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
Expires: July 31, 2015
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
ALPHABET INC CLASS A 02079K305 9,237,266 59,734 SH SOLE 59,734 0 0
AMERICAN EXPRESS CO COMMON 025816109 12,212,180 45,390 SH SOLE 45,390 0 0
BECTON DICKINSON COMMON 075887109 12,293,650 53,670 SH SOLE 53,670 0 0
BERKSHIRE HATHAWAY CLASS B 084670702 25,829,597 48,499 SH SOLE 48,499 0 0
BIOGEN INC COMMON 09062X103 1,930,812 14,110 SH SOLE 14,110 0 0
BORG WARNER INC COMMON 099724106 2,530,655 88,330 SH SOLE 88,330 0 0
BROWN FORMAN CORP CLASS B 115637209 14,706,881 433,320 SH SOLE 433,320 0 0
C H ROBINSON WLDWIDE COMMON 12541W209 15,777,997 154,082 SH SOLE 154,082 0 0
COMMERCIAL INTL BK GDR REP 1 ORD EGP10 201712205 41,160,569 27,258,655 SH SOLE 27,258,655 0 0
COPA HOLDINGS CLASS A P31076105 193,333,768 3,079,532 SH SOLE 2,090,999 0 988,533
CULLEN FROST BANKERS COMMON 229899109 15,904,156 127,030 SH SOLE 127,030 0 0
DONALDSON INC COMMON 257651109 18,539,475 276,461 SH SOLE 276,461 0 0
EXXON MOBIL CORP COMMON 30231G102 11,868,025 99,790 SH SOLE 99,790 0 0
GENTEX CORP COMMON 371901109 13,801,988 592,360 SH SOLE 592,360 0 0
GILEAD SCIENCES INC COMMON 375558103 22,630,739 201,970 SH SOLE 201,970 0 0
HENRY SCHEIN INC COM 806407102 20,539,466 299,890 SH SOLE 299,890 0 0
INTEL CORP COMMON 458140100 11,734,711 516,720 SH SOLE 516,720 0 0
JOHNSON & JOHNSON COMMON 478160104 13,763,062 82,990 SH SOLE 82,990 0 0
MARKEL GROUP INC COMMON 570535104 23,605,696 12,626 SH SOLE 12,626 0 0
META PLATFORMS INC COM USD0.000006 CL A 30303M102 17,349,012 30,101 SH SOLE 30,101 0 0
MSC INDL DIRECT INC CLASS A 553530106 14,804,679 190,610 SH SOLE 190,610 0 0
PRICE T ROWE GROUP COM 74144T108 16,432,603 178,868 SH SOLE 178,868 0 0
QUALCOMM INC COMMON 747525103 16,706,624 108,760 SH SOLE 108,760 0 0
RTX CORPORATION COM USD1 75513E101 18,309,946 138,230 SH SOLE 138,230 0 0
RYANAIR HLDGS PLC ADR EACH REPR 5 ORD 783513203 171,313,646 7,423,000 SH SOLE 4,043,277 0 3,379,723
SAMSUNG ELECTRONIC GDR REP 1/2 ORD REGS 796050888 133,237,755 204,738 SH SOLE 136,935 0 67,803
SNAP-ON INC COMMON 833034101 14,012,876 41,580 SH SOLE 41,580 0 0
TORO CO COMMON 891092108 1,542,300 21,200 SH SOLE 21,200 0 0
WALT DISNEY CO COM 254687106 18,177,579 184,170 SH SOLE 184,170 0 0
WELLS FARGO & CO COMMON 949746101 16,386,785 228,260 SH SOLE 228,260 0 0
XPEL INC COMMON 98379L100 1,527,760 52,000 SH SOLE 52,000 0 0
STATE BK OF INDIA GDR(2 INR10 REG S) 856552203 8,672,208 97,660 SH SOLE 0 0 97,660