The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
Estimated average burden
hours per response: 23.8
COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   511,309 5,004 SH   DFND   0 0 0
ALPHABET INC CAP STK CL A 02079K305   22,112,850 213,177 SH   DFND   0 0 0
ALPHABET INC CAP STK CL C 02079K107   89,655,904 862,076 SH   DFND   0 0 0
AMETEK INC COM 031100100   122,310,891 841,608 SH   DFND   0 0 0
ANALOG DEVICES INC COM 032654105   5,922,319 30,029 SH   DFND   0 0 0
APPLE INC COM 037833100   2,413,806 14,638 SH   DFND   0 0 0
ARISTA NETWORKS INC COM 040413106   16,861,873 100,452 SH   SOLE   0 0 0
AUTOHOME INC SP ADS RP CL A 05278C107   11,443,058 341,890 SH   DFND   0 0 0
BANK OZK LITTLE ROCK ARK COM 06417N103   6,848,755 200,256 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   4,190,400 9 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   137,393,387 444,970 SH   DFND   0 0 0
BANK AMERICA CORP COM 060505104   25,746,893 900,241 SH   DFND   0 0 0
BOOT BARN HLDGS INC COM 099406100   632,510 8,253 SH   DFND   0 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107   714,299 16,223 SH   DFND   0 0 0
CARMAX INC COM 143130102   91,795,633 1,428,059 SH   DFND   0 0 0
CGI INC CL A SUB VTG 12532H104   216,866 1,665 SH   DFND   0 0 0
CIENA CORP COM NEW 171779309   35,013,824 666,676 SH   DFND   0 0 0
COHERENT CORP COM 19247G107   3,675,710 96,526 SH   SOLE   0 0 0
COPART INC COM 217204106   1,033,536 13,742 SH   DFND   0 0 0
CREDIT ACCEP CORP MICH COM 225310101   8,788,822 20,156 SH   SOLE   0 0 0
DISNEY WALT CO COM 254687106   22,928,568 228,988 SH   DFND   0 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108   34,330,882 414,975 SH   DFND   0 0 0
FASTENAL CO COM 311900104   482,979 8,954 SH   DFND   0 0 0
FISERV INC COM 337738108   29,463,643 260,671 SH   DFND   0 0 0
FIVE BELOW INC COM 33829M101   123,992,704 601,994 SH   DFND   0 0 0
FLOOR & DECOR HLDGS INC CL A 339750101   26,062,088 265,344 SH   DFND   0 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106   52,717,810 897,630 SH   DFND   0 0 0
HEICO CORP NEW CL A 422806208   89,284,397 656,986 SH   DFND   0 0 0
INSTALLED BLDG PRODS INC COM 45780R101   48,361,149 424,109 SH   DFND   0 0 0
ISHARES SILVER TR ISHARES 46428Q109   508,760 23,000 SH   SOLE   0 0 0
ISHARES TR U.S. FINLS ETF 464287788   204,670 2,877 SH   DFND   0 0 0
ISHARES TR US HOME CONS ETF 464288752   344,983 4,908 SH   DFND   0 0 0
JACOBS SOLUTIONS INC COM 46982L108   288,840 2,458 SH   SOLE   0 0 0
JPMORGAN CHASE & CO COM 46625H100   4,303,618 33,026 SH   DFND   0 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103   71,928,844 445,435 SH   DFND   0 0 0
KNIGHT-SWIFT TRANSN HLDGS IN CL A 499049104   455,243 8,046 SH   DFND   0 0 0
LEVI STRAUSS & CO NEW CL A COM STK 52736R102   600,478 32,939 SH   DFND   0 0 0
LITTELFUSE INC COM 537008104   18,729,035 69,861 SH   DFND   0 0 0
LULULEMON ATHLETICA INC COM 550021109   41,545,703 114,077 SH   DFND   0 0 0
M & T BK CORP COM 55261F104   35,610,218 297,819 SH   DFND   0 0 0
MARKEL CORP COMMON STOCK 570535104   101,676,726 79,596 SH   DFND   0 0 0
MASTERBRAND INC COM 57638P104   6,962,343 865,963 SH   DFND   0 0 0
MASTERCARD INCORPORATED CL A 57636Q104   6,845,191 18,836 SH   DFND   0 0 0
META PLATFORMS INC CL A 30303M102   55,840,044 263,471 SH   DFND   0 0 0
MICROSOFT CORP COM 594918104   1,031,537 3,578 SH   DFND   0 0 0
NOVO-NORDISK A S ADR 670100205   986,668 6,200 SH   DFND   0 0 0
NVR INC COM 62944T105   67,568,376 12,126 SH   DFND   0 0 0
OLD DOMINION FREIGHT LINE IN COM 679580100   1,386,196 4,067 SH   DFND   0 0 0
PROGRESSIVE CORP COM 743315103   68,844,907 481,231 SH   DFND   0 0 0
ROPER TECHNOLOGIES INC COM 776696106   588,321 1,335 SH   DFND   0 0 0
SCHWAB CHARLES CORP COM 808513105   63,973,265 1,221,330 SH   DFND   0 0 0
SITEONE LANDSCAPE SUPPLY INC COM 82982L103   513,673 3,753 SH   DFND   0 0 0
SLEEP NUMBER CORP COM 83125X103   641,012 21,079 SH   DFND   0 0 0
SPDR GOLD TR GOLD SHS 78463V107   781,433 4,265 SH   DFND   0 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   1,949,106 4,761 SH   DFND   0 0 0
SS&C TECHNOLOGIES HLDGS INC COM 78467J100   8,793,960 155,728 SH   DFND   0 0 0
STARBUCKS CORP COM 855244109   652,374 6,265 SH   DFND   0 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   1,320,605 14,197 SH   DFND   0 0 0
TJX COS INC NEW COM 872540109   681,497 8,697 SH   DFND   0 0 0
VISA INC COM CL A 92826C839   79,604,290 353,075 SH   DFND   0 0 0