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 215,276 5,019,251 SH   SOLE   5,009,970 0 7,095
Autozone Inc. COM 053332102 161,705 135,737 SH   SOLE   135,454 0 190
Chipotle Mexican Grill Cl A COM 169656105 83,907 100,234 SH   SOLE   100,057 0 120
Cummins Inc COM 231021106 99,925 558,363 SH   SOLE   557,908 0 455
Deere & Co. COM 244199105 125,987 727,155 SH   SOLE   726,075 0 1,080
Expeditors International of Washington COM 302130109 91,713 1,175,505 SH   SOLE   1,174,175 0 1,330
Fastenal Co COM 311900104 112,983 3,057,739 SH   SOLE   3,053,299 0 4,440
Goldman Sachs Group Inc COM 38141G104 110,325 479,819 SH   SOLE   478,954 0 655
Mastercard Inc Class A COM 57636Q104 144,046 482,421 SH   SOLE   481,791 0 630
Moody's Corp. COM 615369105 265,551 1,118,532 SH   SOLE   1,116,712 0 1,675
NVR Inc COM 62944T105 57,770 15,169 SH   SOLE   15,148 0 21
O'Reilly Automotive Inc COM 67103H107 109,426 249,682 SH   SOLE   249,163 0 355
Ross Stores Inc COM 778296103 87,091 748,076 SH   SOLE   746,981 0 1,095
Strategic Education Inc COM 86272C103 54,221 341,229 SH   SOLE   340,773 0 456
Union Pacific Corporation COM 907818108 62,512 345,774 SH   SOLE   345,255 0 519
Visa Inc Cl A COM 92826C839 117,212 623,802 SH   SOLE   622,882 0 920
Waters Corp COM 941848103 13,783 58,988 SH   SOLE   58,988 0 0