GFI Investment Counsel Ltd.
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 14, 2025), GFI Investment Counsel Ltd. reported 18 stock positions worth $859.8 million. Its top holding was Visa Class A (V) at 10.2% of the portfolio, followed by Roper Technologies (ROP, 9.6%) and Moody's (MCO, 8.7%). Compared with Q4 2024, it opened 1 new position, sold out of 3, added to 9 and reduced 5. The biggest buy was a new position in Roper Technologies (ROP) and the biggest sale an exit from Apple (AAPL).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001688774
- Portfolio Value
- $859.8M (Q1 2025)
- SEC Filing
- 0001688774-25-000002 ↗ filed May 14, 2025
Holdings Value
Holdings 18 stocks · $859.8M
| V Visa Inc. Class A | 10.18% | 249,764 | $87.5M | Reduce -1.7% |
| ROP Roper Technologies Inc. | 9.64% | 140,519 | $82.8M | New |
| MCO Moody's Corp. | 8.71% | 160,808 | $74.9M | Reduce -0.3% |
| MSFT Microsoft Corp. | 8.18% | 187,447 | $70.4M | Add +0.0% |
| G Genpact Ltd. | 7.71% | 1,316,393 | $66.3M | Reduce -0.3% |
| MSCI MSCI Inc. | 7.71% | 117,211 | $66.3M | Add +0.5% |
| SHW The Sherwin-Williams Co. | 7.63% | 187,957 | $65.6M | Add +0.8% |
| AON Aon PLC Class A | 7.58% | 163,336 | $65.2M | Add +2.0% |
| HLT Hilton Worldwide Holdings Inc. | 7.24% | 273,493 | $62.2M | Add +1.2% |
| EFX Equifax Inc. | 7.01% | 247,475 | $60.3M | Add +0.9% |
| AXP American Express Co. | 6.36% | 203,130 | $54.7M | Add +4.0% |
| FERG Ferguson Enterprises Inc. | 5.48% | 294,195 | $47.1M | Add +4.2% |
| BAH Booz Allen Hamilton Holdings | 4.71% | 387,611 | $40.5M | Add +22.7% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.74% | 69,446 | $6.4M | Reduce -0.6% |
| CRM Salesforce Inc. | 0.73% | 23,283 | $6.2M | Reduce -0.1% |
| FSV Firstservice Corp. | 0.24% | 12,502 | $2.1M | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.07% | 1,197 | $637K | No change |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.07% | 11,984 | $629K | No change |
Portfolio Sells Q4 2024 → Q1 2025
| AAPL Apple Inc. | Sold out | 0.00% | −9.65 |
| VRSN Verisign Inc. | Sold out | 0.00% | −1.02 |
| CRM Salesforce Inc. | Reduce -0.1% | 0.73% | −0.17 |
| MCO Moody's Corp. | Reduce -0.3% | 8.71% | −0.06 |
| TSLA Tesla Inc. | Sold out | 0.00% | −0.03 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Reduce -0.6% | 0.74% | +0.01 |
| V Visa Inc. Class A | Reduce -1.7% | 10.18% | +0.96 |
| G Genpact Ltd. | Reduce -0.3% | 7.71% | +1.20 |
Portfolio Buys Q4 2024 → Q1 2025
| ROP Roper Technologies Inc. | New | 9.64% | +9.64 |
| AON Aon PLC Class A | Add +2.0% | 7.58% | +0.98 |
| SHW The Sherwin-Williams Co. | Add +0.8% | 7.63% | +0.35 |
| BAH Booz Allen Hamilton Holdings | Add +22.7% | 4.71% | +0.05 |
| FERG Ferguson Enterprises Inc. | Add +4.2% | 5.48% | −0.14 |
| EFX Equifax Inc. | Add +0.9% | 7.01% | −0.16 |
| AXP American Express Co. | Add +4.0% | 6.36% | −0.30 |
| MSCI MSCI Inc. | Add +0.5% | 7.71% | −0.32 |
| HLT Hilton Worldwide Holdings Inc. | Add +1.2% | 7.24% | −0.43 |
| MSFT Microsoft Corp. | Add +0.0% | 8.18% | −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 |