GFL ENVIRONMENTAL INC GFL
SUB VTG SHS · Common Stock · CUSIP 36168Q104 · ISIN CA36168Q1046
- SectorUtilities
- IndustryRefuse Systems
- HeadquartersMiami, FL
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($40.2m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $49.48. Options: 9 managers hold calls ($9.3m notional), 7 hold puts ($27.6m).
Trends to Q2 2025
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 170 |
| Q4 2022 | 180 |
| Q1 2023 | 190 |
| Q2 2023 | 222 |
| Q3 2023 | 207 |
| Q4 2023 | 212 |
| Q1 2024 | 237 |
| Q2 2024 | 256 |
| Q3 2024 | 269 |
| Q4 2024 | 288 |
| Q1 2025 | 322 |
| Q2 2025 | 312 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2023 | 115 | 98 |
| Q4 2023 | 113 | 102 |
| Q1 2024 | 145 | 84 |
| Q2 2024 | 144 | 109 |
| Q3 2024 | 145 | 105 |
| Q4 2024 | 150 | 122 |
| Q1 2025 | 166 | 149 |
| Q2 2025 | 139 | 171 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $22.0m | $3.5m | 0.16 |
| Q4 2024 | $44.5m | $3.7m | 0.08 |
| Q1 2025 | $9.7m | $20.8m | 2.14 |
| Q2 2025 | $9.3m | $27.6m | 2.97 |
Biggest buyers
| ROYAL BANK OF CANADA | Added | +8.0m |
| VANGUARD GROUP INC | Added | +2.1m |
| CIBC Asset Management Inc | Added | +927.8k |
| MILLENNIUM MANAGEMENT LLC | Added | +913.9k |
| GOLDMAN SACHS GROUP INC | Added | +727.9k |
| Capital Research Global Investors | Added | +562.5k |
| NORGES BANK | Added | +494.1k |
| UBS Group AG | Added | +481.3k |
| BARCLAYS PLC | Added | +398.9k |
| TWO SIGMA INVESTMENTS, LP | Added | +388.0k |
Biggest sellers
| MAVERICK CAPITAL LTD | Reduced | -1.5m |
| Clarkston Capital Partners, LLC | Reduced | -1.4m |
| FRED ALGER MANAGEMENT, LLC | Reduced | -1.3m |
| Pictet Asset Management Holding SA | Reduced | -1.3m |
| COHEN & STEERS, INC. | Sold out | -1.3m |
| Mitsubishi UFJ Trust & Banking Corp | Sold out | -997.9k |
| Freestone Grove Partners LP | Reduced | -965.6k |
| FMR LLC | Reduced | -946.2k |
| CITADEL ADVISORS LLC | Reduced | -542.7k |
| Connor, Clark & Lunn Investment Management Ltd. | Reduced | -414.0k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $4.1m80.6k shares |
| SIG North Trading, ULC | Added | $1.9m37.4k shares |
| GROUP ONE TRADING LLC | Added | $918.4k18.2k shares |
| SIMPLEX TRADING, LLC | Reduced | $797.0k15.8k shares |
| CITADEL ADVISORS LLC | Reduced | $691.3k13.7k shares |
| JANE STREET GROUP, LLC | New | $413.8k8.2k shares |
| Walleye Trading LLC | New | $287.6k5.7k shares |
| WOLVERINE TRADING, LLC | Reduced | $203.9k4.1k shares |
| CONCOURSE FINANCIAL GROUP SECURITIES, INC. | Unchanged | $00 shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $15.6m309.2k shares |
| Walleye Trading LLC | New | $8.3m164.1k shares |
| SIG North Trading, ULC | Added | $1.1m22.0k shares |
| CITADEL ADVISORS LLC | Reduced | $1.1m21.4k shares |
| WOLVERINE TRADING, LLC | Added | $924.8k18.6k shares |
| JANE STREET GROUP, LLC | New | $464.2k9.2k shares |
| WOLVERINE ASSET MANAGEMENT LLC | Unchanged | $90.8k1.8k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| BCEC-GFL Borrower GP (Cayman), Ltd 13G · exempt (held before listing) -2.8 pts · filed 2026-02-13 | 22.1% |
| Dovigi Patrick 13G · exempt (held before listing) filed 2025-11-07 | 6.8% |
| Capital Research Global Investors 13G · institution +1.3 pts · filed 2026-05-14 | 6.7% |
| FMR LLC 13G · institution -1.3 pts · filed 2026-08-06 | 6.5% |
| ONTARIO TEACHERS PENSION PLAN BOARD 13G · exempt (held before listing) -1.0 pts · filed 2026-02-13 | 6.5% |
Insider purchases and sales in Q2 2025
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| BC Partners PE LP 15.84% of their portfolio | 35.3m $1.5bn | Unchanged |
| FMR LLC 0.10% of their portfolio | 34.1m $1.7bn | Reduced -946.2k |
| ONTARIO TEACHERS PENSION PLAN BOARD 27.59% of their portfolio | 26.4m $1.3bn | Unchanged |
| Capital Research Global Investors 0.19% of their portfolio | 19.1m $963.5m | Added +562.5k |
| ROYAL BANK OF CANADA 0.08% of their portfolio | 15.9m $802.6m | Added +8.0m |
| VANGUARD GROUP INC 0.01% of their portfolio | 10.9m $549.9m | Added +2.1m |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ 0.17% of their portfolio | 10.6m $535.2m | Added +15.1k |
| Pictet Asset Management Holding SA 0.47% of their portfolio | 9.1m $461.4m | Reduced -1.3m |
| FRED ALGER MANAGEMENT, LLC 1.83% of their portfolio | 8.1m $409.8m | Reduced -1.3m |
| Beutel, Goodman & Co Ltd. 1.70% of their portfolio | 5.9m $297.9m | Reduced -198.1k |
| NORDEA INVESTMENT MANAGEMENT AB 0.23% of their portfolio | 4.9m $243.9m | Reduced -136.0k |
| AMERICAN CENTURY COMPANIES INC 0.13% of their portfolio | 4.8m $242.1m | Added +282.7k |
| CIBC Asset Management Inc 0.64% of their portfolio | 4.0m $202.6m | Added +927.8k |
| MORGAN STANLEY 0.01% of their portfolio | 3.7m $187.7m | Reduced -183.8k |
| DEUTSCHE BANK AG\ 0.07% of their portfolio | 3.7m $185.3m | Reduced -149.7k |
| NORGES BANK 0.02% of their portfolio | 3.4m $171.9m | Added +494.1k |
| Clarkston Capital Partners, LLC 3.28% of their portfolio | 3.1m $154.6m | Reduced -1.4m |
| SOROS FUND MANAGEMENT LLC 2.47% of their portfolio | 2.9m $143.9m | Reduced -190.9k |
| MAVERICK CAPITAL LTD 2.17% of their portfolio | 2.8m $141.3m | Reduced -1.5m |
| BlackRock, Inc. 0.00% of their portfolio | 2.3m $114.6m | Added +2.0k |
| WELLINGTON MANAGEMENT GROUP LLP 0.02% of their portfolio | 2.0m $103.4m | Reduced -18.5k |
| Progeny 3, Inc. 5.19% of their portfolio | 1.8m $92.4m | Added +114.3k |
| BROWN BROTHERS HARRIMAN & CO 0.59% of their portfolio | 1.8m $91.6m | Added +86.8k |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 1.6m $79.8m | Added +158.7k |
| MILLENNIUM MANAGEMENT LLC 0.07% of their portfolio | 1.5m $74.8m | Added +913.9k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 1.4m $72.8m | Added +727.9k |
| BANK OF MONTREAL /CAN/ 0.04% of their portfolio | 1.4m $71.9m | Added +81.8k |
| JENNISON ASSOCIATES LLC 0.04% of their portfolio | 1.3m $64.0m | Reduced -101.1k |
| TD Asset Management Inc 0.05% of their portfolio | 1.2m $60.1m | Reduced -138.0k |
| Caisse de depot et placement du Quebec 0.13% of their portfolio | 1.2m $59.7m | Added +166.1k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.05% of their portfolio | 1.2m $58.9m | Added +76.5k |
| TimesSquare Capital Management, LLC 0.75% of their portfolio | 1.0m $51.9m | Added +15.0k |
| ADW Capital Management, LLC 13.91% of their portfolio | 1.0m $51.0m | Unchanged |
| Paralel Advisors LLC 2.05% of their portfolio | 1.0m $50.5m | Unchanged |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 994.8k $50.2m | Added +105.2k |
| Alberta Investment Management Corp 0.37% of their portfolio | 926.0k $46.8m | Added +20.0k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.05% of their portfolio | 867.8k $43.8m | Added +27.1k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 819.4k $41.3m | Reduced -46.7k |
| Legal & General Group Plc 0.01% of their portfolio | 776.3k $39.1m | Added +92.8k |
| Bornite Capital Management LP 3.64% of their portfolio | 720.5k $36.4m | Added +180.8k |
| Connor, Clark & Lunn Investment Management Ltd. 0.13% of their portfolio | 717.8k $36.3m | Reduced -414.0k |
| SEI INVESTMENTS CO 0.04% of their portfolio | 696.0k $35.1m | Reduced -143.8k |
| ArrowMark Colorado Holdings LLC 0.62% of their portfolio | 686.8k $34.7m | Reduced -161.0k |
| PRIMECAP MANAGEMENT CO/CA/ 0.03% of their portfolio | 667.8k $33.7m | Reduced -383.4k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.03% of their portfolio | 660.1k $33.1m | Reduced -22.1k |
| NEUBERGER BERMAN GROUP LLC 0.03% of their portfolio | 659.9k $33.3m | Reduced -129.6k |
| Copeland Capital Management, LLC 0.67% of their portfolio | 649.9k $32.8m | Reduced -80.0k |
| UBS Group AG 0.01% of their portfolio | 640.5k $32.3m | Added +481.3k |
| Swiss National Bank 0.02% of their portfolio | 639.5k $32.2m | Reduced -12.2k |
| 1832 Asset Management L.P. 0.05% of their portfolio | 622.3k $31.4m | Added +60.3k |
| TWO SIGMA INVESTMENTS, LP 0.06% of their portfolio | 611.4k $30.9m | Added +388.0k |
| Hood River Capital Management LLC 0.40% of their portfolio | 565.5k $28.5m | Added +52.4k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 562.0k $28.3m | Added +63.1k |
| Robeco Schweiz AG 0.63% of their portfolio | 542.3k $27.4m | Reduced -135.1k |
| NORTHERN TRUST CORP 0.00% of their portfolio | 537.9k $27.1m | Reduced -231.0k |
| Point72 Asset Management, L.P. 0.06% of their portfolio | 502.4k $25.4m | Reduced -87.5k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 480.7k $24.2m | Reduced -6.4k |
| Man Group plc 0.05% of their portfolio | 464.1k $23.4m | Reduced -342.9k |
| Woodbridge Co Ltd 0.04% of their portfolio | 463.6k $23.4m | First filing |
| MARSHALL WACE, LLP 0.03% of their portfolio | 452.9k $22.9m | Reduced -16.9k |
| Nuveen, LLC 0.01% of their portfolio | 433.3k $21.8m | Added +21.6k |
| Barton Investment Management 2.19% of their portfolio | 419.7k $21.2m | Added +1.8k |
| BARCLAYS PLC 0.01% of their portfolio | 417.3k $21.1m | Added +398.9k |
| Qube Research & Technologies Ltd 0.03% of their portfolio | 415.8k $21.0m | Reduced -116.0k |
| Advent International, L.P. 0.60% of their portfolio | 364.9k $18.4m | Reduced -144.8k |
| Yaupon Capital Management LP 1.21% of their portfolio | 360.2k $18.2m | Reduced -72.8k |
| KORNITZER CAPITAL MANAGEMENT INC /KS 0.36% of their portfolio | 350.0k $17.7m | Reduced -49.1k |
| CIBC WORLD MARKET INC. 0.04% of their portfolio | 314.2k $15.9m | Reduced -11.2k |
| Norwood Investment Partners, LP 11.79% of their portfolio | 311.9k $15.7m | Added +91.9k |
| Vestcor Inc 0.48% of their portfolio | 311.8k $15.7m | Reduced -59.5k |
| BANK OF NOVA SCOTIA 0.03% of their portfolio | 305.7k $15.4m | Reduced -33.2k |
| MACKENZIE FINANCIAL CORP 0.02% of their portfolio | 300.6k $15.2m | Added +21.6k |
| Forge First Asset Management Inc. 5.40% of their portfolio | 291.2k $14.7m | Reduced -80.8k |
| DUFF & PHELPS INVESTMENT MANAGEMENT CO 0.17% of their portfolio | 289.1k $14.6m | Reduced -92.1k |
| Cubist Systematic Strategies, LLC 0.15% of their portfolio | 269.5k $13.6m | New |
| AXA S.A. 0.04% of their portfolio | 265.7k $13.4m | New |
| Munro Partners 0.40% of their portfolio | 256.2k $12.9m | Added +10.2k |
| Ghisallo Capital Management LLC 0.34% of their portfolio | 250.0k $12.6m | Reduced -300.0k |
| RAYMOND JAMES FINANCIAL INC 0.00% of their portfolio | 234.1k $11.8m | Reduced -55.1k |
| Addenda Capital Inc. 0.57% of their portfolio | 231.2k $15.9m | Reduced -6.8k |
| LOOMIS SAYLES & CO L P 0.01% of their portfolio | 224.0k $11.3m | Reduced -38.9k |
| JANE STREET GROUP, LLC 0.02% of their portfolio | 211.7k $10.7m | Added +150.8k |
| SCHWARTZ INVESTMENT COUNSEL INC 0.35% of their portfolio | 210.7k $10.6m | Unchanged |
| NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio | 207.4k $10.4m | Reduced -112.0k |
| CI INVESTMENTS INC. 0.04% of their portfolio | 204.5k $10.3m | Reduced -25.4k |
| Russell Investments Group, Ltd. 0.01% of their portfolio | 202.0k $10.2m | Reduced -333.1k |
| Burkehill Global Management, LP 0.75% of their portfolio | 200.0k $10.1m | Unchanged |
| Amundi 0.00% of their portfolio | 198.2k $9.6m | Added +62.4k |
| APG Asset Management N.V. 0.03% of their portfolio | 197.8k $8.5m | Added +16.0k |
| Hudson Bay Capital Management LP 0.07% of their portfolio | 197.4k $10.0m | Added +158.9k |
| Bank of New York Mellon Corp 0.00% of their portfolio | 188.6k $9.5m | Reduced -3.7k |
| CENTAURUS FINANCIAL, INC. 0.55% of their portfolio | 187.7k $9.5m | Reduced -12.3k |
| HUNTINGTON NATIONAL BANK 0.06% of their portfolio | 186.1k $9.4m | Reduced -150 |
| Verde Servicos Internacionais S.A. 3.82% of their portfolio | 172.6k $8.7m | Reduced -22.8k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.00% of their portfolio | 172.5k $8.7m | Reduced -286.4k |
| TWO SIGMA ADVISERS, LP 0.02% of their portfolio | 166.4k $8.4m | Added +149.0k |
| ENVESTNET ASSET MANAGEMENT INC 0.00% of their portfolio | 157.8k $8.0m | Reduced -19.5k |
| J. Safra Sarasin Holding AG 0.14% of their portfolio | 157.7k $8.0m | Reduced -32.0k |
| Walleye Capital LLC 0.07% of their portfolio | 157.3k $7.9m | Added +55.6k |
| LPL Financial LLC 0.00% of their portfolio | 153.8k $7.8m | Added +7.3k |