The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 |
| Allied World Assurance Co Hldg | COM | H01531104 | 71,903 | 2,057,890 | SH | SOLE | 2,055,620 | 0 | 2,270 | ||
| Arch Capital Group Ltd | COM | G0450A105 | 124,428 | 1,750,044 | SH | SOLE | 1,747,629 | 0 | 2,415 | ||
| Chipotle Mexican Grill Cl A | COM | 169656105 | 850 | 1,804 | SH | SOLE | 1,804 | 0 | 0 | ||
| Crimson Wine Group Ltd | COM | 22662X100 | 1,298 | 154,901 | SH | SOLE | 154,901 | 0 | 0 | ||
| Cummins Inc | COM | 231021106 | 78,238 | 711,641 | SH | SOLE | 711,186 | 0 | 455 | ||
| Deere & Co. | COM | 244199105 | 70,698 | 918,274 | SH | SOLE | 917,169 | 0 | 1,105 | ||
| Expeditors International of Washington | COM | 302130109 | 69,640 | 1,426,758 | SH | SOLE | 1,425,428 | 0 | 1,330 | ||
| Fastenal Co | COM | 311900104 | 94,795 | 1,934,599 | SH | SOLE | 1,932,334 | 0 | 2,265 | ||
| Goldman Sachs Group Inc | COM | 38141G104 | 92,675 | 590,361 | SH | SOLE | 589,691 | 0 | 670 | ||
| Leucadia National Corporation | COM | 527288104 | 17,785 | 1,099,895 | SH | SOLE | 1,097,730 | 0 | 2,165 | ||
| Mastercard Inc Class A | COM | 57636Q104 | 62,067 | 656,790 | SH | SOLE | 656,145 | 0 | 645 | ||
| Moody's Corp. | COM | 615369105 | 135,052 | 1,398,637 | SH | SOLE | 1,396,922 | 0 | 1,715 | ||
| NVR Inc. | COM | 62944T105 | 86,788 | 50,097 | SH | SOLE | 50,013 | 0 | 84 | ||
| Ross Stores Inc | COM | 778296103 | 53,115 | 917,354 | SH | SOLE | 916,259 | 0 | 1,095 | ||
| Strayer Education Inc | COM | 863236105 | 25,423 | 521,500 | SH | SOLE | 520,820 | 0 | 680 | ||
| Toll Brothers Inc | COM | 889478103 | 55,271 | 1,872,972 | SH | SOLE | 1,870,324 | 0 | 2,648 | ||
| US Bancorp | COM | 902973304 | 53,424 | 1,316,192 | SH | SOLE | 1,314,967 | 0 | 1,225 | ||
| Union Pacific Corporation | COM | 907818108 | 63,708 | 800,852 | SH | SOLE | 799,767 | 0 | 1,085 | ||
| Visa Inc Cl A | COM | 92826C839 | 58,563 | 765,728 | SH | SOLE | 764,788 | 0 | 940 | ||
| Waters Corp | COM | 941848103 | 18,692 | 141,692 | SH | SOLE | 141,692 | 0 | 0 | ||
| Wells Fargo & Company | COM | 949746101 | 91,571 | 1,893,523 | SH | SOLE | 1,891,109 | 0 | 2,414 | ||
| YUM! Brands Inc | COM | 988498101 | 84,570 | 1,033,233 | SH | SOLE | 1,031,211 | 0 | 2,022 | ||