SEC 13F Intelligence

Managers / Q4 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
$938M
Q4 2025
Positions
30
includes revealed positions
Filings on Record
47
2019–present window
Filed
Feb 25, 2026
amendment (RESTATEMENT)

Summary

Gfi Investment Counsel Ltd. reported $938M in U.S.-listed holdings across 30 positions for Q4 2025.

Its largest position, MSFT, represents 9.3% of the portfolio.

Compared with Q3 2025, the fund opened 6 new positions and exited 2.

Portfolio Metrics

Turnover
+6.1%
vs prior filed quarter
Top-10 Concentration
+77.0%
share of reported value
Largest Position
+9.3%
Microsoft
New / Exited
6 / 2
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: 86.4%Other: 12.9%ETP: 0.7%Closed-End Fund: 0.0%
  • Common Stock · 86.4% · $810M
  • Other · 12.9% · $121M
  • ETP · 0.7% · $7M
  • Closed-End Fund · 0.0% · $201,923

Quarter-over-Quarter Changes full breakdown →

vs Q3 2025 (amended baseline)

IssuerMoveShare ΔShares nowValue ΔValue now
BAMBROOKFIELD ASSET MANAGEMENTNEW+588.4K588.4K+$31M$31M
GOOGLALPHABET INCNEW+5.6K5.6K+$2M$2M
RYROYAL BANK CDAREVEALEDNEW+1.3K1.3K+$229,429$229,429
AMZNAMAZON COM INCREVEALEDNEW+989989+$228,281$228,281
BLACKROCK ETF TRUSTNEW+6.5K6.5K+$216,117$216,117
SPROTT ASSET MANAGEMENT LPREVEALEDNEW+8.5K8.5K+$201,923$201,923
ISHARES TRSOLD OUT−4.1K0−$458,430$0
NFLXNETFLIX INCSOLD OUT−1820−$218,203$0

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

Holdings — Q4 2025REVEALED

30 positions
Export to Excel
#IssuerClass% PortfolioValue ↓Shares
1MSFTMICROSOFT CORPhistory →COM9.28%$87M179.9K
2VVISA INChistory →COM CL A9.09%$85M242.9K
3DUTMOODYS CORPhistory →COM8.63%$81M158.4K
4HLTHILTON WORLDWIDE HLDGS INChistory →COM8.29%$78M270.6K
5AXPAMERICAN EXPRESS COhistory →COM8.04%$75M203.8K
6MSCIMSCI INChistory →COM7.23%$68M118.2K
7FERGFERGUSON ENTERPRISES INChistory →COMMON STOCK NEW6.83%$64M287.9K
8GENPACT LIMITEDSHS6.59%$62M1.32M
9SHWSHERWIN WILLIAMS COhistory →COM6.51%$61M188.4K
10ROPROPER TECHNOLOGIES INChistory →COM6.51%$61M137.1K
11AON PLCSHS CL A6.29%$59M167.2K
12OTISOTIS WORLDWIDE CORPhistory →COM5.97%$56M641.0K
13EFXEQUIFAX INChistory →COM5.80%$54M250.5K
14BAMBROOKFIELD ASSET MANAGEMENThistory →CL A LMT VTG SHS3.29%$31M588.4K
15SPDR SERIES TRUSTBLOOMBERG 1-3 MO0.62%$6M63.2K
16FSVFIRSTSERVICE CORP NEWCOM0.22%$2M13.4K
17GOOGLALPHABET INCCL A0.19%$2M5.6K
18CRMSALESFORCE INCCOM0.18%$2M6.4K
19AAPLAPPLE INCCOM0.08%$751,4212.8K
20ISHARES TRISHS 5-10YR INVT0.07%$645,69812.0K
21BRK/BBERKSHIRE HATHAWAY INC DELCL B NEW0.06%$601,6721.2K
22BAHBOOZ ALLEN HAMILTON HLDG CORCL A0.04%$347,0574.1K
23TSLATESLA INCCOM0.03%$282,424628
24CBRECBRE GROUP INCCL A0.03%$241,1851.5K
25RYROYAL BANK CDAREVEALEDCOM0.02%$229,4291.3K
26AMZNAMAZON COM INCREVEALEDCOM0.02%$228,281989
27COSTCOSTCO WHSL CORPREVEALEDCOM0.02%$221,621257
28BLACKROCK ETF TRUSTISHARES A I INNO0.02%$216,1176.5K
29BUZZVANECK ETF TRUSTSOCIAL SENTIMENT0.02%$205,3376.3K
30SPROTT ASSET MANAGEMENT LPREVEALEDPHYSICAL SILVER0.02%$201,9238.5K

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 ↗.