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 142,414 4,406,381 SH   SOLE   4,399,286 0 7,095
Autozone Inc. COM 053332102 122,452 119,568 SH   SOLE   119,378 0 190
Chipotle Mexican Grill Cl A COM 169656105 160,887 226,502 SH   SOLE   226,146 0 356
Cummins Inc COM 231021106 81,831 518,344 SH   SOLE   517,889 0 455
Deere & Co. COM 244199105 109,226 683,348 SH   SOLE   682,268 0 1,080
Expeditors International of Washington COM 302130109 82,405 1,085,709 SH   SOLE   1,084,379 0 1,330
Fastenal Co COM 311900104 91,149 1,417,334 SH   SOLE   1,415,114 0 2,220
Goldman Sachs Group Inc COM 38141G104 80,463 419,099 SH   SOLE   418,444 0 655
Mastercard Inc Class A COM 57636Q104 107,367 456,007 SH   SOLE   455,377 0 630
Moody's Corp. COM 615369105 191,570 1,057,874 SH   SOLE   1,056,199 0 1,675
NVR Inc COM 62944T105 38,943 14,074 SH   SOLE   14,053 0 21
O'Reilly Automotive Inc COM 67103H107 88,222 227,201 SH   SOLE   226,846 0 355
Ross Stores Inc COM 778296103 65,511 703,666 SH   SOLE   702,571 0 1,095
Strategic Education Inc COM 86272C103 65,845 501,445 SH   SOLE   500,702 0 743
Union Pacific Corporation COM 907818108 52,913 316,468 SH   SOLE   315,949 0 519
Visa Inc Cl A COM 92826C839 91,594 586,430 SH   SOLE   585,510 0 920
Waters Corp COM 941848103 13,674 54,326 SH   SOLE   54,326 0 0
YUM! Brands Inc COM 988498101 45,260 453,457 SH   SOLE   452,627 0 830