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
SPDR S&P 500 ETF ETF 78462F103 1,435,954 2,567 SH SOLE 0 0 0
APPLE INC COM 037833100 2,080,692 9,367 SH DFND 0 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 1,917,300 11,550 SH DFND 0 0 0
CAPITAL ONE FC COM 14040H105 2,200,728 12,274 SH SOLE 0 0 0
MICROSOFT CORP COM 594918104 745,900 1,987 SH DFND 0 0 0
FIVE BELOW INC COM 33829M101 46,572,631 621,590 SH DFND 0 0 0
SPDR GOLD TR GOLD SHS 78463V107 1,123,170 3,898 SH SOLE 0 0 0
PROGRESSIVE CORP COM 743315103 149,755,874 529,154 SH DFND 0 0 0
CARMAX INC COM 143130102 127,915,186 1,641,622 SH DFND 0 0 0
VISA INC COM CL A 92826C839 137,923,183 393,549 SH DFND 0 0 0
NVR INC COM 62944T105 97,726,821 13,490 SH DFND 0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 268,064,557 503,332 SH DFND 0 0 0
STARBUCKS CORP COM 855244109 73,242,430 746,686 SH DFND 0 0 0
BANK AMERICA CORP COM 060505104 41,646,582 998,001 SH DFND 0 0 0
DISNEY WALT CO COM 254687106 24,428,546 247,503 SH DFND 0 0 0
ANALOG DEVICES INC COM 032654105 34,554,138 171,340 SH DFND 0 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103 49,575,517 331,011 SH DFND 0 0 0
BANK OZK LITTLE ROCK ARK COM 06417N103 52,553,340 1,209,513 SH DFND 0 0 0
ALPHABET INC CAP STK CL A 02079K305 55,609,008 359,603 SH DFND 0 0 0
BOOKING HOLDINGS INC. COM 09857L108 97,353,222 21,132 SH DFND 0 0 0
LULULEMON ATHLETICA INC COM 550021109 40,525,417 143,169 SH DFND 0 0 0
LITTELFUSE INC COM 537008104 15,838,357 80,504 SH DFND 0 0 0
FISERV INC COM 337738108 139,041,855 629,633 SH DFND 0 0 0
BROWN & BROWN COM 115236101 36,648,613 294,603 SH DFND 0 0 0
ALPHABET INC C CAP STK CL C 02079K107 101,775,409 651,446 SH DFND 0 0 0
FLOOR & DECOR HLDGS INC CL A 339750101 18,820,163 233,878 SH DFND 0 0 0
M & T BK CORP COM 55261F104 65,696,345 367,532 SH DFND 0 0 0
BIRKENSTOCK HLDG PLC COM M2029K104 1,255,923 27,392 SH SOLE 0 0 0
COPART INC COM 217204106 1,555,320 27,484 SH SOLE 0 0 0
COSTCO WHSL CORP NEW COM 22160K105 226,987 240 SH SOLE 0 0 0
DREAM FINDERS HOMES COM 26154D100 726,477 32,202 SH SOLE 0 0 0
INTUITIVE SURGICAL INC COM NEW 46120E602 200,584 405 SH SOLE 0 0 0
NOVO-NORDISK A S ADR 670100205 861,056 12,400 SH SOLE 0 0 0
OLD DOMINION FREIGHT LINE IN COM 679580100 869,440 5,255 SH SOLE 0 0 0
SITEONE LANDSCAPE SUPPLY INC COM 82982L103 455,764 3,753 SH SOLE 0 0 0
YUM CHINA HLDGS INC COM 98850P109 1,876,034 36,036 SH SOLE 0 0 0
META PLATFORMS INC CL A 30303M102 181,636,396 315,144 SH DFND 0 0 0
HEICO CORP NEW CL A 422806208 156,542,061 742,011 SH DFND 0 0 0
SCHWAB CHARLES CORP COM 808513105 74,292,886 949,066 SH DFND 0 0 0
MARKEL CORP COMMON STOCK 570535104 81,144,813 43,402 SH DFND 0 0 0
AMETEK INC COM 031100100 168,255,489 977,434 SH DFND 0 0 0
INSTALLED BLDG PRODS INC COM 45780R101 87,114,197 508,073 SH DFND 0 0 0
CREDIT ACCEP CORP MICH COM 225310101 15,413,564 29,851 SH SOLE 0 0 0
JPMORGAN CHASE & CO COM 46625H100 10,911,680 44,483 SH DFND 0 0 0
FERGUSON ENTERPRISES INC COM 31488V107 5,509,669 34,386 SH SOLE 0 0 0
MASTERCARD INCORPORATED CL A 57636Q104 14,822,809 27,043 SH DFND 0 0 0
ALIGN TECHNOLOGY INC COM 016255101 7,170,146 45,135 SH DFND 0 0 0
ISHARES TR US HOME CONS ETF 464288752 1,043,597 10,961 SH DFND 0 0 0
MEDPACE HOLDINGS INC COM 58506Q109 76,762,685 251,937 SH DFND 0 0 0
ARISTA NETWORKS INC COM 040413106 36,146,589 466,528 SH SOLE 0 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 8,782,862 11 SH DFND 0 0 0
KINSALE CAPITAL GROUP IN COM 49714P108 82,724,639 169,967 SH DFND 0 0 0
BLACKROCK ISHS PRM MM ETF COM 09290C756 1,293,008 12,876 SH SOLE 0 0 0
BUILDERS FIRSTSOURCE INC COM 12008R107 10,300,678 82,445 SH SOLE 0 0 0