GFI Investment Counsel Ltd.
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 11, 2025), GFI Investment Counsel Ltd. reported 21 stock positions worth $917.9 million. Its top holding was Microsoft (MSFT) at 10.1% of the portfolio, followed by Visa Class A (V, 9.6%) and Moody's (MCO, 8.8%). Compared with Q1 2025, it opened 3 new positions, added to 10 and reduced 5. The biggest buy was American Express (AXP, shares +1%) and the biggest sale Roper Technologies (ROP, shares −0%).
- Most Recent 13F
- Q2 2026
- Location
- TORONTO, A6
- CIK
- 0001688774
- Portfolio Value
- $917.9M (Q2 2025)
- SEC Filing
- 0001688774-25-000013 ↗ filed Aug 11, 2025
Holdings Value
Holdings 21 stocks · $917.9M
| MSFT Microsoft Corp. | 10.06% | 185,666 | $92.4M | Reduce -0.9% |
| V Visa Inc. Class A | 9.59% | 247,995 | $88.1M | Reduce -0.7% |
| MCO Moody's Corp. | 8.80% | 161,060 | $80.8M | Add +0.2% |
| ROP Roper Technologies Inc. | 8.65% | 140,102 | $79.4M | Reduce -0.3% |
| HLT Hilton Worldwide Holdings Inc. | 7.99% | 275,235 | $73.3M | Add +0.6% |
| MSCI MSCI Inc. | 7.45% | 118,549 | $68.4M | Add +1.1% |
| AXP American Express Co. | 7.15% | 205,727 | $65.6M | Add +1.3% |
| SHW The Sherwin-Williams Co. | 7.08% | 189,262 | $65.0M | Add +0.7% |
| EFX Equifax Inc. | 7.04% | 249,301 | $64.7M | Add +0.7% |
| FERG Ferguson Enterprises Inc. | 6.96% | 293,384 | $63.9M | Reduce -0.3% |
| AON Aon PLC Class A | 6.48% | 166,610 | $59.4M | Add +2.0% |
| G Genpact Ltd. | 6.38% | 1,329,859 | $58.5M | Add +1.0% |
| BAH Booz Allen Hamilton Holdings | 4.50% | 396,679 | $41.3M | Add +2.3% |
| BIL SS SPDR BB 1-3M T-Bill ETF | 0.74% | 73,846 | $6.8M | Add +6.3% |
| CRM Salesforce Inc. | 0.69% | 23,273 | $6.3M | Reduce -0.0% |
| FSV Firstservice Corp. | 0.24% | 12,502 | $2.2M | No change |
| IGIB iShares 5-10Y Inv Grade Corp. | 0.07% | 11,984 | $639K | No change |
| BRK.B Berkshire Hathaway Inc. Class B | 0.06% | 1,197 | $581K | No change |
| COST Costco Wholesale Corp. | 0.03% | 257 | $254K | New |
| AMZN Amazon.com Inc. | 0.02% | 1,040 | $228K | New |
| CBRE CBRE Group Inc. Class A | 0.02% | 1,500 | $210K | New |
Portfolio Sells Q1 2025 → Q2 2025
Portfolio Buys Q1 2025 → Q2 2025
| AXP American Express Co. | Add +1.3% | 7.15% | +0.79 |
| HLT Hilton Worldwide Holdings Inc. | Add +0.6% | 7.99% | +0.75 |
| MCO Moody's Corp. | Add +0.2% | 8.80% | +0.09 |
| EFX Equifax Inc. | Add +0.7% | 7.04% | +0.03 |
| COST Costco Wholesale Corp. | New | 0.03% | +0.03 |
| AMZN Amazon.com Inc. | New | 0.02% | +0.02 |
| CBRE CBRE Group Inc. Class A | New | 0.02% | +0.02 |
| BIL SS SPDR BB 1-3M T-Bill ETF | Add +6.3% | 0.74% | −0.00 |
| BAH Booz Allen Hamilton Holdings | Add +2.3% | 4.50% | −0.21 |
| MSCI MSCI Inc. | Add +1.1% | 7.45% | −0.26 |
| SHW The Sherwin-Williams Co. | Add +0.7% | 7.08% | −0.55 |
| AON Aon PLC Class A | Add +2.0% | 6.48% | −1.11 |
| G Genpact Ltd. | Add +1.0% | 6.38% | −1.34 |
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 |