Instuitional Investor - Gfi Investment Counsel Ltd.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Microsoft Corp	MSFT	183,782	$95,189,887	9.91%
2.	Visa Inc.	V	247,486	$84,486,771	8.8%
3.	Moodys Corp	MCO	161,380	$76,894,342	8.01%
4.	Hilton Worldwide Holdings Inc.	HLT	274,821	$71,299,560	7.42%
5.	Roper Technologies Inc	ROP	140,301	$69,966,706	7.28%