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
Arch Capital Group Ltd COM G0450A105 260,624 5,729,269 SH   SOLE   5,707,217 0 22,052
AutoZone Inc. COM 053332102 301,096 140,102 SH   SOLE   139,443 0 659
Cummins Inc COM 231021106 165,396 854,628 SH   SOLE   851,447 0 3,181
Domino's Pizza Inc COM 25754A201 161,235 413,730 SH   SOLE   412,482 0 1,248
Expeditors International of Wa COM 302130109 128,908 1,322,679 SH   SOLE   1,316,450 0 6,229
Fastenal Co COM 311900104 80,247 1,607,518 SH   SOLE   1,600,001 0 7,517
Goldman Sachs Group Inc COM 38141G104 219,027 737,414 SH   SOLE   734,732 0 2,682
Mastercard Inc Class A COM 57636Q104 142,628 452,100 SH   SOLE   449,688 0 2,412
Moody's Corp. COM 615369105 86,022 316,292 SH   SOLE   314,792 0 1,500
NVR Inc COM 62944T105 94,478 23,595 SH   SOLE   23,493 0 102
O'Reilly Automotive Inc COM 67103H107 154,443 244,464 SH   SOLE   243,332 0 1,132
Progressive Corp COM 743315103 134,144 1,153,730 SH   SOLE   1,148,911 0 4,819
Ross Stores Inc COM 778296103 192,632 2,742,880 SH   SOLE   2,730,068 0 12,812
Strategic Education Inc COM 86272C103 143,288 2,030,150 SH   SOLE   2,022,955 0 7,195
TJX Companies Inc COM 872540109 163,991 2,936,269 SH   SOLE   2,924,895 0 11,374
Union Pacific Corporation COM 907818108 61,468 288,205 SH   SOLE   287,086 0 1,119
Visa Inc Cl A COM 92826C839 149,933 761,507 SH   SOLE   758,615 0 2,892