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   101,515,366 235,918 SH   SOLE   96,885 0 139,033
Moodys Corp COM 615369105   86,130,662 181,484 SH   SOLE   74,848 0 106,636
Mastercard Incorporated CL A 57636Q104   84,834,350 171,799 SH   SOLE   68,896 0 102,903
Amazon Com Inc COM 023135106   65,800,965 353,142 SH   SOLE   139,172 0 213,970
MSCI Inc. COM 55354G100   62,476,826 107,177 SH   SOLE   41,877 0 65,300
Copart Inc COM 217204106   61,849,764 1,180,339 SH   SOLE   482,780 0 697,559
Verisk Analytics Inc COM 92345Y106   52,858,155 197,261 SH   SOLE   85,668 0 111,593
Waste Mgmt Inc Del COM 94106L109   51,790,403 249,472 SH   SOLE   106,169 0 143,303
AON Plc SHS CL A G0403H108   51,681,218 149,372 SH   SOLE   61,134 0 88,238
Marsh & McLennan Cos Inc COM 571748102   48,771,106 218,616 SH   SOLE   98,033 0 120,583
CBRE Group Inc CL A 12504L109   48,430,811 389,065 SH   SOLE   165,570 0 223,495
Apple Inc COM 037833100   46,017,755 197,501 SH   SOLE   81,107 0 116,394
Alphabet Inc CAP STK CL C 02079K107   43,005,581 257,226 SH   SOLE   85,230 0 171,996
S&P Global Inc COM 78409V104   42,477,295 82,222 SH   SOLE   34,240 0 47,982
Republic Svcs Inc COM 760759100   41,821,272 208,232 SH   SOLE   95,284 0 112,948
Intuit COM 461202103   38,317,946 61,704 SH   SOLE   26,583 0 35,121
Canadian Pacific Kansas City COM 13646K108   35,856,657 419,180 SH   SOLE   174,715 0 244,465
Canadian Natl Ry Co COM 136375102   34,538,866 294,826 SH   SOLE   133,392 0 161,434
CoStar Group Inc COM 22160N109   34,096,843 451,973 SH   SOLE   203,109 0 248,864
CME Group Inc COM 12572Q105   28,365,044 128,552 SH   SOLE   50,660 0 77,892
Berkshire Hathaway Inc Del CL B NEW 084670702   27,413,086 59,560 SH   SOLE   0 0 59,560
Nike Inc CL B 654106103   24,924,275 281,949 SH   SOLE   106,139 0 175,810
Adobe Inc COM 00724F101   23,627,855 45,633 SH   SOLE   15,675 0 29,958
Fair Isaac Corp COM 303250104   21,915,132 11,276 SH   SOLE   4,480 0 6,796
Colgate Palmolive Co COM 194162103   21,272,584 204,918 SH   SOLE   82,613 0 122,305
Procter and Gamble Co COM 742718109   19,777,663 114,190 SH   SOLE   42,509 0 71,681
Pepsico Inc COM 713448108   18,049,189 106,140 SH   SOLE   35,114 0 71,026
Visa Inc COM CL A 92826C839   17,810,535 64,777 SH   SOLE   31,725 0 33,052
Lauder Estee Cos Inc CL A 518439104   17,508,104 175,625 SH   SOLE   76,849 0 98,776
Ferrari N V COM N3167Y103   16,823,356 35,786 SH   SOLE   22,928 0 12,858
Progressive Corp COM 743315103   15,383,588 60,623 SH   SOLE   26,092 0 34,531
Coca Cola Co COM 191216100   5,984,315 83,277 SH   SOLE   0 0 83,277
Equifax Inc COM 294429105   1,763,160 6,000 SH   SOLE   0 0 6,000
Stryker Corporation COM 863667101   1,282,112 3,549 SH   SOLE   0 0 3,549
Johnson & Johnson COM 478160104   567,210 3,500 SH   SOLE   0 0 3,500
Becton Dickinson & Co COM 075887109   386,001 1,601 SH   SOLE   0 0 1,601
TJX Cos Inc New COM 872540109   235,080 2,000 SH   SOLE   0 0 2,000