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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ACCENTURE PLC IRELAND SHS CLASS A G1151C101   34,038,270 97,000 SH   SOLE   97,000 0 0
ACI WORLDWIDE INC COM 004498101   11,383,200 372,000 SH   SOLE   372,000 0 0
ADOBE SYSTEMS INC COM 00724F101   17,898,000 30,000 SH   SOLE   30,000 0 0
ALPHABET INC CAP STK CL C 02079K107   121,333,684 860,950 SH   SOLE   860,950 0 0
AMAZON COM INC COM 023135106   53,938,700 355,000 SH   SOLE   355,000 0 0
ANALOG DEVICES INC COM 032654105   45,509,952 229,200 SH   SOLE   229,200 0 0
AON PLC SHS CL A G0403H108   42,096,043 144,650 SH   SOLE   144,650 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   126,418,137 354,450 SH   SOLE   354,450 0 0
CARMAX INC COM 143130102   57,516,630 749,500 SH   SOLE   749,500 0 0
CHARTER COMMUNICATIONS INC CL A 16119P108   23,748,348 61,100 SH   SOLE   61,100 0 0
COMCAST CORP NEW CL A 20030N101   2,832,710 64,600 SH   SOLE   64,600 0 0
CORECARD CORPORATION COM 45816D100   7,053,300 510,000 SH   SOLE   510,000 0 0
COSTAR GROUP INC COM 22160N109   76,597,335 876,500 SH   SOLE   876,500 0 0
DANAHER CORPORATION COM 235851102   80,508,633 348,010 SH   SOLE   348,010 0 0
DIAGEO PLC SPON ADR NEW 25243Q205   2,986,030 20,500 SH   SOLE   20,500 0 0
EQUIFAX INC COM 294429105   37,959,015 153,500 SH   SOLE   153,500 0 0
FIDELITY NATL INFORMATION SV COM 31620M106   26,821,255 446,500 SH   SOLE   446,500 0 0
FORTIVE CORP COM 34959J108   3,004,104 40,800 SH   SOLE   40,800 0 0
GARTNER INC COM 366651107   37,667,685 83,500 SH   SOLE   83,500 0 0
GLOBAL PMTS INC COM 37940X102   29,210,000 230,000 SH   SOLE   230,000 0 0
GUIDEWIRE SOFTWARE INC COM 40171V100   13,313,784 122,100 SH   SOLE   122,100 0 0
HEICO CORP NEW CL A 422806208   26,109,252 183,300 SH   SOLE   183,300 0 0
HONEYWELL INTL INC COM 438516106   2,369,723 11,300 SH   SOLE   11,300 0 0
IDEX CORP COM 45167R104   14,524,659 66,900 SH   SOLE   66,900 0 0
JPMORGAN CHASE & CO COM 46625H100   3,997,350 23,500 SH   SOLE   23,500 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409   59,402,242 261,350 SH   SOLE   261,350 0 0
LIBERTY BROADBAND CORP COM SER A 530307107   11,289,600 140,000 SH   SOLE   140,000 0 0
LIBERTY BROADBAND CORP COM SER C 530307305   55,244,445 685,500 SH   SOLE   685,500 0 0
LIBERTY GLOBAL LTD COM CL C G61188127   26,217,160 1,406,500 SH   SOLE   1,406,500 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128   8,965,810 1,221,500 SH   SOLE   1,221,500 0 0
LIBERTY MEDIA CORP DEL COM LBTY LIV S A 531229748   2,832,625 77,500 SH   SOLE   77,500 0 0
LIBERTY MEDIA CORP DEL COM LBTY SRM S C 531229789   50,992,778 1,771,813 SH   SOLE   1,771,813 0 0
LIBERTY MEDIA CORP DEL COM LBTY LIV S C 531229722   11,777,850 315,000 SH   SOLE   315,000 0 0
LIBERTY MEDIA CORP DEL COM LBTY SRM S A 531229813   8,909,400 310,000 SH   SOLE   310,000 0 0
LINDE PLC SHS G54950103   20,083,719 48,900 SH   SOLE   48,900 0 0
LIVE NATION ENTERTAINMENT INC COM 538034109   5,709,600 61,000 SH   SOLE   61,000 0 0
LKQ CORP COM 501889208   19,701,428 412,250 SH   SOLE   412,250 0 0
MARKEL CORP COM 570535104   35,767,281 25,190 SH   SOLE   25,190 0 0
MARTIN MARIETTA MATLS INC COM 573284106   24,596,263 49,300 SH   SOLE   49,300 0 0
MASTERCARD INCORPORATED CL A 57636Q104   86,730,809 203,350 SH   SOLE   203,350 0 0
META PLATFORMS INC CL A 30303M102   80,092,299 226,275 SH   SOLE   226,275 0 0
MICROCHIP TECHNOLOGY INC. COM 595017104   23,410,728 259,600 SH   SOLE   259,600 0 0
MICROSOFT CORP COM 594918104   21,622,300 57,500 SH   SOLE   57,500 0 0
ORACLE CORP COM 68389X105   30,100,265 285,500 SH   SOLE   285,500 0 0
PERIMETER SOLUTIONS SA COM L7579L106   16,721,000 3,635,000 SH   SOLE   3,635,000 0 0
REDWOOD TR INC NOTE 5.625% 7/1 758075AD7   8,909,979 9,000,000 SH   SOLE   9,000,000 0 0
ROPER TECHNOLOGIES INC COM 776696106   39,306,757 72,100 SH   SOLE   72,100 0 0
RWT HLDGS INC NOTE 5.750%10/0 749772AD1   3,287,813 3,500,000 SH   SOLE   3,500,000 0 0
S&P GLOBAL INC COM 78409V104   31,442,115 71,375 SH   SOLE   71,375 0 0
SALESFORCE COM INC COM 79466L302   32,892,500 125,000 SH   SOLE   125,000 0 0
TEXAS INSTRS INC COM 882508104   28,995,416 170,101 SH   SOLE   170,101 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102   66,391,213 125,080 SH   SOLE   125,080 0 0
VERALTO CORP COM SHS 92338C103   29,506,580 358,699 SH   SOLE   358,699 0 0
VISA INC COM CL A 92826C839   94,819,470 364,200 SH   SOLE   364,200 0 0
VULCAN MATLS CO COM 929160109   62,949,873 277,300 SH   SOLE   277,300 0 0