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 13,459 77,000 SH   SOLE   77,000 0 0
3M CO COM 88579Y101 27,477 157,200 SH   DFND 1 157,200 0 0
ACCENTURE PLC IRELAN SHS CLASS A G1151C101 17,527 67,100 SH   SOLE   67,100 0 0
ACCENTURE PLC IRELAN SHS CLASS A G1151C101 24,110 92,300 SH   DFND 1 92,300 0 0
ACTIVISION BLIZZARD COM 00507V109 167 1,800 SH   SOLE   1,800 0 0
ACTIVISION BLIZZARD COM 00507V109 26,304 283,300 SH   DFND 1 283,300 0 0
ALBEMARLE CORP COM 012653101 11,212 76,000 SH   DFND 1 76,000 0 0
ALLEGHANY CORP DEL COM 017175100 2,613 4,328 SH   SOLE   4,328 0 0
ALLSTATE CORP COM 020002101 220 2,000 SH   DFND 1 2,000 0 0
ALPHABET INC CAP STK CL A 02079K305 5,784 3,300 SH   SOLE   3,300 0 0
ALPHABET INC CAP STK CL A 02079K305 16,124 9,200 SH   DFND 1 9,200 0 0
ALPHABET INC CAP STK CL C 02079K107 74,015 42,249 SH   SOLE   42,249 0 0
ALPHABET INC CAP STK CL C 02079K107 166,856 95,244 SH   DFND 1 95,244 0 0
AMAZON COM INC COM 023135106 108,781 33,400 SH   SOLE   33,400 0 0
AMAZON COM INC COM 023135106 211,837 65,042 SH   DFND 1 65,042 0 0
AMERICAN EXPRESS CO COM 025816109 1,209 10,000 SH   SOLE   10,000 0 0
AMERICAN EXPRESS CO COM 025816109 57,305 473,950 SH   DFND 1 473,950 0 0
AMERICAN TOWER CORP COM 03027X100 224 1,000 SH   SOLE   1,000 0 0
AMERICAN TOWER CORP COM 03027X100 11,257 50,150 SH   DFND 1 50,150 0 0
ANALOG DEVICES INC COM 032654105 30,073 203,565 SH   SOLE   203,565 0 0
ANALOG DEVICES INC COM 032654105 100,788 682,246 SH   DFND 1 682,246 0 0
AON PLC SHS CL A G0403H108 7,817 37,000 SH   DFND 1 37,000 0 0
APOLLO GLOBAL MGMT I COM CL A 03768E105 1,102 22,500 SH   SOLE   22,500 0 0
APOLLO GLOBAL MGMT I COM CL A 03768E105 48,490 990,000 SH   DFND 1 990,000 0 0
APPLE INC COM 037833100 6,396 48,200 SH   SOLE   48,200 0 0
APPLE INC COM 037833100 152,639 1,150,340 SH   DFND 1 1,150,340 0 0
ARCHER DANIELS MIDLA COM 039483102 29,944 594,000 SH   SOLE   594,000 0 0
ARCHER DANIELS MIDLA COM 039483102 44,578 884,300 SH   DFND 1 884,300 0 0
BALL CORP COM 058498106 4,286 46,000 SH   DFND 1 46,000 0 0
BANK NEW YORK MELLON COM 064058100 15,140 356,750 SH   DFND 1 356,750 0 0
BERKLEY W R CORP COM 084423102 1,793 27,000 SH   DFND 1 27,000 0 0
BERKSHIRE HATHAWAY I CL A 084670108 229,906 661 SH   SOLE   661 0 0
BERKSHIRE HATHAWAY I CL A 084670108 157,560 453 SH   DFND 1 453 0 0
BERKSHIRE HATHAWAY I CL B NEW 084670702 202,874 874,947 SH   SOLE   874,947 0 0
BERKSHIRE HATHAWAY I CL B NEW 084670702 152,344 657,024 SH   DFND 1 657,024 0 0
BLACKROCK INC COM 09247X101 8,658 12,000 SH   SOLE   12,000 0 0
BLACKROCK INC COM 09247X101 150,225 208,200 SH   DFND 1 208,200 0 0
BLACKSTONE GROUP INC COM CL A 09260D107 2,236 34,500 SH   SOLE   34,500 0 0
BLACKSTONE GROUP INC COM CL A 09260D107 77,416 1,194,500 SH   DFND 1 1,194,500 0 0
BROOKFIELD ASSET MGM CL A LTD VT SH 112585104 147,663 3,577,978 SH   SOLE   3,577,978 0 0
BROOKFIELD ASSET MGM CL A LTD VT SH 112585104 211,657 5,128,583 SH   DFND 1 5,128,583 0 0
BROWN FORMAN CORP CL A 115637100 36,191 492,600 SH   SOLE   492,600 0 0
BROWN FORMAN CORP CL A 115637100 25,744 350,400 SH   DFND 1 350,400 0 0
BROWN FORMAN CORP CL B 115637209 18,011 226,750 SH   SOLE   226,750 0 0
BROWN FORMAN CORP CL B 115637209 19,654 247,437 SH   DFND 1 247,437 0 0
CABLE ONE INC COM 12685J105 11,584 5,200 SH   DFND 1 5,200 0 0
CARLYLE GROUP INC COM 14316J108 1,399 44,500 SH   SOLE   44,500 0 0
CARLYLE GROUP INC COM 14316J108 37,021 1,177,500 SH   DFND 1 1,177,500 0 0
CARRIER GLOBAL CORPO COM 14448C104 2,060 54,600 SH   SOLE   54,600 0 0
CARRIER GLOBAL CORPO COM 14448C104 6,390 169,400 SH   DFND 1 169,400 0 0
CATERPILLAR INC DEL COM 149123101 1,820 10,000 SH   SOLE   10,000 0 0
CATERPILLAR INC DEL COM 149123101 50,511 277,500 SH   DFND 1 277,500 0 0
CISCO SYS INC COM 17275R102 6,623 148,000 SH   SOLE   148,000 0 0
CISCO SYS INC COM 17275R102 8,682 194,000 SH   DFND 1 194,000 0 0
CITIGROUP INC COM NEW 172967424 81 1,320 SH   SOLE   1,320 0 0
CITIGROUP INC COM NEW 172967424 1,190 19,300 SH   DFND 1 19,300 0 0
COLFAX CORP COM 194014106 41,493 1,085,070 SH   SOLE   1,085,070 0 0
COLFAX CORP COM 194014106 1,912 50,000 SH   DFND 1 50,000 0 0
COMCAST CORP NEW CL A 20030N101 5,397 103,000 SH   SOLE   103,000 0 0
COMCAST CORP NEW CL A 20030N101 21,956 419,000 SH   DFND 1 419,000 0 0
COSTCO WHSL CORP NEW COM 22160K105 4,898 13,000 SH   SOLE   13,000 0 0
COSTCO WHSL CORP NEW COM 22160K105 9,853 26,150 SH   DFND 1 26,150 0 0
CROWN HLDGS INC COM 228368106 11,623 116,000 SH   DFND 1 116,000 0 0
CVS HEALTH CORP COM 126650100 137 2,000 SH   SOLE   2,000 0 0
CVS HEALTH CORP COM 126650100 22,539 330,000 SH   DFND 1 330,000 0 0
D R HORTON INC COM 23331A109 59 850 SH   SOLE   850 0 0
D R HORTON INC COM 23331A109 906 13,149 SH   DFND 1 13,149 0 0
DEERE & CO COM 244199105 203,348 755,800 SH   DFND 1 755,800 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 117,249 738,300 SH   SOLE   738,300 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 97,161 611,808 SH   DFND 1 611,808 0 0
DISNEY WALT CO COM DISNEY 254687106 123,775 683,158 SH   SOLE   683,158 0 0
DISNEY WALT CO COM DISNEY 254687106 213,870 1,180,427 SH   DFND 1 1,180,427 0 0
EASTMAN CHEM CO COM 277432100 602 6,000 SH   DFND 1 6,000 0 0
ECOLAB INC COM 278865100 4,976 23,000 SH   SOLE   23,000 0 0
ECOLAB INC COM 278865100 61,944 286,300 SH   DFND 1 286,300 0 0
ELECTRONIC ARTS INC COM 285512109 129 900 SH   SOLE   900 0 0
ELECTRONIC ARTS INC COM 285512109 17,979 125,200 SH   DFND 1 125,200 0 0
EQUIFAX INC COM 294429105 21,984 114,000 SH   DFND 1 114,000 0 0
FACEBOOK INC CL A 30303M102 5,084 18,610 SH   SOLE   18,610 0 0
FACEBOOK INC CL A 30303M102 34,612 126,710 SH   DFND 1 126,710 0 0
FACTSET RESH SYS INC COM 303075105 7,648 23,000 SH   SOLE   23,000 0 0
FACTSET RESH SYS INC COM 303075105 31,162 93,720 SH   DFND 1 93,720 0 0
GENERAL DYNAMICS COR COM 369550108 6,548 44,000 SH   SOLE   44,000 0 0
GENERAL DYNAMICS COR COM 369550108 51,045 343,000 SH   DFND 1 343,000 0 0
GOLDMAN SACHS GROUP COM 38141G104 4,707 17,850 SH   SOLE   17,850 0 0
GOLDMAN SACHS GROUP COM 38141G104 85,877 325,650 SH   DFND 1 325,650 0 0
GRAHAM HLDGS CO COM CL B 384637104 2,774 5,200 SH   DFND 1 5,200 0 0
GUIDEWIRE SOFTWARE I COM 40171V100 1,673 13,000 SH   DFND 1 13,000 0 0
HEALTHCARE SVCS GROU COM 421906108 562 20,000 SH   SOLE   20,000 0 0
HEALTHCARE SVCS GROU COM 421906108 21,426 762,500 SH   DFND 1 762,500 0 0
HEICO CORP NEW CL A 422806208 902 7,702 SH   SOLE   7,702 0 0
HEICO CORP NEW CL A 422806208 39,267 335,442 SH   DFND 1 335,442 0 0
HEXCEL CORP NEW COM 428291108 194 4,000 SH   SOLE   4,000 0 0
HEXCEL CORP NEW COM 428291108 8,971 185,000 SH   DFND 1 185,000 0 0
HOME DEPOT INC COM 437076102 50,621 190,577 SH   SOLE   190,577 0 0
HOME DEPOT INC COM 437076102 193,749 729,423 SH   DFND 1 729,423 0 0
IAC INTERACTIVECORP COM 44891N109 370 1,954 SH   DFND 1 1,954 0 0
ILLINOIS TOOL WKS IN COM 452308109 17,330 85,000 SH   SOLE   85,000 0 0
ILLINOIS TOOL WKS IN COM 452308109 49,441 242,500 SH   DFND 1 242,500 0 0
ILLUMINA INC COM 452327109 1,480 4,000 SH   DFND 1 4,000 0 0
INTERNATIONAL FLAVOR COM 459506101 1,633 15,000 SH   SOLE   15,000 0 0
INTERNATIONAL FLAVOR COM 459506101 14,258 131,000 SH   DFND 1 131,000 0 0
INVESTORS TITLE CO N COM 461804106 32,635 213,300 SH   DFND 1 213,300 0 0
JOHNSON & JOHNSON COM 478160104 17,973 114,200 SH   SOLE   114,200 0 0
JOHNSON & JOHNSON COM 478160104 78,155 496,600 SH   DFND 1 496,600 0 0
JPMORGAN CHASE & CO COM 46625H100 27,517 216,550 SH   DFND 1 216,550 0 0
KKR & CO INC COM 48251W104 2,510 62,000 SH   SOLE   62,000 0 0
KKR & CO INC COM 48251W104 53,625 1,324,400 SH   DFND 1 1,324,400 0 0
LAMAR ADVERTISING CO CL A 512816109 707 8,500 SH   DFND 1 8,500 0 0
LENNAR CORP CL B 526057302 796 13,000 SH   DFND 1 13,000 0 0
LIBERTY BROADBAND CO COM SER A 530307107 3,427 21,750 SH   SOLE   21,750 0 0
LIBERTY BROADBAND CO COM SER A 530307107 28,916 183,500 SH   DFND 1 183,500 0 0
LIBERTY BROADBAND CO COM SER C 530307305 6,470 40,853 SH   SOLE   40,853 0 0
LIBERTY BROADBAND CO COM SER C 530307305 20,788 131,260 SH   DFND 1 131,260 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 73 3,000 SH   SOLE   3,000 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 4,263 176,000 SH   DFND 1 176,000 0 0
LIBERTY MEDIA CORP D COM A SIRIUSXM 531229409 2,246 52,000 SH   SOLE   52,000 0 0
LIBERTY MEDIA CORP D COM A SIRIUSXM 531229409 16,153 374,000 SH   DFND 1 374,000 0 0
LIBERTY MEDIA CORP D COM C SIRIUSXM 531229607 5,830 134,000 SH   SOLE   134,000 0 0
LIBERTY MEDIA CORP D COM C SIRIUSXM 531229607 16,882 388,000 SH   DFND 1 388,000 0 0
LINDE PLC SHS G5494J103 1,555 5,900 SH   SOLE   5,900 0 0
LINDE PLC SHS G5494J103 23,321 88,500 SH   DFND 1 88,500 0 0
LOWES COS INC COM 548661107 41,251 257,000 SH   SOLE   257,000 0 0
LOWES COS INC COM 548661107 53,209 331,500 SH   DFND 1 331,500 0 0
MARSH & MCLENNAN COS COM 571748102 2,048 17,500 SH   SOLE   17,500 0 0
MARSH & MCLENNAN COS COM 571748102 69,264 592,000 SH   DFND 1 592,000 0 0
MASTERCARD INCORPORA CL A 57636Q104 12,850 36,000 SH   SOLE   36,000 0 0
MASTERCARD INCORPORA CL A 57636Q104 61,180 171,400 SH   DFND 1 171,400 0 0
MATCH GROUP INC NEW COM 57667L107 538 3,560 SH   DFND 1 3,560 0 0
MAXIM INTEGRATED PRO COM 57772K101 6,206 70,000 SH   SOLE   70,000 0 0
MAXIM INTEGRATED PRO COM 57772K101 16,134 182,000 SH   DFND 1 182,000 0 0
MICROCHIP TECHNOLOGY COM 595017104 552 4,000 SH   SOLE   4,000 0 0
MICROCHIP TECHNOLOGY COM 595017104 21,959 159,000 SH   DFND 1 159,000 0 0
MICROSOFT CORP COM 594918104 18,906 85,000 SH   SOLE   85,000 0 0
MICROSOFT CORP COM 594918104 87,571 393,720 SH   DFND 1 393,720 0 0
MOHAWK INDS INC COM 608190104 705 5,000 SH   SOLE   5,000 0 0
MOHAWK INDS INC COM 608190104 30,445 216,000 SH   DFND 1 216,000 0 0
MOODYS CORP COM 615369105 30,185 104,000 SH   SOLE   104,000 0 0
MOODYS CORP COM 615369105 31,085 107,100 SH   DFND 1 107,100 0 0
MSCI INC COM 55354G100 447 1,000 SH   SOLE   1,000 0 0
MSCI INC COM 55354G100 60,728 136,000 SH   DFND 1 136,000 0 0
NIKE INC CL B 654106103 11,601 82,000 SH   SOLE   82,000 0 0
NIKE INC CL B 654106103 40,177 284,000 SH   DFND 1 284,000 0 0
NORFOLK SOUTHN CORP COM 655844108 17,346 73,000 SH   SOLE   73,000 0 0
NORFOLK SOUTHN CORP COM 655844108 37,186 156,500 SH   DFND 1 156,500 0 0
NOVO-NORDISK A S ADR 670100205 36,671 525,000 SH   SOLE   525,000 0 0
NOVO-NORDISK A S ADR 670100205 38,418 550,000 SH   DFND 1 550,000 0 0
NVR INC COM 62944T105 408 100 SH   SOLE   100 0 0
NVR INC COM 62944T105 38,436 9,421 SH   DFND 1 9,421 0 0
O-I GLASS INC COM 67098H104 5,641 474,000 SH   DFND 1 474,000 0 0
OTIS WORLDWIDE CORP COM 68902V107 1,844 27,300 SH   SOLE   27,300 0 0
OTIS WORLDWIDE CORP COM 68902V107 5,793 85,760 SH   DFND 1 85,760 0 0
PAYCHEX INC COM 704326107 6,523 70,000 SH   SOLE   70,000 0 0
PAYCHEX INC COM 704326107 7,454 80,000 SH   DFND 1 80,000 0 0
PAYPAL HLDGS INC COM 70450Y103 429 1,830 SH   DFND 1 1,830 0 0
PEPSICO INC COM 713448108 14,268 96,210 SH   DFND 1 96,210 0 0
PHILIP MORRIS INTL I COM 718172109 9,479 114,500 SH   DFND 1 114,500 0 0
PRICE T ROWE GROUP I COM 74144T108 4,844 32,000 SH   SOLE   32,000 0 0
PRICE T ROWE GROUP I COM 74144T108 42,692 282,000 SH   DFND 1 282,000 0 0
PROGRESSIVE CORP COM 743315103 5,933 60,000 SH   SOLE   60,000 0 0
PROGRESSIVE CORP COM 743315103 60,960 616,500 SH   DFND 1 616,500 0 0
RAYTHEON TECHNOLOGIE COM 75513E101 3,904 54,600 SH   SOLE   54,600 0 0
RAYTHEON TECHNOLOGIE COM 75513E101 12,114 169,400 SH   DFND 1 169,400 0 0
RLI CORP COM 749607107 39,265 377,000 SH   SOLE   377,000 0 0
RLI CORP COM 749607107 85,431 820,272 SH   DFND 1 820,272 0 0
ROCKWELL AUTOMATION COM 773903109 1,981 7,900 SH   SOLE   7,900 0 0
ROCKWELL AUTOMATION COM 773903109 33,659 134,200 SH   DFND 1 134,200 0 0
ROLLINS INC COM 775711104 2,148 54,975 SH   SOLE   54,975 0 0
ROLLINS INC COM 775711104 46,427 1,188,300 SH   DFND 1 1,188,300 0 0
S&P GLOBAL INC COM 78409V104 329 1,000 SH   SOLE   1,000 0 0
S&P GLOBAL INC COM 78409V104 48,080 146,260 SH   DFND 1 146,260 0 0
SCHWAB CHARLES CORP COM 808513105 6,524 123,000 SH   SOLE   123,000 0 0
SCHWAB CHARLES CORP COM 808513105 51,571 972,300 SH   DFND 1 972,300 0 0
SEI INVTS CO COM 784117103 3,391 59,000 SH   SOLE   59,000 0 0
SEI INVTS CO COM 784117103 21,103 367,200 SH   DFND 1 367,200 0 0
SHAKE SHACK INC CL A 819047101 254 3,000 SH   SOLE   3,000 0 0
SHAKE SHACK INC CL A 819047101 2,340 27,600 SH   DFND 1 27,600 0 0
SHERWIN WILLIAMS CO COM 824348106 22,829 31,064 SH   DFND 1 31,064 0 0
STARBUCKS CORP COM 855244109 4,333 40,500 SH   SOLE   40,500 0 0
STARBUCKS CORP COM 855244109 52,133 487,318 SH   DFND 1 487,318 0 0
STERICYCLE INC COM 858912108 1,733 25,000 SH   SOLE   25,000 0 0
STERICYCLE INC COM 858912108 39,428 568,700 SH   DFND 1 568,700 0 0
TEXAS INSTRS INC COM 882508104 28,887 176,000 SH   SOLE   176,000 0 0
TEXAS INSTRS INC COM 882508104 89,943 548,000 SH   DFND 1 548,000 0 0
TRANSUNION COM 89400J107 298 3,000 SH   SOLE   3,000 0 0
TRANSUNION COM 89400J107 9,079 91,500 SH   DFND 1 91,500 0 0
TRUPANION INC COM 898202106 599 5,000 SH   SOLE   5,000 0 0
TRUPANION INC COM 898202106 15,359 128,300 SH   DFND 1 128,300 0 0
TWITTER INC COM 90184L102 460 8,500 SH   DFND 1 8,500 0 0
TYSON FOODS INC CL A 902494103 322 5,000 SH   SOLE   5,000 0 0
TYSON FOODS INC CL A 902494103 23,778 369,000 SH   DFND 1 369,000 0 0
UNION PAC CORP COM 907818108 2,311 11,100 SH   SOLE   11,100 0 0
UNION PAC CORP COM 907818108 15,533 74,598 SH   DFND 1 74,598 0 0
VERISK ANALYTICS INC COM 92345Y106 208 1,000 SH   SOLE   1,000 0 0
VERISK ANALYTICS INC COM 92345Y106 15,154 73,000 SH   DFND 1 73,000 0 0
VISA INC COM CL A 92826C839 40,706 186,100 SH   SOLE   186,100 0 0
VISA INC COM CL A 92826C839 168,562 770,640 SH   DFND 1 770,640 0 0
WATSCO INC COM 942622200 6,140 27,100 SH   SOLE   27,100 0 0
WATSCO INC COM 942622200 84,254 371,900 SH   DFND 1 371,900 0 0
WELLS FARGO CO NEW COM 949746101 966 32,000 SH   SOLE   32,000 0 0
WELLS FARGO CO NEW COM 949746101 4,933 163,450 SH   DFND 1 163,450 0 0
WHIRLPOOL CORP COM 963320106 944 5,230 SH   SOLE   5,230 0 0
WHIRLPOOL CORP COM 963320106 48,014 266,019 SH   DFND 1 266,019 0 0