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
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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 (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Arch Capital Group Ltd COM G0450A105 132,400 4,441,474 SH   SOLE   4,434,379 0 7,095
Autozone Inc. COM 053332102 94,711 122,097 SH   SOLE   121,907 0 190
Chipotle Mexican Grill Cl A COM 169656105 105,477 232,063 SH   SOLE   231,707 0 356
Cummins Inc COM 231021106 77,034 527,379 SH   SOLE   526,924 0 455
Deere & Co. COM 244199105 105,527 701,970 SH   SOLE   700,890 0 1,080
Expeditors International of Washington COM 302130109 81,399 1,107,014 SH   SOLE   1,105,684 0 1,330
Fastenal Co COM 311900104 84,302 1,452,985 SH   SOLE   1,450,765 0 2,220
Goldman Sachs Group Inc COM 38141G104 101,369 452,054 SH   SOLE   451,384 0 670
Mastercard Inc Class A COM 57636Q104 104,822 470,877 SH   SOLE   470,247 0 630
Moody's Corp. COM 615369105 181,514 1,085,608 SH   SOLE   1,083,933 0 1,675
NVR Inc COM 62944T105 34,969 14,153 SH   SOLE   14,132 0 21
O'Reilly Automotive Inc COM 67103H107 80,810 232,668 SH   SOLE   232,313 0 355
Ross Stores Inc COM 778296103 71,228 718,744 SH   SOLE   717,649 0 1,095
Strategic Education Inc COM 86272C103 70,450 514,120 SH   SOLE   513,377 0 743
Union Pacific Corporation COM 907818108 50,549 310,442 SH   SOLE   309,923 0 519
Visa Inc Cl A COM 92826C839 90,175 600,810 SH   SOLE   599,890 0 920
Waters Corp COM 941848103 18,324 94,124 SH   SOLE   94,124 0 0
YUM! Brands Inc COM 988498101 71,768 789,442 SH   SOLE   787,465 0 1,977