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
ALPHABET INC CAP STK CL A 02079K305   470,534 2,670 SH   SOLE   2,346 0 324
ALPHABET INC CAP STK CL C 02079K107   14,707,582 82,911 SH   SOLE   69,542 0 13,369
AMERICAN TOWER CORP NEW COM 03027X100   26,588,706 120,300 SH   SOLE   112,733 0 7,567
AON PLC SHS CL A G0403H108   40,398,432 113,237 SH   SOLE   107,187 0 6,050
APPLIED MATLS INC COM 038222105   31,650,972 172,890 SH   SOLE   163,126 0 9,764
AST SPACEMOBILE INC COM CL A 00217D100   172,079,860 3,682,428 SH   SOLE   3,567,795 0 114,633
BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105   22,976,413 415,637 SH   SOLE   404,525 0 11,112
BROOKFIELD CORP CL A LTD VT SH 11271J107   53,199,288 860,134 SH   SOLE   814,376 0 45,758
BROOKFIELD WEALTH SOL LTD CL A EXCHANGEAB G17434104   971,243 15,721 SH   SOLE   15,721 0 0
CARMAX INC COM 143130102   21,378,896 318,091 SH   SOLE   301,014 0 17,077
CDW CORP COM 12514G108   23,764,436 133,067 SH   SOLE   128,885 0 4,182
COGENT COMMUNICATIONS HLDGS COM NEW 19239V302   32,680,884 677,886 SH   SOLE   645,910 0 31,976
DANAHER CORPORATION COM 235851102   14,012,500 70,935 SH   SOLE   70,935 0 0
DISNEY WALT CO COM 254687106   6,412,867 51,713 SH   SOLE   43,127 0 8,586
ENCORE CAP GROUP INC COM 292554102   20,752,392 536,099 SH   SOLE   517,087 0 19,012
FLOOR & DECOR HLDGS INC CL A 339750101   4,709,520 62,000 SH   SOLE   62,000 0 0
HILTON WORLDWIDE HLDGS INC COM 43300A203   17,082,781 64,139 SH   SOLE   64,139 0 0
MARKEL CORP COM 570535104   43,594,379 21,826 SH   SOLE   20,649 0 1,177
NVR INC COM 62944T105   21,573,513 2,921 SH   SOLE   2,793 0 128
OREILLY AUTOMOTIVE INC COM 67103H107   39,580,499 439,149 SH   SOLE   416,490 0 22,659
RELX PLC SPONSORED ADR 759530108   2,553,980 47,000 SH   SOLE   47,000 0 0
RH COM 74967X103   12,675,011 67,060 SH   SOLE   64,829 0 2,231
SHENANDOAH TELECOMMUNICATION COM 82312B106   12,571,284 920,299 SH   SOLE   899,187 0 21,112
TRANSDIGM GROUP INC COM 893641100   16,424,433 10,801 SH   SOLE   10,801 0 0