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   124 1 SH   SOLE 1 1 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101   19,835,611 159,399 SH   DFND 1 159,399 0 0
ACUITY INC COM 00508Y102   3,672,435 9,750 SH   DFND 1 9,750 0 0
AIR PRODUCTS AND CHEMICALS I COM 009158106   25,946,430 88,500 SH   DFND 1 88,500 0 0
AIRBNB INC COM CL A 009066101   34,685,867 242,389 SH   DFND 1 242,389 0 0
ALLSTATE CORP COM 020002101   36,773,627 154,550 SH   DFND 1 154,550 0 0
ALPHABET INC CAP STK CL A 02079K305   25,730,640 72,000 SH   SOLE 1 72,000 0 0
ALPHABET INC CAP STK CL C 02079K107   105,020,276 297,230 SH   SOLE 1 297,230 0 0
ALPHABET INC CAP STK CL A 02079K305   178,685,000 500,000 SH   DFND 1 500,000 0 0
ALPHABET INC CAP STK CL C 02079K107   866,587,757 2,452,630 SH   DFND 1 2,452,630 0 0
AMAZON COM INC COM 023135106   35,377,283 148,432 SH   SOLE 1 148,432 0 0
AMAZON COM INC COM 023135106   448,634,056 1,882,328 SH   DFND 1 1,882,328 0 0
AMERICAN EXPRESS CO COM 025816109   3,382,500 10,000 SH   SOLE 1 10,000 0 0
AMERICAN EXPRESS CO COM 025816109   162,512,215 480,450 SH   DFND 1 480,450 0 0
ANALOG DEVICES INC COM 032654105   3,971,700 10,000 SH   SOLE 1 10,000 0 0
ANALOG DEVICES INC COM 032654105   393,067,630 989,671 SH   DFND 1 989,671 0 0
AON PLC SHS CL A G0403H108   497,535 1,500 SH   SOLE 1 1,500 0 0
AON PLC SHS CL A G0403H108   44,545,968 134,300 SH   DFND 1 134,300 0 0
APOLLO GLOBAL MGMT INC COM 03769M106   2,661,975 22,500 SH   SOLE 1 22,500 0 0
APOLLO GLOBAL MGMT INC COM 03769M106   117,126,900 990,000 SH   DFND 1 990,000 0 0
APPLE INC COM 037833100   13,947,152 48,200 SH   SOLE 1 48,200 0 0
APPLE INC COM 037833100   341,181,482 1,179,090 SH   DFND 1 1,179,090 0 0
APPLIED MATLS INC COM 038222105   26,281,050 36,350 SH   DFND 1 36,350 0 0
ARCHER DANIELS MIDLAND CO COM 039483102   13,043,543 170,727 SH   SOLE 1 170,727 0 0
ARCHER DANIELS MIDLAND CO COM 039483102   101,999,576 1,335,073 SH   DFND 1 1,335,073 0 0
BANK NEW YORK MELLON CORP COM 064058100   18,003,945 124,500 SH   DFND 1 124,500 0 0
BERKLEY W R CORP COM 084423102   4,284,699 60,750 SH   DFND 1 60,750 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   441,821,500 590 SH   SOLE 1 590 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   552,660,740 1,104,460 SH   SOLE 1 1,104,460 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   392,397,400 524 SH   DFND 1 524 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   213,922,229 427,511 SH   DFND 1 427,511 0 0
BLACKROCK INC COM 09290D101   11,538,720 12,000 SH   SOLE 1 12,000 0 0
BLACKROCK INC COM 09290D101   200,196,792 208,200 SH   DFND 1 208,200 0 0
BLACKSTONE INC COM 09260D107   4,059,615 34,500 SH   SOLE 1 34,500 0 0
BLACKSTONE INC COM 09260D107   140,556,814 1,194,500 SH   DFND 1 1,194,500 0 0
BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105   55,546,725 1,238,500 SH   SOLE 1 1,238,500 0 0
BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105   42,852,066 955,453 SH   DFND 1 955,453 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107   202,651,994 4,758,206 SH   SOLE 1 4,758,206 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107   354,153,015 8,315,403 SH   DFND 1 8,315,403 0 0
BROWN & BROWN INC COM 115236101   898,100 14,000 SH   DFND 1 14,000 0 0
BROWN FORMAN CORP CL A 115637100   4,503,456 164,600 SH   SOLE 1 164,600 0 0
BROWN FORMAN CORP CL B 115637209   3,874,910 145,400 SH   SOLE 1 145,400 0 0
BROWN FORMAN CORP CL A 115637100   18,561,024 678,400 SH   DFND 1 678,400 0 0
BROWN FORMAN CORP CL B 115637209   8,762,174 328,787 SH   DFND 1 328,787 0 0
BRUNSWICK CORP COM 117043109   4,317,300 51,250 SH   DFND 1 51,250 0 0
CANADIAN NATL RY CO COM 136375102   6,379,340 53,500 SH   DFND 1 53,500 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108   6,325,450 73,000 SH   DFND 1 73,000 0 0
CAPITAL ONE FINL CORP COM 14040H105   1,504,650 7,500 SH   SOLE 1 7,500 0 0
CAPITAL ONE FINL CORP COM 14040H105   16,751,770 83,500 SH   DFND 1 83,500 0 0
CARLYLE GROUP INC COM 14316J108   1,873,895 44,500 SH   SOLE 1 44,500 0 0
CARLYLE GROUP INC COM 14316J108   54,006,075 1,282,500 SH   DFND 1 1,282,500 0 0
CARMAX INC COM 143130102   370,230 7,000 SH   SOLE 1 7,000 0 0
CARMAX INC COM 143130102   6,849,255 129,500 SH   DFND 1 129,500 0 0
CARRIER GLOBAL CORPORATION COM 14448C104   4,004,910 54,600 SH   SOLE 1 54,600 0 0
CARRIER GLOBAL CORPORATION COM 14448C104   13,232,340 180,400 SH   DFND 1 180,400 0 0
CATERPILLAR INC COM 149123101   10,650,065 10,001 SH   SOLE 1 10,001 0 0
CATERPILLAR INC COM 149123101   339,329,320 318,649 SH   DFND 1 318,649 0 0
CBOE GLOBAL MKTS INC COM 12503M108   10,604,680 43,700 SH   DFND 1 43,700 0 0
CISCO SYS INC COM 17275R102   17,384,080 148,000 SH   SOLE 1 148,000 0 0
CISCO SYS INC COM 17275R102   24,372,950 207,500 SH   DFND 1 207,500 0 0
CME GROUP INC COM 12572Q105   10,986,293 49,750 SH   DFND 1 49,750 0 0
COMCAST CORP NEW CL A 20030N101   2,528,650 103,000 SH   SOLE 1 103,000 0 0
COMCAST CORP NEW CL A 20030N101   17,162,267 699,074 SH   DFND 1 699,074 0 0
COMFORT SYS USA INC COM 199908104   25,765,350 13,000 SH   DFND 1 13,000 0 0
COSTCO WHOLESALE CORPORATION COM 22160K105   36,623,651 39,150 SH   DFND 1 39,150 0 0
CROWN HLDGS INC COM 228368106   335,460 3,000 SH   SOLE 1 3,000 0 0
CROWN HLDGS INC COM 228368106   24,264,940 217,000 SH   DFND 1 217,000 0 0
CSX CORP COM 126408103   27,781,285 584,500 SH   DFND 1 584,500 0 0
DEERE & CO COM 244199105   556,878,306 877,900 SH   DFND 1 877,900 0 0
DIAGEO PLC SPON ADR NEW 25243Q205   47,047,539 585,314 SH   SOLE 1 585,314 0 0
DIAGEO PLC SPON ADR NEW 25243Q205   63,250,541 786,894 SH   DFND 1 786,894 0 0
DISNEY WALT CO COM 254687106   43,720,311 454,237 SH   SOLE 1 454,237 0 0
DISNEY WALT CO COM 254687106   151,827,446 1,577,428 SH   DFND 1 1,577,428 0 0
DOLLAR GEN CORP COM 256677105   402,885 3,500 SH   SOLE 1 3,500 0 0
DOLLAR GEN CORP COM 256677105   99,656,482 865,750 SH   DFND 1 865,750 0 0
DOMINOS PIZZA INC COM 25754A201   1,628,220 5,500 SH   DFND 1 5,500 0 0
EAGLE MATLS INC COM 26969P108   3,318,750 14,750 SH   DFND 1 14,750 0 0
EASTMAN CHEM CO COM 277432100   267,920 4,000 SH   SOLE 1 4,000 0 0
EASTMAN CHEM CO COM 277432100   4,752,231 70,950 SH   DFND 1 70,950 0 0
ECOLAB INC COM 278865100   6,408,030 23,000 SH   SOLE 1 23,000 0 0
ECOLAB INC COM 278865100   70,014,693 251,300 SH   DFND 1 251,300 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107   20,916,440 569,000 SH   DFND 1 569,000 0 0
EQUIFAX INC COM 294429105   11,562,752 72,850 SH   DFND 1 72,850 0 0
EXXON MOBIL CORP COM 30231G102   7,669,992 56,100 SH   DFND 1 56,100 0 0
FACTSET RESH SYS INC COM 303075105   5,291,840 23,000 SH   SOLE 1 23,000 0 0
FACTSET RESH SYS INC COM 303075105   25,855,471 112,376 SH   DFND 1 112,376 0 0
FERGUSON ENTERPRISES INC COMMON STOCK NEW 31488V107   42,766,866 180,200 SH   DFND 1 180,200 0 0
FRANCO NEV CORP COM 351858105   161,228,340 773,500 SH   DFND 1 773,500 0 0
GENERAL DYNAMICS CORP COM 369550108   15,586,560 44,000 SH   SOLE 1 44,000 0 0
GENERAL DYNAMICS CORP COM 369550108   122,921,280 347,000 SH   DFND 1 347,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104   23,918,901 23,650 SH   SOLE 1 23,650 0 0
GOLDMAN SACHS GROUP INC COM 38141G104   339,527,023 335,710 SH   DFND 1 335,710 0 0
GRAHAM HLDGS CO COM CL B 384637104   5,935,384 5,200 SH   DFND 1 5,200 0 0
HAGERTY INC CL A COM 405166109   35,897,400 3,108,000 SH   SOLE --- 3,108,000 0 0
HANOVER INS GROUP INC COM 410867105   1,284,720 6,000 SH   SOLE 1 6,000 0 0
HANOVER INS GROUP INC COM 410867105   58,883,000 275,000 SH   DFND 1 275,000 0 0
HCA HEALTHCARE INC COM 40412C101   32,893,460 84,366 SH   DFND 1 84,366 0 0
HEICO CORP NEW CL A 422806208   3,147,018 12,202 SH   SOLE 1 12,202 0 0
HEICO CORP NEW CL A 422806208   94,766,966 367,442 SH   DFND 1 367,442 0 0
HERSHEY CO COM 427866108   13,158,750 75,000 SH   DFND 1 75,000 0 0
HEXCEL CORP NEW COM 428291108   3,802,280 38,000 SH   SOLE 1 38,000 0 0
HEXCEL CORP NEW COM 428291108   15,109,060 151,000 SH   DFND 1 151,000 0 0
HOME DEPOT INC COM 437076102   97,659,208 276,906 SH   SOLE 1 276,906 0 0
HOME DEPOT INC COM 437076102   227,688,091 645,594 SH   DFND 1 645,594 0 0
HUNTINGTON INGALLS INDS INC COM 446413106   7,696,975 27,500 SH   DFND 1 27,500 0 0
ILLINOIS TOOL WKS INC COM 452308109   4,557,690 16,851 SH   SOLE 1 16,851 0 0
ILLINOIS TOOL WKS INC COM 452308109   84,021,236 310,649 SH   DFND 1 310,649 0 0
INSPERITY INC COM 45778Q107   7,490,989 181,336 SH   DFND 1 181,336 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104   3,554,186 28,870 SH   DFND 1 28,870 0 0
INVESTORS TITLE CO NC COM 461804106   58,375,945 213,300 SH   DFND 1 213,300 0 0
IQVIA HLDGS INC COM 46266C105   9,062,018 46,900 SH   DFND 1 46,900 0 0
JOHNSON & JOHNSON COM 478160104   6,784,809 26,715 SH   SOLE 1 26,715 0 0
JOHNSON & JOHNSON COM 478160104   148,340,066 584,085 SH   DFND 1 584,085 0 0
JPMORGAN CHASE & CO COM 46625H100   82,667,192 252,550 SH   DFND 1 252,550 0 0
KKR & CO INC COM 48251W104   1,652,040 18,000 SH   SOLE 1 18,000 0 0
KKR & CO INC COM 48251W104   131,594,165 1,433,800 SH   DFND 1 1,433,800 0 0
LAMAR ADVERTISING CO CL A 512816109   30,104,140 193,000 SH   DFND 1 193,000 0 0
LINDE PLC SHS G54950103   3,840,156 7,400 SH   SOLE 1 7,400 0 0
LINDE PLC SHS G54950103   108,043,308 208,200 SH   DFND 1 208,200 0 0
LOCKHEED MARTIN CORP COM 539830109   33,223,415 65,213 SH   DFND 1 65,213 0 0
LOWES COS INC COM 548661107   13,614,817 61,748 SH   SOLE 1 61,748 0 0
LOWES COS INC COM 548661107   152,189,253 690,232 SH   DFND 1 690,232 0 0
LPL FINL HLDGS INC COM 50212V100   644,766 2,289 SH   SOLE 1 2,289 0 0
LPL FINL HLDGS INC COM 50212V100   157,082,233 557,662 SH   DFND 1 557,662 0 0
MARRIOTT INTL INC NEW CL A 571903202   36,873,706 99,500 SH   DFND 1 99,500 0 0
MARSH & MCLENNAN COS INC COM 571748102   3,416,735 20,500 SH   SOLE 1 20,500 0 0
MARSH & MCLENNAN COS INC COM 571748102   123,835,812 743,000 SH   DFND 1 743,000 0 0
MASTERCARD INCORPORATED CL A 57636Q104   10,263,783 19,984 SH   SOLE 1 19,984 0 0
MASTERCARD INCORPORATED CL A 57636Q104   96,328,762 187,556 SH   DFND 1 187,556 0 0
MERCADOLIBRE INC COM 58733R102   40,737,361 24,000 SH   DFND 1 24,000 0 0
META PLATFORMS INC CL A 30303M102   12,172,697 21,610 SH   SOLE 1 21,610 0 0
META PLATFORMS INC CL A 30303M102   119,728,979 212,553 SH   DFND 1 212,553 0 0
MGM RESORTS INTERNATIONAL COM 552953101   4,183,375 87,500 SH   DFND 1 87,500 0 0
MICROSOFT CORP COM 594918104   8,810,359 23,619 SH   SOLE 1 23,619 0 0
MICROSOFT CORP COM 594918104   191,736,385 514,011 SH   DFND 1 514,011 0 0
MOODYS CORP COM 615369105   9,554,800 21,096 SH   SOLE 1 21,096 0 0
MOODYS CORP COM 615369105   87,320,259 192,794 SH   DFND 1 192,794 0 0
MSCI INC COM 55354G100   560,040 1,000 SH   SOLE 1 1,000 0 0
MSCI INC COM 55354G100   79,441,674 141,850 SH   DFND 1 141,850 0 0
NETFLIX INC. COM 64110L106   2,856,000 40,000 SH   DFND 1 40,000 0 0
NIKE INC CL B 654106103   1,888,300 46,000 SH   SOLE 1 46,000 0 0
NIKE INC CL B 654106103   16,477,470 401,400 SH   DFND 1 401,400 0 0
NORFOLK SOUTHN CORP COM 655844108   9,123,110 29,000 SH   SOLE 1 29,000 0 0
NORFOLK SOUTHN CORP COM 655844108   79,748,565 253,500 SH   DFND 1 253,500 0 0
NOVO-NORDISK A S ADR 670100205   57,136,810 1,191,840 SH   SOLE 1 1,191,840 0 0
NOVO-NORDISK A S ADR 670100205   80,440,156 1,677,934 SH   DFND 1 1,677,934 0 0
NVR INC COM 62944T105   1,192,345 175 SH   SOLE 1 175 0 0
NVR INC COM 62944T105   81,229,355 11,922 SH   DFND 1 11,922 0 0
OLD DOMINION FREIGHT LINE IN COM 679580100   1,299,600 6,000 SH   SOLE 1 6,000 0 0
OLD DOMINION FREIGHT LINE IN COM 679580100   91,654,290 423,150 SH   DFND 1 423,150 0 0
OTIS WORLDWIDE CORP COM 68902V107   1,954,680 27,300 SH   SOLE 1 27,300 0 0
OTIS WORLDWIDE CORP COM 68902V107   7,612,512 106,320 SH   DFND 1 106,320 0 0
PAYCHEX INC COM 704326107   6,883,100 70,000 SH   SOLE 1 70,000 0 0
PAYCHEX INC COM 704326107   7,866,400 80,000 SH   DFND 1 80,000 0 0
PEPSICO INC COM 713448108   13,026,834 96,210 SH   DFND 1 96,210 0 0
PHILIP MORRIS INTL INC COM 718172109   20,714,195 114,500 SH   DFND 1 114,500 0 0
PRICE T ROWE GROUP INC COM 74144T108   3,638,080 32,000 SH   SOLE 1 32,000 0 0
PRICE T ROWE GROUP INC COM 74144T108   32,060,581 282,000 SH   DFND 1 282,000 0 0
PROGRESSIVE CORP COM 743315103   13,107,000 60,000 SH   SOLE 1 60,000 0 0
PROGRESSIVE CORP COM 743315103   151,549,689 693,750 SH   DFND 1 693,750 0 0
RENAISSANCERE HLDGS LTD COM G7496G103   950,700 3,000 SH   SOLE 1 3,000 0 0
RENAISSANCERE HLDGS LTD COM G7496G103   21,232,300 67,000 SH   DFND 1 67,000 0 0
RLI CORP COM 749607107   11,397,557 192,950 SH   SOLE 1 192,950 0 0
RLI CORP COM 749607107   130,048,158 2,201,594 SH   DFND 1 2,201,594 0 0
ROCKWELL AUTOMATION INC COM 773903109   3,911,132 7,900 SH   SOLE 1 7,900 0 0
ROCKWELL AUTOMATION INC COM 773903109   72,776,760 147,000 SH   DFND 1 147,000 0 0
ROLLINS INC COM 775711104   2,607,707 62,475 SH   SOLE 1 62,475 0 0
ROLLINS INC COM 775711104   60,692,048 1,454,050 SH   DFND 1 1,454,050 0 0
RTX CORPORATION COM 75513E101   10,359,258 54,600 SH   SOLE 1 54,600 0 0
RTX CORPORATION COM 75513E101   32,140,262 169,400 SH   DFND 1 169,400 0 0
S&P GLOBAL INC COM 78409V104   407,260 1,000 SH   SOLE 1 1,000 0 0
S&P GLOBAL INC COM 78409V104   47,523,169 116,690 SH   DFND 1 116,690 0 0
SCHWAB CHARLES CORP COM 808513105   11,902,830 129,000 SH   SOLE 1 129,000 0 0
SCHWAB CHARLES CORP COM 808513105   116,795,366 1,265,800 SH   DFND 1 1,265,800 0 0
SEI INVTS CO COM 784117103   5,174,890 59,000 SH   SOLE 1 59,000 0 0
SEI INVTS CO COM 784117103   10,016,482 114,200 SH   DFND 1 114,200 0 0
SHERWIN WILLIAMS CO COM 824348106   32,425,304 94,172 SH   DFND 1 94,172 0 0
SHOPIFY INC CL A SUB VTG SHS 82509L107   11,731,995 102,750 SH   DFND 1 102,750 0 0
SONY GROUP CORP SPONSORED ADR 835699307   6,720,100 335,000 SH   DFND 1 335,000 0 0
SPOTIFY TECHNOLOGY S A SHS L8681T102   11,891,467 25,900 SH   DFND 1 25,900 0 0
STARBUCKS CORP COM 855244109   4,138,695 40,500 SH   SOLE 1 40,500 0 0
STARBUCKS CORP COM 855244109   59,609,266 583,318 SH   DFND 1 583,318 0 0
SUNBELT RENTALS HOLDINGS INC SHS 866966104   72,891,947 974,361 SH   DFND 1 974,361 0 0
SYSCO CORP COM 871829107   2,549,190 30,500 SH   DFND 1 30,500 0 0
TEXAS INSTRS INC COM 882508104   298 1 SH   SOLE 1 1 0 0
TEXAS INSTRS INC COM 882508104   215,802,382 723,999 SH   DFND 1 723,999 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102   36,649,416 73,100 SH   DFND 1 73,100 0 0
TYSON FOODS INC CL A 902494103   572,500 10,000 SH   SOLE 1 10,000 0 0
TYSON FOODS INC CL A 902494103   51,725,375 903,500 SH   DFND 1 903,500 0 0
UBER TECHNOLOGIES INC COM 90353T100   10,282,800 142,500 SH   DFND 1 142,500 0 0
UFP INDUSTRIES INC COM 90278Q108   362,960 4,000 SH   DFND 1 4,000 0 0
UNION PAC CORP COM 907818108   3,019,200 11,100 SH   SOLE 1 11,100 0 0
UNION PAC CORP COM 907818108   40,780,416 149,928 SH   DFND 1 149,928 0 0
UNITED RENTALS INC COM 911363109   35,289,524 31,150 SH   DFND 1 31,150 0 0
VERISK ANALYTICS INC COM 92345Y106   448,825 2,500 SH   SOLE 1 2,500 0 0
VERISK ANALYTICS INC COM 92345Y106   27,548,879 153,450 SH   DFND 1 153,450 0 0
VISA INC COM CL A 92826C839   26,126,304 76,150 SH   SOLE 1 76,150 0 0
VISA INC COM CL A 92826C839   321,736,765 937,762 SH   DFND 1 937,762 0 0
WATSCO INC COM 942622200   17,335,968 41,600 SH   SOLE 1 41,600 0 0
WATSCO INC COM 942622200   231,764,391 556,150 SH   DFND 1 556,150 0 0
WELLS FARGO & CO COM 949746101   2,644,480 32,000 SH   SOLE 1 32,000 0 0
WELLS FARGO & CO COM 949746101   14,251,268 172,450 SH   DFND 1 172,450 0 0
WEYERHAEUSER CO COM NEW 962166104   2,872,800 120,000 SH   DFND 1 120,000 0 0
YUM BRANDS INC COM 988498101   39,199,750 245,213 SH   DFND 1 245,213 0 0
ZOETIS INC CL A 98978V103   4,756,773 66,195 SH   DFND 1 66,195 0 0