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 257,741 5,798,439 SH   SOLE   5,776,387 0 22,052
Autozone Inc. COM 053332102 300,128 143,164 SH   SOLE   142,505 0 659
Cummins Inc COM 231021106 186,544 855,158 SH   SOLE   851,977 0 3,181
Expeditors International of Wa COM 302130109 177,647 1,322,865 SH   SOLE   1,316,636 0 6,229
Fastenal Co COM 311900104 103,534 1,616,210 SH   SOLE   1,608,693 0 7,517
Goldman Sachs Group Inc COM 38141G104 267,726 699,846 SH   SOLE   697,164 0 2,682
Mastercard Inc Class A COM 57636Q104 164,614 458,127 SH   SOLE   455,715 0 2,412
Moody's Corp. COM 615369105 122,723 314,207 SH   SOLE   312,707 0 1,500
NVR Inc COM 62944T105 88,645 15,002 SH   SOLE   14,921 0 81
O'Reilly Automotive Inc COM 67103H107 174,271 246,763 SH   SOLE   245,631 0 1,132
Progressive Corp COM 743315103 119,461 1,163,770 SH   SOLE   1,158,951 0 4,819
Ross Stores Inc COM 778296103 157,005 1,373,864 SH   SOLE   1,368,281 0 5,583
Strategic Education Inc COM 86272C103 112,672 1,947,990 SH   SOLE   1,940,830 0 7,160
TJX Companies Inc COM 872540109 29,579 389,601 SH   SOLE   388,892 0 709
Union Pacific Corporation COM 907818108 87,259 346,360 SH   SOLE   344,581 0 1,779
Visa Inc Cl A COM 92826C839 165,000 761,387 SH   SOLE   758,495 0 2,892