SEC 13F Intelligence

Managers / Q3 2025 · view latest →

GFI Investment Counsel Ltd.

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

Reported Value
$961M
Q3 2025
Positions
26
Filings on Record
47
2019–present window
Filed
Nov 13, 2025
original filing

Summary

Gfi Investment Counsel Ltd. reported $961M in U.S.-listed holdings across 26 positions for Q3 2025.

Its largest position, MSFT, represents 9.9% of the portfolio.

Compared with Q2 2025, the fund opened 6 new positions and exited 1.

Portfolio Metrics

Turnover
+2.7%
vs prior filed quarter
Top-10 Concentration
+75.8%
share of reported value
Largest Position
+9.9%
Microsoft
New / Exited
6 / 1
positions this quarter

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: 87.2%Other: 12.0%ETP: 0.8%
  • Common Stock · 87.2% · $838M
  • Other · 12.0% · $116M
  • ETP · 0.8% · $7M

Quarter-over-Quarter Changes full breakdown →

vs Q2 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
OTISOTIS WORLDWIDE CORPNEW+645.5K645.5K+$59M$59M
AAPLAPPLE INCNEW+2.5K2.5K+$631,482$631,482
ISHARES TRNEW+4.1K4.1K+$458,430$458,430
TSLATESLA INCNEW+628628+$279,284$279,284
BUZZVANECK ETF TRUSTNEW+6.3K6.3K+$227,394$227,394
NFLXNETFLIX INCNEW+182182+$218,203$218,203
AMZNAMAZON COM INCSOLD OUT−1.0K0−$228,166$0
SPDR SERIES TRUSTTRIMMED−8.7K65.1K−$800,510$6M

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

Holdings — Q3 2025

25 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MSFTMICROSOFT CORPhistory →COM9.91%$95M183.8K
2VVISA INChistory →COM CL A8.80%$84M247.5K
3DUTMOODYS CORPhistory →COM8.01%$77M161.4K
4HLTHILTON WORLDWIDE HLDGS INChistory →COM7.42%$71M274.8K
5ROPROPER TECHNOLOGIES INChistory →COM7.28%$70M140.3K
6AXPAMERICAN EXPRESS COhistory →COM7.12%$68M206.0K
7MSCIMSCI INChistory →COM7.05%$68M119.3K
8SHWSHERWIN WILLIAMS COhistory →COM6.84%$66M189.8K
9EFXEQUIFAX INChistory →COM6.69%$64M250.7K
10FERGFERGUSON ENTERPRISES INChistory →COMMON STOCK NEW6.63%$64M283.5K
11AON PLCSHS CL A6.22%$60M167.6K
12OTISOTIS WORLDWIDE CORPhistory →COM6.14%$59M645.5K
13GENPACT LIMITEDSHS5.83%$56M1.34M
14BAHBOOZ ALLEN HAMILTON HLDG CORhistory →CL A4.24%$41M407.5K
15SPDR SERIES TRUSTBLOOMBERG 1-3 MO0.62%$6M65.1K
16CRMSALESFORCE INCCOM0.58%$6M23.3K
17FSVFIRSTSERVICE CORP NEWCOM0.25%$2M12.6K
18ISHARES TRISHS 5-10YR INVT0.07%$648,21512.0K
19AAPLAPPLE INCCOM0.07%$631,4822.5K
20BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.06%$601,7801.2K
21TSLATESLA INCCOM0.03%$279,284628
22COSTCOSTCO WHSL CORP NEWCOM0.02%$237,887257
23CBRECBRE GROUP INCCL A0.02%$236,3401.5K
24BUZZVANECK ETF TRUSTSOCIAL SENTIMENT0.02%$227,3946.3K
25NFLXNETFLIX INCCOM0.02%$218,203182

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 ↗.