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 219,056 5,737,455 SH   SOLE   5,715,403 0 22,052
Autozone Inc. COM 053332102 244,234 143,837 SH   SOLE   143,178 0 659
Cummins Inc COM 231021106 192,495 857,210 SH   SOLE   854,029 0 3,181
Expeditors International of Wa COM 302130109 157,654 1,323,375 SH   SOLE   1,317,146 0 6,229
Fastenal Co COM 311900104 83,627 1,620,365 SH   SOLE   1,612,848 0 7,517
Goldman Sachs Group Inc COM 38141G104 266,015 703,687 SH   SOLE   701,005 0 2,682
Mastercard Inc Class A COM 57636Q104 159,446 458,601 SH   SOLE   456,189 0 2,412
Moody's Corp. COM 615369105 111,232 313,232 SH   SOLE   311,732 0 1,500
NVR Inc COM 62944T105 71,791 14,975 SH   SOLE   14,894 0 81
O'Reilly Automotive Inc COM 67103H107 150,705 246,629 SH   SOLE   245,497 0 1,132
Progressive Corp COM 743315103 103,776 1,148,089 SH   SOLE   1,143,270 0 4,819
Ross Stores Inc COM 778296103 149,557 1,373,977 SH   SOLE   1,368,394 0 5,583
Strategic Education Inc COM 86272C103 107,246 1,521,214 SH   SOLE   1,515,723 0 5,491
TJX Companies Inc COM 872540109 25,733 390,014 SH   SOLE   389,305 0 709
Union Pacific Corporation COM 907818108 67,721 345,496 SH   SOLE   343,717 0 1,779
Visa Inc Cl A COM 92826C839 169,584 761,322 SH   SOLE   758,430 0 2,892