Instuitional Investor - Gfi Investment Counsel Ltd.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Microsoft Corp	MSFT	185,666	$92,352,125	10.06%
2.	Visa Inc.	V	247,995	$88,050,625	9.59%
3.	Moodys Corp	MCO	161,060	$80,786,085	8.8%
4.	Roper Technologies Inc	ROP	140,102	$79,415,418	8.65%
5.	Hilton Worldwide Holdings Inc.	HLT	275,235	$73,306,090	7.99%