CIK: 0001688774
Total reported value
$731.5M
Reporting period: 2026-03-31 · Number of holdings: 24
GFI Investment Counsel Ltd. disclosed 24 holdings in its latest 13F filing for the period ending 2026-03-31, with total reported value of $731.5M and a quarterly turnover rate of 36.4%.
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GFI Investment Counsel Ltd.'s disclosed holdings carry a Herfindahl concentration index of 0.071 — mathematically equivalent to about 14 equally-sized positions, well below its 24 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes are fairly uniform across the portfolio (a coefficient of variation of 0.85), suggesting a disciplined, rules-based approach to how much capital goes into each idea.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Trim MSFT
-21.0% -$34.4M
Add HLT
-8.2% -$2.2M
Add FERG
-8.7% -$2.7M
Trim MCO
-24.0% -$28.4M
Trim V
-20.1% -$26.5M
Add MSCI
-7.8% -$9.1M
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | HLT | Hilton Worldwide Holdings In | Stock-Consumer Disc | 10.33% | +2.03% | -8.16% | |
| 2 | FERG | Ferguson Enterprises INC | Stock-Industrials | 8.39% | +1.55% | -8.65% | |
| 3 | MSCI | Msci INC | Stock-Financials | 8.03% | +0.79% | -7.80% | |
| 4 | V | Visa Inc-class A Shares | Stock-Financials | 8.02% | -1.07% | -20.07% | |
| 5 | AXP | American Express Co | Stock-Financials | 7.85% | -0.20% | -6.84% | |
| 6 | MSFT | Microsoft CORP | Stock-Tech | 7.20% | -2.09% | -20.95% | |
| 7 | MCO | Moody's CORP | Stock-Financials | 7.19% | -1.46% | -23.95% | |
| 8 | AON | Aon plc | Stock-Financials | 6.95% | +0.65% | -5.82% | |
| 9 | SHW | Sherwin-williams Co/the | Stock-Materials | 6.35% | -0.17% | -23.13% | |
| 10 | ROP | Roper Technologies INC | Stock-Tech | 6.18% | -0.34% | -6.86% | |
| 11 | OTIS | Otis Worldwide CORP | Stock-Industrials | 6.17% | +0.19% | -8.69% | |
| 12 | EFX | Equifax INC | Stock-Industrials | 5.71% | -0.09% | -7.45% | |
| 13 | AMZN | Amazon.com INC | Stock-Consumer Disc | 4.73% | +4.73% | NEW | |
| 14 | BAM | Brookfield Asset Mgmt-a | Stock-Financials | 3.36% | +0.07% | -5.72% | |
| 15 | VRSN | Verisign INC | Stock-Tech | 1.48% | +1.48% | NEW | |
| 16 | BIL | Ss Spdr Bb 1-3m T-bill ETF | ETF-Gov Bonds | 0.96% | +0.34% | +21.34% | |
| 17 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 0.40% | +0.21% | +83.01% | |
| 18 | FSV | Firstservice CORP | Stock-Other | 0.25% | +0.03% | — | |
| 19 | AAPL | Apple INC | Stock-Tech | 0.18% | +0.10% | +83.47% | |
| 20 | IGIB | Ishares 5-10y Inv Grade CORP | ETF-Corp Bonds | 0.09% | +0.02% | — | |
| 21 | BRK-B | Berkshire Hathaway Inc-cl B | Stock-Other | 0.09% | +0.03% | +8.94% | |
| 22 | COST | Costco Wholesale CORP | Stock-Consumer Staples | 0.04% | +0.04% | NEW | |
| 23 | TSLA | Tesla INC | Stock-Consumer Disc | 0.03% | — | — | |
| 24 | PSLV | Sprott Physical Silver Trust | Stock-Other | 0.03% | +0.03% | NEW |
Performance for Q3 2026
+2.2%
Performance Last 4 Quarters
-2.9%
Based on 81% of reported portfolio value with available pricing
| Period | Holdings | Total value | Stability | Top holdings |
|---|---|---|---|---|
| 2026-03-31 | 24 | $731.5M | 36 | |
| 2025-12-31 | 26 | $936.8M | 15 | |
| 2025-09-30 | 26 | $960.6M | 18 | |
| 2025-06-30 | 21 | $917.9M | 0 | |
| 2025-03-31 | 18 | $859.8M | 99 | |
| 2024-12-31 | 20 | $871.1M | 0 | |
| 2024-09-30 | 20 | $861.8M | 0 | |
| 2024-06-30 | 19 | $764.4M | 0 | |
| 2024-03-31 | 18 | $789.2M | 0 | |
| 2023-12-31 | 17 | $723.1M | 0 | |
| 2023-09-30 | 17 | $655.5M | 0 | |
| 2023-06-30 | 16 | $656.9M | 0 | |
| 2023-03-31 | 16 | $584.5M | 0 | |
| 2022-12-31 | 16 | $593.6M | 0 | |
| 2022-09-30 | 16 | $576.5M | 0 | |
| 2022-06-30 | 19 | $636.9M | 0 | |
| 2022-03-31 | 17 | $762.2M | 0 | |
| 2021-12-31 | 17 | $863.4M | 0 | |
| 2021-09-30 | 18 | $777.7M | 0 | |
| 2021-06-30 | 19 | $728.4M | 92 | |
| 2021-03-31 | 21 | $626.3M | 21 | |
| 2020-12-31 | 16 | $536.8M | 16 | |
| 2020-09-30 | 16 | $461.8M | 29 | |
| 2020-06-30 | 15 | $413.0M | 67 | |
| 2020-03-31 | 12 | $255.6M | 16 | |
| 2019-12-31 | 12 | $293.3M | 35 | |
| 2019-09-30 | 12 | $255.8M | 14 | |
| 2019-06-30 | 12 | $236.9M | 26 | |
| 2019-03-31 | 13 | $224.5M | 36 | |
| 2018-12-31 | 12 | $188.4M | 20 | |
| 2018-09-30 | 25 | $224.2M | 12 | |
| 2018-06-30 | 25 | $205.3M | 27 | |
| 2018-03-31 | 36 | $198.9M | 26 | |
| 2017-12-31 | 26 | $194.2M | 20 | |
| 2017-09-30 | 27 | $165.8M | 12 | |
| 2017-06-30 | 25 | $159.2M | 21 | |
| 2017-03-31 | 26 | $157.3M | 33 | |
| 2016-12-31 | 24 | $144.2M | 0 |
GFI Investment Counsel Ltd.'s most significant position changes for 2026-03-31: Sold out: Genpact Limited (G); New buy: Amazon.com INC (AMZN); New buy: Verisign INC (VRSN); Sold out: Salesforce INC (CRM); Sold out: Booz Allen Hamilton Holdings (BAH).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | HLT | Hilton Worldwide Holdings In | +2% | -8.16% | Trim |
| 2 | FERG | Ferguson Enterprises INC | +1.6% | -8.65% | Trim |
| 3 | MSCI | Msci INC | +0.8% | -7.80% | Trim |
| 4 | AON | Aon plc | +0.7% | -5.82% | Trim |
| 5 | BIL | Ss Spdr Bb 1-3m T-bill ETF | +0.3% | +21.34% | Add |
| 6 | GOOGL | Alphabet Inc-cl A | +0.2% | +83.01% | Add |
| 7 | OTIS | Otis Worldwide CORP | +0.2% | -8.69% | Trim |
| 8 | AAPL | Apple INC | +0.1% | +83.47% | Add |
| 9 | BAM | Brookfield Asset Mgmt-a | +0.1% | -5.72% | Trim |
| 10 | FSV | Firstservice CORP | 0% | — | Unchanged |
| 11 | BRK-B | Berkshire Hathaway Inc-cl B | 0% | +8.94% | Add |
| 12 | IGIB | Ishares 5-10y Inv Grade CORP | 0% | — | Unchanged |
| 13 | TSLA | Tesla INC | — | — | Unchanged |
| 14 | EFX | Equifax INC | -0.1% | -7.45% | Trim |
| 15 | SHW | Sherwin-williams Co/the | -0.2% | -23.13% | Trim |
| 16 | AXP | American Express Co | -0.2% | -6.84% | Trim |
| 17 | ROP | Roper Technologies INC | -0.3% | -6.86% | Trim |
| 18 | V | Visa Inc-class A Shares | -1.1% | -20.07% | Trim |
| 19 | MCO | Moody's CORP | -1.5% | -23.95% | Trim |
| 20 | MSFT | Microsoft CORP | -2.1% | -20.95% | Trim |
| 21 | G | Genpact Limited | — | EXIT | Sold out |
| 22 | AMZN | Amazon.com INC | — | NEW | New buy |
| 23 | VRSN | Verisign INC | — | NEW | New buy |
| 24 | CRM | Salesforce INC | — | EXIT | Sold out |
| 25 | BAH | Booz Allen Hamilton Holdings | — | EXIT | Sold out |
| 26 | COST | Costco Wholesale CORP | — | NEW | New buy |
| 27 | CBRE | Cbre Group INC - A | — | EXIT | Sold out |
| 28 | BAI | Ishrs Ai In And Tech Act ETF | — | EXIT | Sold out |
| 29 | PSLV | Sprott Physical Silver Trust | — | NEW | New buy |
| 30 | BUZZ | Vaneck Social Sentiment ETF | — | EXIT | Sold out |
| Period | Filed | Type | EDGAR |
|---|---|---|---|
| 2026-03-31 | 2026-05-14 | 13F-HR | View on EDGAR |
| 2025-12-31 | 2026-02-25 | Amendment | View on EDGAR |
| 2025-12-31 | 2026-02-25 | Amendment | View on EDGAR |
| 2025-12-31 | 2026-02-11 | 13F-HR | View on EDGAR |
| 2025-09-30 | 2025-11-13 | 13F-HR | View on EDGAR |
| 2025-06-30 | 2025-08-11 | 13F-HR | View on EDGAR |
| 2025-03-31 | 2025-05-14 | 13F-HR | View on EDGAR |
| 2024-12-31 | 2025-06-10 | Amendment | View on EDGAR |
| 2024-12-31 | 2025-02-12 | 13F-HR | View on EDGAR |
| 2024-09-30 | 2025-06-10 | Amendment | View on EDGAR |
| 2024-09-30 | 2024-11-12 | 13F-HR | View on EDGAR |
| 2024-06-30 | 2025-06-10 | Amendment | View on EDGAR |
| 2024-06-30 | 2024-08-13 | 13F-HR | View on EDGAR |
| 2024-03-31 | 2025-06-10 | Amendment | View on EDGAR |
| 2024-03-31 | 2024-05-10 | 13F-HR | View on EDGAR |
| 2023-12-31 | 2025-06-10 | Amendment | View on EDGAR |
| 2023-12-31 | 2024-02-09 | 13F-HR | View on EDGAR |
| 2023-09-30 | 2025-06-10 | Amendment | View on EDGAR |
| 2023-09-30 | 2023-11-13 | 13F-HR | View on EDGAR |
| 2023-06-30 | 2025-06-10 | Amendment | View on EDGAR |
| 2023-06-30 | 2023-08-11 | 13F-HR | View on EDGAR |
| 2023-03-31 | 2025-06-10 | Amendment | View on EDGAR |
| 2023-03-31 | 2023-05-12 | 13F-HR | View on EDGAR |
| 2022-12-31 | 2025-06-10 | Amendment | View on EDGAR |
| 2022-12-31 | 2023-02-10 | 13F-HR | View on EDGAR |
| 2022-09-30 | 2022-11-14 | 13F-HR | View on EDGAR |
| 2022-06-30 | 2022-08-11 | 13F-HR | View on EDGAR |
| 2022-03-31 | 2022-05-12 | 13F-HR | View on EDGAR |
| 2021-12-31 | 2022-02-11 | 13F-HR | View on EDGAR |
| 2021-09-30 | 2021-11-12 | 13F-HR | View on EDGAR |
| 2021-06-30 | 2021-08-12 | 13F-HR | View on EDGAR |
| 2021-03-31 | 2021-05-12 | 13F-HR | View on EDGAR |
| 2020-12-31 | 2021-02-12 | 13F-HR | View on EDGAR |
| 2020-09-30 | 2020-11-12 | 13F-HR | View on EDGAR |
| 2020-06-30 | 2020-10-20 | Amendment | View on EDGAR |
| 2020-06-30 | 2020-08-13 | 13F-HR | View on EDGAR |
| 2020-03-31 | 2020-10-20 | Amendment | View on EDGAR |
| 2020-03-31 | 2020-05-13 | 13F-HR | View on EDGAR |
| 2019-12-31 | 2020-10-20 | Amendment | View on EDGAR |
| 2019-12-31 | 2020-02-13 | 13F-HR | View on EDGAR |
| 2019-09-30 | 2020-10-20 | Amendment | View on EDGAR |
| 2019-09-30 | 2019-11-14 | 13F-HR | View on EDGAR |
| 2019-06-30 | 2020-10-20 | Amendment | View on EDGAR |
| 2019-06-30 | 2019-10-30 | Amendment | View on EDGAR |
| 2019-06-30 | 2019-08-14 | 13F-HR | View on EDGAR |
| 2019-03-31 | 2019-05-13 | 13F-HR | View on EDGAR |
| 2018-12-31 | 2019-02-12 | 13F-HR | View on EDGAR |
| 2018-09-30 | 2018-11-13 | 13F-HR | View on EDGAR |
| 2018-06-30 | 2018-08-13 | 13F-HR | View on EDGAR |
| 2018-03-31 | 2018-05-11 | 13F-HR | View on EDGAR |
| 2017-12-31 | 2018-02-12 | 13F-HR | View on EDGAR |
| 2017-09-30 | 2017-11-13 | 13F-HR | View on EDGAR |
| 2017-06-30 | 2017-08-11 | 13F-HR | View on EDGAR |
| 2017-03-31 | 2017-05-12 | 13F-HR | View on EDGAR |
| 2016-12-31 | 2017-02-10 | 13F-HR | View on EDGAR |
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