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 190,894 5,292,308 SH   SOLE   5,282,020 0 7,095
Autozone Inc. COM 053332102 166,176 140,181 SH   SOLE   139,893 0 190
Cummins Inc COM 231021106 185,363 816,218 SH   SOLE   814,608 0 1,040
Deere & Co. COM 244199105 202,163 751,396 SH   SOLE   749,946 0 1,080
Expeditors International of Washington COM 302130109 121,732 1,279,906 SH   SOLE   1,277,791 0 1,330
Fastenal Co COM 311900104 78,284 1,603,199 SH   SOLE   1,600,799 0 2,400
Goldman Sachs Group Inc COM 38141G104 170,902 648,069 SH   SOLE   646,768 0 850
Mastercard Inc Class A COM 57636Q104 162,945 456,506 SH   SOLE   455,876 0 630
Moody's Corp. COM 615369105 181,543 625,493 SH   SOLE   624,456 0 892
NVR Inc COM 62944T105 60,272 14,773 SH   SOLE   14,752 0 21
O'Reilly Automotive Inc COM 67103H107 110,425 243,996 SH   SOLE   243,477 0 355
Ross Stores Inc COM 778296103 159,624 1,299,764 SH   SOLE   1,297,189 0 1,595
Strategic Education Inc COM 86272C103 81,057 850,282 SH   SOLE   848,595 0 1,086
TJX Companies Inc COM 872540109 25,652 375,637 SH   SOLE   373,526 0 1,970
Union Pacific Corporation COM 907818108 71,030 341,130 SH   SOLE   340,611 0 519
Visa Inc Cl A COM 92826C839 155,106 709,122 SH   SOLE   707,717 0 920
Waters Corp COM 941848103 14,221 57,476 SH   SOLE   57,476 0 0