Lionstone Capital Management’s FirstService FSV Stock Holding History

Lionstone Capital Management’s Portfolio FSV Stock Details FSV Fund Activity

Bought

Maintained

Sold

Quarter	Market Value	Status	Shares	Change in Stake	Trade Value	Portfolio Weight	Portfolio Position
2026 Q2	$41.3M	Buy	290,920 +28,965	+11%	+$4.02M	9.5%	5
2026 Q1	$36.4M	Buy	261,955 +16,235	+7%	+$2.47M	8.81%	6
2025 Q4	$38.2M	Buy	245,720 +29,520	+14%	+$4.8M	8.83%	6
2025 Q3	$41.2M	Hold	216,200	–	–	9.63%	4
2025 Q2	$37.8M	Hold	216,200	–	–	9.07%	7
2025 Q1	$35.9M	Hold	216,200	–	–	9.92%	6
2024 Q4	$39.1M	Hold	216,200	–	–	10.02%	6
2024 Q3	$39.4M	Hold	216,200	–	–	10.63%	6
2024 Q2	$32.9M	Hold	216,200	–	–	8.41%	6
2024 Q1	$35.8M	Hold	216,200	–	–	9.08%	5
2023 Q4	$35M	Hold	216,200	–	–	9.66%	6
2023 Q3	$31.5M	Hold	216,200	–	–	9.81%	5
2023 Q2	$33.3M	Hold	216,200	–	–	9.85%	6
2023 Q1	$30.5M	Hold	216,200	–	–	10.38%	5
2022 Q4	$26.5M	Buy	216,200 +38,929	+22%	+$4.82M	9.47%	7
2022 Q3	$21.1M	Hold	177,271	–	–	8.79%	7
2022 Q2	$21.5M	Buy	177,271 +14,265	+9%	+$1.8M	7.68%	7
2022 Q1	$23.6M	Hold	163,006	–	–	7.01%	6
2021 Q4	$32M	Hold	163,006	–	–	7.79%	6
2021 Q3	$29.4M	Sell	163,006 -11,000	-6%	-$2.03M	7.7%	4
2021 Q2	$29.8M	Hold	174,006	–	–	7.27%	5
2021 Q1	$25.8M	Hold	174,006	–	–	6.59%	5
2020 Q4	$23.8M	Sell	174,006 -22,375	-11%	-$3.01M	7.04%	3
2020 Q3	$25.9M	Hold	196,381	–	–	9.5%	2
2020 Q2	$19.8M	Hold	196,381	–	–	8.39%	3
2020 Q1	$15.1M	Buy	196,381 +39,363	+25%	+$3.77M	9.76%	2
2019 Q4	$14.6M	Hold	157,018	–	–	6.98%	8
2019 Q3	$16.1M	Sell	157,018 -25,000	-14%	-$2.55M	7.5%	7
2019 Q2	$17.5M	Sell	182,018 -19,500	-10%	-$1.76M	7.78%	7
2019 Q1	$18M	Sell	201,518 -46,800	-19%	-$3.85M	8.21%	7
2018 Q4	$17M	Hold	248,318	–	–	8.26%	6
2018 Q3	$21M	Sell	248,318 -32,900	-12%	-$2.73M	8.6%	6
2018 Q2	$21.4M	Sell	281,218 -50,876	-15%	-$3.65M	9.1%	4
2018 Q1	$24.3M	Hold	332,094	–	–	11.03%	2
2017 Q4	$23.2M	Sell	332,094 -34,100	-9%	-$2.35M	10.96%	3
2017 Q3	$24.1M	Sell	366,194 -85,873	-19%	-$5.61M	11.34%	2
2017 Q2	$29M	Sell	452,067 -72,000	-14%	-$4.47M	14.76%	1
2017 Q1	$31.7M	Sell	524,067 -62,000	-11%	-$3.34M	18.23%	1
2016 Q4	$27.8M	Hold	586,067	–	–	16.22%	1
2016 Q3	$27.3M	Hold	586,067	–	–	16.73%	1
2016 Q2	$26.8M	Sell	586,067 -89,193	-13%	-$4M	16.57%	1
2016 Q1	$27.7M	Sell	675,260 -53,000	-7%	-$2.01M	16.75%	2
2015 Q4	$29.4M	Hold	728,260	–	–	15.71%	1
2015 Q3	$23.5M	Hold	728,260	–	–	12.32%	1
2015 Q2	$20.2M	Buy	+728,260	New	+$19.2M	9.39%	3

Other funds holding FSV

OAG

Orbis Allan Gray Hamilton, Bermuda $29.1B AUM 60.8% 1-Year Est. Return

Manulife (Manufacturers Life Insurance) Canada, Ontario, Canada $128B AUM 35.83% 1-Year Est. Return

1832 Asset Management Toronto, Ontario, Canada $199B AUM 37.98% 1-Year Est. Return

Jupiter Topco New York $245B AUM

Vanguard Capital Management Malvern, Pennsylvania $4.68T AUM

CCA

Conestoga Capital Advisors Wayne, Pennsylvania $4.6B AUM 16.08% 1-Year Est. Return

Neuberger Berman Group New York $150B AUM 40.08% 1-Year Est. Return

Mackenzie Financial Toronto Ontario, Ontario, Canada $100B AUM 36.93% 1-Year Est. Return

Morgan Stanley New York $1.89T AUM 35.08% 1-Year Est. Return

CIBC Asset Management Toronto, Ontario, Canada $45.6B AUM 44.74% 1-Year Est. Return

Lionstone Capital Management's FSV Position: Q2 2026 in Review

Lionstone Capital Management increased its FirstService (FSV) stake by 11% in Q2 2026, buying an estimated $4.02M and bringing the position to 290,920 shares worth $41.3M. The position accounts for 9.5% of the portfolio, ranked #5.

Lionstone Capital Management first reported a position in FSV in Q2 2015 and has held it in 45 quarters since. 280 funds tracked by Wall St. Rank hold FSV as of Q2 2026.

Lionstone Capital Management held 290,920 shares of FirstService worth $41.3M as of Q2 2026.
Lionstone Capital Management bought 28,965 FirstService shares in Q2 2026, an estimated $4.02M.
FirstService made up 9.5% of Lionstone Capital Management's portfolio in Q2 2026, its #5 holding.
Lionstone Capital Management first reported a position in FirstService in Q2 2015 and has held it in 45 quarters since.
280 funds tracked by Wall St. Rank held FirstService as of Q2 2026.

Based on Lionstone Capital Management's 13F filing for Q2 2026, filed 14 Aug 2026.