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 280,736 5,797,925 SH   SOLE   5,775,873 0 22,052
AutoZone Inc. COM 053332102 292,287 142,957 SH   SOLE   142,298 0 659
Cummins Inc COM 231021106 176,456 860,301 SH   SOLE   857,120 0 3,181
Domino's Pizza Inc COM 25754A201 105,058 258,121 SH   SOLE   257,126 0 995
Expeditors International of Wa COM 302130109 137,368 1,331,600 SH   SOLE   1,325,371 0 6,229
Fastenal Co COM 311900104 96,189 1,619,342 SH   SOLE   1,611,825 0 7,517
Goldman Sachs Group Inc COM 38141G104 230,675 698,805 SH   SOLE   696,123 0 2,682
Mastercard Inc Class A COM 57636Q104 163,465 457,398 SH   SOLE   454,986 0 2,412
Moody's Corp. COM 615369105 107,150 317,566 SH   SOLE   316,066 0 1,500
NVR Inc COM 62944T105 67,094 15,019 SH   SOLE   14,938 0 81
O'Reilly Automotive Inc COM 67103H107 169,863 247,990 SH   SOLE   246,858 0 1,132
Progressive Corp COM 743315103 132,702 1,164,157 SH   SOLE   1,159,338 0 4,819
Ross Stores Inc COM 778296103 175,097 1,935,624 SH   SOLE   1,928,038 0 7,586
Strategic Education Inc COM 86272C103 133,613 2,012,854 SH   SOLE   2,005,694 0 7,160
TJX Companies Inc COM 872540109 23,682 390,926 SH   SOLE   390,217 0 709
Union Pacific Corporation COM 907818108 81,604 298,685 SH   SOLE   297,566 0 1,119
Visa Inc Cl A COM 92826C839 169,812 765,712 SH   SOLE   762,820 0 2,892