SEC 13F Intelligence

Managers / Q4 2023 · view latest →

GFI Investment Counsel Ltd.

CIK 0001688774 · 45 ST. CLAIR AVENUE WEST, SUITE 1000, TORONTO, A6, M4V 1K9 · 416-488-8825

Reported Value
$723,131
Q4 2023
Positions
17
Filings on Record
47
2019–present window
Filed
Feb 9, 2024
original filing

Summary

Gfi Investment Counsel Ltd. reported $723,131 in U.S.-listed holdings across 17 positions for Q4 2023.

Its largest position, MSFT, represents 11.1% of the portfolio.

The book was largely unchanged from Q3 2023.

Portfolio Metrics

Turnover
+1.7%
vs prior filed quarter
Top-10 Concentration
+87.2%
share of reported value
Largest Position
+11.1%
Microsoft

Methodology: turnover is min(value bought, value sold) ÷ average reported value across the two quarters — value-based, so market moves inflate it slightly versus a share-based measure. Concentration and largest position are shares of the filing’s total reported value, options excluded. New/exited counts compare against the prior filed quarter. All figures derive solely from the fund’s 13F filings.

Reported Value by Quarter

13F Reported Value
Q4 ’18: $188MQ4 ’18Q1 ’19: $224MQ2 ’19: $234MQ3 ’19: $256MQ4 ’19: $294MQ4 ’19Q1 ’20: $256MQ2 ’20: $413MQ3 ’20: $462MQ4 ’20: $537MQ4 ’20Q1 ’21: $626MQ2 ’21: $728MQ3 ’21: $778MQ4 ’21: $863MQ4 ’21Q1 ’22: $762MQ2 ’22: $637MQ3 ’22: $576MQ1 ’23: $584,481Q1 ’23Q2 ’23: $656,857Q3 ’23: $655,525Q4 ’23: $723,131Q1 ’24: $789,241Q1 ’24Q2 ’24: $764,364Q3 ’24: $861,781Q4 ’24: $871,073Q2 ’25: $918MQ2 ’25Q3 ’25: $961MQ4 ’25: $938MQ1 ’26: $731Mfilingsflow.com

Portfolio Composition

By security type
Common Stock: 81.3%Other: 17.6%ETP: 1.0%
  • Common Stock · 81.3% · $587,984
  • Other · 17.6% · $127,611
  • ETP · 1.0% · $7,536

Quarter-over-Quarter Changes full breakdown →

vs Q3 2023 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
FSVFIRSTSERVICE CORP NEWTRIMMED−15.8K13.9K−$2,069$2,261
HLTHILTON WORLDWIDE HLDGS INCADDED+34.3K258.4K+$13,397$47,060
BRK/BBERKSHIRE HATHAWAY INC DELADDED+3222.5K+$129$878
SPDR SER TRADDED+8.0K73.5K+$703$6,722
AAPLAPPLE INCTRIMMED−41.7K351.2K+$349$67,614
MSFTMICROSOFT CORPTRIMMED−15.5K212.7K+$7,942$79,987
VVISA INCTRIMMED−14.4K262.1K+$4,634$68,241
SHWSHERWIN WILLIAMS COTRIMMED−10.3K194.2K+$8,411$60,586

Value changes conflate price moves with buying and selling — share changes are the real signal. Share counts are not split-adjusted.

Holdings — Q4 2023

17 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MSFTMICROSOFT CORPhistory →COM11.06%$79,987212.7K
2EFXEQUIFAX INChistory →COM9.61%$69,468280.9K
3VVISA INChistory →COM CL A9.44%$68,241262.1K
4AAPLAPPLE INChistory →COM9.35%$67,614351.2K
5DUTMOODYS CORPhistory →COM9.28%$67,142171.9K
6MSCIMSCI INChistory →COM8.82%$63,776112.7K
7SHWSHERWIN WILLIAMS COhistory →COM8.38%$60,586194.2K
8FIXCOMFORT SYS USA INChistory →COM7.66%$55,371269.2K
9FERGUSON PLC NEWSHS7.12%$51,512266.8K
10HLTHILTON WORLDWIDE HLDGS INChistory →COM6.51%$47,060258.4K
11AON PLCSHS CL A5.27%$38,115131.0K
12GENPACT LIMITEDSHS5.25%$37,9841.09M
13SPDR SER TRBLOOMBERG 1-3 MO0.93%$6,72273.5K
14XPELXPEL INCCOM0.77%$5,600104.0K
15FSVFIRSTSERVICE CORP NEWCOM0.31%$2,26113.9K
16BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.12%$8782.5K
17ISHARES TRISHS 5-10YR INVT0.11%$81415.7K

Filing History

QuarterReported ValuePositionsFiledTypeLinks
Q1 2026$731M24May 14, 202613F-HRchanges · EDGAR ↗
Q4 2025REVEALED$938M30Feb 25, 2026RESTATEMENTchanges · EDGAR ↗
Q3 2025$961M26Nov 13, 202513F-HRchanges · EDGAR ↗
Q2 2025$918M21Aug 11, 202513F-HRchanges · EDGAR ↗
Q1 2025Under review18May 14, 202513F-HRchanges · EDGAR ↗
Q4 2024$871,07320Feb 12, 202513F-HRchanges · EDGAR ↗
Q3 2024$861,78120Nov 12, 202413F-HRchanges · EDGAR ↗
Q2 2024$764,36419Aug 13, 202413F-HRchanges · EDGAR ↗
Q1 2024$789,24118May 10, 202413F-HRchanges · EDGAR ↗
Q4 2023$723,13117Feb 9, 202413F-HRchanges · EDGAR ↗
Q3 2023$655,52517Nov 13, 202313F-HRchanges · EDGAR ↗
Q2 2023$656,85716Aug 11, 202313F-HRchanges · EDGAR ↗
Q1 2023$584,48116May 12, 202313F-HRchanges · EDGAR ↗
Q4 2022Under review16Feb 10, 202313F-HRchanges · EDGAR ↗
Q3 2022$576M16Nov 14, 202213F-HRchanges · EDGAR ↗
Q2 2022$637M19Aug 11, 202213F-HRchanges · EDGAR ↗
Q1 2022$762M17May 12, 202213F-HRchanges · EDGAR ↗
Q4 2021$863M17Feb 11, 202213F-HRchanges · EDGAR ↗
Q3 2021$778M18Nov 12, 202113F-HRchanges · EDGAR ↗
Q2 2021$728M19Aug 12, 202113F-HRchanges · EDGAR ↗
Q1 2021$626M21May 12, 202113F-HRchanges · EDGAR ↗
Q4 2020$537M16Feb 12, 202113F-HRchanges · EDGAR ↗
Q3 2020$462M16Nov 12, 202013F-HRchanges · EDGAR ↗
Q2 2020$413M15Aug 13, 202013F-HRchanges · EDGAR ↗
Q1 2020$256M12May 13, 202013F-HRchanges · EDGAR ↗
Q4 2019$294M12Feb 13, 202013F-HRchanges · EDGAR ↗
Q3 2019$256M12Nov 14, 201913F-HRchanges · EDGAR ↗
Q2 2019$234M11Aug 14, 201913F-HRchanges · EDGAR ↗
Q1 2019$224M13May 13, 201913F-HRchanges · EDGAR ↗
Q4 2018$188M12Feb 12, 201913F-HRchanges · EDGAR ↗

13F filings are due up to 45 days after quarter end, so holdings shown here lag the fund’s current book. Source: original SEC filing on EDGAR ↗.