Instuitional Investor - Gfi Investment Counsel Ltd.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Hilton Worldwide Holdings Inc.	HLT	216,490	$71,541,285	9.7%
2.	Visa Inc.	V	188,200	$64,569,538	8.76%
3.	American Express Co	AXP	183,904	$62,205,528	8.44%
4.	Ferguson Enterprises Inc		251,124	$59,599,259	8.08%
5.	Msci Inc.	MSCI	104,619	$58,590,825	7.95%