# GFI Investment Counsel Ltd.

> Institutional holdings reported to the SEC as of Q2 2026 on Form 13F. CIK 1688774. Source: https://holderbook.com/funds/1688774-gfi-investment-counsel-ltd/

- Reported value: $737.3M
- Positions: 30
- Weight of the ten largest: 76.2%
- Filed: 2026-08-14

A 13F reports long US equity positions only. Short positions, bonds, foreign listings, private holdings and cash are not visible, so this is not the manager's whole book.

## Holdings

| Security | Ticker | Value | Shares | Weight | Quarters held |
|---|---|---|---|---|---|
| HILTON WORLDWIDE HLDGS INC | [HLT](https://holderbook.com/stocks/HLT/) | $71.5M | 216,490 | 9.7% | 12 |
| VISA INC | [V](https://holderbook.com/stocks/V/) | $64.6M | 188,200 | 8.8% | 31 |
| AMERICAN EXPRESS CO | [AXP](https://holderbook.com/stocks/AXP/) | $62.2M | 183,904 | 8.4% | 9 |
| FERGUSON ENTERPRISES INC | [FERG](https://holderbook.com/stocks/FERG/) | $59.6M | 251,124 | 8.1% | 8 |
| MSCI INC | [MSCI](https://holderbook.com/stocks/MSCI/) | $58.6M | 104,619 | 7.9% | 31 |
| MOODYS CORP | [MCO](https://holderbook.com/stocks/MCO/) | $53.4M | 117,879 | 7.2% | 25 |
| AON PLC | [AON](https://holderbook.com/stocks/AON/) | $53.1M | 160,005 | 7.2% | 13 |
| MICROSOFT CORP | [MSFT](https://holderbook.com/stocks/MSFT/) | $51.5M | 137,975 | 7.0% | 27 |
| SHERWIN WILLIAMS CO | [SHW](https://holderbook.com/stocks/SHW/) | $48.9M | 141,998 | 6.6% | 31 |
| AMAZON COM INC | [AMZN](https://holderbook.com/stocks/AMZN/) | $38.7M | 162,210 | 5.2% | 3 |
| EQUIFAX INC | [EFX](https://holderbook.com/stocks/EFX/) | $36.0M | 226,926 | 4.9% | 22 |
| OTIS WORLDWIDE CORP | [OTIS](https://holderbook.com/stocks/OTIS/) | $31.7M | 442,927 | 4.3% | 4 |
| INTERACTIVE BROKERS GROUP IN | [IBKR](https://holderbook.com/stocks/IBKR/) | $29.5M | 339,184 | 4.0% | 1 |
| VERISIGN INC | [VRSN](https://holderbook.com/stocks/VRSN/) | $28.6M | 113,640 | 3.9% | 2 |
| BROOKFIELD ASSET MANAGMT LTD | [BAM](https://holderbook.com/stocks/BAM/) | $24.2M | 541,297 | 3.3% | 3 |
| ALPHABET INC | [GOOGL](https://holderbook.com/stocks/GOOGL/) | $7.1M | 19,829 | 1.0% | 3 |
| SPDR SERIES TRUST | [BIL](https://holderbook.com/stocks/BIL/) | $6.6M | 72,044 | 0.9% | 24 |
| ROPER TECHNOLOGIES INC | [ROP](https://holderbook.com/stocks/ROP/) | $2.8M | 8,150 | 0.4% | 6 |
| FIRSTSERVICE CORP NEW | [FSV](https://holderbook.com/stocks/FSV/) | $1.9M | 13,421 | 0.3% | 29 |
| STATE STR SPDR S&P 500 ETF T | [SPY](https://holderbook.com/stocks/SPY/) | $1.3M | 1,723 | 0.2% | 1 |
| ISHARES TR | [IEFA](https://holderbook.com/stocks/IEFA/) | $1.2M | 12,181 | 0.2% | 1 |
| DRAFTKINGS INC NEW | [DKNG](https://holderbook.com/stocks/DKNG/) | $1.0M | 39,635 | 0.1% | 1 |
| APPLE INC | [AAPL](https://holderbook.com/stocks/AAPL/) | $856.8K | 2,961 | 0.1% | 4 |
| BERKSHIRE HATHAWAY INC DEL | [BRKB](https://holderbook.com/stocks/BRKB/) | $645.0K | 1,289 | 0.1% | 7 |
| ISHARES TR | [IGIB](https://holderbook.com/stocks/IGIB/) | $637.2K | 11,984 | 0.1% | 30 |
| COSTCO WHOLESALE CORPORATION | [COST](https://holderbook.com/stocks/COST/) | $303.1K | 324 | 0.0% | 5 |
| TESLA INC | [TSLA](https://holderbook.com/stocks/TSLA/) | $264.1K | 628 | 0.0% | 4 |
| VANECK ETF TRUST | [BUZZ](https://holderbook.com/stocks/BUZZ/) | $233.5K | 6,320 | 0.0% | 1 |
| ALPHABET INC | [GOOG](https://holderbook.com/stocks/GOOG/) | $226.5K | 641 | 0.0% | 1 |
| ROYAL BK CDA | [RY](https://holderbook.com/stocks/RY/) | $204.4K | 989 | 0.0% | 1 |

## What the disclosed book did

Not the fund's return. This is the change in value of the positions disclosed on Form 13F, had they been left untouched, against SPY over the same quarter ends.

| Quarter | Book | Market | Difference | Priced |
|---|---|---|---|---|
| Q2 2026 | +3.8% | +14.8% | -11.0% | 100% |
| Q1 2026 | -11.4% | -4.6% | -6.7% | 100% |
| Q4 2025 | -0.8% | +2.4% | -3.1% | 100% |
| Q3 2025 | -1.8% | +7.8% | -9.6% | 100% |
| Q2 2025 | +6.2% | +10.5% | -4.3% | 100% |
| Q1 2025 | -2.4% | -4.6% | +2.1% | 100% |
| Q4 2024 | +0.0% | +2.1% | -2.1% | 100% |
| Q3 2024 | +11.7% | +5.4% | +6.3% | 100% |

## Quarter by quarter

| Quarter | Value | Positions |
|---|---|---|
| Q2 2026 | $737.3M | 30 |
| Q1 2026 | $731.5M | 24 |
| Q4 2025 | $937.7M | 30 |
| Q3 2025 | $960.6M | 26 |
| Q2 2025 | $917.9M | 21 |
| Q1 2025 | $859.8M | 18 |
| Q4 2024 | $871.1M | 20 |
| Q3 2024 | $861.8M | 20 |
| Q2 2024 | $764.4M | 19 |
| Q1 2024 | $789.2M | 18 |
| Q4 2023 | $723.1M | 17 |
| Q3 2023 | $655.5M | 17 |