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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALIGN TECHNOLOGY INC COM 016255101   8,390,780 32,993 SH   DFND   0 0 0
ALPHABET INC CAP STK CL A 02079K305   57,500,858 346,704 SH   DFND   0 0 0
ALPHABET INC C CAP STK CL C 02079K107   108,034,834 646,180 SH   DFND   0 0 0
AMETEK INC COM 031100100   164,708,010 959,222 SH   DFND   0 0 0
ANALOG DEVICES INC COM 032654105   47,440,569 206,111 SH   DFND   0 0 0
APPLE INC COM 037833100   2,295,516 9,852 SH   DFND   0 0 0
ARISTA NETWORKS INC COM 040413106   40,942,079 106,670 SH   SOLE   0 0 0
BANK AMERICA CORP COM 060505104   39,285,105 990,048 SH   DFND   0 0 0
BANK OZK LITTLE ROCK ARK COM 06417N103   51,475,108 1,197,374 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   225,210,281 489,311 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   4,838,260 7 SH   SOLE   0 0 0
BOOKING HOLDINGS INC. COM 09857L108   86,411,642 20,515 SH   DFND   0 0 0
CAPITAL ONE FC COM 14040H105   2,212,111 14,774 SH   SOLE   0 0 0
CARMAX INC COM 143130102   126,680,733 1,637,125 SH   DFND   0 0 0
COPART INC COM 217204106   1,440,162 27,484 SH   SOLE   0 0 0
COSTCO WHSL CORP NEW COM 22160K105   212,765 240 SH   SOLE   0 0 0
CREDIT ACCEP CORP MICH COM 225310101   12,973,582 29,258 SH   SOLE   0 0 0
DISNEY WALT CO COM 254687106   23,619,262 245,548 SH   DFND   0 0 0
DREAM FINDERS HOMES COM 26154D100   1,166,034 32,202 SH   SOLE   0 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108   29,450,545 446,288 SH   DFND   0 0 0
FISERV INC COM 337738108   90,054,593 501,278 SH   DFND   0 0 0
FIVE BELOW INC COM 33829M101   64,075,749 725,249 SH   DFND   0 0 0
FLOOR & DECOR HLDGS INC CL A 339750101   28,643,660 230,681 SH   DFND   0 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106   39,939,870 446,106 SH   DFND   0 0 0
HEICO CORP NEW CL A 422806208   149,354,654 732,993 SH   DFND   0 0 0
INSTALLED BLDG PRODS INC COM 45780R101   119,961,811 487,115 SH   DFND   0 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104   2,698,591 16,799 SH   DFND   0 0 0
ISHARES SILVER TR ISHARES 46428Q109   653,430 23,000 SH   SOLE   0 0 0
ISHARES TR US HOME CONS ETF 464288752   1,309,003 10,299 SH   DFND   0 0 0
JPMORGAN CHASE & CO COM 46625H100   9,135,299 43,324 SH   DFND   0 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103   76,456,455 481,070 SH   DFND   0 0 0
KINSALE CAPITAL GROUP IN COM 49714P108   40,185,675 86,315 SH   DFND   0 0 0
LIBERTY MEDIA CORP SERIES C LIBERTY MEDIA COM SER C FRMLA 531229854   1,161,450 15,000 SH   SOLE   0 0 0
LITTELFUSE INC COM 537008104   20,958,729 79,015 SH   DFND   0 0 0
LULULEMON ATHLETICA INC COM 550021109   38,389,784 141,477 SH   DFND   0 0 0
M & T BK CORP COM 55261F104   64,228,469 360,591 SH   DFND   0 0 0
MARKEL CORP COMMON STOCK 570535104   66,953,269 42,684 SH   DFND   0 0 0
MASTERCARD INCORPORATED CL A 57636Q104   12,614,615 25,546 SH   DFND   0 0 0
MEDPACE HOLDINGS INC COM 58506Q109   75,796,634 227,072 SH   DFND   0 0 0
META PLATFORMS INC CL A 30303M102   177,423,198 309,942 SH   DFND   0 0 0
NOVO-NORDISK A S ADR 670100205   1,476,468 12,400 SH   SOLE   0 0 0
NVR INC COM 62944T105   130,565,623 13,307 SH   DFND   0 0 0
OLD DOMINION FREIGHT LINE IN COM 679580100   1,043,853 5,255 SH   SOLE   0 0 0
PROGRESSIVE CORP COM 743315103   136,191,216 536,693 SH   DFND   0 0 0
SCHWAB CHARLES CORP COM 808513105   60,647,383 935,772 SH   DFND   0 0 0
SITEONE LANDSCAPE SUPPLY INC COM 82982L103   566,365 3,753 SH   SOLE   0 0 0
SPDR GOLD TR GOLD SHS 78463V107   1,022,310 4,206 SH   DFND   0 0 0
SPDR S&P 500 ETF ETF 78462F103   2,726,508 4,752 SH   DFND   0 0 0
STARBUCKS CORP COM 855244109   69,998,210 718,004 SH   DFND   0 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   2,526,899 14,550 SH   DFND   0 0 0
VISA INC COM CL A 92826C839   107,714,412 391,760 SH   DFND   0 0 0
YUM CHINA HLDGS INC COM 98850P109   1,622,341 36,036 SH   SOLE   0 0 0