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 182,540 4,348,252 SH   SOLE   4,341,157 0 7,095
Autozone Inc. COM 053332102 127,520 117,571 SH   SOLE   117,381 0 190
Chipotle Mexican Grill Cl A COM 169656105 71,274 84,802 SH   SOLE   84,682 0 120
Cummins Inc COM 231021106 83,321 512,208 SH   SOLE   511,753 0 455
Deere & Co. COM 244199105 113,261 671,454 SH   SOLE   670,374 0 1,080
Expeditors International of Washington COM 302130109 79,433 1,069,225 SH   SOLE   1,067,895 0 1,330
Fastenal Co COM 311900104 91,308 2,794,872 SH   SOLE   2,790,432 0 4,440
Goldman Sachs Group Inc COM 38141G104 86,045 415,214 SH   SOLE   414,559 0 655
Mastercard Inc Class A COM 57636Q104 120,686 444,402 SH   SOLE   443,772 0 630
Moody's Corp. COM 615369105 211,608 1,033,089 SH   SOLE   1,031,414 0 1,675
NVR Inc COM 62944T105 51,742 13,919 SH   SOLE   13,898 0 21
O'Reilly Automotive Inc COM 67103H107 88,294 221,560 SH   SOLE   221,205 0 355
Ross Stores Inc COM 778296103 76,097 692,734 SH   SOLE   691,639 0 1,095
Strategic Education Inc COM 86272C103 42,097 309,810 SH   SOLE   309,354 0 456
Union Pacific Corporation COM 907818108 50,612 312,461 SH   SOLE   311,942 0 519
Visa Inc Cl A COM 92826C839 99,053 575,856 SH   SOLE   574,936 0 920
Waters Corp COM 941848103 11,781 52,775 SH   SOLE   52,775 0 0