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   438,336 4,976 SH   DFND   0 0 0
ALPHABET INC CAP STK CL A 02079K305   18,376,544 208,280 SH   DFND   0 0 0
ALPHABET INC CAP STK CL C 02079K107   78,701,558 886,978 SH   DFND   0 0 0
AMETEK INC COM 031100100   119,222,797 853,298 SH   DFND   0 0 0
ANALOG DEVICES INC COM 032654105   4,591,200 27,990 SH   DFND   0 0 0
APPLE INC COM 037833100   1,901,915 14,638 SH   DFND   0 0 0
ARISTA NETWORKS INC COM 040413106   12,284,867 101,235 SH   SOLE   0 0 0
AUTOHOME INC SP ADS RP CL A 05278C107   10,283,773 336,071 SH   DFND   0 0 0
BANK OZK COM 06417N103   8,386,801 209,356 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   4,218,399 9 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   142,527,696 461,404 SH   DFND   0 0 0
BK OF AMERICA CORP COM 060505104   30,987,403 935,610 SH   DFND   0 0 0
BOOT BARN HLDGS INC COM 099406100   515,978 8,253 SH   DFND   0 0 0
BROOKFIELD CORP CL-A LVS CL A LTD VT SH 11271J107   523,809 16,650 SH   DFND   0 0 0
CARMAX INC COM 143130102   87,395,843 1,435,307 SH   DFND   0 0 0
CGI INC CL A SUB VTG 12532H104   143,406 1,665 SH   DFND   0 0 0
CIENA CORP COM NEW 171779309   34,699,894 680,657 SH   DFND   0 0 0
COHERENT CORP COM 19247G107   3,001,892 85,524 SH   SOLE   0 0 0
COPART INC COM 217204106   836,750 13,742 SH   DFND   0 0 0
COSTCO WHSL CORP NEW COM 22160K105   159,775 350 SH   SOLE   0 0 0
CREDIT ACCEP CORP MICH COM 225310101   8,766,912 18,480 SH   SOLE   0 0 0
DISNEY WALT CO COM 254687106   19,635,749 226,010 SH   DFND   0 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108   31,796,768 426,173 SH   DFND   0 0 0
FASTENAL CO COM 311900104   459,193 9,704 SH   DFND   0 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100   28,874,888 236,893 SH   DFND   0 0 0
FIVE BELOW INC COM 33829M101   109,367,741 618,351 SH   DFND   0 0 0
FLOOR & DECOR HLDGS INC CL A 339750101   18,544,836 266,334 SH   DFND   0 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106   51,227,499 896,997 SH   DFND   0 0 0
HEICO CORP NEW CL A 422806208   80,407,365 670,900 SH   DFND   0 0 0
INSTALLED BLDG PRODS INC COM 45780R101   35,380,192 413,320 SH   DFND   0 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104   1,378,604 13,438 SH   DFND   0 0 0
ISHARES SILVER TR ISHARES 46428Q109   506,460 23,000 SH   SOLE   0 0 0
ISHARES TR U.S. FINLS ETF 464287788   230,259 3,051 SH   DFND   0 0 0
ISHARES TR US HOME CONS ETF 464288752   639,496 10,551 SH   DFND   0 0 0
JACOBS SOLUTIONS INC COM 46982L108   493,968 4,114 SH   SOLE   0 0 0
JPMORGAN CHASE & CO COM 46625H100   4,189,418 31,241 SH   DFND   0 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103   79,203,015 462,986 SH   DFND   0 0 0
KNIGHT-SWIFT TRANSN HLDGS IN CL A 499049104   421,691 8,046 SH   DFND   0 0 0
LEVI STRAUSS & CO NEW CL A COM STK 52736R102   511,213 32,939 SH   DFND   0 0 0
LITTELFUSE INC COM 537008104   15,285,183 69,415 SH   DFND   0 0 0
LULULEMON ATHLETICA INC COM 550021109   35,192,141 109,845 SH   DFND   0 0 0
M & T BK CORP COM 55261F104   44,443,918 306,383 SH   DFND   0 0 0
MARKEL CORP COM 570535104   107,190,986 81,360 SH   DFND   0 0 0
MASTERBRAND INC COM 57638P104   6,796,072 900,142 SH   DFND   0 0 0
MASTERCARD INCORPORATED CL A 57636Q104   6,048,416 17,394 SH   DFND   0 0 0
META PLATFORMS INC CL A 30303M102   32,586,387 270,786 SH   DFND   0 0 0
MICROSOFT CORP COM 594918104   858,076 3,578 SH   DFND   0 0 0
NOVO-NORDISK A S ADR 670100205   839,108 6,200 SH   DFND   0 0 0
NVR INC COM 62944T105   57,606,512 12,489 SH   DFND   0 0 0
OLD DOMINION FREIGHT LINE IN COM 679580100   1,154,133 4,067 SH   DFND   0 0 0
PROGRESSIVE CORP COM 743315103   59,838,466 461,325 SH   DFND   0 0 0
RESMED INC COM 761152107   90,953 437 SH   DFND   0 0 0
RITCHIE BROS AUCTIONEERS COM 767744105   61,878 1,070 SH   DFND   0 0 0
ROPER TECHNOLOGIES INC COM 776696106   630,851 1,460 SH   DFND   0 0 0
SCHWAB CHARLES CORP COM 808513105   103,480,024 1,242,854 SH   DFND   0 0 0
SITEONE LANDSCAPE SUPPLY INC COM 82982L103   440,302 3,753 SH   DFND   0 0 0
SLEEP NUMBER CORP COM 83125X103   9,879,233 380,263 SH   DFND   0 0 0
SPDR GOLD TR GOLD SHS 78463V107   723,515 4,265 SH   DFND   0 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   1,820,749 4,761 SH   DFND   0 0 0
SS&C TECHNOLOGIES HLDGS INC COM 78467J100   21,220,333 407,613 SH   DFND   0 0 0
STARBUCKS CORP COM 855244109   621,488 6,265 SH   DFND   0 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   1,122,266 15,066 SH   DFND   0 0 0
TJX COS INC NEW COM 872540109   732,081 9,197 SH   DFND   0 0 0
UNITEDHEALTH GRP INC COM 91324P102   918,802 1,733 SH   SOLE   0 0 0
VANGUARD 500 INDX ETF-NEW S&P 500 ETF SHS 922908363   2,424,246 6,900 SH   DFND   0 0 0
VISA INC COM CL A 92826C839   74,458,483 358,387 SH   DFND   0 0 0