FirstService Corporation

FSV • NASDAQ

FirstService Corporation is a real estate - services company in the real estate sector on NASDAQ, led by Chris Bennett, with a market cap of $7.1B. As of Q3 2025, 68% of shares are held by 313 institutional investors, with VANGUARD GROUP INC as the largest holder at 4.23%.

CEO of FirstService CorporationChris Bennett

Market Cap$7.1B

Real Estate - Services

Real Estate

Employees29.0K

Websitefirstservice.com

Overview

Overview of institutional ownership in FSV as of Q3 2025 with a market cap of $8.7B

All Institutions

Institutions: 313
Value Held: $5.9B
Shares Held: 31.1M
Avg Position: $18.8M
Median Position: $1.2M

Hedge Funds

Hedge Funds: 27
Value Held: $574.6M
Shares Held: 3.3M
Avg Position: $21.3M
Median Position: $1.8M

Ownership Breakdown

Institutional (non-HF)

61.16%

$5.3B

Hedge Funds

6.62%

$574.6M

Retail & Other

32.22%

$2.8B

Based on market cap of $8.7B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in FSV as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
VANGUARD GROUP INC Institution	Salim Ramji CEO	$366.8M 0.01% of portfolio	4.23% 1.9M shares	Q2 2015 Held for 10y 5m	$6.69T
Durable Capital Partners LP Hedge Fund•Long/Short	Henry Martin Ellenbogen CIO	$365.2M 2.71% of portfolio	4.87% 2.2M shares	Q1 2020 Held for 5y 8m	$13.5B
F FIL Ltd Institution	-	$295.8M 0.23% of portfolio	3.41% 1.6M shares	Q2 2018 Held for 7y 5m	$127.75B
MACKENZIE FINANCIAL CORP Long Only Manager	Joseph Luke Gregoire Gould CEO	$295.5M 0.36% of portfolio	3.41% 1.6M shares	Q3 2015 Held for 10y 2m	$82.7B
O Orbis Allan Gray Ltd RIA/Wealth	Don Lynn Ray Managing Partner	$277.0M 1.19% of portfolio	3.19% 1.5M shares	Q3 2023 Held for 2y 2m	$23.3B
N Neuberger Berman Group LLC Institution	-	$239.4M 0.17% of portfolio	2.76% 1.3M shares	Q1 2017 Held for 8y 8m	$136.94B
Conestoga Capital Advisors, LLC Long Only Manager	Joseph Francis Monahan Partner	$233.0M 3.74% of portfolio	2.69% 1.2M shares	Q4 2018 Held for 6y 11m	$6.2B
T T. Rowe Price Investment Management, Inc. Insurance Manager	John Edward Robison President	$173.1M 0.11% of portfolio	1.99% 908.7K shares	Q3 2022 Held for 3y 2m	$161.58B
MORGAN STANLEY RIA/Wealth	Jed Finn CEO	$171.6M 0.01% of portfolio	1.98% 900.6K shares	Q2 2015 Held for 10y 5m	$1.65T
HENDERSON GROUP PLC Institution	Ali Dibadj CEO	$150.1M 0.07% of portfolio	1.73% 787.9K shares	Q3 2018 Held for 7y 2m	$218.74B

Net Capital Flow

Institutional buying and selling activity for FSV in Q3 2025

Traded: +$206.0M
Buyers: 156
Sellers: 140
Total Bought: +$468.8M
Total Sold: −$262.8M
Avg Position: $17.0M

Biggest Buyers

Institution	Net Bought	Current Position
F FIL Ltd Institution	+$84.3M +442.3K shares	$295.8M 1.6M shares
ACADIAN ASSET MANAGEMENT LLC Long Only Manager	+$60.9M +319.8K shares	$94.6M 496.5K shares
Durable Capital Partners LP Hedge Fund•Long/Short	+$41.7M +253.2K shares	$365.2M 2.2M shares
BANK OF MONTREAL /CAN/ Institution	+$17.2M +90.5K shares	$79.4M 416.8K shares
TORONTO DOMINION BANK Institution	+$16.5M +86.5K shares	$28.5M 149.5K shares
S Skandinaviska Enskilda Banken AB Institution	+$16.4M +61.8K shares	$31.1M 117.3K shares
L LEGAL & GENERAL GROUP PLC Institution	+$14.7M +77.2K shares	$49.8M 261.2K shares
C CANADA PENSION PLAN INVESTMENT BOARD Institution	+$14.6M +76.8K shares	$44.6M 234.0K shares
MACKENZIE FINANCIAL CORP Long Only Manager	+$14.4M +75.7K shares	$295.5M 1.6M shares
UBS Group AG Institution	+$13.3M +70.0K shares	$23.7M 124.2K shares

Biggest Sellers

Institution	Net Sold	Current Position
N Neuberger Berman Group LLC Institution	−$51.8M −271.9K shares	$239.4M 1.3M shares
Conestoga Capital Advisors, LLC Long Only Manager	−$34.1M −179.3K shares	$233.0M 1.2M shares
M MANUFACTURERES LIFE INSURANCE CO Institution	−$25.2M −132.2K shares	$89.1M 467.7K shares
AMERIPRISE FINANCIAL INC Institution	−$10.4M −54.4K shares	$11.9M 61.8K shares
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	−$10.3M −59.1K shares	Sold Off 0 shares
CIBC Global Asset Management Inc Long Only Manager	−$9.9M −51.5K shares	$67.9M 354.5K shares
F FRED ALGER MANAGEMENT INC Long Only Manager	−$9.7M −51.1K shares	$82.2M 431.7K shares
RAYMOND JAMES FINANCIAL INC RIA/Wealth	−$9.2M −48.1K shares	$21.4M 112.5K shares
RENAISSANCE TECHNOLOGIES LLC Hedge Fund•Quant	−$7.6M −40.0K shares	$105.9M 556.0K shares
ING INVESTMENT MANAGEMENT LLC Insurance Manager	−$5.1M −26.6K shares	$18.9M 99.1K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited FSV in Q3 2025

New Positions: 17
New Value: $2.6M
Exited Positions: 32
Exited Value: $29.3M

New Positions

Institution	Position Value
U Utah Retirement Systems Institution	$872.6K 4.6K shares
W WoodTrust Financial Corp Institution	$276.2K 1.5K shares
Aristides Capital LLC Real Assets	$267.4K 1.4K shares
GOLUB GROUP LLC RIA/Wealth	$250.0K 1.3K shares
SYON CAPITAL LLC RIA/Wealth	$214.9K 1.1K shares
Mount Yale Investment Advisors, LLC RIA/Wealth	$207.4K 1.1K shares
Vestmark Advisory Solutions, Inc. Fund of Funds	$207.1K 1.1K shares
NorthRock Partners, LLC RIA/Wealth	$202.0K 1.1K shares
JPL Wealth Management, LLC RIA/Wealth	$26.5K 139.0 shares
FIRST HORIZON NATIONAL CORP RIA/Wealth	$23.8K 125.0 shares

Exited Positions

Institution	Previous Position
UBS GLOBAL ASSET MANAGEMENT AMERICAS INC Long Only Manager	$10.3M 59.1K shares
Sargent Investment Group, LLC RIA/Wealth	$3.9M 19.9K shares
P Point72 Asia Pte. Ltd. Institution	$2.2M 12.5K shares
F FORSTA AP-FONDEN Institution	$2.0M 11.2K shares
GLUSKIN SHEFF & ASSOC INC Long Only Manager	$1.4M 8.1K shares
SUSQUEHANNA ADVISORS GROUP, INC. Private Equity	$1.4M 7.8K shares
Jain Global LLC Hedge Fund•Multi-Strategy	$1.3M 7.3K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.2M 6.9K shares
D Dynamic Technology Lab Private Ltd Institution	$910.6K 5.2K shares
GRANAHAN INVESTMENT MANAGEMENT INC/MA Long Only Manager	$836.8K 4.8K shares

Options Activity

Institutions with the largest Call and Put options positions in FSV as of Q3 2025

Call Positions: 1
Call Value: $285.7K
Put Positions: 1
Put Value: $285.7K

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$285.7K 15.0 contracts

Put Positions

Institution	Position Value
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$285.7K 15.0 contracts

Most Committed Institutions

Institutions with FSV as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
L Lionstone Capital Management LLC Fund of Funds	Leon (Nmn) Lowenstein Managing Partner	9.63% $41.2M	0.47% 216.2K shares	Q2 2015 Held for 10y 5m	$427.9M
R.P. Boggs & Co. Wealth Mangement RIA/Wealth	Robert Paul Boggs President	4.12% $9.1M	0.10% 47.7K shares	Q4 2020 Held for 4y 11m	$220.5M
Conestoga Capital Advisors, LLC Long Only Manager	Joseph Francis Monahan Partner	3.74% $233.0M	2.69% 1.2M shares	Q4 2018 Held for 6y 11m	$6.2B
B Baskin Financial Services Inc. Institution	-	3.62% $47.7M	0.55% 250.5K shares	Q1 2016 Held for 9y 8m	$1.3B
N Norwood Investment Partners, LP Hedge Fund•Long/Short	Charles Hamilton Hoeveler Managing Partner	3.28% $3.8M	0.04% 20.0K shares	Q1 2025 Held for 8 months	$116.3M
JACOBSON & SCHMITT ADVISORS, LLC RIA/Wealth	Adam Christopher Sweet Partner	3.11% $18.1M	0.21% 95.2K shares	Q4 2015 Held for 9y 11m	$582.8M
S Summit Creek Advisors LLC Long Only Manager	Adam Nathan Benson Managing Partner	2.75% $18.9M	0.22% 99.0K shares	Q1 2024 Held for 1y 8m	$686.1M
Durable Capital Partners LP Hedge Fund•Long/Short	Henry Martin Ellenbogen CIO	2.71% $365.2M	4.87% 2.2M shares	Q1 2020 Held for 5y 8m	$13.5B
A AltraVue Capital, LLC RIA/Wealth	Touk Sinantha Founder	1.99% $24.0M	0.28% 126.0K shares	Q4 2018 Held for 6y 11m	$1.2B
Eos Management, L.P. Private Equity	Beth Levine Bernstein CFO	1.37% $3.4M	0.04% 18.0K shares	Q1 2024 Held for 1y 8m	$251.8M

Hedge Fund Spotlight

Discover hedge funds investing in FSV

Numerai GP LLC

Hedge Fund • Quant

Portfolio ManagerRichard Malone Craib

Portfolio Value: $707.9M
Positions: 545
Last Reported: Q3 2025

Sector Allocation

Position in FirstService Corporation

Market Value: $1.4M
Shares Held: 7.3K
Portfolio Weight: 0.20%
Owned Since: 2024-Q2

Top Holding	Sector	Market Value	Weight
1 Costco Wholesale COST	Discount Stores Consumer Defensive	$11.8M	1.66%
2 Manulife Financial MFC	Insurance - Life Financial Services	$10.2M	1.44%
3 IDEX IEX	Industrial - Machinery Industrials	$10.1M	1.43%