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
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102   434,047 5,004 SH   DFND   0 0 0
ALPHABET INC CAP STK CL A 02079K305   30,637,467 234,124 SH   DFND   0 0 0
ALPHABET INC CAP STK CL C 02079K107   119,498,819 906,324 SH   DFND   0 0 0
AMETEK INC COM 031100100   132,548,995 897,056 SH   DFND   0 0 0
ANALOG DEVICES INC COM 032654105   32,586,525 186,113 SH   DFND   0 0 0
APPLE INC COM 037833100   2,456,692 14,349 SH   DFND   0 0 0
ARISTA NETWORKS INC COM 040413106   18,153,891 98,700 SH   SOLE   0 0 0
AUTOHOME INC SP ADS RP CL A 05278C107   10,414,208 343,137 SH   DFND   0 0 0
BANK OZK LITTLE ROCK ARK COM 06417N103   8,745,777 235,926 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   3,188,862 6 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   166,844,387 476,290 SH   DFND   0 0 0
BANK AMERICA CORP COM 060505104   28,130,322 1,027,404 SH   DFND   0 0 0
BOOT BARN HLDGS INC COM 099406100   670,061 8,253 SH   DFND   0 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107   458,762 14,671 SH   DFND   0 0 0
CARMAX INC COM 143130102   107,540,580 1,520,438 SH   DFND   0 0 0
CGI INC CL A SUB VTG 12532H104   224,651 1,678 SH   DFND   0 0 0
CIENA CORP COM NEW 171779309   30,031,981 635,463 SH   DFND   0 0 0
COHERENT CORP COM 19247G107   23,099,654 707,710 SH   SOLE   0 0 0
COPART INC COM 217204106   1,184,286 27,484 SH   DFND   0 0 0
CREDIT ACCEP CORP MICH COM 225310101   10,170,492 22,104 SH   SOLE   0 0 0
DISNEY WALT CO COM 254687106   18,707,799 230,818 SH   DFND   0 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108   30,524,907 440,602 SH   DFND   0 0 0
FASTENAL CO COM 311900104   489,247 8,954 SH   DFND   0 0 0
FERGUSON PLC NEW F COM G3421J106   4,306,647 26,185 SH   SOLE   0 0 0
FISERV INC COM 337738108   36,044,858 319,094 SH   DFND   0 0 0
FIVE BELOW INC COM 33829M101   103,710,669 644,566 SH   DFND   0 0 0
FLOOR & DECOR HLDGS INC CL A 339750101   25,652,678 283,455 SH   DFND   0 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106   55,972,469 900,458 SH   DFND   0 0 0
HEICO CORP NEW CL A 422806208   92,838,497 718,453 SH   DFND   0 0 0
INSTALLED BLDG PRODS INC COM 45780R101   54,064,631 432,898 SH   DFND   0 0 0
ISHARES SILVER TR ISHARES 46428Q109   467,820 23,000 SH   SOLE   0 0 0
ISHARES TR U.S. FINLS ETF 464287788   209,552 2,803 SH   DFND   0 0 0
ISHARES TR US HOME CONS ETF 464288752   1,095,877 13,962 SH   DFND   0 0 0
JPMORGAN CHASE & CO COM 46625H100   5,308,602 36,606 SH   DFND   0 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103   62,170,881 469,888 SH   DFND   0 0 0
KNIGHT-SWIFT TRANSN HLDGS IN CL A 499049104   390,618 7,789 SH   DFND   0 0 0
LITTELFUSE INC COM 537008104   18,800,772 76,018 SH   DFND   0 0 0
LULULEMON ATHLETICA INC COM 550021109   46,500,324 120,589 SH   DFND   0 0 0
M & T BK CORP COM 55261F104   43,260,948 342,119 SH   DFND   0 0 0
MARKEL CORP COMMON STOCK 570535104   124,462,217 84,525 SH   DFND   0 0 0
MASTERBRAND INC COM 57638P104   11,048,943 909,378 SH   DFND   0 0 0
MASTERCARD INCORPORATED CL A 57636Q104   8,219,092 20,760 SH   DFND   0 0 0
META PLATFORMS INC CL A 30303M102   84,794,014 282,449 SH   DFND   0 0 0
MICROSOFT CORP COM 594918104   1,136,700 3,600 SH   DFND   0 0 0
NOVO-NORDISK A S ADR 670100205   1,127,656 12,400 SH   DFND   0 0 0
NVR INC COM 62944T105   75,578,864 12,674 SH   DFND   0 0 0
OLD DOMINION FREIGHT LINE IN COM 679580100   1,663,972 4,067 SH   DFND   0 0 0
PROGRESSIVE CORP COM 743315103   69,849,338 501,431 SH   DFND   0 0 0
ROPER TECHNOLOGIES INC COM 776696106   646,514 1,335 SH   DFND   0 0 0
SCHWAB CHARLES CORP COM 808513105   44,170,399 804,561 SH   DFND   0 0 0
SITEONE LANDSCAPE SUPPLY INC COM 82982L103   613,428 3,753 SH   DFND   0 0 0
SPDR GOLD TR GOLD SHS 78463V107   721,119 4,206 SH   DFND   0 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   2,031,385 4,752 SH   DFND   0 0 0
STARBUCKS CORP COM 855244109   567,061 6,213 SH   DFND   0 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   716,056 8,240 SH   DFND   0 0 0
TJX COS INC NEW COM 872540109   772,989 8,697 SH   DFND   0 0 0
VISA INC COM CL A 92826C839   85,418,814 371,370 SH   DFND   0 0 0