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
Mastercard Inc CL A 57636Q104 60,938 179,249 SH   SOLE   61,780 0 117,469
Moodys Corp COM 615369105 55,501 190,607 SH   SOLE   69,508 0 121,099
MSCI Inc. COM 55354G100 48,240 134,763 SH   SOLE   57,630 0 77,133
Nike Inc CL B 654106103 45,972 365,086 SH   SOLE   126,259 0 238,827
CBRE Group Inc CL A 12504L109 45,212 959,346 SH   SOLE   353,146 0 606,200
AON Plc SHS CL A G0403H108 36,008 174,582 SH   SOLE   68,763 0 105,819
Facebook Inc CL A 30303M102 35,088 133,084 SH   SOLE   49,271 0 83,813
Copart Inc COM 217204106 34,515 325,846 SH   SOLE   120,695 0 205,151
Verisk Analytics Inc COM 92345Y106 31,365 169,121 SH   SOLE   75,668 0 93,453
Alphabet Inc CAP STK CL C 02079K107 30,711 20,780 SH   SOLE   8,435 0 12,345
Wells Fargo & Co New COM 949746101 29,083 1,235,918 SH   SOLE   536,097 0 699,821
Booking Hldgs Inc COM 09857L108 28,953 16,793 SH   SOLE   6,979 0 9,814
Marsh & McLennan Cos Inc COM 571748102 27,723 242,185 SH   SOLE   118,876 0 123,309
Microsoft Corp COM 594918104 26,619 126,126 SH   SOLE   42,884 0 83,242
Lauder Estee Cos Inc CL A 518439104 26,421 120,717 SH   SOLE   57,939 0 62,778
Unilever N V N Y SHS NEW 904784709 19,738 325,998 SH   SOLE   144,712 0 181,286
Pepsico Inc COM 713448108 19,242 138,002 SH   SOLE   52,022 0 85,980
Schwab Charles Corp COM 808513105 18,911 515,201 SH   SOLE   163,750 0 351,451
JPMorgan Chase & Co COM 46625H100 18,816 194,674 SH   SOLE   106,747 0 87,927
Procter & Gamble Co COM 742718109 18,169 130,631 SH   SOLE   51,352 0 79,279
Intuit COM 461202103 16,402 49,945 SH   SOLE   17,911 0 32,034
Colgate Palmolive Co COM 194162103 14,488 187,898 SH   SOLE   90,309 0 97,589
Progressive Corp Ohio COM 743315103 14,186 151,445 SH   SOLE   125,257 0 26,188
TD Ameritrade Hldg Corp COM 87236Y108 12,765 321,661 SH   SOLE   97,240 0 224,421
Bk of America Corp COM 060505104 10,855 450,590 SH   SOLE   18,000 0 432,590
Adobe Inc COM 00724F101 8,682 17,466 SH   SOLE   12,828 0 4,638
Visa Inc COM CL A 92826C839 6,320 31,411 SH   SOLE   11,325 0 20,086
Berkshire Hathaway Inc Del CL B NEW 084670702 5,946 27,924 SH   SOLE   0 0 27,924
Coca Cola Co COM 191216100 4,857 98,383 SH   SOLE   0 0 98,383
Disney Walt Co COM DISNEY 254687106 3,408 27,469 SH   SOLE   0 0 27,469
Berkshire Hathaway Inc Del CL A 084670108 3,200 10 SH   SOLE   0 0 10
Ferrari N V COM N3167Y103 2,597 14,078 SH   SOLE   11,325 0 2,753
Equifax Inc COM 294429105 2,197 14,000 SH   SOLE   0 0 14,000
Stryker Corp COM 863667101 1,650 7,920 SH   SOLE   0 0 7,920
Johnson & Johnson COM 478160104 1,408 9,454 SH   SOLE   0 0 9,454
Becton Dickinson & Co COM 075887109 1,261 5,421 SH   SOLE   0 0 5,421
HDFC Bank LTD SPONSORED ADS 40415F101 839 16,800 SH   SOLE   0 0 16,800
TJX COS INC NEW COM 872540109 557 10,000 SH   SOLE   0 0 10,000
Markel Corp COM 570535104 389 400 SH   SOLE   0 0 400
Fair Isaac Corp COM 303250104 327 769 SH   SOLE   0 0 769
Sysco Corp COM 871829107 218 3,500 SH   SOLE   0 0 3,500
Scully Royalty Ltd COM SHS G7T96K107 107 21,789 SH   SOLE   0 0 21,789