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
Mastercard Inc CL A 57636Q104 61,761 173,029 SH   SOLE   57,685 0 115,344
MSCI Inc. COM 55354G100 57,646 129,097 SH   SOLE   57,630 0 71,467
Moodys Corp COM 615369105 55,344 190,685 SH   SOLE   69,508 0 121,177
Nike Inc CL B 654106103 47,745 337,495 SH   SOLE   121,659 0 215,836
CBRE Group Inc CL A 12504L109 47,368 755,230 SH   SOLE   266,205 0 489,025
Microsoft Corp COM 594918104 44,565 200,366 SH   SOLE   87,856 0 112,510
Copart Inc COM 217204106 39,284 308,713 SH   SOLE   120,695 0 188,018
Schwab Charles Corp COM 808513105 39,210 739,245 SH   SOLE   206,919 0 532,326
AON Plc SHS CL A G0403H108 36,360 172,104 SH   SOLE   68,979 0 103,125
Alphabet Inc CAP STK CL C 02079K107 35,137 20,057 SH   SOLE   8,001 0 12,056
Facebook Inc CL A 30303M102 35,117 128,558 SH   SOLE   47,631 0 80,927
Verisk Analytics Inc COM 92345Y106 34,946 168,341 SH   SOLE   75,668 0 92,673
Booking Hldgs Inc COM 09857L108 31,289 14,048 SH   SOLE   5,065 0 8,983
Lauder Estee Cos Inc CL A 518439104 30,632 115,077 SH   SOLE   53,853 0 61,224
Marsh & McLennan Cos Inc COM 571748102 29,485 252,010 SH   SOLE   126,768 0 125,242
Wells Fargo & Co New COM 949746101 25,718 852,143 SH   SOLE   361,336 0 490,807
Progressive Corp Ohio COM 743315103 24,272 245,474 SH   SOLE   161,849 0 83,625
Pepsico Inc COM 713448108 21,123 142,433 SH   SOLE   56,870 0 85,563
Unilever PLC SPON ADR NEW 904767704 19,337 320,365 SH   SOLE   143,369 0 176,996
Procter & Gamble Co COM 742718109 19,049 136,907 SH   SOLE   59,035 0 77,872
Intuit COM 461202103 18,740 49,335 SH   SOLE   17,911 0 31,424
Bk of America Corp COM 060505104 18,355 605,591 SH   SOLE   185,497 0 420,094
Colgate Palmolive Co COM 194162103 16,448 192,356 SH   SOLE   96,186 0 96,170
Adobe Inc COM 00724F101 13,410 26,813 SH   SOLE   12,828 0 13,985
CoStar Group Inc COM 22160N109 12,601 13,633 SH   SOLE   7,489 0 6,144
JPMorgan Chase & Co COM 46625H100 12,296 96,764 SH   SOLE   43,171 0 53,593
Visa Inc COM CL A 92826C839 7,714 35,269 SH   SOLE   13,925 0 21,344
Berkshire Hathaway Inc Del CL B NEW 084670702 5,953 25,675 SH   SOLE   0 0 25,675
Ferrari N V COM N3167Y103 5,218 22,734 SH   SOLE   19,774 0 2,960
Coca Cola Co COM 191216100 5,143 93,789 SH   SOLE   0 0 93,789
S&P Global Inc COM 78409V104 4,232 12,874 SH   SOLE   10,056 0 2,818
Berkshire Hathaway Inc Del CL A 084670108 3,478 10 SH   SOLE   0 0 10
Equifax Inc COM 294429105 2,623 13,604 SH   SOLE   0 0 13,604
Stryker Corp COM 863667101 1,892 7,723 SH   SOLE   0 0 7,723
Johnson & Johnson COM 478160104 1,488 9,454 SH   SOLE   0 0 9,454
Becton Dickinson & Co COM 075887109 1,277 5,104 SH   SOLE   0 0 5,104
HDFC Bank LTD SPONSORED ADS 40415F101 1,214 16,800 SH   SOLE   0 0 16,800
TJX COS INC NEW COM 872540109 683 10,000 SH   SOLE   0 0 10,000
Disney Walt Co COM DISNEY 254687106 500 2,761 SH   SOLE   0 0 2,761
Markel Corp COM 570535104 413 400 SH   SOLE   0 0 400
Fair Isaac Corp COM 303250104 393 769 SH   SOLE   0 0 769
Sysco Corp COM 871829107 260 3,500 SH   SOLE   0 0 3,500
US Bancorp Del COM NEW 902973304 240 5,145 SH   SOLE   0 0 5,145
Globe Life Inc COM 37959E102 214 2,250 SH   SOLE   0 0 2,250
Scully Royalty Ltd COM SHS G7T96K107 108 21,789 SH   SOLE   0 0 21,789