GFI Investment Counsel Ltd.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 13, 2025), GFI Investment Counsel Ltd. reported 25 stock positions worth $960.1 million. Its top holding was Microsoft (MSFT) at 9.9% of the portfolio, followed by Visa Class A (V, 8.8%) and Moody's (MCO, 8.0%). Compared with Q2 2025, it opened 5 new positions, sold out of 1, added to 11 and reduced 5. The biggest buy was a new position in Otis Worldwide (OTIS) and the biggest sale Visa Class A (V, shares −0%).

Most Recent 13F
Q2 2026
Location
TORONTO, A6
CIK
0001688774
Portfolio Value
$960.1M (Q3 2025)
SEC Filing
0001688774-25-000015 ↗ filed Nov 13, 2025

Holdings Value

0$200.0M$400.0M$600.0M$800.0M$1.0B Q1 2024: $789.2M Q1 2024 Q2 2024: $764.4M Q2 2024 Q3 2024: $861.8M Q3 2024 Q4 2024: $871.1M Q4 2024 Q1 2025: $859.8M Q1 2025 Q2 2025: $917.9M Q2 2025 Q3 2025: $960.1M $960.1M Q3 2025 Q4 2025: $937.7M Q4 2025 Q1 2026: $731.5M Q1 2026 Q2 2026: $737.3M Q2 2026

Holdings 25 stocks · $960.1M
MSFT Microsoft Corp. 9.91% 183,782 $95.2M Reduce -1.0%
V Visa Inc. Class A 8.80% 247,486 $84.5M Reduce -0.2%
MCO Moody's Corp. 8.01% 161,380 $76.9M Add +0.2%
HLT Hilton Worldwide Holdings Inc. 7.43% 274,821 $71.3M Reduce -0.1%
ROP Roper Technologies Inc. 7.29% 140,301 $70.0M Add +0.1%
AXP American Express Co. 7.13% 205,963 $68.4M Add +0.1%
MSCI MSCI Inc. 7.05% 119,316 $67.7M Add +0.7%
SHW The Sherwin-Williams Co. 6.85% 189,805 $65.7M Add +0.3%
EFX Equifax Inc. 6.70% 250,680 $64.3M Add +0.6%
FERG Ferguson Enterprises Inc. 6.63% 283,510 $63.7M Reduce -3.4%
AON Aon PLC Class A 6.22% 167,596 $59.8M Add +0.6%
OTIS Otis Worldwide Corp. 6.15% 645,539 $59.0M New
G Genpact Ltd. 5.83% 1,335,865 $56.0M Add +0.5%
BAH Booz Allen Hamilton Holdings 4.24% 407,468 $40.7M Add +2.7%
BIL SS SPDR BB 1-3M T-Bill ETF 0.62% 65,105 $6.0M Reduce -11.8%
CRM Salesforce Inc. 0.58% 23,321 $5.5M Add +0.2%
FSV Firstservice Corp. 0.25% 12,559 $2.4M Add +0.5%
IGIB iShares 5-10Y Inv Grade Corp. 0.07% 11,984 $648K No change
AAPL Apple Inc. 0.07% 2,480 $631K New
BRK.B Berkshire Hathaway Inc. Class B 0.06% 1,197 $602K No change
TSLA Tesla Inc. 0.03% 628 $279K New
COST Costco Wholesale Corp. 0.02% 257 $238K No change
CBRE CBRE Group Inc. Class A 0.02% 1,500 $236K No change
BUZZ Vaneck Social Sentiment ETF 0.02% 6,320 $227K New
NFLX Netflix Inc. 0.02% 182 $218K New

Options reported separately and not counted above: IWM puts ($458K).

Portfolio Sells Q2 2025 → Q3 2025
V Visa Inc. Class A Reduce -0.2% 8.80% −0.79
HLT Hilton Worldwide Holdings Inc. Reduce -0.1% 7.43% −0.56
FERG Ferguson Enterprises Inc. Reduce -3.4% 6.63% −0.33
MSFT Microsoft Corp. Reduce -1.0% 9.91% −0.15
BIL SS SPDR BB 1-3M T-Bill ETF Reduce -11.8% 0.62% −0.12
AMZN Amazon.com Inc. Sold out 0.00% −0.02

Portfolio Buys Q2 2025 → Q3 2025
OTIS Otis Worldwide Corp. New 6.15% +6.15
AAPL Apple Inc. New 0.07% +0.07
TSLA Tesla Inc. New 0.03% +0.03
BUZZ Vaneck Social Sentiment ETF New 0.02% +0.02
NFLX Netflix Inc. New 0.02% +0.02
FSV Firstservice Corp. Add +0.5% 0.25% +0.01
AXP American Express Co. Add +0.1% 7.13% −0.02
CRM Salesforce Inc. Add +0.2% 0.58% −0.12
SHW The Sherwin-Williams Co. Add +0.3% 6.85% −0.23
AON Aon PLC Class A Add +0.6% 6.22% −0.25
BAH Booz Allen Hamilton Holdings Add +2.7% 4.24% −0.26
EFX Equifax Inc. Add +0.6% 6.70% −0.35
MSCI MSCI Inc. Add +0.7% 7.05% −0.40
G Genpact Ltd. Add +0.5% 5.83% −0.55
MCO Moody's Corp. Add +0.2% 8.01% −0.79
ROP Roper Technologies Inc. Add +0.1% 7.29% −1.36

Options Activity Q2 2025 → Q3 2025
IWM iShares Russell 2000 ETF put New 4,130 $458K

Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 30$737.3MHLT, V, AXP, FERG, MSCI
Q1 2026 24$731.5MHLT, FERG, MSCI, V, AXP
Q4 2025Amended 30$937.7MMSFT, V, MCO, HLT, AXP
Q3 2025 25$960.1MMSFT, V, MCO, HLT, ROP
Q2 2025 21$917.9MMSFT, V, MCO, ROP, HLT
Q1 2025 18$859.8MV, ROP, MCO, MSFT, G
Q4 2024Amended 20$871.1MAAPL, V, MSFT, MCO, MSCI
Q3 2024Amended 20$861.8MMSFT, AAPL, MCO, SHW, EFX
Q2 2024Amended 19$764.4MMSFT, AAPL, MCO, V, EFX
Q1 2024Amended 18$789.2MMSFT, FIX, EFX, V, MCO