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 118,350 4,429,266 SH   SOLE   4,422,171 0 7,095
Autozone Inc. COM 053332102 100,475 119,850 SH   SOLE   119,660 0 190
Chipotle Mexican Grill Cl A COM 169656105 98,435 227,970 SH   SOLE   227,614 0 356
Cummins Inc COM 231021106 69,345 518,897 SH   SOLE   518,442 0 455
Deere & Co. COM 244199105 102,198 685,110 SH   SOLE   684,030 0 1,080
Expeditors International of Washington COM 302130109 74,048 1,087,501 SH   SOLE   1,086,171 0 1,330
Fastenal Co COM 311900104 74,442 1,423,645 SH   SOLE   1,421,425 0 2,220
Goldman Sachs Group Inc COM 38141G104 69,938 418,662 SH   SOLE   418,007 0 655
Mastercard Inc Class A COM 57636Q104 86,759 459,896 SH   SOLE   459,266 0 630
Moody's Corp. COM 615369105 148,595 1,061,091 SH   SOLE   1,059,416 0 1,675
NVR Inc COM 62944T105 34,225 14,044 SH   SOLE   14,023 0 21
O'Reilly Automotive Inc COM 67103H107 78,505 227,994 SH   SOLE   227,639 0 355
Ross Stores Inc COM 778296103 58,644 704,854 SH   SOLE   703,759 0 1,095
Strategic Education Inc COM 86272C103 57,087 503,320 SH   SOLE   502,577 0 743
Union Pacific Corporation COM 907818108 43,906 317,633 SH   SOLE   317,114 0 519
Visa Inc Cl A COM 92826C839 77,708 588,964 SH   SOLE   588,044 0 920
Waters Corp COM 941848103 17,579 93,181 SH   SOLE   93,181 0 0
YUM! Brands Inc COM 988498101 71,440 777,194 SH   SOLE   775,217 0 1,977