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 160,867 5,499,729 SH   SOLE   5,489,441 0 7,095
Autozone Inc. COM 053332102 171,095 145,286 SH   SOLE   144,998 0 190
Chipotle Mexican Grill Cl A COM 169656105 80,208 64,491 SH   SOLE   64,366 0 86
Cummins Inc COM 231021106 179,922 852,064 SH   SOLE   850,454 0 1,040
Deere & Co. COM 244199105 174,002 785,100 SH   SOLE   783,650 0 1,080
Expeditors International of Washington COM 302130109 120,025 1,325,950 SH   SOLE   1,323,835 0 1,330
Fastenal Co COM 311900104 74,822 1,659,398 SH   SOLE   1,656,998 0 2,400
Goldman Sachs Group Inc COM 38141G104 135,141 672,442 SH   SOLE   671,141 0 850
Mastercard Inc Class A COM 57636Q104 160,955 475,959 SH   SOLE   475,329 0 630
Moody's Corp. COM 615369105 189,249 652,920 SH   SOLE   651,883 0 892
NVR Inc COM 62944T105 61,749 15,123 SH   SOLE   15,102 0 21
O'Reilly Automotive Inc COM 67103H107 114,576 248,494 SH   SOLE   247,975 0 355
Ross Stores Inc COM 778296103 125,072 1,340,246 SH   SOLE   1,337,671 0 1,595
Strategic Education Inc COM 86272C103 79,804 872,465 SH   SOLE   870,784 0 1,086
TJX Companies Inc COM 872540109 21,023 377,772 SH   SOLE   375,661 0 1,970
Union Pacific Corporation COM 907818108 68,115 345,990 SH   SOLE   345,471 0 519
Visa Inc Cl A COM 92826C839 146,370 731,959 SH   SOLE   730,554 0 920
Waters Corp COM 941848103 11,551 59,032 SH   SOLE   59,032 0 0