The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| 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 |
| Allied World Assurance Co Hldg | COM | H01531104 | 70,904 | 2,017,768 | SH | SOLE | 2,015,498 | 0 | 2,270 | ||
| Arch Capital Group Ltd | COM | G0450A105 | 125,777 | 1,746,908 | SH | SOLE | 1,744,493 | 0 | 2,415 | ||
| Capella Education Co | COM | 139594105 | 2,958 | 56,202 | SH | SOLE | 56,202 | 0 | 0 | ||
| Chipotle Mexican Grill Cl A | COM | 169656105 | 37,990 | 94,323 | SH | SOLE | 94,253 | 0 | 70 | ||
| Crimson Wine Group Ltd | COM | 22662X100 | 706 | 84,409 | SH | SOLE | 84,409 | 0 | 0 | ||
| Cummins Inc | COM | 231021106 | 80,251 | 713,726 | SH | SOLE | 713,271 | 0 | 455 | ||
| Deere & Co. | COM | 244199105 | 75,490 | 931,520 | SH | SOLE | 930,415 | 0 | 1,105 | ||
| Expeditors International of Washington | COM | 302130109 | 72,262 | 1,473,529 | SH | SOLE | 1,472,199 | 0 | 1,330 | ||
| Fastenal Co | COM | 311900104 | 86,429 | 1,947,027 | SH | SOLE | 1,944,762 | 0 | 2,265 | ||
| Goldman Sachs Group Inc | COM | 38141G104 | 89,799 | 604,379 | SH | SOLE | 603,709 | 0 | 670 | ||
| Mastercard Inc Class A | COM | 57636Q104 | 57,482 | 652,761 | SH | SOLE | 652,116 | 0 | 645 | ||
| Moody's Corp. | COM | 615369105 | 131,849 | 1,406,986 | SH | SOLE | 1,405,271 | 0 | 1,715 | ||
| NVR Inc. | COM | 62944T105 | 88,875 | 49,920 | SH | SOLE | 49,836 | 0 | 84 | ||
| Ross Stores Inc | COM | 778296103 | 53,877 | 950,371 | SH | SOLE | 949,276 | 0 | 1,095 | ||
| Strayer Education Inc | COM | 863236105 | 37,774 | 768,865 | SH | SOLE | 767,825 | 0 | 1,040 | ||
| Toll Brothers Inc | COM | 889478103 | 11,874 | 441,259 | SH | SOLE | 441,259 | 0 | 0 | ||
| US Bancorp | COM | 902973304 | 52,923 | 1,312,253 | SH | SOLE | 1,311,028 | 0 | 1,225 | ||
| Union Pacific Corporation | COM | 907818108 | 69,640 | 798,166 | SH | SOLE | 797,081 | 0 | 1,085 | ||
| Visa Inc Cl A | COM | 92826C839 | 56,513 | 761,945 | SH | SOLE | 761,005 | 0 | 940 | ||
| Waters Corp | COM | 941848103 | 19,836 | 141,030 | SH | SOLE | 141,030 | 0 | 0 | ||
| Wells Fargo & Company | COM | 949746101 | 89,226 | 1,885,193 | SH | SOLE | 1,882,779 | 0 | 2,414 | ||
| YUM! Brands Inc | COM | 988498101 | 85,206 | 1,027,569 | SH | SOLE | 1,025,547 | 0 | 2,022 | ||