GFI Investment Counsel Ltd.

The portfolio is currently highly concentrated. The top seven positions constitute approximately 98.3% of the total portfolio value, with the top three holdings (Visa, Hilton, MSCI) alone accounting for 47.08%. This structure indicates a "high conviction" investment strategy where the firm allocates heavily to a select group of core holdings rather than diversifying broadly across hundreds of securities. The turnover rate for the quarter was aggressive, with 11 positions sold completely and 4 new positions established, signaling a major overhaul of the firm's investment book.

2. Key Holdings