-403,354-$34M
CRMreduced-16,961-$4.49M
MSFTreduced-3,889-$1.88M
Vreduced-4,562-$1.6M
MCOreduced-2,965-$1.51M

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, Q4 2025

Share positions as resolved from 13F-HR/A 0001688774-26-000002, largest first. % of portfolio is the value over $937,679,400, 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; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 185,988 shares; 2024Q4: 187,372 shares; 2025Q1: 187,447 shares; 2025Q2: 185,666 shares; 2025Q3: 183,782 shares; 2025Q4: 179,893 shares 179,893$87M9.28%-3,889Timeline
VVISA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 257,067 shares; 2024Q4: 254,190 shares; 2025Q1: 249,764 shares; 2025Q2: 247,995 shares; 2025Q3: 247,486 shares; 2025Q4: 242,924 shares 242,924$85.2M9.09%-4,562Timeline
MCOMOODYS CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 161,190 shares; 2024Q4: 161,376 shares; 2025Q1: 160,808 shares; 2025Q2: 161,060 shares; 2025Q3: 161,380 shares; 2025Q4: 158,415 shares 158,415$80.9M8.63%-2,965Timeline
HLTHILTON WORLDWIDE HLDGS INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 265,924 shares; 2024Q4: 270,279 shares; 2025Q1: 273,493 shares; 2025Q2: 275,235 shares; 2025Q3: 274,821 shares; 2025Q4: 270,650 shares 270,650$77.7M8.29%-4,171Timeline
AXPAMERICAN EXPRESS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 187,824 shares; 2024Q4: 195,292 shares; 2025Q1: 203,130 shares; 2025Q2: 205,727 shares; 2025Q3: 205,963 shares; 2025Q4: 203,789 shares 203,789$75.4M8.04%-2,174Timeline
MSCIMSCI INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 115,372 shares; 2024Q4: 116,611 shares; 2025Q1: 117,211 shares; 2025Q2: 118,549 shares; 2025Q3: 119,316 shares; 2025Q4: 118,234 shares 118,234$67.8M7.23%-1,082Timeline
FERGFERGUSON ENTERPRISES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 271,175 shares; 2024Q4: 282,388 shares; 2025Q1: 294,195 shares; 2025Q2: 293,384 shares; 2025Q3: 283,510 shares; 2025Q4: 287,873 shares 287,873$64.1M6.83%+4,363Timeline
GGENPACT LIMITEDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 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; 2025Q4: 1,320,185 shares 1,320,185$61.8M6.59%-15,680Timeline
SHWSHERWIN WILLIAMS COQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 186,410 shares; 2024Q4: 186,551 shares; 2025Q1: 187,957 shares; 2025Q2: 189,262 shares; 2025Q3: 189,805 shares; 2025Q4: 188,402 shares 188,402$61M6.51%-1,403Timeline
ROPROPER TECHNOLOGIES INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: 140,519 shares; 2025Q2: 140,102 shares; 2025Q3: 140,301 shares; 2025Q4: 137,120 shares 137,120$61M6.51%-3,181Timeline
AONAON PLCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 155,154 shares; 2024Q4: 160,127 shares; 2025Q1: 163,336 shares; 2025Q2: 166,610 shares; 2025Q3: 167,596 shares; 2025Q4: 167,162 shares 167,162$59M6.29%-434Timeline
OTISOTIS WORLDWIDE CORPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 645,539 shares; 2025Q4: 641,041 shares 641,041$56M5.97%-4,498Timeline
EFXEQUIFAX INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 241,012 shares; 2024Q4: 245,231 shares; 2025Q1: 247,475 shares; 2025Q2: 249,301 shares; 2025Q3: 250,680 shares; 2025Q4: 250,462 shares 250,462$54.3M5.8%-218Timeline
BAMBROOKFIELD ASSET MANAGMT LTDQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 588,390 shares 588,390$30.8M3.29%newTimeline
BILSPDR SERIES TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 69,863 shares; 2024Q4: 69,863 shares; 2025Q1: 69,446 shares; 2025Q2: 73,846 shares; 2025Q3: 65,105 shares; 2025Q4: 63,217 shares 63,217$5.78M0.62%-1,888Timeline
FSVFIRSTSERVICE CORP NEWQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 12,502 shares; 2024Q4: 12,502 shares; 2025Q1: 12,502 shares; 2025Q2: 12,502 shares; 2025Q3: 12,559 shares; 2025Q4: 13,421 shares 13,421$2.09M0.22%+862Timeline
GOOGLALPHABET INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 5,628 shares 5,628$1.76M0.19%newTimeline
CRMSALESFORCE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 21,364 shares; 2024Q4: 23,305 shares; 2025Q1: 23,283 shares; 2025Q2: 23,273 shares; 2025Q3: 23,321 shares; 2025Q4: 6,360 shares 6,360$1.68M0.18%-16,961Timeline
AAPLAPPLE INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 336,597 shares; 2024Q4: 335,652 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 2,480 shares; 2025Q4: 2,764 shares 2,764$751K0.08%+284Timeline
IGIBISHARES TRQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 11,984 shares; 2024Q4: 11,984 shares; 2025Q1: 11,984 shares; 2025Q2: 11,984 shares; 2025Q3: 11,984 shares; 2025Q4: 11,984 shares 11,984$646K0.07%0Timeline
BRK-BBERKSHIRE HATHAWAY INC DELQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 1,197 shares; 2025Q1: 1,197 shares; 2025Q2: 1,197 shares; 2025Q3: 1,197 shares; 2025Q4: 1,197 shares 1,197$602K0.06%0Timeline
BAHBOOZ ALLEN HAMILTON HLDG CORQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: 293,134 shares; 2024Q4: 315,923 shares; 2025Q1: 387,611 shares; 2025Q2: 396,679 shares; 2025Q3: 407,468 shares; 2025Q4: 4,114 shares 4,114$347K0.04%-403,354Timeline
TSLATESLA INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: 628 shares; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 628 shares; 2025Q4: 628 shares 628$282K0.03%0Timeline
CBRECBRE GROUP INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,500 shares; 2025Q3: 1,500 shares; 2025Q4: 1,500 shares 1,500$241K0.03%0Timeline
RYROYAL BK CDAQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 1,345 shares 1,345$229K0.02%newTimeline
AMZNAMAZON COM INCQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 1,040 shares; 2025Q3: not reported; 2025Q4: 989 shares 989$228K0.02%newTimeline
COSTCOSTCO WHOLESALE CORPORATIONQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: 257 shares; 2025Q3: 257 shares; 2025Q4: 257 shares 257$222K0.02%0Timeline
BAIBLACKROCK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 6,490 shares 6,490$216K0.02%newTimeline
BUZZVANECK ETF TRUSTQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: 6,320 shares; 2025Q4: 6,320 shares 6,320$205K0.02%0Timeline
PSLVSPROTT ASSET MANAGEMENT LPQuarterly shares; oldest to newest; scale is this security's eight-quarter maximum; 2024Q1: restricted; 2024Q2: restricted; 2024Q3: not reported; 2024Q4: not reported; 2025Q1: not reported; 2025Q2: not reported; 2025Q3: not reported; 2025Q4: 8,520 shares 8,520$202K0.02%newTimeline

Sold out in Q4 2025

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

SecurityShares beforeValue beforeType
IWMISHARES TR4,130$458Kput
NFLXNETFLIX INC.182$218Kshares

How Q4 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 0001688774-26-000001 superseded2026-02-11acceptance time not in the bulk data set
13F-HR/A 0001688774-26-000002 baserestatement2026-02-25acceptance time not in the bulk data set
13F-HR/A 0001688774-26-000003 addednew holdings2026-02-25acceptance time not in the bulk data set