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 161,670 4,360,020 SH   SOLE   4,352,925 0 7,095
Autozone Inc. COM 053332102 129,267 117,572 SH   SOLE   117,382 0 190
Chipotle Mexican Grill Cl A COM 169656105 62,457 85,222 SH   SOLE   85,102 0 120
Cummins Inc COM 231021106 87,429 510,267 SH   SOLE   509,812 0 455
Deere & Co. COM 244199105 111,465 672,650 SH   SOLE   671,570 0 1,080
Expeditors International of Washington COM 302130109 80,934 1,066,882 SH   SOLE   1,065,552 0 1,330
Fastenal Co COM 311900104 90,939 2,790,409 SH   SOLE   2,785,969 0 4,440
Goldman Sachs Group Inc COM 38141G104 84,666 413,811 SH   SOLE   413,156 0 655
Mastercard Inc Class A COM 57636Q104 117,953 445,896 SH   SOLE   445,266 0 630
Moody's Corp. COM 615369105 202,845 1,038,579 SH   SOLE   1,036,904 0 1,675
NVR Inc COM 62944T105 46,749 13,871 SH   SOLE   13,850 0 21
O'Reilly Automotive Inc COM 67103H107 82,465 223,288 SH   SOLE   222,933 0 355
Ross Stores Inc COM 778296103 68,682 692,918 SH   SOLE   691,823 0 1,095
Strategic Education Inc COM 86272C103 68,535 385,028 SH   SOLE   384,572 0 456
Union Pacific Corporation COM 907818108 52,716 311,727 SH   SOLE   311,208 0 519
Visa Inc Cl A COM 92826C839 99,989 576,141 SH   SOLE   575,221 0 920
Waters Corp COM 941848103 11,301 52,502 SH   SOLE   52,502 0 0
YUM! Brands Inc COM 988498101 215 1,943 SH   SOLE   1,943 0 0