GFI Investment Counsel Ltd. Long-Term Concentrated

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
AMZN	AMAZON COM INC	166,292 (+16714.2%)	$34,634 (+15071.5%)	4.7%	$226.84	-0.0%	COM	023135106
BIL	SPDR SERIES TRUST	76,708 (+21.3%)	$7,030 (+21.7%)	1.0%	$91.63	—	STATE STREET SPD	78468R663
GOOGL	ALPHABET INC	10,300 (+83.0%)	$2,962 (+68.1%)	0.4%	$302.69	+6.8%	CAP STK CL A	02079K305
AAPL	APPLE INC	5,071 (+83.5%)	$1,287 (+71.3%)	0.2%	$244.92	+7.3%	COM	037833100
COST	COSTCO WHOLESALE CORPORATION	324 (+26.1%)	$323 (+45.7%)	0.0%	$985.15	-2.2%	COM	22160K105
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,304 (+8.9%)	$625 (+3.9%)	0.1%	$464.34	+6.3%	CL B NEW	084670702

Exited Positions (7)

G GENPACT LIMITED 8.4%

Value ($000) $61,758 Shares 1,320,185 Est. Cost $34.55 Unrealized +23.3%

CRM SALESFORCE INC 0.2%

Value ($000) $1,685 Shares 6,360 Est. Cost $259.06 Unrealized -16.7%

BAH BOOZ ALLEN HAMILTON HLDG COR 0.0%

Value ($000) $347 Shares 4,114 Est. Cost $138.02 Unrealized -37.0%

CBRE CBRE GROUP INC 0.0%

Value ($000) $241 Shares 1,500 Est. Cost $126.46 Unrealized +27.6%

RY ROYAL BANK CDA 0.0%

Value ($000) $229 Shares 1,345 Est. Cost $153.57 Unrealized +10.7%

BAI BLACKROCK ETF TRUST 0.0%

Value ($000) $216 Shares 6,490 Est. Cost $33.30 Unrealized —

BUZZ VANECK ETF TRUST 0.0%

Value ($000) $205 Shares 6,320 Est. Cost $35.98 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
G	GENPACT LIMITED	1,320,185	$61,758	8.4%	$34.55	+23.3%	—	G3922B107
CRM	SALESFORCE INC	6,360	$1,685	0.2%	$259.06	-16.7%	—	79466L302
BAH	BOOZ ALLEN HAMILTON HLDG COR	4,114	$347	0.0%	$138.02	-37.0%	—	099502106
CBRE	CBRE GROUP INC	1,500	$241	0.0%	$126.46	+27.6%	—	12504L109
RY	ROYAL BANK CDA	1,345	$229	0.0%	$153.57	+10.7%	—	780087102
BAI	BLACKROCK ETF TRUST	6,490	$216	0.0%	$33.30	—	—	09290C780
BUZZ	VANECK ETF TRUST	6,320	$205	0.0%	$35.98	—	—	92189H839

Decreased Positions (13)

MSFT MICROSOFT CORP 7.2%

Value ($000) $52,637 (-39.5%) Shares 142,198 (-21.0%) Est. Cost $148.78 Unrealized +192.1%

MCO MOODYS CORP 7.2%

Value ($000) $52,556 (-35.1%) Shares 120,472 (-24.0%) Est. Cost $258.15 Unrealized +89.6%

V VISA INC 8.0%

Value ($000) $58,686 (-31.1%) Shares 194,169 (-20.1%) Est. Cost $121.40 Unrealized +171.1%

AXP AMERICAN EXPRESS CO 7.9%

Value ($000) $57,425 (-23.8%) Shares 189,847 (-6.8%) Est. Cost $233.22 Unrealized +52.7%

ROP ROPER TECHNOLOGIES INC 6.2%

Value ($000) $45,195 (-26.0%) Shares 127,720 (-6.9%) Est. Cost $557.47 Unrealized -32.2%

SHW SHERWIN WILLIAMS CO 6.3%

Value ($000) $46,426 (-24.0%) Shares 144,831 (-23.1%) Est. Cost $212.57 Unrealized +67.2%

EFX EQUIFAX INC 5.7%

Value ($000) $41,740 (-23.2%) Shares 231,801 (-7.5%) Est. Cost $180.81 Unrealized +13.0%

OTIS OTIS WORLDWIDE CORP 6.2%

Value ($000) $45,120 (-19.4%) Shares 585,364 (-8.7%) Est. Cost $90.13 Unrealized -0.7%

MSCI MSCI INC 8.0%

Value ($000) $58,757 (-13.4%) Shares 109,010 (-7.8%) Est. Cost $103.75 Unrealized +448.7%

AON AON PLC 6.9%

Value ($000) $50,818 (-13.9%) Shares 157,437 (-5.8%) Est. Cost $319.72 Unrealized +5.1%

BAM BROOKFIELD ASSET MANAGMT LTD 3.4%

Value ($000) $24,587 (-20.3%) Shares 554,753 (-5.7%) Est. Cost $53.47 Unrealized -3.8%

FERG FERGUSON ENTERPRISES INC 8.4%

Value ($000) $61,340 (-4.3%) Shares 262,970 (-8.7%) Est. Cost $196.97 Unrealized +27.5%

HLT HILTON WORLDWIDE HLDGS INC 10.3%

Value ($000) $75,582 (-2.8%) Shares 248,561 (-8.2%) Est. Cost $156.08 Unrealized +95.5%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
MSFT	MICROSOFT CORP	142,198 (-21.0%)	$52,637 (-39.5%)	7.2%	$148.78	+192.1%	COM	594918104
MCO	MOODYS CORP	120,472 (-24.0%)	$52,556 (-35.1%)	7.2%	$258.15	+89.6%	COM	615369105
V	VISA INC	194,169 (-20.1%)	$58,686 (-31.1%)	8.0%	$121.40	+171.1%	COM CL A	92826C839
AXP	AMERICAN EXPRESS CO	189,847 (-6.8%)	$57,425 (-23.8%)	7.9%	$233.22	+52.7%	COM	025816109
ROP	ROPER TECHNOLOGIES INC	127,720 (-6.9%)	$45,195 (-26.0%)	6.2%	$557.47	-32.2%	COM	776696106
SHW	SHERWIN WILLIAMS CO	144,831 (-23.1%)	$46,426 (-24.0%)	6.3%	$212.57	+67.2%	COM	824348106
EFX	EQUIFAX INC	231,801 (-7.5%)	$41,740 (-23.2%)	5.7%	$180.81	+13.0%	COM	294429105
OTIS	OTIS WORLDWIDE CORP	585,364 (-8.7%)	$45,120 (-19.4%)	6.2%	$90.13	-0.7%	COM	68902V107
MSCI	MSCI INC	109,010 (-7.8%)	$58,757 (-13.4%)	8.0%	$103.75	+448.7%	COM	55354G100
AON	AON PLC	157,437 (-5.8%)	$50,818 (-13.9%)	6.9%	$319.72	+5.1%	SHS CL A	G0403H108
BAM	BROOKFIELD ASSET MANAGMT LTD	554,753 (-5.7%)	$24,587 (-20.3%)	3.4%	$53.47	-3.8%	CL A LMT VTG SHS	113004105
FERG	FERGUSON ENTERPRISES INC	262,970 (-8.7%)	$61,340 (-4.3%)	8.4%	$196.97	+27.5%	COMMON STOCK NEW	31488V107
HLT	HILTON WORLDWIDE HLDGS INC	248,561 (-8.2%)	$75,582 (-2.8%)	10.3%	$156.08	+95.5%	COM	43300A203

Unchanged Positions (4)

FSV FIRSTSERVICE CORP NEW 0.3%

Value ($000) $1,861 Shares 13,421 Est. Cost $94.86 Unrealized +66.0%

TSLA TESLA INC 0.0%

Value ($000) $233 Shares 628 Est. Cost $346.84 Unrealized +22.8%

IGIB ISHARES TR 0.1%

Value ($000) $638 Shares 11,984 Est. Cost $59.12 Unrealized —

PSLV SPROTT ASSET MANAGEMENT LP 0.0%

Value ($000) $208 Shares 8,520 Est. Cost $23.70 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FSV	FIRSTSERVICE CORP NEW	13,421	$1,861	0.3%	$94.86	+66.0%	COM	33767E202
TSLA	TESLA INC	628	$233	0.0%	$346.84	+22.8%	COM	88160R101
IGIB	ISHARES TR	11,984	$638	0.1%	$59.12	—	ISHS 5-10 YR INVT	464288638
PSLV	SPROTT ASSET MANAGEMENT LP	8,520	$208	0.0%	$23.70	—	PHYSICAL SILVER	85207K107