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
ALPHABET INC CAP STK CL A 02079K305   44,171,778 292,664 SH   DFND   0 0 0
ALPHABET INC CAP STK CL C 02079K107   98,329,508 645,800 SH   DFND   0 0 0
ALIGN TECHNOLOGY INC COM 016255101   9,467,378 28,871 SH   DFND   0 0 0
AMETEK INC COM 031100100   169,726,993 927,977 SH   DFND   0 0 0
ANALOG DEVICES INC COM 032654105   38,252,784 193,401 SH   DFND   0 0 0
APPLE INC COM 037833100   1,719,430 10,027 SH   DFND   0 0 0
AIRBNB INC CL-A CL A 009066101   1,163,793 7,055 SH   SOLE   0 0 0
ARISTA NETWORKS INC COM 040413106   27,717,253 95,613 SH   SOLE   0 0 0
BANK OZK LITTLE ROCK ARK COM 06417N103   52,965,901 1,165,110 SH   DFND   0 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108   4,441,080 7 SH   SOLE   0 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702   201,839,087 479,975 SH   DFND   0 0 0
BANK AMERICA CORP COM 060505104   37,425,144 986,950 SH   DFND   0 0 0
BOOKING HOLDINGS INC. COM 09857L108   40,973,277 11,294 SH   DFND   0 0 0
CARMAX INC COM 143130102   137,842,690 1,582,398 SH   DFND   0 0 0
CIENA CORP COM NEW 171779309   32,686 661 SH   SOLE   0 0 0
COHERENT CORP COM 19247G107   7,050,955 116,314 SH   SOLE   0 0 0
COPART INC COM 217204106   1,591,873 27,484 SH   SOLE   0 0 0
CREDIT ACCEP CORP MICH COM 225310101   13,325,448 24,160 SH   SOLE   0 0 0
DISNEY WALT CO COM 254687106   28,481,248 232,766 SH   DFND   0 0 0
EDWARDS LIFESCIENCES CORP COM 28176E108   42,592,812 445,718 SH   DFND   0 0 0
FERGUSON PLC NEW F COM G3421J106   6,314,811 28,910 SH   SOLE   0 0 0
FISERV INC COM 337738108   76,752,916 480,246 SH   DFND   0 0 0
FIVE BELOW INC COM 33829M101   121,014,922 667,190 SH   DFND   0 0 0
FLOOR & DECOR HLDGS INC CL A 339750101   35,302,914 272,357 SH   DFND   0 0 0
FORTUNE BRANDS HOME & SEC IN COM 34964C106   38,344,588 452,871 SH   DFND   0 0 0
GRAYSCALE BITCOIN TR BTC COM 389637109   470,111 7,442 SH   DFND   0 0 0
HEICO CORP NEW CL A 422806208   110,682,090 718,995 SH   DFND   0 0 0
INSTALLED BLDG PRODS INC COM 45780R101   120,830,015 467,012 SH   DFND   0 0 0
ISHARES SILVER TR ISHARES 46428Q109   523,250 23,000 SH   SOLE   0 0 0
ISHARES TR US HOME CONS ETF 464288752   1,313,990 11,350 SH   DFND   0 0 0
JPMORGAN CHASE & CO COM 46625H100   7,852,361 39,203 SH   DFND   0 0 0
KEYSIGHT TECHNOLOGIES INC COM 49338L103   74,803,747 478,346 SH   DFND   0 0 0
KINSALE CAPITAL GROUP IN COM 49714P108   9,240,671 17,610 SH   DFND   0 0 0
LITTELFUSE INC COM 537008104   18,893,848 77,961 SH   DFND   0 0 0
LULULEMON ATHLETICA INC COM 550021109   50,491,903 129,251 SH   DFND   0 0 0
M & T BK CORP COM 55261F104   51,292,325 352,670 SH   DFND   0 0 0
MARKEL CORP COMMON STOCK 570535104   122,553,693 80,549 SH   DFND   0 0 0
MASTERCARD INCORPORATED CL A 57636Q104   10,989,909 22,821 SH   DFND   0 0 0
MEDPACE HOLDINGS INC COM 58506Q109   74,861,513 185,232 SH   DFND   0 0 0
META PLATFORMS INC CL A 30303M102   143,644,276 295,820 SH   DFND   0 0 0
NOVO-NORDISK A S ADR 670100205   1,592,160 12,400 SH   SOLE   0 0 0
NVR INC COM 62944T105   106,417,274 13,138 SH   DFND   0 0 0
OLD DOMINION FREIGHT LINE IN COM 679580100   518,010 2,362 SH   SOLE   0 0 0
PROGRESSIVE CORP COM 743315103   109,690,917 530,369 SH   DFND   0 0 0
SCHWAB CHARLES CORP COM 808513105   62,315,919 861,431 SH   DFND   0 0 0
SITEONE LANDSCAPE SUPPLY INC COM 82982L103   655,086 3,753 SH   SOLE   0 0 0
SPDR GOLD TR GOLD SHS 78463V107   865,258 4,206 SH   DFND   0 0 0
STARBUCKS CORP COM 855244109   33,956,046 371,551 SH   DFND   0 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100   1,114,658 8,193 SH   SOLE   0 0 0
TJX COS INC NEW COM 872540109   110,041 1,085 SH   SOLE   0 0 0
VISA INC COM CL A 92826C839   106,666,609 382,208 SH   DFND   0 0 0