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
ATHENE HLDG LTD CL A G0684D107 7,525 160,000 SH   SOLE   160,000 0 0
AXALTA COATING SYS LTD COM G0750C108 3,095 101,800 SH   SOLE   101,800 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 31,164 148,000 SH   SOLE   148,000 0 0
COCA COLA EUROPEAN PARTNERS SHS G25839104 5,597 110,000 SH   SOLE   110,000 0 0
EATON CORP PLC SHS G29183103 29,240 308,700 SH   SOLE   308,700 0 0
MEDTRONIC PLC SHS G5960L103 72,014 634,764 SH   SOLE   634,764 0 0
WILLIS TOWERS WATSON PUB LTD SHS G96629103 3,322 16,450 SH   SOLE   16,450 0 0
CHUBB LIMITED COM H1467J104 32,307 207,550 SH   SOLE   207,550 0 0
GARMIN LTD SHS H2906T109 488 5,000 SH   SOLE   5,000 0 0
TE CONNECTIVITY LTD REG SHS H84989104 28,302 295,300 SH   SOLE   295,300 0 0
INTERXION HOLDING N.V SHS N47279109 9,261 110,500 SH   SOLE   110,500 0 0
ABBVIE INC COM 00287Y109 212 2,400 SH   SOLE   2,400 0 0
ALLEGHANY CORP DEL COM 017175100 8,704 10,886 SH   SOLE   10,886 0 0
ALLISON TRANSMISSION HLDGS I COM 01973R101 1,247 25,800 SH   SOLE   25,800 0 0
AMERCO COM 023586100 10,147 27,000 SH   SOLE   27,000 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 9,153 319,150 SH   SOLE   319,150 0 0
AMETEK INC NEW COM 031100100 22,641 227,000 SH   SOLE   227,000 0 0
ANSYS INC COM 03662Q105 40,400 156,950 SH   SOLE   156,950 0 0
APPLE INC COM 037833100 1,257 4,280 SH   SOLE   4,280 0 0
ARROW ELECTRS INC COM 042735100 1,695 20,000 SH   SOLE   20,000 0 0
AVID BIOSERVICES INC COM 05368M106 2,761 360,000 SH   SOLE   360,000 0 0
BANK NEW YORK MELLON CORP COM 064058100 277 5,500 SH   SOLE   5,500 0 0
BARRICK GOLD CORPORATION COM 067901108 1,487 80,000 SH   SOLE   80,000 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 1,019 3 SH   SOLE   3 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,925 8,500 SH   SOLE   8,500 0 0
BLACKROCK INC COM 09247X101 28,176 56,050 SH   SOLE   56,050 0 0
BOOKING HLDGS INC COM 09857L108 53,181 25,895 SH   SOLE   25,895 0 0
BROADRIDGE FINL SOLUTIONS IN COM 11133T103 53,839 435,800 SH   SOLE   435,800 0 0
BROOKFIELD ASSET MGMT INC CL A LTD VT SH 112585104 58,771 1,016,800 SH   SOLE   1,016,800 0 0
BROOKFIELD PROPERTY REIT INC CL A 11282X103 2,766 150,000 SH   SOLE   150,000 0 0
BROWN FORMAN CORP CL B 115637209 2,121 31,375 SH   SOLE   31,375 0 0
CANADIAN NATL RY CO COM 136375102 905 10,000 SH   SOLE   10,000 0 0
CISCO SYS INC COM 17275R102 25,985 541,800 SH   SOLE   541,800 0 0
CITIGROUP INC COM NEW 172967424 1,414 17,700 SH   SOLE   17,700 0 0
COPART INC COM 217204106 44,561 490,000 SH   SOLE   490,000 0 0
CORTEVA INC COM 22052L104 1,259 42,598 SH   SOLE   42,598 0 0
DELTA AIR LINES INC DEL COM NEW 247361702 34,345 587,300 SH   SOLE   587,300 0 0
DEVON ENERGY CORP NEW COM 25179M103 234 9,000 SH   SOLE   9,000 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 2,998 17,800 SH   SOLE   17,800 0 0
DISNEY WALT CO COM DISNEY 254687106 239 1,650 SH   SOLE   1,650 0 0
DISCOVER FINL SVCS COM 254709108 25,047 295,300 SH   SOLE   295,300 0 0
ECOLAB INC COM 278865100 29,093 150,750 SH   SOLE   150,750 0 0
ELECTRONIC ARTS INC COM 285512109 13,224 123,000 SH   SOLE   123,000 0 0
EMERSON ELEC CO COM 291011104 210 2,750 SH   SOLE   2,750 0 0
EQUINIX INC COM 29444U700 1,433 2,455 SH   SOLE   2,455 0 0
EXPEDITORS INTL WASH INC COM 302130109 8,582 110,000 SH   SOLE   110,000 0 0
EXXON MOBIL CORP COM 30231G102 6,712 96,188 SH   SOLE   96,188 0 0
FASTENAL CO COM 311900104 31,178 843,800 SH   SOLE   843,800 0 0
FEDEX CORP COM 31428X106 348 2,300 SH   SOLE   2,300 0 0
FIDELITY NATIONAL FINANCIAL FNF GROUP COM 31620R303 20,521 452,500 SH   SOLE   452,500 0 0
FIRST HORIZON NATL CORP COM 320517105 27,456 1,658,000 SH   SOLE   1,658,000 0 0
FORTIVE CORP COM 34959J108 17,952 235,000 SH   SOLE   235,000 0 0
FRONTDOOR INC COM 35905A109 33,289 702,000 SH   SOLE   702,000 0 0
GENERAL DYNAMICS CORP COM 369550108 335 1,900 SH   SOLE   1,900 0 0
GENUINE PARTS CO COM 372460105 27,131 255,400 SH   SOLE   255,400 0 0
GRACO INC COM 384109104 42,741 821,950 SH   SOLE   821,950 0 0
GRAHAM HLDGS CO COM 384637104 3,195 5,000 SH   SOLE   5,000 0 0
HEICO CORP NEW COM 422806109 434 3,800 SH   SOLE   3,800 0 0
HEICO CORP NEW CL A 422806208 38,050 425,000 SH   SOLE   425,000 0 0
HEXCEL CORP NEW COM 428291108 56,632 772,500 SH   SOLE   772,500 0 0
ILLINOIS TOOL WKS INC COM 452308109 24,466 136,200 SH   SOLE   136,200 0 0
INTERACTIVE BROKERS GROUP IN COM CL A 45841N107 932 20,000 SH   SOLE   20,000 0 0
INTERNATIONAL FLAVORS&FRAGRA COM 459506101 17,289 134,000 SH   SOLE   134,000 0 0
IQVIA HLDGS INC COM 46266C105 27,441 177,600 SH   SOLE   177,600 0 0
ISHARES GOLD TRUST ISHARES 464285105 400 27,600 SH   SOLE   27,600 0 0
JOHNSON & JOHNSON COM 478160104 715 4,900 SH   SOLE   4,900 0 0
KELLOGG CO COM 487836108 35,617 515,000 SH   SOLE   515,000 0 0
KKR & CO INC CL A 48251W104 4,413 151,300 SH   SOLE   151,300 0 0
KONINKLIJKE PHILIPS N V NY REG SH NEW 500472303 2,638 54,064 SH   SOLE   54,064 0 0
KROGER CO COM 501044101 906 31,250 SH   SOLE   31,250 0 0
LAMAR ADVERTISING CO NEW CL A 512816109 7,141 80,000 SH   SOLE   80,000 0 0
LIBERTY MEDIA CORP DELAWARE COM A BRAVES GRP 531229706 949 32,000 SH   SOLE   32,000 0 0
LIBERTY MEDIA CORP DELAWARE COM SER C FRMLA 531229854 8,411 183,000 SH   SOLE   183,000 0 0
LIBERTY MEDIA CORP DELAWARE COM C BRAVES GRP 531229888 2,304 78,000 SH   SOLE   78,000 0 0
LOWES COS INC COM 548661107 67,048 559,850 SH   SOLE   559,850 0 0
MADISON SQUARE GARDEN CO NEW CL A 55825T103 15,886 54,000 SH   SOLE   54,000 0 0
MARKEL CORP COM 570535104 5,184 4,535 SH   SOLE   4,535 0 0
MASTERCARD INC CL A 57636Q104 46,476 155,650 SH   SOLE   155,650 0 0
MICROSOFT CORP COM 594918104 1,758 11,150 SH   SOLE   11,150 0 0
MOODYS CORP COM 615369105 38,977 164,175 SH   SOLE   164,175 0 0
NOBLE ENERGY INC COM 655044105 5,472 220,300 SH   SOLE   220,300 0 0
NORFOLK SOUTHERN CORP COM 655844108 641 3,300 SH   SOLE   3,300 0 0
O REILLY AUTOMOTIVE INC NEW COM 67103H107 27,610 63,000 SH   SOLE   63,000 0 0
PNC FINL SVCS GROUP INC COM 693475105 32,964 206,500 SH   SOLE   206,500 0 0
PAN AMERICAN SILVER CORP COM 697900108 829 35,000 SH   SOLE   35,000 0 0
PAYCHEX INC COM 704326107 323 3,800 SH   SOLE   3,800 0 0
PAYPAL HLDGS INC COM 70450Y103 476 4,400 SH   SOLE   4,400 0 0
PHILLIPS 66 COM 718546104 223 2,000 SH   SOLE   2,000 0 0
PIONEER NAT RES CO COM 723787107 2,225 14,700 SH   SOLE   14,700 0 0
PULTE GROUP INC COM 745867101 318 8,200 SH   SOLE   8,200 0 0
QUALCOMM INC COM 747525103 203 2,300 SH   SOLE   2,300 0 0
RPM INTL INC COM 749685103 29,092 379,000 SH   SOLE   379,000 0 0
ROCKWELL AUTOMATION INC COM 773903109 28,374 140,000 SH   SOLE   140,000 0 0
ROPER TECHNOLOGIES INC COM 776696106 42,702 120,550 SH   SOLE   120,550 0 0
ROSETTA STONE INC COM 777780107 17,610 970,809 SH   SOLE   970,809 0 0
ROSS STORES INC COM 778296103 943 8,100 SH   SOLE   8,100 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 42,381 706,700 SH   SOLE   706,700 0 0
S&P GLOBAL INC COM 78409V104 31,674 116,000 SH   SOLE   116,000 0 0
SBA COMMUNICATIONS CORP NEW CL A 78410G104 36,149 150,000 SH   SOLE   150,000 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 3,675 25,720 SH   SOLE   25,720 0 0
THE CHARLES SCHWAB CORPORATI COM 808513105 19,024 400,000 SH   SOLE   400,000 0 0
SMITH A O CORP COM 831865209 30,223 634,400 SH   SOLE   634,400 0 0
SPECTRUM BRANDS HLDGS INC NE COM 84790A105 6,429 100,000 SH   SOLE   100,000 0 0
STRYKER CORP COM 863667101 567 2,700 SH   SOLE   2,700 0 0
TRUIST FINL CORP COM 89832Q109 28,317 502,795 SH   SOLE   502,795 0 0
TJX COS INC NEW COM 872540109 19,686 322,400 SH   SOLE   322,400 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 1,278 22,000 SH   SOLE   22,000 0 0
TEXAS INSTRS INC COM 882508104 72,112 562,100 SH   SOLE   562,100 0 0
TEXAS PAC LD TR SUB CTF PROP I T 882610108 29,085 37,230 SH   SOLE   37,230 0 0
TOYOTA MOTOR CORP SP ADR REP2COM 892331307 703 5,000 SH   SOLE   5,000 0 0
TRACTOR SUPPLY CO COM 892356106 21,958 235,000 SH   SOLE   235,000 0 0
UNITED PARCEL SERVICE INC CL B 911312106 25,109 214,500 SH   SOLE   214,500 0 0
V F CORP COM 918204108 33,331 334,450 SH   SOLE   334,450 0 0
VALVOLINE INC COM 92047W101 10,095 471,500 SH   SOLE   471,500 0 0
VANECK VECTORS ETF TRUST GOLD MINERS ETF 92189F106 713 24,350 SH   SOLE   24,350 0 0
VANECK VECTORS ETF TRUST JR GOLD MINERS E 92189F791 380 9,000 SH   SOLE   9,000 0 0
VISA INC COM CL A 92826C839 70,397 374,650 SH   SOLE   374,650 0 0
WALMART INC COM 931142103 244 2,050 SH   SOLE   2,050 0 0
WATSCO INC COM 942622200 33,778 187,500 SH   SOLE   187,500 0 0
WESTERN UN CO COM 959802109 2,142 80,000 SH   SOLE   80,000 0 0
WORKDAY INC CL A 98138H101 499 3,036 SH   SOLE   3,036 0 0
ZIMMER BIOMET HLDGS INC COM 98956P102 72,947 487,350 SH   SOLE   487,350 0 0