GFI Investment Counsel Ltd.
In its 13F for Q2 2024 (holdings as of June 30, 2024, filed June 10, 2025), GFI Investment Counsel Ltd. reported 19 stock positions worth $764.4 million. Its top holding was Microsoft (MSFT) at 11.1% of the portfolio, followed by Apple (AAPL, 9.4%) and Moody's (MCO, 9.2%). Compared with Q1 2024, it opened 2 new positions, sold out of 1, added to 7 and reduced 9. The biggest buy was a new position in American Express (AXP) and the biggest sale an exit from Comfort Systems USA (FIX).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001688774
- Portfolio Value
- $764.4M (Q2 2024)
- SEC Filing
- 0001688774-25-000009 ↗ filed Jun 10, 2025
Holdings Value
Holdings 19 stocks · $764.4M
| MSFT Microsoft Corp. | 11.07% | 189,390 | $84.6M | Reduce -5.6% |
| AAPL Apple Inc. | 9.37% | 340,021 | $71.6M | Reduce -3.4% |
| MCO Moody's Corp. | 9.25% | 167,881 | $70.7M | Reduce -2.9% |
| V Visa Inc. Class A | 8.85% | 257,629 | $67.6M | Reduce -1.8% |
| EFX Equifax Inc. | 7.69% | 242,509 | $58.8M | Reduce -13.7% |
| HLT Hilton Worldwide Holdings Inc. | 7.48% | 261,959 | $57.2M | Reduce -0.7% |
| SHW The Sherwin-Williams Co. | 7.46% | 190,998 | $57.0M | Reduce -1.5% |
| MSCI MSCI Inc. | 7.18% | 113,933 | $54.9M | Add +0.4% |
| FERG Ferguson Jersey Ltd. | 6.74% | 266,171 | $51.5M | Reduce -1.6% |
| AON Aon PLC Class A | 5.87% | 152,766 | $44.8M | Add +9.9% |
| BAH Booz Allen Hamilton Holdings | 5.56% | 275,919 | $42.5M | Add +3441.1% |
| AXP American Express Co. | 5.43% | 179,399 | $41.5M | New |
| G Genpact Ltd. | 5.26% | 1,248,083 | $40.2M | Add +7.6% |
| VRSN Verisign Inc. | 1.00% | 43,000 | $7.6M | New |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.83% | 69,148 | $6.3M | Add +4.4% |
| XPEL Xpel Inc. | 0.56% | 120,600 | $4.3M | Add +16.0% |
| FSV Firstservice Corp. | 0.27% | 13,527 | $2.1M | Reduce -3.0% |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.11% | 15,684 | $804K | Add +0.1% |
| META Meta Platforms Inc. Class A | 0.03% | 500 | $252K | No change |
Portfolio Sells Q1 2024 → Q2 2024
| FIX Comfort Systems USA Inc. | Sold out | 0.00% | −10.25 |
| EFX Equifax Inc. | Reduce -13.7% | 7.69% | −1.84 |
| SHW The Sherwin-Williams Co. | Reduce -1.5% | 7.46% | −1.08 |
| FERG Ferguson Jersey Ltd. | Reduce -1.6% | 6.74% | −0.74 |
| V Visa Inc. Class A | Reduce -1.8% | 8.85% | −0.43 |
| FSV Firstservice Corp. | Reduce -3.0% | 0.27% | −0.02 |
| HLT Hilton Worldwide Holdings Inc. | Reduce -0.7% | 7.48% | +0.35 |
| MSFT Microsoft Corp. | Reduce -5.6% | 11.07% | +0.38 |
| MCO Moody's Corp. | Reduce -2.9% | 9.25% | +0.64 |
| AAPL Apple Inc. | Reduce -3.4% | 9.37% | +1.72 |
Portfolio Buys Q1 2024 → Q2 2024
| AXP American Express Co. | New | 5.43% | +5.43 |
| BAH Booz Allen Hamilton Holdings | Add +3441.1% | 5.56% | +5.41 |
| VRSN Verisign Inc. | New | 1.00% | +1.00 |
| G Genpact Ltd. | Add +7.6% | 5.26% | +0.41 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +4.4% | 0.83% | +0.06 |
| IGIB iShares 5-10Y Inv Grade Corp. | Add +0.1% | 0.11% | +0.00 |
| AON Aon PLC Class A | Add +9.9% | 5.87% | −0.01 |
| XPEL Xpel Inc. | Add +16.0% | 0.56% | −0.15 |
| MSCI MSCI Inc. | Add +0.4% | 7.18% | −0.88 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 30 | $737.3M | HLT, V, AXP, FERG, MSCI |
| Q1 2026 | 24 | $731.5M | HLT, FERG, MSCI, V, AXP |
| Q4 2025Amended | 30 | $937.7M | MSFT, V, MCO, HLT, AXP |
| Q3 2025 | 25 | $960.1M | MSFT, V, MCO, HLT, ROP |
| Q2 2025 | 21 | $917.9M | MSFT, V, MCO, ROP, HLT |
| Q1 2025 | 18 | $859.8M | V, ROP, MCO, MSFT, G |
| Q4 2024Amended | 20 | $871.1M | AAPL, V, MSFT, MCO, MSCI |
| Q3 2024Amended | 20 | $861.8M | MSFT, AAPL, MCO, SHW, EFX |
| Q2 2024Amended | 19 | $764.4M | MSFT, AAPL, MCO, V, EFX |
| Q1 2024Amended | 18 | $789.2M | MSFT, FIX, EFX, V, MCO |