GFI Investment Counsel Ltd.

Fundamental concentrated ★Highest signal CIK 1688774
League rank
#763
in Fundamental concentrated · #6148 overall
Long book
$731.5M
Q1 2026
Positions
24
Top-10 weight
76%
concentration
Last quarter
+8.6%
SPY +14.8%
Turnover
26%
of book per quarter

Strategy in plain words

auto-generated from filings

GFI Investment Counsel Ltd. is a concentrated fundamental stock-picker, running a $731.5M US long book across 24 positions.

The portfolio is extremely concentrated — the top 10 positions are almost the whole book. The portfolio is actively managed, with meaningful quarterly turnover. Current anchor positions: HILTON WORLDWIDE HOLDINGS IN, FERGUSON ENTERPRISES INC, MSCI INC, VISA INC-CLASS A SHARES, AMERICAN EXPRESS CO.

Over the last 9 quarters its long book ran on average 3.3pp per quarter behind the S&P 500, beating the index in 2 of 9 quarters. We rate its filings highest-signal: new buys here are worth attention.

Implied long-book return vs S&P 500

methodology: positions priced quarterly, no shorts/options
Fund long book S&P 500
Q1 2024
-2.1%
Q2 2024
+12.6%
Q3 2024
+0.2%
Q4 2024
-2.2%
Q1 2025
+6.4%
Q2 2025
-1.6%
Q3 2025
-0.6%
Q4 2025
-11.1%
Q1 2026
+8.6%

Sector allocation

Services media
40%
Consumer discretionary
20%
Financials
18%
Technology
16%
Industrials
6%
Real estate
0%

Long book by quarter

$789.2M
Q1 2024
$764.4M
Q2 2024
$861.8M
Q3 2024
$871.1M
Q4 2024
$859.8M
Q1 2025
$917.9M
Q2 2025
$960.1M
Q3 2025
$937.7M
Q4 2025
$731.5M
Q1 2026

What does GFI Investment own?

Q1 2026 13F
CompanySectorSharesValue% of bookChange
HLT HILTON WORLDWIDE HOLDINGS INServices media248.6K$75.6M10.3%-8.2%
FERG FERGUSON ENTERPRISES INCConsumer discretionary263.0K$61.3M8.4%-8.7%
MSCI MSCI INCServices media109.0K$58.8M8.0%-7.8%
V VISA INC-CLASS A SHARESServices media194.2K$58.7M8.0%-20.1%
AXP AMERICAN EXPRESS COFinancials189.8K$57.4M7.9%-6.8%
MSFT MICROSOFT CORPTechnology142.2K$52.6M7.2%-21.0%
MCO MOODY'S CORPServices media120.5K$52.6M7.2%-24.0%
AON AON PLC-CLASS AFinancials157.4K$50.8M6.9%-5.8%
SHW SHERWIN-WILLIAMS CO/THEConsumer discretionary144.8K$46.4M6.3%-23.1%
ROP ROPER TECHNOLOGIES INCTechnology127.7K$45.2M6.2%-6.9%
OTIS OTIS WORLDWIDE CORPIndustrials585.4K$45.1M6.2%-8.7%
EFX EQUIFAX INCServices media231.8K$41.7M5.7%-7.5%
AMZN AMAZON.COM INCConsumer discretionary166.3K$34.6M4.7%+16714.2%
BAM BROOKFIELD ASSET MGMT-AFinancials554.8K$24.6M3.4%-5.7%
VRSN VERISIGN INCTechnology43.5K$10.8M1.5%New
GOOGL ALPHABET INC-CL ATechnology10.3K$3.0M0.4%+83.0%
FSV FIRSTSERVICE CORPReal estate13.4K$1.9M0.3%Held
AAPL APPLE INCTechnology5.1K$1.3M0.2%+83.5%
BRK/B BERKSHIRE HATHAWAY INC-CL BFinancials1.3K$625K0.1%+8.9%
COST COSTCO WHOLESALE CORPConsumer discretionary324$323K0.0%+26.1%
TSLA TESLA INCIndustrials628$233K0.0%Held

13F filing history

PeriodFormFiledEntriesReported valueFlagsSource
Q1 202613F-HRMay 14, 202624$731.5M canonicalSEC ↗
Q4 202513F-HR/ARESTATEMENTFeb 25, 202626$936.8M canonicalSEC ↗
Q4 202513F-HR/ANEW HOLDINGSFeb 25, 20264$881K canonicalSEC ↗
Q4 202513F-HRFeb 11, 202626$1.09B SEC ↗
Q3 202513F-HRNov 13, 202526$960.6M canonicalSEC ↗
Q2 202513F-HRAug 11, 202521$917.9M canonicalSEC ↗
Q1 202513F-HRMay 14, 202518$859.8M canonicalSEC ↗
Q4 202413F-HR/ARESTATEMENTJun 10, 202520$871.1M canonicalSEC ↗
Q4 202413F-HRFeb 12, 202520$871K SEC ↗
Q3 202413F-HR/ARESTATEMENTJun 10, 202520$861.8M canonicalSEC ↗
Q3 202413F-HRNov 12, 202420$862K SEC ↗
Q2 202413F-HR/ARESTATEMENTJun 10, 202519$764.4M canonicalSEC ↗
Q2 202413F-HRAug 13, 202419$764K SEC ↗
Q1 202413F-HR/ARESTATEMENTJun 10, 202518$789.2M canonicalSEC ↗
Q1 202413F-HRMay 10, 202418$789K SEC ↗

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