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 257,093 5,645,439 SH   SOLE   5,623,387 0 22,052
AutoZone Inc. COM 053332102 295,334 137,882 SH   SOLE   137,223 0 659
Cummins Inc COM 231021106 172,509 847,668 SH   SOLE   844,487 0 3,181
Domino's Pizza Inc COM 25754A201 146,303 471,641 SH   SOLE   469,750 0 1,891
Expeditors International of Wa COM 302130109 130,471 1,477,424 SH   SOLE   1,471,195 0 6,229
Fastenal Co COM 311900104 73,279 1,591,636 SH   SOLE   1,584,119 0 7,517
Goldman Sachs Group Inc COM 38141G104 212,945 726,652 SH   SOLE   723,970 0 2,682
Mastercard Inc Class A COM 57636Q104 127,283 447,645 SH   SOLE   445,233 0 2,412
Moody's Corp. COM 615369105 76,362 314,106 SH   SOLE   312,606 0 1,500
NVR Inc COM 62944T105 106,427 26,693 SH   SOLE   26,590 0 103
O'Reilly Automotive Inc COM 67103H107 169,501 240,991 SH   SOLE   239,859 0 1,132
Progressive Corp COM 743315103 132,431 1,139,585 SH   SOLE   1,134,766 0 4,819
Ross Stores Inc COM 778296103 254,959 3,025,503 SH   SOLE   3,012,274 0 13,229
Strategic Education Inc COM 86272C103 123,437 2,010,048 SH   SOLE   2,002,853 0 7,195
TJX Companies Inc COM 872540109 180,979 2,913,370 SH   SOLE   2,901,815 0 11,555
Union Pacific Corporation COM 907818108 55,408 284,406 SH   SOLE   283,287 0 1,119
Visa Inc Cl A COM 92826C839 134,057 754,612 SH   SOLE   751,720 0 2,892