GFL Environmental Inc.

GFL • NYSE

GFL Environmental Inc. is a waste management company in the industrials sector on NYSE, led by Patrick Dovigi, with a market cap of $15.4B. As of Q3 2025, 64% of shares are held by 289 institutional investors, with BC Partners PE LP as the largest holder at 9.73%.

CEOPatrick Dovigi

Market Cap$15.4B

Waste Management

Industrials

Employees20.0K

Websitegflenv.com

Overview

Overview of institutional ownership in GFL as of Q3 2025 with a market cap of $17.2B

All Institutions

Institutions: 289
Value Held: $11.0B
Shares Held: 238.3M
Avg Position: $38.2M
Median Position: $1.6M

Hedge Funds

Hedge Funds: 41
Value Held: $491.5M
Shares Held: 10.4M
Avg Position: $12.0M
Median Position: $3.8M

Ownership Breakdown

Institutional (non-HF)

61.29%

$10.6B

Hedge Funds

2.85%

$491.5M

Retail & Other

35.85%

$6.2B

Based on market cap of $17.2B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in GFL as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BC Partners PE LP Institution	-	$1.4B 15.66% of portfolio	9.73% 35.3M shares	Q1 2025 Held for 8 months	$9.1B
FMR LLC Institution	-	$1.3B 0.07% of portfolio	7.46% 27.1M shares	Q1 2020 Held for 5y 8m	$1.92T
O ONTARIO TEACHERS PENSION PLAN BOARD Institution	-	$1.2B 28.34% of portfolio	6.69% 24.3M shares	Q1 2020 Held for 5y 8m	$4.1B
Capital Research Global Investors RIA/Wealth	Maria Alejandra Herrera CIO	$881.1M 0.17% of portfolio	5.12% 18.6M shares	Q3 2022 Held for 3y 2m	$532.36B
VANGUARD GROUP INC Institution	Salim Ramji CEO	$524.2M 0.01% of portfolio	3.04% 11.1M shares	Q3 2020 Held for 5y 2m	$6.69T
MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Long Only Manager	Edward Murray Maloney CEO	$484.4M 0.15% of portfolio	2.81% 10.2M shares	Q2 2020 Held for 5y 5m	$322.72B
Pictet Asset Management Holding SA Long Only Manager	Elizabeth Retta Dillon CEO	$394.5M 0.38% of portfolio	2.29% 8.3M shares	Q3 2023 Held for 2y 2m	$103.68B
R ROYAL BANK OF CANADA Institution	-	$371.5M 0.07% of portfolio	2.16% 7.8M shares	Q1 2020 Held for 5y 8m	$542.04B
A AMERICAN CENTURY COMPANIES INC Institution	-	$285.4M 0.15% of portfolio	1.66% 6.0M shares	Q1 2021 Held for 4y 8m	$195.93B
F FRED ALGER MANAGEMENT INC Long Only Manager	Daniel Cayley Chung CEO	$266.7M 1.04% of portfolio	1.55% 5.6M shares	Q1 2023 Held for 2y 8m	$25.8B

Net Capital Flow

Institutional buying and selling activity for GFL in Q3 2025

Traded: −$534.6M
Buyers: 140
Sellers: 141
Total Bought: +$523.3M
Total Sold: −$1.1B
Avg Position: $33.8M

Biggest Buyers

Institution	Net Bought	Current Position
UBS Group AG Institution	+$61.9M +1.3M shares	$92.2M 1.9M shares
A AMERICAN CENTURY COMPANIES INC Institution	+$58.0M +1.2M shares	$285.4M 6.0M shares
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	+$44.0M +929.2K shares	$114.3M 2.4M shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	+$37.6M +794.0K shares	$61.4M 1.3M shares
GEODE CAPITAL MANAGEMENT LLC ETF Provider	+$23.3M +494.2K shares	$98.3M 2.1M shares
$DEUTSCHE BANK AG\ logo$ DEUTSCHE BANK AG\ Institution	+$17.5M +368.5K shares	$191.4M 4.0M shares
JPMORGAN CHASE & CO Institution	+$16.6M +349.7K shares	$63.7M 1.3M shares
L LEGAL & GENERAL GROUP PLC Institution	+$15.1M +317.5K shares	$51.9M 1.1M shares
A Atlantic Trust Group, LLC Institution	+$11.8M +250.0K shares	$11.9M 250.3K shares
D DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main Institution	+$11.6M +244.1K shares	$52.7M 1.1M shares

Biggest Sellers

Institution	Net Sold	Current Position
FMR LLC Institution	−$329.7M −7.0M shares	$1.3B 27.1M shares
F FRED ALGER MANAGEMENT INC Long Only Manager	−$118.1M −2.5M shares	$266.7M 5.6M shares
O ONTARIO TEACHERS PENSION PLAN BOARD Institution	−$101.5M −2.1M shares	$1.2B 24.3M shares
S SOROS FUND MANAGEMENT LLC Institution	−$93.7M −2.0M shares	$41.5M 875.0K shares
M MAVERICK CAPITAL LTD Hedge Fund•Long/Short	−$57.5M −1.2M shares	$75.2M 1.6M shares
Pictet Asset Management Holding SA Long Only Manager	−$38.8M −817.9K shares	$394.5M 8.3M shares
JENNISON ASSOCIATES LLC Long Only Manager	−$26.4M −557.1K shares	$33.7M 710.6K shares
Capital Research Global Investors RIA/Wealth	−$23.6M −499.0K shares	$881.1M 18.6M shares
M Man Group plc Institution	−$23.4M −464.1K shares	Sold Off 0 shares
Beutel, Goodman & Co Ltd. Long Only Manager	−$21.7M −457.0K shares	$258.5M 5.5M shares

Entry and Exit Activity

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

New Positions: 15
New Value: $5.0M
Exited Positions: 38
Exited Value: $112.4M

New Positions

Institution	Position Value
U Utah Retirement Systems Institution	$1.4M 30.1K shares
C CAM Group Holding A/S Institution	$1.4M 29.6K shares
WORLDQUANT MILLENNIUM QUANTITATIVE STRATEGIES LLC Hedge Fund•Multi-Strategy	$736.1K 15.5K shares
AQR CAPITAL MANAGEMENT LLC Hedge Fund•Multi-Strategy	$498.7K 10.5K shares
E Entropy Technologies, LP Hedge Fund•Quant Macro	$477.1K 10.1K shares
Strategic Global Advisors, LLC Long Only Manager	$277.6K 5.9K shares
FIRST HORIZON NATIONAL CORP RIA/Wealth	$115.9K 2.4K shares
Q Quarry LP Institution	$20.3K 428.0 shares
C Coconut Grove Bank Institution	$8.1K 171.0 shares
SRS Capital Advisors, Inc. RIA/Wealth	$3.1K 66.0 shares

Exited Positions

Institution	Previous Position
M Man Group plc Institution	$23.4M 464.1K shares
Y Yaupon Capital Management LP Hedge Fund•Multi-Strategy	$18.2M 360.2K shares
A AXA Institution	$13.4M 265.7K shares
Ghisallo Capital Management LLC Hedge Fund•Multi-Strategy	$12.6M 250.0K shares
Hudson Bay Capital Management LP Hedge Fund•Multi-Strategy	$10.0M 197.4K shares
Jain Global LLC Hedge Fund•Multi-Strategy	$5.8M 115.4K shares
Bridgewater Associates, LP Hedge Fund•Global Macro	$5.8M 114.1K shares
P Point72 Asia Pte. Ltd. Institution	$4.4M 86.6K shares
BAROMETER CAPITAL MANAGEMENT INC. Long Only Manager	$3.5M 50.3K shares
Mount Yale Investment Advisors, LLC RIA/Wealth	$1.6M 31.7K shares

Options Activity

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

Call Positions: 7
Call Value: $5.8M
Put Positions: 7
Put Value: $5.5M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$1.8M 377.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$914.4K 193.0 contracts
Walleye Trading LLC RIA/Wealth	$895.5K 189.0 contracts
S SIG North Trading, ULC Institution	$867.1K 183.0 contracts
J JANE STREET GROUP, LLC Institution	$819.7K 173.0 contracts
W WOLVERINE TRADING, LLC Institution	$272.0K 58.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$208.5K 44.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$2.2M 465.0 contracts
W WOLVERINE TRADING, LLC Institution	$1.1M 225.0 contracts
S SIG North Trading, ULC Institution	$923.9K 195.0 contracts
J JANE STREET GROUP, LLC Institution	$615.9K 130.0 contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$587.5K 124.0 contracts
WOLVERINE ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$85.3K 18.0 contracts
Walleye Trading LLC RIA/Wealth	- - contracts

Most Committed Institutions

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

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
O ONTARIO TEACHERS PENSION PLAN BOARD Institution	-	28.34% $1.2B	6.69% 24.3M shares	Q1 2020 Held for 5y 8m	$4.1B
A ADW Capital Management, LLC Institution	-	27.36% $47.9M	0.28% 1.0M shares	Q2 2020 Held for 5y 5m	$174.9M
B BC Partners PE LP Institution	-	15.66% $1.4B	9.73% 35.3M shares	Q1 2025 Held for 8 months	$9.1B
N Norwood Investment Partners, LP Hedge Fund•Long/Short	Charles Hamilton Hoeveler Managing Partner	10.79% $12.5M	0.07% 264.8K shares	Q1 2025 Held for 8 months	$116.3M
F Forge First Asset Management Inc. Institution	-	9.44% $19.7M	0.11% 416.1K shares	Q4 2022 Held for 2y 11m	$208.7M
Cruiser Capital Advisors, LLC Hedge Fund•Long/Short	Keith Michael Rosenbloom Managing Partner	6.00% $5.6M	0.03% 117.8K shares	Q2 2020 Held for 5y 5m	$93.0M
P Progeny 3, Inc. Institution	-	4.77% $92.6M	0.54% 2.0M shares	Q1 2024 Held for 1y 8m	$1.9B
V Verde Servicos Internacionais S.A. Hedge Fund•Global Macro	Luis Stuhlberger CEO	4.67% $15.1M	0.09% 318.5K shares	Q1 2025 Held for 8 months	$322.8M
Bornite Capital Management LP Hedge Fund•Long/Short	Daniel A. Dreyfus CIO	3.35% $35.2M	0.20% 742.4K shares	Q1 2025 Held for 8 months	$1.0B
Clarkston Capital Partners LLC Long Only Manager	Jeffrey Anthony Hakala CEO	2.92% $135.5M	0.79% 2.9M shares	Q4 2022 Held for 2y 11m	$4.6B

Hedge Fund Spotlight

Discover hedge funds investing in GFL

BALYASNY ASSET MANAGEMENT LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerDmitry Balyasny

Portfolio Value: $48.1B
Positions: 1,894
Last Reported: Q3 2025

Sector Allocation

Position in GFL Environmental Inc.

Market Value: $13.7M
Shares Held: 289.7K
Portfolio Weight: 0.03%
Owned Since: 2025-Q2

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