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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Microsoft Corp COM 594918104   96,494,908 228,932 SH   SOLE   96,885 0 132,047
Moodys Corp COM 615369105   85,736,174 181,119 SH   SOLE   74,848 0 106,271
Mastercard Incorporated CL A 57636Q104   90,389,499 171,657 SH   SOLE   68,896 0 102,761
Amazon Com Inc COM 023135106   77,206,431 351,914 SH   SOLE   139,172 0 212,742
MSCI Inc. COM 55354G100   64,271,016 107,117 SH   SOLE   41,877 0 65,240
Copart Inc COM 217204106   68,012,430 1,185,092 SH   SOLE   482,780 0 702,312
Verisk Analytics Inc COM 92345Y106   53,937,084 195,829 SH   SOLE   85,668 0 110,161
Waste Mgmt Inc Del COM 94106L109   50,417,836 249,853 SH   SOLE   106,169 0 143,684
AON Plc SHS CL A G0403H108   53,472,459 148,882 SH   SOLE   61,134 0 87,748
Marsh & McLennan Cos Inc COM 571748102   46,343,713 218,180 SH   SOLE   98,033 0 120,147
CBRE Group Inc CL A 12504L109   26,965,784 205,391 SH   SOLE   86,934 0 118,457
Apple Inc COM 037833100   49,386,381 197,214 SH   SOLE   81,107 0 116,107
Alphabet Inc CAP STK CL C 02079K107   48,828,821 256,400 SH   SOLE   85,230 0 171,170
S&P Global Inc COM 78409V104   40,900,016 82,124 SH   SOLE   34,240 0 47,884
Republic Svcs Inc COM 760759100   43,450,110 215,976 SH   SOLE   102,484 0 113,492
Intuit COM 461202103   38,985,073 62,029 SH   SOLE   26,583 0 35,446
Canadian Pacific Kansas City COM 13646K108   35,259,026 487,205 SH   SOLE   200,115 0 287,090
Canadian Natl Ry Co COM 136375102   34,610,748 340,959 SH   SOLE   143,592 0 197,367
CoStar Group Inc COM 22160N109   32,110,334 448,531 SH   SOLE   203,109 0 245,422
CME Group Inc COM 12572Q105   28,175,581 121,326 SH   SOLE   50,660 0 70,666
Berkshire Hathaway Inc Del CL B NEW 084670702   26,997,357 59,560 SH   SOLE   0 0 59,560
Adobe Inc COM 00724F101   20,151,564 45,317 SH   SOLE   15,675 0 29,642
Fair Isaac Corp COM 303250104   32,354,603 16,251 SH   SOLE   4,975 0 11,276
Colgate Palmolive Co COM 194162103   18,566,448 204,229 SH   SOLE   82,613 0 121,616
Procter and Gamble Co COM 742718109   19,044,315 113,596 SH   SOLE   42,509 0 71,087
Pepsico Inc COM 713448108   16,069,775 105,680 SH   SOLE   35,114 0 70,566
Visa Inc COM CL A 92826C839   20,357,933 64,416 SH   SOLE   31,725 0 32,691
Ferrari N V COM N3167Y103   15,227,540 35,843 SH   SOLE   22,928 0 12,915
Progressive Corp COM 743315103   14,453,662 60,322 SH   SOLE   26,092 0 34,230
Coca Cola Co COM 191216100   5,184,852 83,277 SH   SOLE   0 0 83,277
Equifax Inc COM 294429105   1,529,100 6,000 SH   SOLE   0 0 6,000
Stryker Corporation COM 863667101   1,277,817 3,549 SH   SOLE   0 0 3,549
Johnson & Johnson COM 478160104   506,170 3,500 SH   SOLE   0 0 3,500
Becton Dickinson & Co COM 075887109   363,219 1,601 SH   SOLE   0 0 1,601
TJX Cos Inc New COM 872540109   241,620 2,000 SH   SOLE   0 0 2,000
MICROSTRATEGY INC CL A NEW 594972408   263,554 910 SH   SOLE   0 0 910
ISHARES BITCOIN TRUST ETF SHS BEN INT 46438F101   370,501 6,984 SH   SOLE   0 0 6,984
TESLA INC COM 88160R101   331,149 820 SH   SOLE   0 0 820