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 398 4,976 SH   DFND   0 0 0
ALPHABET INC CAP STK CL A 02079K305 19,125 199,944 SH   DFND   0 0 0
ALPHABET INC CAP STK CL C 02079K107 85,866 893,040 SH   DFND   0 0 0
AMETEK INC COM 031100100 96,041 846,848 SH   DFND   0 0 0
ANALOG DEVICES INC COM 032654105 3,642 26,135 SH   DFND   0 0 0
APPLE INC COM 037833100 2,023 14,638 SH   DFND   0 0 0
ARISTA NETWORKS INC COM 040413106 10,610 93,983 SH   SOLE   0 0 0
AUTOHOME INC SP ADS RP CL A 05278C107 9,832 341,881 SH   DFND   0 0 0
BANK OZK COM 06417N103 8,348 211,023 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 3,252 8 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 123,579 462,807 SH   DFND   0 0 0
BK OF AMERICA CORP COM 060505104 28,119 931,088 SH   DFND   0 0 0
BOOT BARN HLDGS INC COM 099406100 482 8,253 SH   DFND   0 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 681 16,650 SH   DFND   0 0 0
CARMAX INC COM 143130102 81,042 1,227,537 SH   DFND   0 0 0
CGI INC CL A SUB VTG 12532H104 125 1,665 SH   DFND   0 0 0
CIENA CORP COM NEW 171779309 27,585 682,286 SH   DFND   0 0 0
COHERENT CORP COM 19247G107 2,586 74,202 SH   SOLE   0 0 0
COPART INC COM 217204106 731 6,871 SH   DFND   0 0 0
COSTCO WHSL CORP NEW COM 22160K105 165 350 SH   SOLE   0 0 0
CREDIT ACCEP CORP MICH COM 225310101 7,242 16,534 SH   SOLE   0 0 0
DISNEY WALT CO COM 254687106 21,249 225,258 SH   DFND   0 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108 35,547 430,196 SH   DFND   0 0 0
FASTENAL CO COM 311900104 447 9,704 SH   DFND   0 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 28,645 219,420 SH   DFND   0 0 0
FIVE BELOW INC COM 33829M101 84,857 616,382 SH   DFND   0 0 0
FLOOR & DECOR HLDGS INC CL A 339750101 16,554 235,613 SH   DFND   0 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106 34,114 635,395 SH   DFND   0 0 0
HEICO CORP NEW CL A 422806208 76,228 665,048 SH   DFND   0 0 0
INSTALLED BLDG PRODS INC COM 45780R101 33,528 413,974 SH   DFND   0 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 31,678 350,613 SH   DFND   0 0 0
ISHARES SILVER TR ISHARES 46428Q109 403 23,000 SH   SOLE   0 0 0
ISHARES TR U.S. FINLS ETF 464287788 210 3,110 SH   DFND   0 0 0
ISHARES TR US HOME CONS ETF 464288752 482 9,254 SH   DFND   0 0 0
JPMORGAN CHASE & CO COM 46625H100 2,980 28,519 SH   DFND   0 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103 73,210 465,237 SH   DFND   0 0 0
KNIGHT-SWIFT TRANSN HLDGS IN CL A 499049104 394 8,046 SH   DFND   0 0 0
LEVI STRAUSS & CO NEW CL A COM STK 52736R102 477 32,939 SH   DFND   0 0 0
LILLY ELI & CO COM 532457108 140 432 SH   DFND   0 0 0
LITTLEFUSE INC COM 537008104 13,894 69,928 SH   DFND   0 0 0
LULULEMON ATHLETICA INC COM 550021109 16,760 59,953 SH   DFND   0 0 0
M & T BK CORP COM 55261F104 53,314 302,370 SH   DFND   0 0 0
MARKEL CORP COM 570535104 89,072 82,153 SH   DFND   0 0 0
MASTERCARD INCORPORATED CL A 57636Q104 4,409 15,507 SH   DFND   0 0 0
META PLATFORMS INC CL A 30303M102 36,421 268,430 SH   DFND   0 0 0
MICROSOFT CORP COM 594918104 833 3,578 SH   DFND   0 0 0
NOVO-NORDISK A S ADR 670100205 618 6,200 SH   DFND   0 0 0
NVR INC COM 62944T105 50,620 12,696 SH   DFND   0 0 0
OLD DOMINION FREIGHT LINE IN COM 679580100 1,012 4,067 SH   DFND   0 0 0
PROGRESSIVE CORP COM 743315103 52,402 450,924 SH   DFND   0 0 0
RESMED INC COM 761152107 95 437 SH   DFND   0 0 0
RITCHIE BROS AUCTIONEERS COM 767744105 67 1,070 SH   DFND   0 0 0
ROPER TECHNOLOGIES INC COM 776696106 525 1,460 SH   DFND   0 0 0
SCHWAB CHARLES CORP COM 808513105 88,296 1,228,551 SH   DFND   0 0 0
SITEONE LANDSCAPE SUPPLY INC COM 82982L103 391 3,753 SH   DFND   0 0 0
SLEEP NUMBER CORP COM 83125X103 13,060 386,262 SH   DFND   0 0 0
SPDR GOLD TR GOLD SHS 78463V107 660 4,265 SH   DFND   0 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 1,701 4,761 SH   DFND   0 0 0
SS&C TECHNOLOGIES HLDGS INC COM 78467J100 34,036 712,786 SH   DFND   0 0 0
STARBUCKS CORP COM 855244109 528 6,265 SH   DFND   0 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 565 8,240 SH   DFND   0 0 0
TJX COS INC NEW COM 872540109 571 9,197 SH   DFND   0 0 0
VISA INC COM CL A 92826C839 63,986 360,179 SH   DFND   0 0 0