GFI Investment Counsel Ltd. In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 25, 2026), GFI Investment Counsel Ltd. reported 30 stock positions worth $937.7 million . Its top holding was Microsoft (MSFT) at 9.3% of the portfolio, followed by Visa Class A (V, 9.1% ) and Moody's (MCO, 8.6% ). Compared with Q3 2025, it opened 6 new positions, sold out of 1, added to 3 and reduced 15. The biggest buy was a new position in Brookfield Asset Mgmt-A (BAM) and the biggest sale Booz Allen Hamilton (BAH, shares −99% ).
Location TORONTO, A6
CIK 0001688774
Portfolio Value $937.7M (Q4 2025) Holdings 30 stocks · $937.7M Holdings quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock % Of Portfolio ▼ Shares Held Total Value Change vs Q3 2025 MSFT Microsoft Corp. 179,893 $87.0M Reduce -2.1% V Visa Inc. Class A 242,924 $85.2M Reduce -1.8% MCO Moody's Corp. 158,415 $80.9M Reduce -1.8% HLT Hilton Worldwide Holdings Inc. 270,650 $77.7M Reduce -1.5% AXP American Express Co. 203,789 $75.4M Reduce -1.1% MSCI MSCI Inc. 118,234 $67.8M Reduce -0.9% FERG Ferguson Enterprises Inc. 287,873 $64.1M Add +1.5% G Genpact Ltd. 1,320,185 $61.8M Reduce -1.2% SHW The Sherwin-Williams Co. 188,402 $61.0M Reduce -0.7% ROP Roper Technologies Inc. 137,120 $61.0M Reduce -2.3% AON Aon PLC Class A 167,162 $59.0M Reduce -0.3% OTIS Otis Worldwide Corp. 641,041 $56.0M Reduce -0.7% EFX Equifax Inc. 250,462 $54.3M Reduce -0.1% BAM Brookfield Asset Mgmt-A 588,390 $30.8M New BIL SS SPDR BB 1-3M T-Bill ETF 63,217 $5.8M Reduce -2.9% FSV Firstservice Corp. 13,421 $2.1M Add +6.9% GOOGL Alphabet Inc. Class A 5,628 $1.8M New CRM Salesforce Inc. 6,360 $1.7M Reduce -72.7% AAPL Apple Inc. 2,764 $751K Add +11.4% IGIB iShares 5-10Y Inv Grade Corp. 11,984 $646K No change BRK.B Berkshire Hathaway Inc. Class B 1,197 $602K No change BAH Booz Allen Hamilton Holdings 4,114 $347K Reduce -99.0% TSLA Tesla Inc. 628 $282K No change CBRE CBRE Group Inc. Class A 1,500 $241K No change RY Royal Bank of Canada 1,345 $229K New AMZN Amazon.com Inc. 989 $228K New COST Costco Wholesale Corp. 257 $222K No change BAI Ishrs AI in and Tech Act ETF 6,490 $216K New BUZZ Vaneck Social Sentiment ETF 6,320 $205K No change PSLV Sprott Physical Silver Trust 8,520 $202K New
Portfolio Sells Q3 2025 → Q4 2025 Portfolio Sells quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▲ BAH Booz Allen Hamilton Holdings Reduce -99.0% 0.04% −4.20 EFX Equifax Inc. Reduce -0.1% 5.80% −0.90 ROP Roper Technologies Inc. Reduce -2.3% 6.51% −0.78 MSFT Microsoft Corp. Reduce -2.1% 9.28% −0.64 CRM Salesforce Inc. Reduce -72.7% 0.18% −0.40 SHW The Sherwin-Williams Co. Reduce -0.7% 6.51% −0.33 OTIS Otis Worldwide Corp. Reduce -0.7% 5.97% −0.18 NFLX Netflix Inc. Sold out 0.00% −0.02 BIL SS SPDR BB 1-3M T-Bill ETF Reduce -2.9% 0.62% −0.01 AON Aon PLC Class A Reduce -0.3% 6.29% +0.07 MSCI MSCI Inc. Reduce -0.9% 7.23% +0.18 V Visa Inc. Class A Reduce -1.8% 9.09% +0.29 MCO Moody's Corp. Reduce -1.8% 8.63% +0.62 G Genpact Ltd. Reduce -1.2% 6.59% +0.76 HLT Hilton Worldwide Holdings Inc. Reduce -1.5% 8.29% +0.86 AXP American Express Co. Reduce -1.1% 8.04% +0.91
Portfolio Buys Q3 2025 → Q4 2025 Portfolio Buys quarter Q2 2026 Q1 2026 Q4 2025 Q3 2025 Q2 2025 Q1 2025 Q4 2024 Q3 2024 Q2 2024 Q1 2024
Stock Change vs Q3 2025 % Of Portfolio Change To Portfolio ▼ BAM Brookfield Asset Mgmt-A New 3.29% +3.29 FERG Ferguson Enterprises Inc. Add +1.5% 6.83% +0.20 GOOGL Alphabet Inc. Class A New 0.19% +0.19 RY Royal Bank of Canada New 0.02% +0.02 AMZN Amazon.com Inc. New 0.02% +0.02 BAI Ishrs AI in and Tech Act ETF New 0.02% +0.02 PSLV Sprott Physical Silver Trust New 0.02% +0.02 AAPL Apple Inc. Add +11.4% 0.08% +0.01 FSV Firstservice Corp. Add +6.9% 0.22% −0.03
Options Activity Q3 2025 → Q4 2025 Security Type Change vs Q3 2025 Underlying Shares Value ▼ IWM iShares Russell 2000 ETF put Sold out 4,130 $458Kbefore exit
Calls and puts are listed by the shares they cover; their value is not part of the stock holdings above.
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 2025 Amended 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 2024 Amended 20 $871.1M AAPL, V, MSFT, MCO, MSCI Q3 2024 Amended 20 $861.8M MSFT, AAPL, MCO, SHW, EFX Q2 2024 Amended 19 $764.4M MSFT, AAPL, MCO, V, EFX Q1 2024 Amended 18 $789.2M MSFT, FIX, EFX, V, MCO