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
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 124 1 SH SOLE 1 1 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 19,835,611 159,399 SH DFND 1 159,399 0 0
ACUITY INC COM 00508Y102 3,672,435 9,750 SH DFND 1 9,750 0 0
AIR PRODUCTS AND CHEMICALS I COM 009158106 25,946,430 88,500 SH DFND 1 88,500 0 0
AIRBNB INC COM CL A 009066101 34,685,867 242,389 SH DFND 1 242,389 0 0
ALLSTATE CORP COM 020002101 36,773,627 154,550 SH DFND 1 154,550 0 0
ALPHABET INC CAP STK CL A 02079K305 25,730,640 72,000 SH SOLE 1 72,000 0 0
ALPHABET INC CAP STK CL C 02079K107 105,020,276 297,230 SH SOLE 1 297,230 0 0
ALPHABET INC CAP STK CL A 02079K305 178,685,000 500,000 SH DFND 1 500,000 0 0
ALPHABET INC CAP STK CL C 02079K107 866,587,757 2,452,630 SH DFND 1 2,452,630 0 0
AMAZON COM INC COM 023135106 35,377,283 148,432 SH SOLE 1 148,432 0 0
AMAZON COM INC COM 023135106 448,634,056 1,882,328 SH DFND 1 1,882,328 0 0
AMERICAN EXPRESS CO COM 025816109 3,382,500 10,000 SH SOLE 1 10,000 0 0
AMERICAN EXPRESS CO COM 025816109 162,512,215 480,450 SH DFND 1 480,450 0 0
ANALOG DEVICES INC COM 032654105 3,971,700 10,000 SH SOLE 1 10,000 0 0
ANALOG DEVICES INC COM 032654105 393,067,630 989,671 SH DFND 1 989,671 0 0
AON PLC SHS CL A G0403H108 497,535 1,500 SH SOLE 1 1,500 0 0
AON PLC SHS CL A G0403H108 44,545,968 134,300 SH DFND 1 134,300 0 0
APOLLO GLOBAL MGMT INC COM 03769M106 2,661,975 22,500 SH SOLE 1 22,500 0 0
APOLLO GLOBAL MGMT INC COM 03769M106 117,126,900 990,000 SH DFND 1 990,000 0 0
APPLE INC COM 037833100 13,947,152 48,200 SH SOLE 1 48,200 0 0
APPLE INC COM 037833100 341,181,482 1,179,090 SH DFND 1 1,179,090 0 0
APPLIED MATLS INC COM 038222105 26,281,050 36,350 SH DFND 1 36,350 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 13,043,543 170,727 SH SOLE 1 170,727 0 0
ARCHER DANIELS MIDLAND CO COM 039483102 101,999,576 1,335,073 SH DFND 1 1,335,073 0 0
BANK NEW YORK MELLON CORP COM 064058100 18,003,945 124,500 SH DFND 1 124,500 0 0
BERKLEY W R CORP COM 084423102 4,284,699 60,750 SH DFND 1 60,750 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 441,821,500 590 SH SOLE 1 590 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 552,660,740 1,104,460 SH SOLE 1 1,104,460 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 392,397,400 524 SH DFND 1 524 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 213,922,229 427,511 SH DFND 1 427,511 0 0
BLACKROCK INC COM 09290D101 11,538,720 12,000 SH SOLE 1 12,000 0 0
BLACKROCK INC COM 09290D101 200,196,792 208,200 SH DFND 1 208,200 0 0
BLACKSTONE INC COM 09260D107 4,059,615 34,500 SH SOLE 1 34,500 0 0
BLACKSTONE INC COM 09260D107 140,556,814 1,194,500 SH DFND 1 1,194,500 0 0
BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105 55,546,725 1,238,500 SH SOLE 1 1,238,500 0 0
BROOKFIELD ASSET MANAGMT LTD CL A LMT VTG SHS 113004105 42,852,066 955,453 SH DFND 1 955,453 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107 202,651,994 4,758,206 SH SOLE 1 4,758,206 0 0
BROOKFIELD CORP CL A LTD VT SH 11271J107 354,153,015 8,315,403 SH DFND 1 8,315,403 0 0
BROWN & BROWN INC COM 115236101 898,100 14,000 SH DFND 1 14,000 0 0
BROWN FORMAN CORP CL A 115637100 4,503,456 164,600 SH SOLE 1 164,600 0 0
BROWN FORMAN CORP CL B 115637209 3,874,910 145,400 SH SOLE 1 145,400 0 0
BROWN FORMAN CORP CL A 115637100 18,561,024 678,400 SH DFND 1 678,400 0 0
BROWN FORMAN CORP CL B 115637209 8,762,174 328,787 SH DFND 1 328,787 0 0
BRUNSWICK CORP COM 117043109 4,317,300 51,250 SH DFND 1 51,250 0 0
CANADIAN NATL RY CO COM 136375102 6,379,340 53,500 SH DFND 1 53,500 0 0
CANADIAN PACIFIC KANSAS CITY COM 13646K108 6,325,450 73,000 SH DFND 1 73,000 0 0
CAPITAL ONE FINL CORP COM 14040H105 1,504,650 7,500 SH SOLE 1 7,500 0 0
CAPITAL ONE FINL CORP COM 14040H105 16,751,770 83,500 SH DFND 1 83,500 0 0
CARLYLE GROUP INC COM 14316J108 1,873,895 44,500 SH SOLE 1 44,500 0 0
CARLYLE GROUP INC COM 14316J108 54,006,075 1,282,500 SH DFND 1 1,282,500 0 0
CARMAX INC COM 143130102 370,230 7,000 SH SOLE 1 7,000 0 0
CARMAX INC COM 143130102 6,849,255 129,500 SH DFND 1 129,500 0 0
CARRIER GLOBAL CORPORATION COM 14448C104 4,004,910 54,600 SH SOLE 1 54,600 0 0
CARRIER GLOBAL CORPORATION COM 14448C104 13,232,340 180,400 SH DFND 1 180,400 0 0
CATERPILLAR INC COM 149123101 10,650,065 10,001 SH SOLE 1 10,001 0 0
CATERPILLAR INC COM 149123101 339,329,320 318,649 SH DFND 1 318,649 0 0
CBOE GLOBAL MKTS INC COM 12503M108 10,604,680 43,700 SH DFND 1 43,700 0 0
CISCO SYS INC COM 17275R102 17,384,080 148,000 SH SOLE 1 148,000 0 0
CISCO SYS INC COM 17275R102 24,372,950 207,500 SH DFND 1 207,500 0 0
CME GROUP INC COM 12572Q105 10,986,293 49,750 SH DFND 1 49,750 0 0
COMCAST CORP NEW CL A 20030N101 2,528,650 103,000 SH SOLE 1 103,000 0 0
COMCAST CORP NEW CL A 20030N101 17,162,267 699,074 SH DFND 1 699,074 0 0
COMFORT SYS USA INC COM 199908104 25,765,350 13,000 SH DFND 1 13,000 0 0
COSTCO WHOLESALE CORPORATION COM 22160K105 36,623,651 39,150 SH DFND 1 39,150 0 0
CROWN HLDGS INC COM 228368106 335,460 3,000 SH SOLE 1 3,000 0 0
CROWN HLDGS INC COM 228368106 24,264,940 217,000 SH DFND 1 217,000 0 0
CSX CORP COM 126408103 27,781,285 584,500 SH DFND 1 584,500 0 0
DEERE & CO COM 244199105 556,878,306 877,900 SH DFND 1 877,900 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 47,047,539 585,314 SH SOLE 1 585,314 0 0
DIAGEO PLC SPON ADR NEW 25243Q205 63,250,541 786,894 SH DFND 1 786,894 0 0
DISNEY WALT CO COM 254687106 43,720,311 454,237 SH SOLE 1 454,237 0 0
DISNEY WALT CO COM 254687106 151,827,446 1,577,428 SH DFND 1 1,577,428 0 0
DOLLAR GEN CORP COM 256677105 402,885 3,500 SH SOLE 1 3,500 0 0
DOLLAR GEN CORP COM 256677105 99,656,482 865,750 SH DFND 1 865,750 0 0
DOMINOS PIZZA INC COM 25754A201 1,628,220 5,500 SH DFND 1 5,500 0 0
EAGLE MATLS INC COM 26969P108 3,318,750 14,750 SH DFND 1 14,750 0 0
EASTMAN CHEM CO COM 277432100 267,920 4,000 SH SOLE 1 4,000 0 0
EASTMAN CHEM CO COM 277432100 4,752,231 70,950 SH DFND 1 70,950 0 0
ECOLAB INC COM 278865100 6,408,030 23,000 SH SOLE 1 23,000 0 0
ECOLAB INC COM 278865100 70,014,693 251,300 SH DFND 1 251,300 0 0
ENTERPRISE PRODS PARTNERS L COM 293792107 20,916,440 569,000 SH DFND 1 569,000 0 0
EQUIFAX INC COM 294429105 11,562,752 72,850 SH DFND 1 72,850 0 0
EXXON MOBIL CORP COM 30231G102 7,669,992 56,100 SH DFND 1 56,100 0 0
FACTSET RESH SYS INC COM 303075105 5,291,840 23,000 SH SOLE 1 23,000 0 0
FACTSET RESH SYS INC COM 303075105 25,855,471 112,376 SH DFND 1 112,376 0 0
FERGUSON ENTERPRISES INC COMMON STOCK NEW 31488V107 42,766,866 180,200 SH DFND 1 180,200 0 0
FRANCO NEV CORP COM 351858105 161,228,340 773,500 SH DFND 1 773,500 0 0
GENERAL DYNAMICS CORP COM 369550108 15,586,560 44,000 SH SOLE 1 44,000 0 0
GENERAL DYNAMICS CORP COM 369550108 122,921,280 347,000 SH DFND 1 347,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 23,918,901 23,650 SH SOLE 1 23,650 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 339,527,023 335,710 SH DFND 1 335,710 0 0
GRAHAM HLDGS CO COM CL B 384637104 5,935,384 5,200 SH DFND 1 5,200 0 0
HAGERTY INC CL A COM 405166109 35,897,400 3,108,000 SH SOLE --- 3,108,000 0 0
HANOVER INS GROUP INC COM 410867105 1,284,720 6,000 SH SOLE 1 6,000 0 0
HANOVER INS GROUP INC COM 410867105 58,883,000 275,000 SH DFND 1 275,000 0 0
HCA HEALTHCARE INC COM 40412C101 32,893,460 84,366 SH DFND 1 84,366 0 0
HEICO CORP NEW CL A 422806208 3,147,018 12,202 SH SOLE 1 12,202 0 0
HEICO CORP NEW CL A 422806208 94,766,966 367,442 SH DFND 1 367,442 0 0
HERSHEY CO COM 427866108 13,158,750 75,000 SH DFND 1 75,000 0 0
HEXCEL CORP NEW COM 428291108 3,802,280 38,000 SH SOLE 1 38,000 0 0
HEXCEL CORP NEW COM 428291108 15,109,060 151,000 SH DFND 1 151,000 0 0
HOME DEPOT INC COM 437076102 97,659,208 276,906 SH SOLE 1 276,906 0 0
HOME DEPOT INC COM 437076102 227,688,091 645,594 SH DFND 1 645,594 0 0
HUNTINGTON INGALLS INDS INC COM 446413106 7,696,975 27,500 SH DFND 1 27,500 0 0
ILLINOIS TOOL WKS INC COM 452308109 4,557,690 16,851 SH SOLE 1 16,851 0 0
ILLINOIS TOOL WKS INC COM 452308109 84,021,236 310,649 SH DFND 1 310,649 0 0
INSPERITY INC COM 45778Q107 7,490,989 181,336 SH DFND 1 181,336 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 3,554,186 28,870 SH DFND 1 28,870 0 0
INVESTORS TITLE CO NC COM 461804106 58,375,945 213,300 SH DFND 1 213,300 0 0
IQVIA HLDGS INC COM 46266C105 9,062,018 46,900 SH DFND 1 46,900 0 0
JOHNSON & JOHNSON COM 478160104 6,784,809 26,715 SH SOLE 1 26,715 0 0
JOHNSON & JOHNSON COM 478160104 148,340,066 584,085 SH DFND 1 584,085 0 0
JPMORGAN CHASE & CO COM 46625H100 82,667,192 252,550 SH DFND 1 252,550 0 0
KKR & CO INC COM 48251W104 1,652,040 18,000 SH SOLE 1 18,000 0 0
KKR & CO INC COM 48251W104 131,594,165 1,433,800 SH DFND 1 1,433,800 0 0
LAMAR ADVERTISING CO CL A 512816109 30,104,140 193,000 SH DFND 1 193,000 0 0
LINDE PLC SHS G54950103 3,840,156 7,400 SH SOLE 1 7,400 0 0
LINDE PLC SHS G54950103 108,043,308 208,200 SH DFND 1 208,200 0 0
LOCKHEED MARTIN CORP COM 539830109 33,223,415 65,213 SH DFND 1 65,213 0 0
LOWES COS INC COM 548661107 13,614,817 61,748 SH SOLE 1 61,748 0 0
LOWES COS INC COM 548661107 152,189,253 690,232 SH DFND 1 690,232 0 0
LPL FINL HLDGS INC COM 50212V100 644,766 2,289 SH SOLE 1 2,289 0 0
LPL FINL HLDGS INC COM 50212V100 157,082,233 557,662 SH DFND 1 557,662 0 0
MARRIOTT INTL INC NEW CL A 571903202 36,873,706 99,500 SH DFND 1 99,500 0 0
MARSH & MCLENNAN COS INC COM 571748102 3,416,735 20,500 SH SOLE 1 20,500 0 0
MARSH & MCLENNAN COS INC COM 571748102 123,835,812 743,000 SH DFND 1 743,000 0 0
MASTERCARD INCORPORATED CL A 57636Q104 10,263,783 19,984 SH SOLE 1 19,984 0 0
MASTERCARD INCORPORATED CL A 57636Q104 96,328,762 187,556 SH DFND 1 187,556 0 0
MERCADOLIBRE INC COM 58733R102 40,737,361 24,000 SH DFND 1 24,000 0 0
META PLATFORMS INC CL A 30303M102 12,172,697 21,610 SH SOLE 1 21,610 0 0
META PLATFORMS INC CL A 30303M102 119,728,979 212,553 SH DFND 1 212,553 0 0
MGM RESORTS INTERNATIONAL COM 552953101 4,183,375 87,500 SH DFND 1 87,500 0 0
MICROSOFT CORP COM 594918104 8,810,359 23,619 SH SOLE 1 23,619 0 0
MICROSOFT CORP COM 594918104 191,736,385 514,011 SH DFND 1 514,011 0 0
MOODYS CORP COM 615369105 9,554,800 21,096 SH SOLE 1 21,096 0 0
MOODYS CORP COM 615369105 87,320,259 192,794 SH DFND 1 192,794 0 0
MSCI INC COM 55354G100 560,040 1,000 SH SOLE 1 1,000 0 0
MSCI INC COM 55354G100 79,441,674 141,850 SH DFND 1 141,850 0 0
NETFLIX INC. COM 64110L106 2,856,000 40,000 SH DFND 1 40,000 0 0
NIKE INC CL B 654106103 1,888,300 46,000 SH SOLE 1 46,000 0 0
NIKE INC CL B 654106103 16,477,470 401,400 SH DFND 1 401,400 0 0
NORFOLK SOUTHN CORP COM 655844108 9,123,110 29,000 SH SOLE 1 29,000 0 0
NORFOLK SOUTHN CORP COM 655844108 79,748,565 253,500 SH DFND 1 253,500 0 0
NOVO-NORDISK A S ADR 670100205 57,136,810 1,191,840 SH SOLE 1 1,191,840 0 0
NOVO-NORDISK A S ADR 670100205 80,440,156 1,677,934 SH DFND 1 1,677,934 0 0
NVR INC COM 62944T105 1,192,345 175 SH SOLE 1 175 0 0
NVR INC COM 62944T105 81,229,355 11,922 SH DFND 1 11,922 0 0
OLD DOMINION FREIGHT LINE IN COM 679580100 1,299,600 6,000 SH SOLE 1 6,000 0 0
OLD DOMINION FREIGHT LINE IN COM 679580100 91,654,290 423,150 SH DFND 1 423,150 0 0
OTIS WORLDWIDE CORP COM 68902V107 1,954,680 27,300 SH SOLE 1 27,300 0 0
OTIS WORLDWIDE CORP COM 68902V107 7,612,512 106,320 SH DFND 1 106,320 0 0
PAYCHEX INC COM 704326107 6,883,100 70,000 SH SOLE 1 70,000 0 0
PAYCHEX INC COM 704326107 7,866,400 80,000 SH DFND 1 80,000 0 0
PEPSICO INC COM 713448108 13,026,834 96,210 SH DFND 1 96,210 0 0
PHILIP MORRIS INTL INC COM 718172109 20,714,195 114,500 SH DFND 1 114,500 0 0
PRICE T ROWE GROUP INC COM 74144T108 3,638,080 32,000 SH SOLE 1 32,000 0 0
PRICE T ROWE GROUP INC COM 74144T108 32,060,581 282,000 SH DFND 1 282,000 0 0
PROGRESSIVE CORP COM 743315103 13,107,000 60,000 SH SOLE 1 60,000 0 0
PROGRESSIVE CORP COM 743315103 151,549,689 693,750 SH DFND 1 693,750 0 0
RENAISSANCERE HLDGS LTD COM G7496G103 950,700 3,000 SH SOLE 1 3,000 0 0
RENAISSANCERE HLDGS LTD COM G7496G103 21,232,300 67,000 SH DFND 1 67,000 0 0
RLI CORP COM 749607107 11,397,557 192,950 SH SOLE 1 192,950 0 0
RLI CORP COM 749607107 130,048,158 2,201,594 SH DFND 1 2,201,594 0 0
ROCKWELL AUTOMATION INC COM 773903109 3,911,132 7,900 SH SOLE 1 7,900 0 0
ROCKWELL AUTOMATION INC COM 773903109 72,776,760 147,000 SH DFND 1 147,000 0 0
ROLLINS INC COM 775711104 2,607,707 62,475 SH SOLE 1 62,475 0 0
ROLLINS INC COM 775711104 60,692,048 1,454,050 SH DFND 1 1,454,050 0 0
RTX CORPORATION COM 75513E101 10,359,258 54,600 SH SOLE 1 54,600 0 0
RTX CORPORATION COM 75513E101 32,140,262 169,400 SH DFND 1 169,400 0 0
S&P GLOBAL INC COM 78409V104 407,260 1,000 SH SOLE 1 1,000 0 0
S&P GLOBAL INC COM 78409V104 47,523,169 116,690 SH DFND 1 116,690 0 0
SCHWAB CHARLES CORP COM 808513105 11,902,830 129,000 SH SOLE 1 129,000 0 0
SCHWAB CHARLES CORP COM 808513105 116,795,366 1,265,800 SH DFND 1 1,265,800 0 0
SEI INVTS CO COM 784117103 5,174,890 59,000 SH SOLE 1 59,000 0 0
SEI INVTS CO COM 784117103 10,016,482 114,200 SH DFND 1 114,200 0 0
SHERWIN WILLIAMS CO COM 824348106 32,425,304 94,172 SH DFND 1 94,172 0 0
SHOPIFY INC CL A SUB VTG SHS 82509L107 11,731,995 102,750 SH DFND 1 102,750 0 0
SONY GROUP CORP SPONSORED ADR 835699307 6,720,100 335,000 SH DFND 1 335,000 0 0
SPOTIFY TECHNOLOGY S A SHS L8681T102 11,891,467 25,900 SH DFND 1 25,900 0 0
STARBUCKS CORP COM 855244109 4,138,695 40,500 SH SOLE 1 40,500 0 0
STARBUCKS CORP COM 855244109 59,609,266 583,318 SH DFND 1 583,318 0 0
SUNBELT RENTALS HOLDINGS INC SHS 866966104 72,891,947 974,361 SH DFND 1 974,361 0 0
SYSCO CORP COM 871829107 2,549,190 30,500 SH DFND 1 30,500 0 0
TEXAS INSTRS INC COM 882508104 298 1 SH SOLE 1 1 0 0
TEXAS INSTRS INC COM 882508104 215,802,382 723,999 SH DFND 1 723,999 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 36,649,416 73,100 SH DFND 1 73,100 0 0
TYSON FOODS INC CL A 902494103 572,500 10,000 SH SOLE 1 10,000 0 0
TYSON FOODS INC CL A 902494103 51,725,375 903,500 SH DFND 1 903,500 0 0
UBER TECHNOLOGIES INC COM 90353T100 10,282,800 142,500 SH DFND 1 142,500 0 0
UFP INDUSTRIES INC COM 90278Q108 362,960 4,000 SH DFND 1 4,000 0 0
UNION PAC CORP COM 907818108 3,019,200 11,100 SH SOLE 1 11,100 0 0
UNION PAC CORP COM 907818108 40,780,416 149,928 SH DFND 1 149,928 0 0
UNITED RENTALS INC COM 911363109 35,289,524 31,150 SH DFND 1 31,150 0 0
VERISK ANALYTICS INC COM 92345Y106 448,825 2,500 SH SOLE 1 2,500 0 0
VERISK ANALYTICS INC COM 92345Y106 27,548,879 153,450 SH DFND 1 153,450 0 0
VISA INC COM CL A 92826C839 26,126,304 76,150 SH SOLE 1 76,150 0 0
VISA INC COM CL A 92826C839 321,736,765 937,762 SH DFND 1 937,762 0 0
WATSCO INC COM 942622200 17,335,968 41,600 SH SOLE 1 41,600 0 0
WATSCO INC COM 942622200 231,764,391 556,150 SH DFND 1 556,150 0 0
WELLS FARGO & CO COM 949746101 2,644,480 32,000 SH SOLE 1 32,000 0 0
WELLS FARGO & CO COM 949746101 14,251,268 172,450 SH DFND 1 172,450 0 0
WEYERHAEUSER CO COM NEW 962166104 2,872,800 120,000 SH DFND 1 120,000 0 0
YUM BRANDS INC COM 988498101 39,199,750 245,213 SH DFND 1 245,213 0 0
ZOETIS INC CL A 98978V103 4,756,773 66,195 SH DFND 1 66,195 0 0