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 154,849 5,404,862 SH   SOLE   5,394,894 0 7,095
Autozone Inc. COM 053332102 164,812 146,094 SH   SOLE   145,806 0 190
Chipotle Mexican Grill Cl A COM 169656105 146,665 139,368 SH   SOLE   138,992 0 265
Cummins Inc COM 231021106 148,816 858,918 SH   SOLE   857,308 0 1,040
Deere & Co. COM 244199105 124,467 792,029 SH   SOLE   790,579 0 1,080
Expeditors International of Washington COM 302130109 101,624 1,336,454 SH   SOLE   1,334,339 0 1,330
Fastenal Co COM 311900104 79,553 1,856,976 SH   SOLE   1,854,576 0 2,400
Goldman Sachs Group Inc COM 38141G104 127,509 645,225 SH   SOLE   643,975 0 815
Mastercard Inc Class A COM 57636Q104 141,954 480,060 SH   SOLE   479,430 0 630
Moody's Corp. COM 615369105 180,735 657,864 SH   SOLE   656,827 0 892
NVR Inc COM 62944T105 49,582 15,215 SH   SOLE   15,194 0 21
O'Reilly Automotive Inc COM 67103H107 105,278 249,670 SH   SOLE   249,151 0 355
Ross Stores Inc COM 778296103 114,833 1,347,177 SH   SOLE   1,344,602 0 1,595
Strategic Education Inc COM 86272C103 52,365 340,805 SH   SOLE   340,349 0 456
TJX Companies Inc COM 872540109 19,178 379,315 SH   SOLE   377,204 0 1,970
Union Pacific Corporation COM 907818108 58,867 348,180 SH   SOLE   347,661 0 519
Visa Inc Cl A COM 92826C839 142,517 737,782 SH   SOLE   736,377 0 920
Waters Corp COM 941848103 10,669 59,143 SH   SOLE   59,143 0 0