GFI Investment Counsel Ltd. Long-Term Concentrated

CIK: 0001688774 · Show all filings

Period: Q4 2025 (← Previous)

Filing Date: Feb 25, 2026

Total Value ($000): $937,679

Holdings (30)

New Positions (6)

BAM BROOKFIELD ASSET MANAGEMENT 3.3%

Value ($000) $30,843 Shares 588,390 Est. Cost $53.47 Unrealized 0.0%

GOOGL ALPHABET INC 0.2%

Value ($000) $1,762 Shares 5,628 Est. Cost $285.60 Unrealized 0.0%

RY ROYAL BANK CDA 0.0%

Value ($000) $229 Shares 1,345 Est. Cost $153.57 Unrealized 0.0%

AMZN AMAZON COM INC 0.0%

Value ($000) $228 Shares 989 Est. Cost $228.79 Unrealized 0.0%

BAI BLACKROCK ETF TRUST 0.0%

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

PSLV SPROTT ASSET MANAGEMENT LP 0.0%

Value ($000) $202 Shares 8,520 Est. Cost $23.70 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BAM	BROOKFIELD ASSET MANAGEMENT	588,390	$30,843	3.3%	$53.47	0.0%	—	113004105
GOOGL	ALPHABET INC	5,628	$1,762	0.2%	$285.60	0.0%	—	02079K305
RY	ROYAL BANK CDA	1,345	$229	0.0%	$153.57	0.0%	—	780087102
AMZN	AMAZON COM INC	989	$228	0.0%	$228.79	0.0%	—	023135106
BAI	BLACKROCK ETF TRUST	6,490	$216	0.0%	$33.30	—	—	09290C780
PSLV	SPROTT ASSET MANAGEMENT LP	8,520	$202	0.0%	$23.70	—	—	85207K107

Increased Positions (3)

FERG FERGUSON ENTERPRISES INC 6.8%

Value ($000) $64,089 (+0.7%) Shares 287,873 (+1.5%) Est. Cost $196.97 Unrealized +20.8%

FSV FIRSTSERVICE CORP NEW 0.2%

Value ($000) $2,088 (-12.7%) Shares 13,421 (+6.9%) Est. Cost $94.86 Unrealized +71.2%

AAPL APPLE INC 0.1%

Value ($000) $751 (+19.0%) Shares 2,764 (+11.5%) Est. Cost $229.98 Unrealized +16.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
FERG	FERGUSON ENTERPRISES INC	287,873 (+1.5%)	$64,089 (+0.7%)	6.8%	$196.97	+20.8%	—	31488V107
FSV	FIRSTSERVICE CORP NEW	13,421 (+6.9%)	$2,088 (-12.7%)	0.2%	$94.86	+71.2%	—	33767E202
AAPL	APPLE INC	2,764 (+11.5%)	$751 (+19.0%)	0.1%	$229.98	+16.7%	—	037833100

Exited Positions (2)

IWM ISHARES TR 0.0%

Value ($000) $458 Shares 4,130 Est. Cost — Unrealized —

NFLX NETFLIX INC 0.0%

Value ($000) $218 Shares 182 Est. Cost $122.05 Unrealized -11.7%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IWM	ISHARES TR	4,130	$458	0.0%	—	—	PUT	464287655
NFLX	NETFLIX INC	182	$218	0.0%	$122.05	-11.7%	—	64110L106

Decreased Positions (10)

BAH BOOZ ALLEN HAMILTON HLDG COR 0.0%

Value ($000) $347 (-99.1%) Shares 4,114 (-99.0%) Est. Cost $138.02 Unrealized -35.9%

ROP ROPER TECHNOLOGIES INC 6.5%

Value ($000) $61,036 (-12.8%) Shares 137,120 (-2.3%) Est. Cost $557.47 Unrealized -17.1%

MSFT MICROSOFT CORP 9.3%

Value ($000) $87,000 (-8.6%) Shares 179,893 (-2.1%) Est. Cost $148.78 Unrealized +236.4%

AXP AMERICAN EXPRESS CO 8.0%

Value ($000) $75,392 (+10.2%) Shares 203,789 (-1.1%) Est. Cost $233.22 Unrealized +53.1%

HLT HILTON WORLDWIDE HLDGS INC 8.3%

Value ($000) $77,744 (+9.0%) Shares 270,650 (-1.5%) Est. Cost $156.08 Unrealized +74.4%

G GENPACT LIMITED 6.6%

Value ($000) $61,758 (+10.4%) Shares 1,320,185 (-1.2%) Est. Cost $34.55 Unrealized +25.2%

MCO MOODYS CORP 8.6%

Value ($000) $80,926 (+5.2%) Shares 158,415 (-1.8%) Est. Cost $258.15 Unrealized +88.8%

CRM SALESFORCE INC 0.2%

Value ($000) $1,685 (-69.5%) Shares 6,360 (-72.7%) Est. Cost $259.06 Unrealized -4.2%

V VISA INC 9.1%

Value ($000) $85,196 (+0.8%) Shares 242,924 (-1.8%) Est. Cost $121.40 Unrealized +180.4%

BIL SPDR SERIES TRUST 0.6%

Value ($000) $5,777 (-3.3%) Shares 63,217 (-2.9%) Est. Cost $91.63 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
BAH	BOOZ ALLEN HAMILTON HLDG COR	4,114 (-99.0%)	$347 (-99.1%)	0.0%	$138.02	-35.9%	—	099502106
ROP	ROPER TECHNOLOGIES INC	137,120 (-2.3%)	$61,036 (-12.8%)	6.5%	$557.47	-17.1%	—	776696106
MSFT	MICROSOFT CORP	179,893 (-2.1%)	$87,000 (-8.6%)	9.3%	$148.78	+236.4%	—	594918104
AXP	AMERICAN EXPRESS CO	203,789 (-1.1%)	$75,392 (+10.2%)	8.0%	$233.22	+53.1%	—	025816109
HLT	HILTON WORLDWIDE HLDGS INC	270,650 (-1.5%)	$77,744 (+9.0%)	8.3%	$156.08	+74.4%	—	43300A203
G	GENPACT LIMITED	1,320,185 (-1.2%)	$61,758 (+10.4%)	6.6%	$34.55	+25.2%	—	G3922B107
MCO	MOODYS CORP	158,415 (-1.8%)	$80,926 (+5.2%)	8.6%	$258.15	+88.8%	—	615369105
CRM	SALESFORCE INC	6,360 (-72.7%)	$1,685 (-69.5%)	0.2%	$259.06	-4.2%	—	79466L302
V	VISA INC	242,924 (-1.8%)	$85,196 (+0.8%)	9.1%	$121.40	+180.4%	—	92826C839
BIL	SPDR SERIES TRUST	63,217 (-2.9%)	$5,777 (-3.3%)	0.6%	$91.63	—	—	78468R663

Unchanged Positions (11)

EFX EQUIFAX INC 5.8%

Value ($000) $54,345 Shares 250,462 Est. Cost $180.81 Unrealized +20.9%

SHW SHERWIN WILLIAMS CO 6.5%

Value ($000) $61,048 Shares 188,402 Est. Cost $212.57 Unrealized +57.2%

OTIS OTIS WORLDWIDE CORP 6.0%

Value ($000) $55,995 Shares 641,041 Est. Cost $90.13 Unrealized -1.0%

AON AON PLC 6.3%

Value ($000) $58,988 Shares 167,162 Est. Cost $319.72 Unrealized +9.2%

MSCI MSCI INC 7.2%

Value ($000) $67,834 Shares 118,234 Est. Cost $103.75 Unrealized +439.8%

BUZZ VANECK ETF TRUST 0.0%

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

COST COSTCO WHSL CORP 0.0%

Value ($000) $222 Shares 257 Est. Cost $990.72 Unrealized -8.6%

CBRE CBRE GROUP INC 0.0%

Value ($000) $241 Shares 1,500 Est. Cost $126.46 Unrealized +24.3%

TSLA TESLA INC 0.0%

Value ($000) $282 Shares 628 Est. Cost $346.84 Unrealized +27.8%

IGIB ISHARES TR 0.1%

Value ($000) $646 Shares 11,984 Est. Cost $59.12 Unrealized —

BRK/B BERKSHIRE HATHAWAY INC DEL 0.1%

Value ($000) $602 Shares 1,197 Est. Cost $461.73 Unrealized +7.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
EFX	EQUIFAX INC	250,462	$54,345	5.8%	$180.81	+20.9%	—	294429105
SHW	SHERWIN WILLIAMS CO	188,402	$61,048	6.5%	$212.57	+57.2%	—	824348106
OTIS	OTIS WORLDWIDE CORP	641,041	$55,995	6.0%	$90.13	-1.0%	—	68902V107
AON	AON PLC	167,162	$58,988	6.3%	$319.72	+9.2%	—	G0403H108
MSCI	MSCI INC	118,234	$67,834	7.2%	$103.75	+439.8%	—	55354G100
BUZZ	VANECK ETF TRUST	6,320	$205	0.0%	$35.98	—	—	92189H839
COST	COSTCO WHSL CORP	257	$222	0.0%	$990.72	-8.6%	—	22160K105
CBRE	CBRE GROUP INC	1,500	$241	0.0%	$126.46	+24.3%	—	12504L109
TSLA	TESLA INC	628	$282	0.0%	$346.84	+27.8%	—	88160R101
IGIB	ISHARES TR	11,984	$646	0.1%	$59.12	—	—	464288638
BRK/B	BERKSHIRE HATHAWAY INC DEL	1,197	$602	0.1%	$461.73	+7.8%	—	084670702