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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
SPDR Ser Tr Bloomberg 1-3 Mo 78468R663   2,952,748 32,158 SH   SOLE   32,158 0 0
Vanguard Scottsdale Fds Short Term Treas 92206C102   1,902,643 33,032 SH   SOLE   33,032 0 0
Wisdomtree Tr Floating Rat Trea 97717Y527   329,143 6,541 SH   SOLE   6,541 0 0
Arch Capital Group Ltd COM G0450A105   450,619,601 5,653,238 SH   SOLE   4,558,013 0 1,095,225
AutoZone Inc. COM 053332102   377,475,534 148,613 SH   SOLE   116,152 0 32,461
Cummins Inc COM 231021106   209,778,799 918,230 SH   SOLE   721,329 0 196,901
Discover Financial Services COM 254709108   117,719,947 1,358,882 SH   SOLE   1,148,195 0 210,687
Disney (Walt) Company COM 254687106   114,591,327 1,413,835 SH   SOLE   1,199,980 0 213,855
Domino's Pizza Inc COM 25754A201   239,682,512 632,758 SH   SOLE   525,367 0 107,391
Expeditors International of Wa COM 302130109   183,970,347 1,604,906 SH   SOLE   1,283,758 0 321,148
Fastenal Co COM 311900104   95,411,859 1,746,191 SH   SOLE   1,328,536 0 417,655
Goldman Sachs Group Inc COM 38141G104   263,199,150 813,423 SH   SOLE   658,370 0 155,053
Mastercard Inc Class A COM 57636Q104   191,129,678 482,760 SH   SOLE   363,048 0 119,712
Moody's Corp. COM 615369105   144,929,097 458,390 SH   SOLE   372,138 0 86,252
NVR Inc COM 62944T105   173,818,268 29,148 SH   SOLE   23,672 0 5,476
O'Reilly Automotive Inc COM 67103H107   239,697,283 263,734 SH   SOLE   203,354 0 60,380
Progressive Corp COM 743315103   158,819,992 1,140,129 SH   SOLE   918,369 0 221,760
Ross Stores Inc COM 778296103   391,102,556 3,462,617 SH   SOLE   2,833,611 0 629,006
Strategic Education Inc COM 86272C103   154,008,029 2,046,618 SH   SOLE   1,674,392 0 372,226
TJX Companies Inc COM 872540109   280,430,006 3,155,153 SH   SOLE   2,557,695 0 597,458
Union Pacific Corporation COM 907818108   63,344,124 311,075 SH   SOLE   240,397 0 70,678
Visa Inc Cl A COM 92826C839   188,389,854 819,051 SH   SOLE   642,557 0 176,494