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 13,507 77,000 SH   SOLE   77,000 0 0
3M CO COM 88579Y101 29,856 170,200 SH   DFND 1 170,200 0 0
ACCENTURE PLC IRELAN SHS CLASS A G1151C101 21,467 67,100 SH   SOLE   67,100 0 0
ACCENTURE PLC IRELAN SHS CLASS A G1151C101 29,529 92,300 SH   DFND 1 92,300 0 0
ACTIVISION BLIZZARD COM 00507V109 139 1,800 SH   SOLE   1,800 0 0
ACTIVISION BLIZZARD COM 00507V109 25,833 333,800 SH   DFND 1 333,800 0 0
ALBEMARLE CORP COM 012653101 16,642 76,000 SH   DFND 1 76,000 0 0
ALLEGHANY CORP MD COM 017175100 2,702 4,328 SH   SOLE   4,328 0 0
ALLSTATE CORP COM 020002101 700 5,500 SH   DFND 1 5,500 0 0
ALPHABET INC CAP STK CL A 02079K305 8,823 3,300 SH   SOLE   3,300 0 0
ALPHABET INC CAP STK CL A 02079K305 24,596 9,200 SH   DFND 1 9,200 0 0
ALPHABET INC CAP STK CL C 02079K107 112,607 42,249 SH   SOLE   42,249 0 0
ALPHABET INC CAP STK CL C 02079K107 253,855 95,244 SH   DFND 1 95,244 0 0
AMAZON COM INC COM 023135106 109,720 33,400 SH   SOLE   33,400 0 0
AMAZON COM INC COM 023135106 213,915 65,118 SH   DFND 1 65,118 0 0
AMERICAN EXPRESS CO COM 025816109 1,675 10,000 SH   SOLE   10,000 0 0
AMERICAN EXPRESS CO COM 025816109 79,451 474,250 SH   DFND 1 474,250 0 0
AMERICAN TOWER CORP COM 03027X100 265 1,000 SH   SOLE   1,000 0 0
AMERICAN TOWER CORP COM 03027X100 13,512 50,910 SH   DFND 1 50,910 0 0
ANALOG DEVICES INC COM 032654105 41,479 247,665 SH   SOLE   247,665 0 0
ANALOG DEVICES INC COM 032654105 135,618 809,756 SH   DFND 1 809,756 0 0
AON PLC SHS CL A G0403H108 14,746 51,600 SH   DFND 1 51,600 0 0
APOLLO GLOBAL MGMT I COM CL A 03768E105 1,386 22,500 SH   SOLE   22,500 0 0
APOLLO GLOBAL MGMT I COM CL A 03768E105 60,974 990,000 SH   DFND 1 990,000 0 0
APPLE INC COM 037833100 6,820 48,200 SH   SOLE   48,200 0 0
APPLE INC COM 037833100 162,773 1,150,340 SH   DFND 1 1,150,340 0 0
ARCHER DANIELS MIDLA COM 039483102 35,646 594,000 SH   SOLE   594,000 0 0
ARCHER DANIELS MIDLA COM 039483102 52,167 869,300 SH   DFND 1 869,300 0 0
BALL CORP COM 058498106 4,139 46,000 SH   DFND 1 46,000 0 0
BANK NEW YORK MELLON COM 064058100 18,546 357,750 SH   DFND 1 357,750 0 0
BERKLEY W R CORP COM 084423102 1,976 27,000 SH   DFND 1 27,000 0 0
BERKSHIRE HATHAWAY I CL A 084670108 271,922 661 SH   SOLE   661 0 0
BERKSHIRE HATHAWAY I CL A 084670108 186,355 453 SH   DFND 1 453 0 0
BERKSHIRE HATHAWAY I CL B NEW 084670702 238,808 874,947 SH   SOLE   874,947 0 0
BERKSHIRE HATHAWAY I CL B NEW 084670702 179,328 657,024 SH   DFND 1 657,024 0 0
BLACKROCK INC COM 09247X101 10,064 12,000 SH   SOLE   12,000 0 0
BLACKROCK INC COM 09247X101 174,609 208,200 SH   DFND 1 208,200 0 0
BLACKSTONE GROUP INC COM 09260D107 4,014 34,500 SH   SOLE   34,500 0 0
BLACKSTONE GROUP INC COM 09260D107 138,968 1,194,500 SH   DFND 1 1,194,500 0 0
BROOKFIELD ASSET MGM CL A EXCH LT VTG G16169107 1,371 24,674 SH   SOLE   24,674 0 0
BROOKFIELD ASSET MGM CL A EXCH LT VTG G16169107 1,968 35,427 SH   DFND 1 35,427 0 0
BROOKFIELD ASSET MGM CL A LTD VT SH 112585104 191,458 3,577,978 SH   SOLE   3,577,978 0 0
BROOKFIELD ASSET MGM CL A LTD VT SH 112585104 274,922 5,137,763 SH   DFND 1 5,137,763 0 0
BROWN FORMAN CORP CL A 115637100 30,871 492,600 SH   SOLE   492,600 0 0
BROWN FORMAN CORP CL A 115637100 21,960 350,400 SH   DFND 1 350,400 0 0
BROWN FORMAN CORP CL B 115637209 15,195 226,750 SH   SOLE   226,750 0 0
BROWN FORMAN CORP CL B 115637209 16,581 247,437 SH   DFND 1 247,437 0 0
CABLE ONE INC COM 12685J105 9,428 5,200 SH   DFND 1 5,200 0 0
CARLYLE GROUP INC COM 14316J108 2,104 44,500 SH   SOLE   44,500 0 0
CARLYLE GROUP INC COM 14316J108 56,287 1,190,500 SH   DFND 1 1,190,500 0 0
CARRIER GLOBAL CORPO COM 14448C104 2,826 54,600 SH   SOLE   54,600 0 0
CARRIER GLOBAL CORPO COM 14448C104 9,105 175,900 SH   DFND 1 175,900 0 0
CATERPILLAR INC COM 149123101 1,920 10,000 SH   SOLE   10,000 0 0
CATERPILLAR INC COM 149123101 53,272 277,500 SH   DFND 1 277,500 0 0
CELANESE CORP DEL COM 150870103 723 4,800 SH   DFND 1 4,800 0 0
CISCO SYS INC COM 17275R102 8,056 148,000 SH   SOLE   148,000 0 0
CISCO SYS INC COM 17275R102 10,559 194,000 SH   DFND 1 194,000 0 0
CITIGROUP INC COM NEW 172967424 93 1,320 SH   SOLE   1,320 0 0
CITIGROUP INC COM NEW 172967424 1,383 19,700 SH   DFND 1 19,700 0 0
COLFAX CORP COM 194014106 49,805 1,085,070 SH   SOLE   1,085,070 0 0
COLFAX CORP COM 194014106 2,295 50,000 SH   DFND 1 50,000 0 0
COMCAST CORP NEW CL A 20030N101 5,761 103,000 SH   SOLE   103,000 0 0
COMCAST CORP NEW CL A 20030N101 23,786 425,280 SH   DFND 1 425,280 0 0
COSTCO WHSL CORP NEW COM 22160K105 5,842 13,000 SH   SOLE   13,000 0 0
COSTCO WHSL CORP NEW COM 22160K105 11,751 26,150 SH   DFND 1 26,150 0 0
CROWN HLDGS INC COM 228368106 11,690 116,000 SH   DFND 1 116,000 0 0
CVS HEALTH CORP COM 126650100 170 2,000 SH   SOLE   2,000 0 0
CVS HEALTH CORP COM 126650100 28,004 330,000 SH   DFND 1 330,000 0 0
D R HORTON INC COM 23331A109 71 850 SH   SOLE   850 0 0
D R HORTON INC COM 23331A109 1,104 13,149 SH   DFND 1 13,149 0 0
DEERE & CO COM 244199105 253,246 755,800 SH   DFND 1 755,800 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 142,492 738,300 SH   SOLE   738,300 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 118,098 611,908 SH   DFND 1 611,908 0 0
DISNEY WALT CO COM 254687106 115,570 683,158 SH   SOLE   683,158 0 0
DISNEY WALT CO COM 254687106 199,791 1,181,007 SH   DFND 1 1,181,007 0 0
DOLLAR GEN CORP NEW COM 256677105 7,902 37,250 SH   DFND 1 37,250 0 0
EASTMAN CHEM CO COM 277432100 1,617 16,050 SH   DFND 1 16,050 0 0
ECOLAB INC COM 278865100 4,798 23,000 SH   SOLE   23,000 0 0
ECOLAB INC COM 278865100 59,728 286,300 SH   DFND 1 286,300 0 0
EQUIFAX INC COM 294429105 30,943 122,100 SH   DFND 1 122,100 0 0
FACEBOOK INC CL A 30303M102 6,316 18,610 SH   SOLE   18,610 0 0
FACEBOOK INC CL A 30303M102 43,847 129,193 SH   DFND 1 129,193 0 0
FACTSET RESH SYS INC COM 303075105 9,080 23,000 SH   SOLE   23,000 0 0
FACTSET RESH SYS INC COM 303075105 36,999 93,720 SH   DFND 1 93,720 0 0
GENERAL DYNAMICS COR COM 369550108 8,625 44,000 SH   SOLE   44,000 0 0
GENERAL DYNAMICS COR COM 369550108 67,238 343,000 SH   DFND 1 343,000 0 0
GOLDMAN SACHS GROUP COM 38141G104 6,748 17,850 SH   SOLE   17,850 0 0
GOLDMAN SACHS GROUP COM 38141G104 123,242 326,010 SH   DFND 1 326,010 0 0
GRAHAM HLDGS CO COM CL B 384637104 3,064 5,200 SH   DFND 1 5,200 0 0
HEALTHCARE SVCS GROU COM 421906108 500 20,000 SH   SOLE   20,000 0 0
HEALTHCARE SVCS GROU COM 421906108 20,579 823,500 SH   DFND 1 823,500 0 0
HEICO CORP NEW CL A 422806208 912 7,702 SH   SOLE   7,702 0 0
HEICO CORP NEW CL A 422806208 39,726 335,442 SH   DFND 1 335,442 0 0
HEXCEL CORP NEW COM 428291108 238 4,000 SH   SOLE   4,000 0 0
HEXCEL CORP NEW COM 428291108 10,987 185,000 SH   DFND 1 185,000 0 0
HOME DEPOT INC COM 437076102 62,559 190,577 SH   SOLE   190,577 0 0
HOME DEPOT INC COM 437076102 239,440 729,423 SH   DFND 1 729,423 0 0
IAC INTERACTIVECORP COM NEW 44891N208 320 2,454 SH   DFND 1 2,454 0 0
ILLINOIS TOOL WKS IN COM 452308109 17,564 85,000 SH   SOLE   85,000 0 0
ILLINOIS TOOL WKS IN COM 452308109 50,108 242,500 SH   DFND 1 242,500 0 0
ILLUMINA INC COM 452327109 1,622 4,000 SH   DFND 1 4,000 0 0
INTERCONTINENTAL EXC COM 45866F104 473 4,120 SH   DFND 1 4,120 0 0
INTERNATIONAL FLAVOR COM 459506101 10,898 81,500 SH   DFND 1 81,500 0 0
INTUIT COM 461202103 1,101 2,040 SH   DFND 1 2,040 0 0
INVESTORS TITLE CO N COM 461804106 38,949 213,300 SH   DFND 1 213,300 0 0
JOHNSON & JOHNSON COM 478160104 18,443 114,200 SH   SOLE   114,200 0 0
JOHNSON & JOHNSON COM 478160104 80,201 496,600 SH   DFND 1 496,600 0 0
JPMORGAN CHASE & CO COM 46625H100 35,447 216,550 SH   DFND 1 216,550 0 0
KKR & CO INC COM 48251W104 3,775 62,000 SH   SOLE   62,000 0 0
KKR & CO INC COM 48251W104 82,450 1,354,300 SH   DFND 1 1,354,300 0 0
LAMAR ADVERTISING CO CL A 512816109 964 8,500 SH   DFND 1 8,500 0 0
LENNAR CORP CL B 526057302 1,009 13,000 SH   DFND 1 13,000 0 0
LIBERTY BROADBAND CO COM SER A 530307107 3,662 21,750 SH   SOLE   21,750 0 0
LIBERTY BROADBAND CO COM SER A 530307107 30,892 183,500 SH   DFND 1 183,500 0 0
LIBERTY BROADBAND CO COM SER C 530307305 7,055 40,853 SH   SOLE   40,853 0 0
LIBERTY BROADBAND CO COM SER C 530307305 22,669 131,260 SH   DFND 1 131,260 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 89 3,000 SH   SOLE   3,000 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 5,245 176,000 SH   DFND 1 176,000 0 0
LIBERTY MEDIA CORP D COM A SIRIUSXM 531229409 2,453 52,000 SH   SOLE   52,000 0 0
LIBERTY MEDIA CORP D COM A SIRIUSXM 531229409 17,642 374,000 SH   DFND 1 374,000 0 0
LIBERTY MEDIA CORP D COM C SIRIUSXM 531229607 6,361 134,000 SH   SOLE   134,000 0 0
LIBERTY MEDIA CORP D COM C SIRIUSXM 531229607 18,418 388,000 SH   DFND 1 388,000 0 0
LINDE PLC SHS G5494J103 1,731 5,900 SH   SOLE   5,900 0 0
LINDE PLC SHS G5494J103 25,964 88,500 SH   DFND 1 88,500 0 0
LOCKHEED MARTIN CORP COM 539830109 2,524 7,313 SH   DFND 1 7,313 0 0
LOWES COS INC COM 548661107 52,135 257,000 SH   SOLE   257,000 0 0
LOWES COS INC COM 548661107 67,345 331,980 SH   DFND 1 331,980 0 0
MACOM TECH SOLUTIONS COM 55405Y100 3,827 59,000 SH   DFND 1 59,000 0 0
MARSH & MCLENNAN COS COM 571748102 2,650 17,500 SH   SOLE   17,500 0 0
MARSH & MCLENNAN COS COM 571748102 89,647 592,000 SH   DFND 1 592,000 0 0
MARVELL TECHNOLOGY I COM 573874104 4,161 69,000 SH   DFND 1 69,000 0 0
MASTERCARD INCORPORA CL A 57636Q104 12,516 36,000 SH   SOLE   36,000 0 0
MASTERCARD INCORPORA CL A 57636Q104 59,641 171,540 SH   DFND 1 171,540 0 0
MATCH GROUP INC NEW COM 57667L107 559 3,560 SH   DFND 1 3,560 0 0
MICROCHIP TECHNOLOGY COM 595017104 8,595 56,000 SH   DFND 1 56,000 0 0
MICROSOFT CORP COM 594918104 23,963 85,000 SH   SOLE   85,000 0 0
MICROSOFT CORP COM 594918104 111,353 394,980 SH   DFND 1 394,980 0 0
MOHAWK INDS INC COM 608190104 887 5,000 SH   SOLE   5,000 0 0
MOHAWK INDS INC COM 608190104 38,318 216,000 SH   DFND 1 216,000 0 0
MOODYS CORP COM 615369105 36,931 104,000 SH   SOLE   104,000 0 0
MOODYS CORP COM 615369105 38,082 107,240 SH   DFND 1 107,240 0 0
MSCI INC COM 55354G100 608 1,000 SH   SOLE   1,000 0 0
MSCI INC COM 55354G100 82,734 136,000 SH   DFND 1 136,000 0 0
NIKE INC CL B 654106103 11,909 82,000 SH   SOLE   82,000 0 0
NIKE INC CL B 654106103 41,245 284,000 SH   DFND 1 284,000 0 0
NORFOLK SOUTHN CORP COM 655844108 17,465 73,000 SH   SOLE   73,000 0 0
NORFOLK SOUTHN CORP COM 655844108 37,443 156,500 SH   DFND 1 156,500 0 0
NOVO-NORDISK A S ADR 670100205 50,405 525,000 SH   SOLE   525,000 0 0
NOVO-NORDISK A S ADR 670100205 52,806 550,000 SH   DFND 1 550,000 0 0
NVR INC COM 62944T105 479 100 SH   SOLE   100 0 0
NVR INC COM 62944T105 45,251 9,439 SH   DFND 1 9,439 0 0
O-I GLASS INC COM 67098H104 1,712 120,000 SH   DFND 1 120,000 0 0
OTIS WORLDWIDE CORP COM 68902V107 2,246 27,300 SH   SOLE   27,300 0 0
OTIS WORLDWIDE CORP COM 68902V107 7,185 87,320 SH   DFND 1 87,320 0 0
PAYCHEX INC COM 704326107 7,872 70,000 SH   SOLE   70,000 0 0
PAYCHEX INC COM 704326107 8,996 80,000 SH   DFND 1 80,000 0 0
PAYPAL HLDGS INC COM 70450Y103 476 1,830 SH   DFND 1 1,830 0 0
PEPSICO INC COM 713448108 14,471 96,210 SH   DFND 1 96,210 0 0
PHILIP MORRIS INTL I COM 718172109 10,853 114,500 SH   DFND 1 114,500 0 0
PRICE T ROWE GROUP I COM 74144T108 6,294 32,000 SH   SOLE   32,000 0 0
PRICE T ROWE GROUP I COM 74144T108 55,469 282,000 SH   DFND 1 282,000 0 0
PROGRESSIVE CORP COM 743315103 5,423 60,000 SH   SOLE   60,000 0 0
PROGRESSIVE CORP COM 743315103 58,076 642,500 SH   DFND 1 642,500 0 0
RAYTHEON TECHNOLOGIE COM 75513E101 4,693 54,600 SH   SOLE   54,600 0 0
RAYTHEON TECHNOLOGIE COM 75513E101 14,562 169,400 SH   DFND 1 169,400 0 0
REGENERON PHARMACEUT COM 75886F107 44,965 74,300 SH   DFND 1 74,300 0 0
RLI CORP COM 749607107 37,802 377,000 SH   SOLE   377,000 0 0
RLI CORP COM 749607107 82,249 820,272 SH   DFND 1 820,272 0 0
ROCKWELL AUTOMATION COM 773903109 2,323 7,900 SH   SOLE   7,900 0 0
ROCKWELL AUTOMATION COM 773903109 41,166 140,000 SH   DFND 1 140,000 0 0
ROLLINS INC COM 775711104 1,942 54,975 SH   SOLE   54,975 0 0
ROLLINS INC COM 775711104 41,983 1,188,300 SH   DFND 1 1,188,300 0 0
ROPER TECHNOLOGIES I COM 776696106 366 820 SH   DFND 1 820 0 0
S&P GLOBAL INC COM 78409V104 425 1,000 SH   SOLE   1,000 0 0
S&P GLOBAL INC COM 78409V104 62,688 147,540 SH   DFND 1 147,540 0 0
SALESFORCE COM INC COM 79466L302 475 1,753 SH   DFND 1 1,753 0 0
SCHWAB CHARLES CORP COM 808513105 8,959 123,000 SH   SOLE   123,000 0 0
SCHWAB CHARLES CORP COM 808513105 70,822 972,300 SH   DFND 1 972,300 0 0
SEI INVTS CO COM 784117103 3,499 59,000 SH   SOLE   59,000 0 0
SEI INVTS CO COM 784117103 22,071 372,200 SH   DFND 1 372,200 0 0
SHAKE SHACK INC CL A 819047101 235 3,000 SH   SOLE   3,000 0 0
SHAKE SHACK INC CL A 819047101 2,165 27,600 SH   DFND 1 27,600 0 0
SHERWIN WILLIAMS CO COM 824348106 26,343 94,172 SH   DFND 1 94,172 0 0
SPOTIFY TECHNOLOGY S SHS L8681T102 216 960 SH   DFND 1 960 0 0
STARBUCKS CORP COM 855244109 4,468 40,500 SH   SOLE   40,500 0 0
STARBUCKS CORP COM 855244109 53,811 487,818 SH   DFND 1 487,818 0 0
STERICYCLE INC COM 858912108 1,699 25,000 SH   SOLE   25,000 0 0
STERICYCLE INC COM 858912108 38,655 568,700 SH   DFND 1 568,700 0 0
TEXAS INSTRS INC COM 882508104 33,829 176,000 SH   SOLE   176,000 0 0
TEXAS INSTRS INC COM 882508104 105,331 548,000 SH   DFND 1 548,000 0 0
TEXAS PACIFIC LAND C COM 88262P102 8,345 6,900 SH   DFND 1 6,900 0 0
TRANSUNION COM 89400J107 337 3,000 SH   SOLE   3,000 0 0
TRANSUNION COM 89400J107 10,276 91,500 SH   DFND 1 91,500 0 0
TRUPANION INC COM 898202106 388 5,000 SH   SOLE   5,000 0 0
TRUPANION INC COM 898202106 9,973 128,400 SH   DFND 1 128,400 0 0
TWITTER INC COM 90184L102 634 10,500 SH   DFND 1 10,500 0 0
TYSON FOODS INC CL A 902494103 395 5,000 SH   SOLE   5,000 0 0
TYSON FOODS INC CL A 902494103 29,326 371,500 SH   DFND 1 371,500 0 0
UNION PAC CORP COM 907818108 2,176 11,100 SH   SOLE   11,100 0 0
UNION PAC CORP COM 907818108 14,638 74,678 SH   DFND 1 74,678 0 0
VERISK ANALYTICS INC COM 92345Y106 200 1,000 SH   SOLE   1,000 0 0
VERISK ANALYTICS INC COM 92345Y106 14,620 73,000 SH   DFND 1 73,000 0 0
VISA INC COM CL A 92826C839 41,454 186,100 SH   SOLE   186,100 0 0
VISA INC COM CL A 92826C839 171,950 771,940 SH   DFND 1 771,940 0 0
WATSCO INC COM 942622200 7,171 27,100 SH   SOLE   27,100 0 0
WATSCO INC COM 942622200 102,448 387,150 SH   DFND 1 387,150 0 0
WELLS FARGO CO NEW COM 949746101 1,485 32,000 SH   SOLE   32,000 0 0
WELLS FARGO CO NEW COM 949746101 7,586 163,450 SH   DFND 1 163,450 0 0
WHIRLPOOL CORP COM 963320106 1,066 5,230 SH   SOLE   5,230 0 0
WHIRLPOOL CORP COM 963320106 56,208 275,719 SH   DFND 1 275,719 0 0