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   417,083 5,004 SH   DFND   0 0 0
ALPHABET INC CAP STK CL A 02079K305   26,679,694 222,888 SH   DFND   0 0 0
ALPHABET INC CAP STK CL C 02079K107   109,724,145 907,036 SH   DFND   0 0 0
AMETEK INC COM 031100100   144,477,900 892,500 SH   DFND   0 0 0
ANALOG DEVICES INC COM 032654105   35,748,804 183,506 SH   DFND   0 0 0
APPLE INC COM 037833100   2,781,142 14,338 SH   DFND   0 0 0
ARISTA NETWORKS INC COM 040413106   16,847,271 103,957 SH   SOLE   0 0 0
AUTOHOME INC SP ADS RP CL A 05278C107   10,010,220 343,286 SH   DFND   0 0 0
BANK OZK LITTLE ROCK ARK COM 06417N103   8,454,564 210,522 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   4,660,290 9 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   160,335,813 470,193 SH   DFND   0 0 0
BANK AMERICA CORP COM 060505104   28,284,782 985,876 SH   DFND   0 0 0
BOOT BARN HLDGS INC COM 099406100   698,947 8,253 SH   DFND   0 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107   545,904 16,223 SH   DFND   0 0 0
CARMAX INC COM 143130102   125,570,088 1,500,240 SH   DFND   0 0 0
CGI INC CL A SUB VTG 12532H104   232,601 1,665 SH   DFND   0 0 0
CIENA CORP COM NEW 171779309   29,893,075 703,532 SH   DFND   0 0 0
COHERENT CORP COM 19247G107   5,107,839 100,193 SH   SOLE   0 0 0
COPART INC COM 217204106   1,253,408 13,742 SH   DFND   0 0 0
CREDIT ACCEP CORP MICH COM 225310101   10,538,532 20,748 SH   SOLE   0 0 0
DISNEY WALT CO COM 254687106   20,584,040 230,556 SH   DFND   0 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108   41,495,390 439,896 SH   DFND   0 0 0
FASTENAL CO COM 311900104   844,631 8,954 SH   DFND   0 0 0
FISERV INC COM 337738108   34,187,407 271,006 SH   DFND   0 0 0
FIVE BELOW INC COM 33829M101   124,551,525 633,721 SH   DFND   0 0 0
FLOOR & DECOR HLDGS INC CL A 339750101   28,896,618 277,959 SH   DFND   0 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106   64,887,532 901,842 SH   DFND   0 0 0
HEICO CORP NEW CL A 422806208   98,535,854 700,824 SH   DFND   0 0 0
INSTALLED BLDG PRODS INC COM 45780R101   60,038,377 428,356 SH   DFND   0 0 0
ISHARES SILVER TR ISHARES 46428Q109   480,470 23,000 SH   SOLE   0 0 0
ISHARES TR U.S. FINLS ETF 464287788   211,370 2,833 SH   DFND   0 0 0
ISHARES TR US HOME CONS ETF 464288752   1,128,235 13,205 SH   DFND   0 0 0
JPMORGAN CHASE & CO COM 46625H100   4,958,777 34,095 SH   DFND   0 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103   78,677,722 469,858 SH   DFND   0 0 0
KNIGHT-SWIFT TRANSN HLDGS IN CL A 499049104   432,757 7,789 SH   DFND   0 0 0
LEVI STRAUSS & CO NEW CL A COM STK 52736R102   475,310 32,939 SH   DFND   0 0 0
LITTELFUSE INC COM 537008104   22,075,763 75,781 SH   DFND   0 0 0
LULULEMON ATHLETICA INC COM 550021109   43,860,580 115,880 SH   DFND   0 0 0
M & T BK CORP COM 55261F104   41,903,403 338,586 SH   DFND   0 0 0
MARKEL CORP COMMON STOCK 570535104   115,918,783 83,806 SH   DFND   0 0 0
MASTERBRAND INC COM 57638P104   10,594,162 910,934 SH   DFND   0 0 0
MASTERCARD INCORPORATED CL A 57636Q104   7,593,836 19,308 SH   DFND   0 0 0
META PLATFORMS INC CL A 30303M102   80,270,602 279,708 SH   DFND   0 0 0
MICROSOFT CORP COM 594918104   1,223,901 3,594 SH   DFND   0 0 0
NOVO-NORDISK A S ADR 670100205   1,003,346 6,200 SH   DFND   0 0 0
NVR INC COM 62944T105   80,081,318 12,610 SH   DFND   0 0 0
OLD DOMINION FREIGHT LINE IN COM 679580100   1,503,773 4,067 SH   DFND   0 0 0
PROGRESSIVE CORP COM 743315103   64,518,329 487,409 SH   DFND   0 0 0
ROPER TECHNOLOGIES INC COM 776696106   598,596 1,245 SH   DFND   0 0 0
SCHWAB CHARLES CORP COM 808513105   42,630,785 752,131 SH   DFND   0 0 0
SITEONE LANDSCAPE SUPPLY INC COM 82982L103   643,164 3,843 SH   DFND   0 0 0
SLEEP NUMBER CORP COM 83125X103   574,435 21,057 SH   DFND   0 0 0
SPDR GOLD TR GOLD SHS 78463V107   763,174 4,281 SH   DFND   0 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   2,106,467 4,752 SH   DFND   0 0 0
SS&C TECHNOLOGIES HLDGS INC COM 78467J100   9,763,993 161,122 SH   DFND   0 0 0
STARBUCKS CORP COM 855244109   615,460 6,213 SH   DFND   0 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   831,581 8,240 SH   DFND   0 0 0
TJX COS INC NEW COM 872540109   737,419 8,697 SH   DFND   0 0 0
VISA INC COM CL A 92826C839   88,226,432 371,511 SH   DFND   0 0 0