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   385,690 4,976 SH   DFND   0 0 0
ALPHABET INC CAP STK CL A 02079K305   39,027,430 279,386 SH   DFND   0 0 0
ALPHABET INC CAP STK CL C 02079K107   89,906,294 637,950 SH   DFND   0 0 0
ALIGN TECHNOLOGY INC COM 016255101   7,442,388 27,162 SH   DFND   0 0 0
AMETEK INC COM 031100100   150,097,883 910,291 SH   DFND   0 0 0
ANALOG DEVICES INC COM 032654105   37,263,954 187,671 SH   DFND   0 0 0
APPLE INC COM 037833100   1,960,148 10,181 SH   DFND   0 0 0
ARISTA NETWORKS INC COM 040413106   23,420,056 99,444 SH   SOLE   0 0 0
AUTOHOME INC SP ADS RP CL A 05278C107   8,771,051 312,582 SH   DFND   0 0 0
BANK OZK LITTLE ROCK ARK COM 06417N103   11,897,959 238,771 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   3,798,375 7 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   172,572,081 483,856 SH   DFND   0 0 0
BANK AMERICA CORP COM 060505104   34,657,676 1,029,334 SH   DFND   0 0 0
BOOT BARN HLDGS INC COM 099406100   633,500 8,253 SH   DFND   0 0 0
CARMAX INC COM 143130102   117,686,469 1,533,574 SH   DFND   0 0 0
CGI INC CL A SUB VTG 12532H104   174,889 1,585 SH   DFND   0 0 0
CIENA CORP COM NEW 171779309   28,173,379 625,936 SH   DFND   0 0 0
COHERENT CORP COM 19247G107   4,707,204 108,137 SH   SOLE   0 0 0
COPART INC COM 217204106   1,346,716 27,484 SH   DFND   0 0 0
CREDIT ACCEP CORP MICH COM 225310101   12,048,222 22,616 SH   SOLE   0 0 0
DISNEY WALT CO COM 254687106   20,835,050 230,757 SH   DFND   0 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108   33,619,083 440,906 SH   DFND   0 0 0
FASTENAL CO COM 311900104   528,135 8,154 SH   DFND   0 0 0
FERGUSON PLC NEW F COM G3421J106   5,206,712 26,968 SH   SOLE   0 0 0
FISERV INC COM 337738108   60,425,462 454,874 SH   DFND   0 0 0
FIVE BELOW INC COM 33829M101   139,427,530 654,098 SH   DFND   0 0 0
FLOOR & DECOR HLDGS INC CL A 339750101   32,030,103 287,111 SH   DFND   0 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106   68,670,133 901,893 SH   DFND   0 0 0
HEICO CORP NEW CL A 422806208   99,224,131 696,603 SH   DFND   0 0 0
INSTALLED BLDG PRODS INC COM 45780R101   83,260,981 455,426 SH   DFND   0 0 0
ISHARES SILVER TR ISHARES 46428Q109   500,940 23,000 SH   SOLE   0 0 0
ISHARES TR US HOME CONS ETF 464288752   1,493,091 14,677 SH   DFND   0 0 0
JPMORGAN CHASE & CO COM 46625H100   6,255,087 36,773 SH   DFND   0 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103   74,908,004 470,853 SH   DFND   0 0 0
KINSALE CAPITAL GROUP IN COM 49714P108   5,897,765 17,610 SH   DFND   0 0 0
KNIGHT-SWIFT TRANSN HLDGS IN CL A 499049104   449,036 7,789 SH   DFND   0 0 0
LITTELFUSE INC COM 537008104   20,457,102 76,458 SH   DFND   0 0 0
LULULEMON ATHLETICA INC COM 550021109   62,263,362 121,777 SH   DFND   0 0 0
M & T BK CORP COM 55261F104   47,026,116 343,056 SH   DFND   0 0 0
MARKEL CORP COMMON STOCK 570535104   112,427,682 79,180 SH   DFND   0 0 0
MASTERBRAND INC COM 57638P104   13,557,872 912,988 SH   DFND   0 0 0
MASTERCARD INCORPORATED CL A 57636Q104   9,123,049 21,390 SH   DFND   0 0 0
MEDPACE HOLDINGS INC COM 58506Q109   48,328,746 157,664 SH   DFND   0 0 0
META PLATFORMS INC CL A 30303M102   101,916,411 287,932 SH   DFND   0 0 0
MICROSOFT CORP COM 594918104   108,300 288 SH   DFND   0 0 0
NOVO-NORDISK A S ADR 670100205   1,282,780 12,400 SH   DFND   0 0 0
NVR INC COM 62944T105   88,709,702 12,672 SH   DFND   0 0 0
OLD DOMINION FREIGHT LINE IN COM 679580100   957,389 2,362 SH   DFND   0 0 0
PROGRESSIVE CORP COM 743315103   80,524,163 505,551 SH   DFND   0 0 0
ROPER TECHNOLOGIES INC COM 776696106   725,076 1,330 SH   DFND   0 0 0
SCHWAB CHARLES CORP COM 808513105   57,372,595 833,904 SH   DFND   0 0 0
SITEONE LANDSCAPE SUPPLY INC COM 82982L103   609,863 3,753 SH   DFND   0 0 0
SPDR GOLD TR GOLD SHS 78463V107   804,061 4,206 SH   DFND   0 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103   2,258,673 4,752 SH   DFND   0 0 0
STARBUCKS CORP COM 855244109   596,510 6,213 SH   DFND   0 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   856,960 8,240 SH   DFND   0 0 0
TJX COS INC NEW COM 872540109   812,113 8,657 SH   DFND   0 0 0
VISA INC COM CL A 92826C839   98,175,902 377,092 SH   DFND   0 0 0