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
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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
Arch Capital Group Ltd COM G0450A105 150,820 5,299,368 SH   SOLE   5,289,465 0 7,095
Autozone Inc. COM 053332102 123,659 146,169 SH   SOLE   145,881 0 190
Chipotle Mexican Grill Cl A COM 169656105 91,210 139,379 SH   SOLE   139,003 0 265
Cummins Inc COM 231021106 116,022 857,393 SH   SOLE   855,793 0 1,040
Deere & Co. COM 244199105 108,936 788,475 SH   SOLE   787,025 0 1,080
Expeditors International of Washington COM 302130109 88,980 1,333,641 SH   SOLE   1,331,526 0 1,330
Fastenal Co COM 311900104 95,307 3,049,839 SH   SOLE   3,045,399 0 4,440
Goldman Sachs Group Inc COM 38141G104 97,499 630,692 SH   SOLE   629,442 0 815
Mastercard Inc Class A COM 57636Q104 115,880 479,717 SH   SOLE   479,087 0 630
Moody's Corp. COM 615369105 156,682 740,812 SH   SOLE   739,675 0 992
NVR Inc COM 62944T105 38,937 15,156 SH   SOLE   15,135 0 21
O'Reilly Automotive Inc COM 67103H107 74,901 248,800 SH   SOLE   248,281 0 355
Ross Stores Inc COM 778296103 117,553 1,351,646 SH   SOLE   1,349,521 0 1,095
Strategic Education Inc COM 86272C103 47,653 340,964 SH   SOLE   340,508 0 456
TJX Companies Inc COM 872540109 18,035 377,232 SH   SOLE   375,121 0 1,970
Union Pacific Corporation COM 907818108 48,816 346,112 SH   SOLE   345,593 0 519
Visa Inc Cl A COM 92826C839 118,149 733,298 SH   SOLE   731,893 0 920
Waters Corp COM 941848103 10,687 58,701 SH   SOLE   58,701 0 0