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
Estimated average burden
hours per response: 23.8
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
3M CO COM 88579Y101 15,295 77,000 SH   SOLE   77,000 0 0
3M CO COM 88579Y101 32,516 163,700 SH   DFND 1 163,700 0 0
ACCENTURE PLC IRELAN SHS CLASS A G1151C101 19,780 67,100 SH   SOLE   67,100 0 0
ACCENTURE PLC IRELAN SHS CLASS A G1151C101 27,209 92,300 SH   DFND 1 92,300 0 0
ACTIVISION BLIZZARD COM 00507V109 172 1,800 SH   SOLE   1,800 0 0
ACTIVISION BLIZZARD COM 00507V109 29,042 304,300 SH   DFND 1 304,300 0 0
ALBEMARLE CORP COM 012653101 12,803 76,000 SH   DFND 1 76,000 0 0
ALLEGHANY CORP DEL COM 017175100 2,887 4,328 SH   SOLE   4,328 0 0
ALLSTATE CORP COM 020002101 261 2,000 SH   DFND 1 2,000 0 0
ALPHABET INC CAP STK CL A 02079K305 8,058 3,300 SH   SOLE   3,300 0 0
ALPHABET INC CAP STK CL A 02079K305 22,464 9,200 SH   DFND 1 9,200 0 0
ALPHABET INC CAP STK CL C 02079K107 105,890 42,249 SH   SOLE   42,249 0 0
ALPHABET INC CAP STK CL C 02079K107 238,712 95,244 SH   DFND 1 95,244 0 0
AMAZON COM INC COM 023135106 114,901 33,400 SH   SOLE   33,400 0 0
AMAZON COM INC COM 023135106 224,016 65,118 SH   DFND 1 65,118 0 0
AMERICAN EXPRESS CO COM 025816109 1,652 10,000 SH   SOLE   10,000 0 0
AMERICAN EXPRESS CO COM 025816109 78,360 474,250 SH   DFND 1 474,250 0 0
AMERICAN TOWER CORP COM 03027X100 270 1,000 SH   SOLE   1,000 0 0
AMERICAN TOWER CORP COM 03027X100 13,753 50,910 SH   DFND 1 50,910 0 0
ANALOG DEVICES INC COM 032654105 35,046 203,565 SH   SOLE   203,565 0 0
ANALOG DEVICES INC COM 032654105 118,420 687,846 SH   DFND 1 687,846 0 0
AON PLC SHS CL A G0403H108 10,720 44,900 SH   DFND 1 44,900 0 0
APOLLO GLOBAL MGMT I COM CL A 03768E105 1,400 22,500 SH   SOLE   22,500 0 0
APOLLO GLOBAL MGMT I COM CL A 03768E105 61,578 990,000 SH   DFND 1 990,000 0 0
APPLE INC COM 037833100 6,601 48,200 SH   SOLE   48,200 0 0
APPLE INC COM 037833100 157,551 1,150,340 SH   DFND 1 1,150,340 0 0
ARCHER DANIELS MIDLA COM 039483102 35,996 594,000 SH   SOLE   594,000 0 0
ARCHER DANIELS MIDLA COM 039483102 52,680 869,300 SH   DFND 1 869,300 0 0
BALL CORP COM 058498106 3,727 46,000 SH   DFND 1 46,000 0 0
BANK NEW YORK MELLON COM 064058100 18,328 357,750 SH   DFND 1 357,750 0 0
BERKLEY W R CORP COM 084423102 2,010 27,000 SH   DFND 1 27,000 0 0
BERKSHIRE HATHAWAY I CL A 084670108 276,695 661 SH   SOLE   661 0 0
BERKSHIRE HATHAWAY I CL A 084670108 189,626 453 SH   DFND 1 453 0 0
BERKSHIRE HATHAWAY I CL B NEW 084670702 243,165 874,947 SH   SOLE   874,947 0 0
BERKSHIRE HATHAWAY I CL B NEW 084670702 182,600 657,024 SH   DFND 1 657,024 0 0
BLACKROCK INC COM 09247X101 10,500 12,000 SH   SOLE   12,000 0 0
BLACKROCK INC COM 09247X101 182,169 208,200 SH   DFND 1 208,200 0 0
BLACKSTONE GROUP INC COM 09260D107 3,351 34,500 SH   SOLE   34,500 0 0
BLACKSTONE GROUP INC COM 09260D107 116,034 1,194,500 SH   DFND 1 1,194,500 0 0
BROOKFIELD ASSET MGM CL A LTD VT SH 112585104 182,405 3,577,978 SH   SOLE   3,577,978 0 0
BROOKFIELD ASSET MGM CL A LTD VT SH 112585104 261,923 5,137,763 SH   DFND 1 5,137,763 0 0
BROOKFIELD ASSET MGMT REINS CL A EXCH LT VTG G16169107 1,283 24,675 SH   SOLE   24,675 0 0
BROOKFIELD ASSET MGMT REINS CL A EXCH LT VTG G16169107 1,843 35,427 SH   DFND 1 35,427 0 0
BROWN FORMAN CORP CL A 115637100 34,728 492,600 SH   SOLE   492,600 0 0
BROWN FORMAN CORP CL A 115637100 24,703 350,400 SH   DFND 1 350,400 0 0
BROWN FORMAN CORP CL B 115637209 16,993 226,750 SH   SOLE   226,750 0 0
BROWN FORMAN CORP CL B 115637209 18,543 247,437 SH   DFND 1 247,437 0 0
CABLE ONE INC COM 12685J105 9,947 5,200 SH   DFND 1 5,200 0 0
CARLYLE GROUP INC COM 14316J108 2,068 44,500 SH   SOLE   44,500 0 0
CARLYLE GROUP INC COM 14316J108 54,823 1,179,500 SH   DFND 1 1,179,500 0 0
CARRIER GLOBAL CORPO COM 14448C104 2,654 54,600 SH   SOLE   54,600 0 0
CARRIER GLOBAL CORPO COM 14448C104 8,233 169,400 SH   DFND 1 169,400 0 0
CATERPILLAR INC COM 149123101 2,176 10,000 SH   SOLE   10,000 0 0
CATERPILLAR INC COM 149123101 60,392 277,500 SH   DFND 1 277,500 0 0
CELANESE CORP DEL COM 150870103 728 4,800 SH   DFND 1 4,800 0 0
CISCO SYS INC COM 17275R102 7,844 148,000 SH   SOLE   148,000 0 0
CISCO SYS INC COM 17275R102 10,282 194,000 SH   DFND 1 194,000 0 0
CITIGROUP INC COM NEW 172967424 93 1,320 SH   SOLE   1,320 0 0
CITIGROUP INC COM NEW 172967424 1,394 19,700 SH   DFND 1 19,700 0 0
COLFAX CORP COM 194014106 49,707 1,085,070 SH   SOLE   1,085,070 0 0
COLFAX CORP COM 194014106 2,291 50,000 SH   DFND 1 50,000 0 0
COMCAST CORP NEW CL A 20030N101 5,873 103,000 SH   SOLE   103,000 0 0
COMCAST CORP NEW CL A 20030N101 24,249 425,280 SH   DFND 1 425,280 0 0
COSTCO WHSL CORP NEW COM 22160K105 5,144 13,000 SH   SOLE   13,000 0 0
COSTCO WHSL CORP NEW COM 22160K105 10,347 26,150 SH   DFND 1 26,150 0 0
CROWN HLDGS INC COM 228368106 11,856 116,000 SH   DFND 1 116,000 0 0
CVS HEALTH CORP COM 126650100 167 2,000 SH   SOLE   2,000 0 0
CVS HEALTH CORP COM 126650100 27,535 330,000 SH   DFND 1 330,000 0 0
D R HORTON INC COM 23331A109 77 850 SH   SOLE   850 0 0
D R HORTON INC COM 23331A109 1,188 13,149 SH   DFND 1 13,149 0 0
DEERE & CO COM 244199105 266,578 755,800 SH   DFND 1 755,800 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 141,525 738,300 SH   SOLE   738,300 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 117,297 611,908 SH   DFND 1 611,908 0 0
DISNEY WALT CO COM 254687106 120,079 683,158 SH   SOLE   683,158 0 0
DISNEY WALT CO COM 254687106 207,586 1,181,007 SH   DFND 1 1,181,007 0 0
EASTMAN CHEM CO COM 277432100 1,401 12,000 SH   DFND 1 12,000 0 0
ECOLAB INC COM 278865100 4,737 23,000 SH   SOLE   23,000 0 0
ECOLAB INC COM 278865100 58,969 286,300 SH   DFND 1 286,300 0 0
EQUIFAX INC COM 294429105 29,244 122,100 SH   DFND 1 122,100 0 0
FACEBOOK INC CL A 30303M102 6,471 18,610 SH   SOLE   18,610 0 0
FACEBOOK INC CL A 30303M102 44,922 129,193 SH   DFND 1 129,193 0 0
FACTSET RESH SYS INC COM 303075105 7,719 23,000 SH   SOLE   23,000 0 0
FACTSET RESH SYS INC COM 303075105 31,453 93,720 SH   DFND 1 93,720 0 0
GENERAL DYNAMICS COR COM 369550108 8,283 44,000 SH   SOLE   44,000 0 0
GENERAL DYNAMICS COR COM 369550108 64,573 343,000 SH   DFND 1 343,000 0 0
GOLDMAN SACHS GROUP COM 38141G104 6,775 17,850 SH   SOLE   17,850 0 0
GOLDMAN SACHS GROUP COM 38141G104 123,731 326,010 SH   DFND 1 326,010 0 0
GRAHAM HLDGS CO COM CL B 384637104 3,296 5,200 SH   DFND 1 5,200 0 0
HEALTHCARE SVCS GROU COM 421906108 631 20,000 SH   SOLE   20,000 0 0
HEALTHCARE SVCS GROU COM 421906108 25,224 799,000 SH   DFND 1 799,000 0 0
HEICO CORP NEW CL A 422806208 956 7,702 SH   SOLE   7,702 0 0
HEICO CORP NEW CL A 422806208 41,655 335,442 SH   DFND 1 335,442 0 0
HEXCEL CORP NEW COM 428291108 250 4,000 SH   SOLE   4,000 0 0
HEXCEL CORP NEW COM 428291108 11,544 185,000 SH   DFND 1 185,000 0 0
HOME DEPOT INC COM 437076102 60,773 190,577 SH   SOLE   190,577 0 0
HOME DEPOT INC COM 437076102 232,606 729,423 SH   DFND 1 729,423 0 0
IAC INTERACTIVECORP COM 44891N208 378 2,454 SH   DFND 1 2,454 0 0
ILLINOIS TOOL WKS IN COM 452308109 19,003 85,000 SH   SOLE   85,000 0 0
ILLINOIS TOOL WKS IN COM 452308109 54,213 242,500 SH   DFND 1 242,500 0 0
ILLUMINA INC COM 452327109 1,893 4,000 SH   DFND 1 4,000 0 0
INTERCONTINENTAL EXC COM 45866F104 489 4,120 SH   DFND 1 4,120 0 0
INTERNATIONAL FLAVOR COM 459506101 2,241 15,000 SH   SOLE   15,000 0 0
INTERNATIONAL FLAVOR COM 459506101 21,065 141,000 SH   DFND 1 141,000 0 0
INVESTORS TITLE CO N COM 461804106 37,249 213,300 SH   DFND 1 213,300 0 0
JOHNSON & JOHNSON COM 478160104 18,813 114,200 SH   SOLE   114,200 0 0
JOHNSON & JOHNSON COM 478160104 81,810 496,600 SH   DFND 1 496,600 0 0
JPMORGAN CHASE & CO COM 46625H100 33,682 216,550 SH   DFND 1 216,550 0 0
KKR & CO INC COM 48251W104 3,673 62,000 SH   SOLE   62,000 0 0
KKR & CO INC COM 48251W104 79,725 1,345,800 SH   DFND 1 1,345,800 0 0
LAMAR ADVERTISING CO CL A 512816109 888 8,500 SH   DFND 1 8,500 0 0
LENNAR CORP CL B 526057302 1,059 13,000 SH   DFND 1 13,000 0 0
LIBERTY BROADBAND CO COM SER A 530307107 3,658 21,750 SH   SOLE   21,750 0 0
LIBERTY BROADBAND CO COM SER A 530307107 30,859 183,500 SH   DFND 1 183,500 0 0
LIBERTY BROADBAND CO COM SER C 530307305 7,095 40,853 SH   SOLE   40,853 0 0
LIBERTY BROADBAND CO COM SER C 530307305 22,795 131,260 SH   DFND 1 131,260 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 81 3,000 SH   SOLE   3,000 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 4,780 176,000 SH   DFND 1 176,000 0 0
LIBERTY MEDIA CORP D COM A SIRIUSXM 531229409 2,422 52,000 SH   SOLE   52,000 0 0
LIBERTY MEDIA CORP D COM A SIRIUSXM 531229409 17,421 374,000 SH   DFND 1 374,000 0 0
LIBERTY MEDIA CORP D COM C SIRIUSXM 531229607 6,216 134,000 SH   SOLE   134,000 0 0
LIBERTY MEDIA CORP D COM C SIRIUSXM 531229607 17,999 388,000 SH   DFND 1 388,000 0 0
LINDE PLC SHS G5494J103 1,706 5,900 SH   SOLE   5,900 0 0
LINDE PLC SHS G5494J103 25,585 88,500 SH   DFND 1 88,500 0 0
LOCKHEED MARTIN CORP COM 539830109 1,064 2,813 SH   DFND 1 2,813 0 0
LOWES COS INC COM 548661107 49,850 257,000 SH   SOLE   257,000 0 0
LOWES COS INC COM 548661107 64,394 331,980 SH   DFND 1 331,980 0 0
MACOM TECH SOLUTIONS COM 55405Y100 3,781 59,000 SH   DFND 1 59,000 0 0
MARSH & MCLENNAN COS COM 571748102 2,462 17,500 SH   SOLE   17,500 0 0
MARSH & MCLENNAN COS COM 571748102 83,283 592,000 SH   DFND 1 592,000 0 0
MARVELL TECHNOLOGY INC COM 573874104 4,025 69,000 SH   DFND 1 69,000 0 0
MASTERCARD INCORPORA CL A 57636Q104 13,143 36,000 SH   SOLE   36,000 0 0
MASTERCARD INCORPORA CL A 57636Q104 62,628 171,540 SH   DFND 1 171,540 0 0
MATCH GROUP INC NEW COM 57667L107 574 3,560 SH   DFND 1 3,560 0 0
MAXIM INTEGRATED PRO COM 57772K101 7,375 70,000 SH   SOLE   70,000 0 0
MAXIM INTEGRATED PRO COM 57772K101 19,176 182,000 SH   DFND 1 182,000 0 0
MICROCHIP TECHNOLOGY COM 595017104 8,385 56,000 SH   DFND 1 56,000 0 0
MICROSOFT CORP COM 594918104 23,027 85,000 SH   SOLE   85,000 0 0
MICROSOFT CORP COM 594918104 107,000 394,980 SH   DFND 1 394,980 0 0
MOHAWK INDS INC COM 608190104 961 5,000 SH   SOLE   5,000 0 0
MOHAWK INDS INC COM 608190104 41,513 216,000 SH   DFND 1 216,000 0 0
MOODYS CORP COM 615369105 37,686 104,000 SH   SOLE   104,000 0 0
MOODYS CORP COM 615369105 38,861 107,240 SH   DFND 1 107,240 0 0
MSCI INC COM 55354G100 533 1,000 SH   SOLE   1,000 0 0
MSCI INC COM 55354G100 72,499 136,000 SH   DFND 1 136,000 0 0
NETFLIX INC COM 64110L106 227 430 SH   DFND 1 430 0 0
NIKE INC CL B 654106103 12,668 82,000 SH   SOLE   82,000 0 0
NIKE INC CL B 654106103 43,875 284,000 SH   DFND 1 284,000 0 0
NORFOLK SOUTHN CORP COM 655844108 19,375 73,000 SH   SOLE   73,000 0 0
NORFOLK SOUTHN CORP COM 655844108 41,537 156,500 SH   DFND 1 156,500 0 0
NOVO-NORDISK A S ADR 670100205 43,979 525,000 SH   SOLE   525,000 0 0
NOVO-NORDISK A S ADR 670100205 46,074 550,000 SH   DFND 1 550,000 0 0
NVR INC COM 62944T105 497 100 SH   SOLE   100 0 0
NVR INC COM 62944T105 46,943 9,439 SH   DFND 1 9,439 0 0
O-I GLASS INC COM 67098H104 1,960 120,000 SH   DFND 1 120,000 0 0
OTIS WORLDWIDE CORP COM 68902V107 2,232 27,300 SH   SOLE   27,300 0 0
OTIS WORLDWIDE CORP COM 68902V107 7,140 87,320 SH   DFND 1 87,320 0 0
PAYCHEX INC COM 704326107 7,511 70,000 SH   SOLE   70,000 0 0
PAYCHEX INC COM 704326107 8,584 80,000 SH   DFND 1 80,000 0 0
PAYPAL HLDGS INC COM 70450Y103 533 1,830 SH   DFND 1 1,830 0 0
PEPSICO INC COM 713448108 14,255 96,210 SH   DFND 1 96,210 0 0
PHILIP MORRIS INTL I COM 718172109 11,348 114,500 SH   DFND 1 114,500 0 0
PRICE T ROWE GROUP I COM 74144T108 6,335 32,000 SH   SOLE   32,000 0 0
PRICE T ROWE GROUP I COM 74144T108 55,828 282,000 SH   DFND 1 282,000 0 0
PROGRESSIVE CORP COM 743315103 5,893 60,000 SH   SOLE   60,000 0 0
PROGRESSIVE CORP COM 743315103 62,196 633,300 SH   DFND 1 633,300 0 0
RAYTHEON TECHNOLOGIE COM 75513E101 4,658 54,600 SH   SOLE   54,600 0 0
RAYTHEON TECHNOLOGIE COM 75513E101 14,452 169,400 SH   DFND 1 169,400 0 0
REGENERON PHARMACEUT COM 75886F107 37,310 66,800 SH   DFND 1 66,800 0 0
RLI CORP COM 749607107 39,430 377,000 SH   SOLE   377,000 0 0
RLI CORP COM 749607107 85,792 820,272 SH   DFND 1 820,272 0 0
ROCKWELL AUTOMATION COM 773903109 2,260 7,900 SH   SOLE   7,900 0 0
ROCKWELL AUTOMATION COM 773903109 38,384 134,200 SH   DFND 1 134,200 0 0
ROLLINS INC COM 775711104 1,880 54,975 SH   SOLE   54,975 0 0
ROLLINS INC COM 775711104 40,640 1,188,300 SH   DFND 1 1,188,300 0 0
ROPER TECHNOLOGIES I COM 776696106 386 820 SH   DFND 1 820 0 0
S&P GLOBAL INC COM 78409V104 410 1,000 SH   SOLE   1,000 0 0
S&P GLOBAL INC COM 78409V104 60,558 147,540 SH   DFND 1 147,540 0 0
SALESFORCE COM INC COM 79466L302 428 1,753 SH   DFND 1 1,753 0 0
SCHWAB CHARLES CORP COM 808513105 8,956 123,000 SH   SOLE   123,000 0 0
SCHWAB CHARLES CORP COM 808513105 70,793 972,300 SH   DFND 1 972,300 0 0
SEI INVTS CO COM 784117103 3,656 59,000 SH   SOLE   59,000 0 0
SEI INVTS CO COM 784117103 22,817 368,200 SH   DFND 1 368,200 0 0
SHAKE SHACK INC CL A 819047101 321 3,000 SH   SOLE   3,000 0 0
SHAKE SHACK INC CL A 819047101 2,954 27,600 SH   DFND 1 27,600 0 0
SHERWIN WILLIAMS CO COM 824348106 25,657 94,172 SH   DFND 1 94,172 0 0
STARBUCKS CORP COM 855244109 4,528 40,500 SH   SOLE   40,500 0 0
STARBUCKS CORP COM 855244109 54,543 487,818 SH   DFND 1 487,818 0 0
STERICYCLE INC COM 858912108 1,789 25,000 SH   SOLE   25,000 0 0
STERICYCLE INC COM 858912108 40,690 568,700 SH   DFND 1 568,700 0 0
TEXAS INSTRS INC COM 882508104 33,845 176,000 SH   SOLE   176,000 0 0
TEXAS INSTRS INC COM 882508104 105,380 548,000 SH   DFND 1 548,000 0 0
TEXAS PACIFIC LAND C COM 88262P102 7,199 4,500 SH   DFND 1 4,500 0 0
TRANSUNION COM 89400J107 329 3,000 SH   SOLE   3,000 0 0
TRANSUNION COM 89400J107 10,048 91,500 SH   DFND 1 91,500 0 0
TRUPANION INC COM 898202106 576 5,000 SH   SOLE   5,000 0 0
TRUPANION INC COM 898202106 14,779 128,400 SH   DFND 1 128,400 0 0
TWITTER INC COM 90184L102 723 10,500 SH   DFND 1 10,500 0 0
TYSON FOODS INC CL A 902494103 369 5,000 SH   SOLE   5,000 0 0
TYSON FOODS INC CL A 902494103 27,402 371,500 SH   DFND 1 371,500 0 0
UNION PAC CORP COM 907818108 2,441 11,100 SH   SOLE   11,100 0 0
UNION PAC CORP COM 907818108 16,424 74,678 SH   DFND 1 74,678 0 0
VERISK ANALYTICS INC COM 92345Y106 175 1,000 SH   SOLE   1,000 0 0
VERISK ANALYTICS INC COM 92345Y106 12,755 73,000 SH   DFND 1 73,000 0 0
VISA INC COM CL A 92826C839 43,514 186,100 SH   SOLE   186,100 0 0
VISA INC COM CL A 92826C839 180,495 771,940 SH   DFND 1 771,940 0 0
WATSCO INC COM 942622200 7,768 27,100 SH   SOLE   27,100 0 0
WATSCO INC COM 942622200 108,751 379,400 SH   DFND 1 379,400 0 0
WELLS FARGO CO NEW COM 949746101 1,449 32,000 SH   SOLE   32,000 0 0
WELLS FARGO CO NEW COM 949746101 7,403 163,450 SH   DFND 1 163,450 0 0
WHIRLPOOL CORP COM 963320106 1,140 5,230 SH   SOLE   5,230 0 0
WHIRLPOOL CORP COM 963320106 59,218 271,619 SH   DFND 1 271,619 0 0
WIX COM LTD SHS M98068105 348 1,200 SH   DFND 1 1,200 0 0