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
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 541 4,976 SH   DFND   0 0 0
ALPHABET INC CAP STK CL A 02079K305 26,217 9,426 SH   DFND   0 0 0
ALPHABET INC CAP STK CL C 02079K107 116,135 41,581 SH   DFND   0 0 0
AMETEK INC COM 031100100 107,332 805,918 SH   DFND   0 0 0
ANALOG DEVICES INC COM 032654105 756 4,578 SH   DFND   0 0 0
APPLE INC COM 037833100 2,556 14,638 SH   DFND   0 0 0
AUTOHOME INC SP ADS RP CL A 05278C107 10,048 330,427 SH   DFND   0 0 0
BANK OZK COM 06417N103 8,682 203,337 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 154,541 437,906 SH   DFND   0 0 0
BK OF AMERICA CORP COM 060505104 36,371 882,373 SH   DFND   0 0 0
BOOT BARN HLDGS INC COM 099406100 782 8,253 SH   DFND   0 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 961 16,989 SH   DFND   0 0 0
CARMAX INC COM 143130102 111,143 1,151,981 SH   DFND   0 0 0
CGI INC CL A SUB VTG 12532H104 133 1,665 SH   DFND   0 0 0
CIENA CORP COM NEW 171779309 39,165 645,971 SH   DFND   0 0 0
DISNEY WALT CO COM 254687106 28,743 209,559 SH   DFND   0 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108 47,687 405,091 SH   DFND   0 0 0
FASTENAL CO COM 311900104 576 9,704 SH   DFND   0 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 4,583 28,270 SH   DFND   0 0 0
FIVE BELOW INC COM 33829M101 78,336 494,638 SH   DFND   0 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 43,128 580,620 SH   DFND   0 0 0
HEICO CORP NEW CL A 422806208 97,025 631,922 SH   DFND   0 0 0
INSTALLED BLDG PRODS INC COM 45780R101 33,595 397,624 SH   DFND   0 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 43,720 330,909 SH   DFND   0 0 0
ISHARES TR U.S. FINLS ETF 464287788 263 3,110 SH   DFND   0 0 0
ISHARES TR US HOME CONS ETF 464288752 396 6,681 SH   DFND   0 0 0
JPMORGAN CHASE & CO COM 46625H100 37,699 276,548 SH   DFND   0 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103 68,859 435,897 SH   DFND   0 0 0
KNIGHT-SWIFT TRANSN HLDGS IN CL A 499049104 406 8,046 SH   DFND   0 0 0
LEVI STRAUSS & CO NEW CL A COM STK 52736R102 651 32,939 SH   DFND   0 0 0
LILLY ELI & CO COM 532457108 124 432 SH   DFND   0 0 0
LITTELFUSE INC COM 537008104 691 2,770 SH   DFND   0 0 0
LULULEMON ATHLETICA INC COM 550021109 1,686 4,615 SH   DFND   0 0 0
M & T BK CORP COM 55261F104 49,254 290,587 SH   DFND   0 0 0
MARKEL CORP COM 570535104 115,893 78,559 SH   DFND   0 0 0
MASTERCARD INCORPORATED CL A 57636Q104 5,345 14,955 SH   DFND   0 0 0
META PLATFORMS INC CL A 30303M102 57,150 257,017 SH   DFND   0 0 0
MICROSOFT CORP COM 594918104 1,103 3,578 SH   DFND   0 0 0
NOVO-NORDISK A S ADR 670100205 689 6,200 SH   DFND   0 0 0
NVR INC COM 62944T105 70,275 15,731 SH   DFND   0 0 0
OLD DOMINION FREIGHT LINE IN COM 679580100 1,215 4,067 SH   DFND   0 0 0
PROGRESSIVE CORP COM 743315103 82,065 719,935 SH   DFND   0 0 0
RESMED INC COM 761152107 106 437 SH   DFND   0 0 0
RITCHIE BROS AUCTIONEERS COM 767744105 63 1,070 SH   DFND   0 0 0
ROPER TECHNOLOGIES INC COM 776696106 689 1,460 SH   DFND   0 0 0
SCHWAB CHARLES CORP COM 808513105 97,200 1,152,883 SH   DFND   0 0 0
SITEONE LANDSCAPE SUPPLY INC COM 82982L103 607 3,753 SH   DFND   0 0 0
SLEEP NUMBER CORP COM 83125X103 18,288 360,640 SH   DFND   0 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 2,154 4,770 SH   DFND   0 0 0
SS&C TECHNOLOGIES HLDGS INC COM 78467J100 50,365 671,348 SH   DFND   0 0 0
STARBUCKS CORP COM 855244109 575 6,322 SH   DFND   0 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 859 8,240 SH   DFND   0 0 0
TJX COS INC NEW COM 872540109 557 9,197 SH   DFND   0 0 0
VISA INC COM CL A 92826C839 76,079 343,052 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 4,231 8 SH   DFND   0 0 0
SPDR GOLD TR GOLD SHS 78463V107 770 4,265 SH   DFND   0 0 0
COSTCO WHSL CORP NEW COM 22160K105 202 350 SH   SOLE   0 0 0
CREDIT ACCEP CORP MICH COM 225310101 8,297 15,075 SH   SOLE   0 0 0
ARISTA NETWORKS INC COM 040413106 12,332 88,735 SH   SOLE   0 0 0
II-VI INC COM 902104108 5,178 71,425 SH   SOLE   0 0 0
ISHARES SILVER TR ISHARES 46428Q109 526 23,000 SH   SOLE   0 0 0
LIBERTY BROADBAND CORP COM SER C 530307305 4,665 34,474 SH   SOLE   0 0 0
UNITEDHEALTH GROUP INC COM 91324P102 1,242 2,435 SH   SOLE   0 0 0