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 574 5,051 SH   DFND   0 0 0
ALPHABET INC CAP STK CL A 02079K305 20,927 9,603 SH   DFND   0 0 0
ALPHABET INC CAP STK CL C 02079K107 96,274 44,012 SH   DFND   0 0 0
AMETEK INC COM 031100100 90,953 827,669 SH   DFND   0 0 0
ANALOG DEVICES INC COM 032654105 3,709 25,386 SH   DFND   0 0 0
APPLE INC COM 037833100 2,001 14,638 SH   DFND   0 0 0
ARISTA NETWORKS INC COM 040413106 8,491 90,579 SH   SOLE   0 0 0
AUTOHOME INC SP ADS RP CL A 05278C107 13,300 338,167 SH   DFND   0 0 0
BANK OZK COM 06417N103 7,808 208,055 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 3,272 8 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 124,962 457,702 SH   DFND   0 0 0
BK OF AMERICA CORP COM 060505104 28,919 928,977 SH   DFND   0 0 0
BOOT BARN HLDGS INC COM 099406100 569 8,253 SH   DFND   0 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 756 16,989 SH   DFND   0 0 0
CARMAX INC COM 143130102 108,296 1,196,904 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 30,825 674,517 SH   DFND   0 0 0
COPART INC COM 217204106 747 6,871 SH   DFND   0 0 0
COSTCO WHSL CORP NEW COM 22160K105 168 350 SH   SOLE   0 0 0
CREDIT ACCEP CORP MICH COM 225310101 7,348 15,522 SH   SOLE   0 0 0
DISNEY WALT CO COM 254687106 21,049 222,976 SH   DFND   0 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108 39,641 416,882 SH   DFND   0 0 0
FASTENAL CO COM 311900104 484 9,704 SH   DFND   0 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 4,190 29,056 SH   DFND   0 0 0
FIVE BELOW INC COM 33829M101 69,112 609,291 SH   DFND   0 0 0
FLOOR & DECOR HLDGS INC CL A 339750101 3,201 50,835 SH   DFND   0 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 37,015 618,147 SH   DFND   0 0 0
HEICO CORP NEW CL A 422806208 69,314 657,751 SH   DFND   0 0 0
II-VI INC COM 902104108 3,651 71,663 SH   SOLE   0 0 0
INSTALLED BLDG PRODS INC COM 45780R101 33,920 407,893 SH   DFND   0 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 32,388 344,403 SH   DFND   0 0 0
ISHARES SILVER TR ISHARES 46428Q109 429 23,000 SH   SOLE   0 0 0
ISHARES TR U.S. FINLS ETF 464287788 218 3,110 SH   DFND   0 0 0
ISHARES TR US HOME CONS ETF 464288752 450 8,578 SH   DFND   0 0 0
JPMORGAN CHASE & CO COM 46625H100 31,999 284,157 SH   DFND   0 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103 63,152 458,119 SH   DFND   0 0 0
KNIGHT-SWIFT TRANSN HLDGS IN CL A 499049104 372 8,046 SH   DFND   0 0 0
LEVI STRAUSS & CO NEW CL A COM STK 52736R102 538 32,939 SH   DFND   0 0 0
LILLY ELI & CO COM 532457108 140 432 SH   DFND   0 0 0
LITTLEFUSE INC COM 537008104 17,574 69,179 SH   DFND   0 0 0
LULULEMON ATHLETICA INC COM 550021109 1,258 4,615 SH   DFND   0 0 0
M & T BK CORP COM 55261F104 47,581 298,520 SH   DFND   0 0 0
MARKEL CORP COM 570535104 104,144 80,529 SH   DFND   0 0 0
MASTERCARD INCORPORATED CL A 57636Q104 4,735 15,010 SH   DFND   0 0 0
META PLATFORMS INC CL A 30303M102 42,536 263,790 SH   DFND   0 0 0
MICROSOFT CORP COM 594918104 919 3,578 SH   DFND   0 0 0
NOVO-NORDISK A S ADR 670100205 691 6,200 SH   DFND   0 0 0
NVR INC COM 62944T105 66,116 16,512 SH   DFND   0 0 0
OLD DOMINION FREIGHT LINE IN COM 679580100 1,042 4,067 SH   DFND   0 0 0
PROGRESSIVE CORP COM 743315103 67,302 578,839 SH   DFND   0 0 0
RESMED INC COM 761152107 92 437 SH   DFND   0 0 0
RITCHIE BROS AUCTIONEERS COM 767744105 70 1,070 SH   DFND   0 0 0
ROPER TECHNOLOGIES INC COM 776696106 576 1,460 SH   DFND   0 0 0
SCHWAB CHARLES CORP COM 808513105 75,421 1,193,743 SH   DFND   0 0 0
SITEONE LANDSCAPE SUPPLY INC COM 82982L103 446 3,753 SH   DFND   0 0 0
SLEEP NUMBER CORP COM 83125X103 11,835 382,403 SH   DFND   0 0 0
SPDR GOLD TR GOLD SHS 78463V107 718 4,265 SH   DFND   0 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,799 4,770 SH   DFND   0 0 0
SS&C TECHNOLOGIES HLDGS INC COM 78467J100 40,679 700,520 SH   DFND   0 0 0
STARBUCKS CORP COM 855244109 483 6,322 SH   DFND   0 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 674 8,240 SH   DFND   0 0 0
TJX COS INC NEW COM 872540109 514 9,197 SH   DFND   0 0 0
VISA INC COM CL A 92826C839 69,230 351,620 SH   DFND   0 0 0