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
Estimated average burden
hours per response: 23.8
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
3M CO COM 88579Y101 14,836 77,000 SH   SOLE   77,000 0 0
3M CO COM 88579Y101 31,041 161,100 SH   DFND 1 161,100 0 0
ACCENTURE PLC IRELAN SHS CLASS A G1151C101 18,536 67,100 SH   SOLE   67,100 0 0
ACCENTURE PLC IRELAN SHS CLASS A G1151C101 25,498 92,300 SH   DFND 1 92,300 0 0
ACTIVISION BLIZZARD COM 00507V109 167 1,800 SH   SOLE   1,800 0 0
ACTIVISION BLIZZARD COM 00507V109 26,347 283,300 SH   DFND 1 283,300 0 0
ALBEMARLE CORP COM 012653101 11,104 76,000 SH   DFND 1 76,000 0 0
ALLEGHANY CORP DEL COM 017175100 2,711 4,328 SH   SOLE   4,328 0 0
ALLSTATE CORP COM 020002101 230 2,000 SH   DFND 1 2,000 0 0
ALPHABET INC CAP STK CL A 02079K305 6,806 3,300 SH   SOLE   3,300 0 0
ALPHABET INC CAP STK CL A 02079K305 18,975 9,200 SH   DFND 1 9,200 0 0
ALPHABET INC CAP STK CL C 02079K107 87,398 42,249 SH   SOLE   42,249 0 0
ALPHABET INC CAP STK CL C 02079K107 197,025 95,244 SH   DFND 1 95,244 0 0
AMAZON COM INC COM 023135106 103,342 33,400 SH   SOLE   33,400 0 0
AMAZON COM INC COM 023135106 201,245 65,042 SH   DFND 1 65,042 0 0
AMERICAN EXPRESS CO COM 025816109 1,414 10,000 SH   SOLE   10,000 0 0
AMERICAN EXPRESS CO COM 025816109 67,064 474,150 SH   DFND 1 474,150 0 0
AMERICAN TOWER CORP COM 03027X100 239 1,000 SH   SOLE   1,000 0 0
AMERICAN TOWER CORP COM 03027X100 12,128 50,730 SH   DFND 1 50,730 0 0
ANALOG DEVICES INC COM 032654105 31,569 203,565 SH   SOLE   203,565 0 0
ANALOG DEVICES INC COM 032654105 105,803 682,246 SH   DFND 1 682,246 0 0
AON PLC SHS CL A G0403H108 9,550 41,500 SH   DFND 1 41,500 0 0
APOLLO GLOBAL MGMT I COM CL A 03768E105 1,058 22,500 SH   SOLE   22,500 0 0
APOLLO GLOBAL MGMT I COM CL A 03768E105 46,540 990,000 SH   DFND 1 990,000 0 0
APPLE INC COM 037833100 5,888 48,200 SH   SOLE   48,200 0 0
APPLE INC COM 037833100 140,514 1,150,340 SH   DFND 1 1,150,340 0 0
ARCHER DANIELS MIDLA COM 039483102 33,858 594,000 SH   SOLE   594,000 0 0
ARCHER DANIELS MIDLA COM 039483102 49,550 869,300 SH   DFND 1 869,300 0 0
BALL CORP COM 058498106 3,898 46,000 SH   DFND 1 46,000 0 0
BANK NEW YORK MELLON COM 064058100 16,918 357,750 SH   DFND 1 357,750 0 0
BERKLEY W R CORP COM 084423102 2,034 27,000 SH   DFND 1 27,000 0 0
BERKSHIRE HATHAWAY I CL A 084670108 254,949 661 SH   SOLE   661 0 0
BERKSHIRE HATHAWAY I CL A 084670108 174,723 453 SH   DFND 1 453 0 0
BERKSHIRE HATHAWAY I CL B NEW 084670702 223,523 874,947 SH   SOLE   874,947 0 0
BERKSHIRE HATHAWAY I CL B NEW 084670702 167,850 657,024 SH   DFND 1 657,024 0 0
BLACKROCK INC COM 09247X101 9,048 12,000 SH   SOLE   12,000 0 0
BLACKROCK INC COM 09247X101 156,974 208,200 SH   DFND 1 208,200 0 0
BLACKSTONE GROUP INC COM CL A 09260D107 2,571 34,500 SH   SOLE   34,500 0 0
BLACKSTONE GROUP INC COM CL A 09260D107 89,026 1,194,500 SH   DFND 1 1,194,500 0 0
BROOKFIELD ASSET MGM CL A LTD VT SH 112585104 159,220 3,577,978 SH   SOLE   3,577,978 0 0
BROOKFIELD ASSET MGM CL A LTD VT SH 112585104 228,328 5,130,963 SH   DFND 1 5,130,963 0 0
BROWN FORMAN CORP CL A 115637100 31,364 492,600 SH   SOLE   492,600 0 0
BROWN FORMAN CORP CL A 115637100 22,310 350,400 SH   DFND 1 350,400 0 0
BROWN FORMAN CORP CL B 115637209 15,639 226,750 SH   SOLE   226,750 0 0
BROWN FORMAN CORP CL B 115637209 17,066 247,437 SH   DFND 1 247,437 0 0
CABLE ONE INC COM 12685J105 9,507 5,200 SH   DFND 1 5,200 0 0
CARLYLE GROUP INC COM 14316J108 1,636 44,500 SH   SOLE   44,500 0 0
CARLYLE GROUP INC COM 14316J108 43,285 1,177,500 SH   DFND 1 1,177,500 0 0
CARRIER GLOBAL CORPO COM 14448C104 2,305 54,600 SH   SOLE   54,600 0 0
CARRIER GLOBAL CORPO COM 14448C104 7,152 169,400 SH   DFND 1 169,400 0 0
CATERPILLAR INC COM 149123101 2,319 10,000 SH   SOLE   10,000 0 0
CATERPILLAR INC COM 149123101 64,344 277,500 SH   DFND 1 277,500 0 0
CELANESE CORP DEL COM 150870103 360 2,400 SH   DFND 1 2,400 0 0
CISCO SYS INC COM 17275R102 7,653 148,000 SH   SOLE   148,000 0 0
CISCO SYS INC COM 17275R102 10,032 194,000 SH   DFND 1 194,000 0 0
CITIGROUP INC COM NEW 172967424 96 1,320 SH   SOLE   1,320 0 0
CITIGROUP INC COM NEW 172967424 1,404 19,300 SH   DFND 1 19,300 0 0
COLFAX CORP COM 194014106 47,537 1,085,070 SH   SOLE   1,085,070 0 0
COLFAX CORP COM 194014106 2,191 50,000 SH   DFND 1 50,000 0 0
COMCAST CORP NEW CL A 20030N101 5,573 103,000 SH   SOLE   103,000 0 0
COMCAST CORP NEW CL A 20030N101 22,874 422,740 SH   DFND 1 422,740 0 0
COSTCO WHSL CORP NEW COM 22160K105 4,582 13,000 SH   SOLE   13,000 0 0
COSTCO WHSL CORP NEW COM 22160K105 9,217 26,150 SH   DFND 1 26,150 0 0
CROWN HLDGS INC COM 228368106 11,257 116,000 SH   DFND 1 116,000 0 0
CVS HEALTH CORP COM 126650100 150 2,000 SH   SOLE   2,000 0 0
CVS HEALTH CORP COM 126650100 24,826 330,000 SH   DFND 1 330,000 0 0
D R HORTON INC COM 23331A109 76 850 SH   SOLE   850 0 0
D R HORTON INC COM 23331A109 1,172 13,149 SH   DFND 1 13,149 0 0
DEERE & CO COM 244199105 282,775 755,800 SH   DFND 1 755,800 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 121,236 738,300 SH   SOLE   738,300 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 100,481 611,908 SH   DFND 1 611,908 0 0
DISNEY WALT CO COM 254687106 126,056 683,158 SH   SOLE   683,158 0 0
DISNEY WALT CO COM 254687106 217,879 1,180,787 SH   DFND 1 1,180,787 0 0
EASTMAN CHEM CO COM 277432100 991 9,000 SH   DFND 1 9,000 0 0
ECOLAB INC COM 278865100 4,924 23,000 SH   SOLE   23,000 0 0
ECOLAB INC COM 278865100 61,288 286,300 SH   DFND 1 286,300 0 0
ELECTRONIC ARTS INC COM 285512109 122 900 SH   SOLE   900 0 0
ELECTRONIC ARTS INC COM 285512109 16,948 125,200 SH   DFND 1 125,200 0 0
EQUIFAX INC COM 294429105 22,116 122,100 SH   DFND 1 122,100 0 0
FACEBOOK INC CL A 30303M102 5,481 18,610 SH   SOLE   18,610 0 0
FACEBOOK INC CL A 30303M102 37,710 128,033 SH   DFND 1 128,033 0 0
FACTSET RESH SYS INC COM 303075105 7,098 23,000 SH   SOLE   23,000 0 0
FACTSET RESH SYS INC COM 303075105 28,921 93,720 SH   DFND 1 93,720 0 0
GENERAL DYNAMICS COR COM 369550108 7,989 44,000 SH   SOLE   44,000 0 0
GENERAL DYNAMICS COR COM 369550108 62,275 343,000 SH   DFND 1 343,000 0 0
GOLDMAN SACHS GROUP COM 38141G104 5,837 17,850 SH   SOLE   17,850 0 0
GOLDMAN SACHS GROUP COM 38141G104 106,540 325,810 SH   DFND 1 325,810 0 0
GRAHAM HLDGS CO COM CL B 384637104 2,925 5,200 SH   DFND 1 5,200 0 0
HEALTHCARE SVCS GROU COM 421906108 561 20,000 SH   SOLE   20,000 0 0
HEALTHCARE SVCS GROU COM 421906108 21,373 762,500 SH   DFND 1 762,500 0 0
HEICO CORP NEW CL A 422806208 875 7,702 SH   SOLE   7,702 0 0
HEICO CORP NEW CL A 422806208 38,106 335,442 SH   DFND 1 335,442 0 0
HEXCEL CORP NEW COM 428291108 224 4,000 SH   SOLE   4,000 0 0
HEXCEL CORP NEW COM 428291108 10,360 185,000 SH   DFND 1 185,000 0 0
HOME DEPOT INC COM 437076102 58,174 190,577 SH   SOLE   190,577 0 0
HOME DEPOT INC COM 437076102 222,656 729,423 SH   DFND 1 729,423 0 0
IAC INTERACTIVECORP COM 44891N109 423 1,954 SH   DFND 1 1,954 0 0
ILLINOIS TOOL WKS IN COM 452308109 18,829 85,000 SH   SOLE   85,000 0 0
ILLINOIS TOOL WKS IN COM 452308109 53,719 242,500 SH   DFND 1 242,500 0 0
ILLUMINA INC COM 452327109 1,536 4,000 SH   DFND 1 4,000 0 0
INTERCONTINENTAL EXC COM 45866F104 259 2,320 SH   DFND 1 2,320 0 0
INTERNATIONAL FLAVOR COM 459506101 2,094 15,000 SH   SOLE   15,000 0 0
INTERNATIONAL FLAVOR COM 459506101 19,685 141,000 SH   DFND 1 141,000 0 0
INVESTORS TITLE CO N COM 461804106 35,408 213,300 SH   DFND 1 213,300 0 0
JOHNSON & JOHNSON COM 478160104 18,769 114,200 SH   SOLE   114,200 0 0
JOHNSON & JOHNSON COM 478160104 81,616 496,600 SH   DFND 1 496,600 0 0
JPMORGAN CHASE & CO COM 46625H100 32,965 216,550 SH   DFND 1 216,550 0 0
KKR & CO INC COM 48251W104 3,029 62,000 SH   SOLE   62,000 0 0
KKR & CO INC COM 48251W104 65,332 1,337,400 SH   DFND 1 1,337,400 0 0
LAMAR ADVERTISING CO CL A 512816109 798 8,500 SH   DFND 1 8,500 0 0
LENNAR CORP CL B 526057302 1,070 13,000 SH   DFND 1 13,000 0 0
LIBERTY BROADBAND CO COM SER A 530307107 3,157 21,750 SH   SOLE   21,750 0 0
LIBERTY BROADBAND CO COM SER A 530307107 26,635 183,500 SH   DFND 1 183,500 0 0
LIBERTY BROADBAND CO COM SER C 530307305 6,134 40,853 SH   SOLE   40,853 0 0
LIBERTY BROADBAND CO COM SER C 530307305 19,709 131,260 SH   DFND 1 131,260 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 77 3,000 SH   SOLE   3,000 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 4,516 176,000 SH   DFND 1 176,000 0 0
LIBERTY MEDIA CORP D COM A SIRIUSXM 531229409 2,292 52,000 SH   SOLE   52,000 0 0
LIBERTY MEDIA CORP D COM A SIRIUSXM 531229409 16,486 374,000 SH   DFND 1 374,000 0 0
LIBERTY MEDIA CORP D COM C SIRIUSXM 531229607 5,911 134,000 SH   SOLE   134,000 0 0
LIBERTY MEDIA CORP D COM C SIRIUSXM 531229607 17,115 388,000 SH   DFND 1 388,000 0 0
LINDE PLC SHS G5494J103 1,653 5,900 SH   SOLE   5,900 0 0
LINDE PLC SHS G5494J103 24,792 88,500 SH   DFND 1 88,500 0 0
LOCKHEED MARTIN CORP COM 539830109 478 1,293 SH   DFND 1 1,293 0 0
LOWES COS INC COM 548661107 48,876 257,000 SH   SOLE   257,000 0 0
LOWES COS INC COM 548661107 63,079 331,680 SH   DFND 1 331,680 0 0
MARSH & MCLENNAN COS COM 571748102 2,132 17,500 SH   SOLE   17,500 0 0
MARSH & MCLENNAN COS COM 571748102 72,106 592,000 SH   DFND 1 592,000 0 0
MASTERCARD INCORPORA CL A 57636Q104 12,818 36,000 SH   SOLE   36,000 0 0
MASTERCARD INCORPORA CL A 57636Q104 61,041 171,440 SH   DFND 1 171,440 0 0
MATCH GROUP INC NEW COM 57667L107 489 3,560 SH   DFND 1 3,560 0 0
MAXIM INTEGRATED PRO COM 57772K101 6,396 70,000 SH   SOLE   70,000 0 0
MAXIM INTEGRATED PRO COM 57772K101 16,629 182,000 SH   DFND 1 182,000 0 0
MICROCHIP TECHNOLOGY COM 595017104 8,692 56,000 SH   DFND 1 56,000 0 0
MICROSOFT CORP COM 594918104 20,040 85,000 SH   SOLE   85,000 0 0
MICROSOFT CORP COM 594918104 92,964 394,300 SH   DFND 1 394,300 0 0
MOHAWK INDS INC COM 608190104 962 5,000 SH   SOLE   5,000 0 0
MOHAWK INDS INC COM 608190104 41,539 216,000 SH   DFND 1 216,000 0 0
MOODYS CORP COM 615369105 31,055 104,000 SH   SOLE   104,000 0 0
MOODYS CORP COM 615369105 32,023 107,240 SH   DFND 1 107,240 0 0
MSCI INC COM 55354G100 419 1,000 SH   SOLE   1,000 0 0
MSCI INC COM 55354G100 57,022 136,000 SH   DFND 1 136,000 0 0
NIKE INC CL B 654106103 10,897 82,000 SH   SOLE   82,000 0 0
NIKE INC CL B 654106103 37,741 284,000 SH   DFND 1 284,000 0 0
NORFOLK SOUTHN CORP COM 655844108 19,602 73,000 SH   SOLE   73,000 0 0
NORFOLK SOUTHN CORP COM 655844108 42,023 156,500 SH   DFND 1 156,500 0 0
NOVO-NORDISK A S ADR 670100205 35,396 525,000 SH   SOLE   525,000 0 0
NOVO-NORDISK A S ADR 670100205 37,081 550,000 SH   DFND 1 550,000 0 0
NVR INC COM 62944T105 471 100 SH   SOLE   100 0 0
NVR INC COM 62944T105 44,429 9,431 SH   DFND 1 9,431 0 0
O-I GLASS INC COM 67098H104 1,769 120,000 SH   DFND 1 120,000 0 0
OTIS WORLDWIDE CORP COM 68902V107 1,869 27,300 SH   SOLE   27,300 0 0
OTIS WORLDWIDE CORP COM 68902V107 5,925 86,560 SH   DFND 1 86,560 0 0
PAYCHEX INC COM 704326107 6,861 70,000 SH   SOLE   70,000 0 0
PAYCHEX INC COM 704326107 7,842 80,000 SH   DFND 1 80,000 0 0
PAYPAL HLDGS INC COM 70450Y103 444 1,830 SH   DFND 1 1,830 0 0
PEPSICO INC COM 713448108 13,609 96,210 SH   DFND 1 96,210 0 0
PHILIP MORRIS INTL I COM 718172109 10,161 114,500 SH   DFND 1 114,500 0 0
PRICE T ROWE GROUP I COM 74144T108 5,491 32,000 SH   SOLE   32,000 0 0
PRICE T ROWE GROUP I COM 74144T108 48,391 282,000 SH   DFND 1 282,000 0 0
PROGRESSIVE CORP COM 743315103 5,737 60,000 SH   SOLE   60,000 0 0
PROGRESSIVE CORP COM 743315103 60,435 632,100 SH   DFND 1 632,100 0 0
RAYTHEON TECHNOLOGIE COM 75513E101 4,219 54,600 SH   SOLE   54,600 0 0
RAYTHEON TECHNOLOGIE COM 75513E101 13,090 169,400 SH   DFND 1 169,400 0 0
REGENERON PHARMACEUT COM 75886F107 21,528 45,500 SH   DFND 1 45,500 0 0
RLI CORP COM 749607107 42,062 377,000 SH   SOLE   377,000 0 0
RLI CORP COM 749607107 91,518 820,272 SH   DFND 1 820,272 0 0
ROCKWELL AUTOMATION COM 773903109 2,097 7,900 SH   SOLE   7,900 0 0
ROCKWELL AUTOMATION COM 773903109 35,622 134,200 SH   DFND 1 134,200 0 0
ROLLINS INC COM 775711104 1,892 54,975 SH   SOLE   54,975 0 0
ROLLINS INC COM 775711104 40,901 1,188,300 SH   DFND 1 1,188,300 0 0
S&P GLOBAL INC COM 78409V104 353 1,000 SH   SOLE   1,000 0 0
S&P GLOBAL INC COM 78409V104 51,957 147,240 SH   DFND 1 147,240 0 0
SCHWAB CHARLES CORP COM 808513105 8,017 123,000 SH   SOLE   123,000 0 0
SCHWAB CHARLES CORP COM 808513105 63,375 972,300 SH   DFND 1 972,300 0 0
SEI INVTS CO COM 784117103 3,595 59,000 SH   SOLE   59,000 0 0
SEI INVTS CO COM 784117103 22,434 368,200 SH   DFND 1 368,200 0 0
SHAKE SHACK INC CL A 819047101 338 3,000 SH   SOLE   3,000 0 0
SHAKE SHACK INC CL A 819047101 3,112 27,600 SH   DFND 1 27,600 0 0
SHERWIN WILLIAMS CO COM 824348106 23,073 31,264 SH   DFND 1 31,264 0 0
STARBUCKS CORP COM 855244109 4,425 40,500 SH   SOLE   40,500 0 0
STARBUCKS CORP COM 855244109 53,249 487,318 SH   DFND 1 487,318 0 0
STERICYCLE INC COM 858912108 1,688 25,000 SH   SOLE   25,000 0 0
STERICYCLE INC COM 858912108 38,393 568,700 SH   DFND 1 568,700 0 0
TEXAS INSTRS INC COM 882508104 33,262 176,000 SH   SOLE   176,000 0 0
TEXAS INSTRS INC COM 882508104 103,567 548,000 SH   DFND 1 548,000 0 0
TRANSUNION COM 89400J107 270 3,000 SH   SOLE   3,000 0 0
TRANSUNION COM 89400J107 8,235 91,500 SH   DFND 1 91,500 0 0
TRUPANION INC COM 898202106 381 5,000 SH   SOLE   5,000 0 0
TRUPANION INC COM 898202106 9,778 128,300 SH   DFND 1 128,300 0 0
TWITTER INC COM 90184L102 541 8,500 SH   DFND 1 8,500 0 0
TYSON FOODS INC CL A 902494103 372 5,000 SH   SOLE   5,000 0 0
TYSON FOODS INC CL A 902494103 27,602 371,500 SH   DFND 1 371,500 0 0
UNION PAC CORP COM 907818108 2,447 11,100 SH   SOLE   11,100 0 0
UNION PAC CORP COM 907818108 16,460 74,678 SH   DFND 1 74,678 0 0
VERISK ANALYTICS INC COM 92345Y106 177 1,000 SH   SOLE   1,000 0 0
VERISK ANALYTICS INC COM 92345Y106 12,898 73,000 SH   DFND 1 73,000 0 0
VISA INC COM CL A 92826C839 39,403 186,100 SH   SOLE   186,100 0 0
VISA INC COM CL A 92826C839 163,367 771,580 SH   DFND 1 771,580 0 0
WATSCO INC COM 942622200 7,066 27,100 SH   SOLE   27,100 0 0
WATSCO INC COM 942622200 98,146 376,400 SH   DFND 1 376,400 0 0
WELLS FARGO CO NEW COM 949746101 1,250 32,000 SH   SOLE   32,000 0 0
WELLS FARGO CO NEW COM 949746101 6,386 163,450 SH   DFND 1 163,450 0 0
WHIRLPOOL CORP COM 963320106 1,152 5,230 SH   SOLE   5,230 0 0
WHIRLPOOL CORP COM 963320106 59,234 268,819 SH   DFND 1 268,819 0 0