Historical Stock Holdings

Ruane Cunniff - Sequoia Fund

PeriodPortfolio ValueTop 20 holdings history (left to right)
2023   Q4$3.14 B ICE
Intercontinental Exchange Inc.
7.18% of portfolio
 		CNSWF
Constellation Software Inc.
6.56% of portfolio
 		SCHW
Charles Schwab Corp.
6.53% of portfolio
 		GOOGL
Alphabet Inc.
6.49% of portfolio
 		UNH
United Health Group Inc.
6.29% of portfolio
 		UMGNF
Universal Music Grp NV
6.21% of portfolio
 		RYCEF
Rolls Royce Holdings plc
6.00% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
5.51% of portfolio
 		SAP
SAP SE
5.16% of portfolio
 		ERFSF
Eurofins Scientific SE
5.15% of portfolio
 		TSM
Taiwan Semiconductor S.A.
5.13% of portfolio
 		ELV
Elevance Health Inc.
5.01% of portfolio
 		COF
Capital One Financial
4.93% of portfolio
 		CACC
Credit Acceptance Corp.
4.92% of portfolio
 		J
Jacobs Solutions Inc.
4.10% of portfolio
 		KMX
CarMax Inc.
3.55% of portfolio
 		ASHTF
Ashtead Group plc
3.30% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
2.61% of portfolio
 		META
Meta Platforms Inc.
2.52% of portfolio
 		BRK.B
Berkshire Hathaway CL B
1.70% of portfolio
2023   Q3$2.85 B UMGNF
Universal Music Grp NV
7.10% of portfolio
 		CNSWF
Constellation Software Inc.
7.00% of portfolio
 		GOOGL
Alphabet Inc.
6.89% of portfolio
 		ICE
Intercontinental Exchange Inc.
6.80% of portfolio
 		UNH
United Health Group Inc.
6.65% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
6.01% of portfolio
 		RYCEF
Rolls Royce Holdings plc
5.91% of portfolio
 		SCHW
Charles Schwab Corp.
5.75% of portfolio
 		ELV
Elevance Health Inc.
5.10% of portfolio
 		ERFSF
Eurofins Scientific SE
4.94% of portfolio
 		SAP
SAP SE
4.81% of portfolio
 		KMX
CarMax Inc.
4.77% of portfolio
 		J
Jacobs Solutions Inc.
4.76% of portfolio
 		TSM
Taiwan Semiconductor S.A.
4.73% of portfolio
 		CACC
Credit Acceptance Corp.
4.69% of portfolio
 		COF
Capital One Financial
4.03% of portfolio
 		META
Meta Platforms Inc.
3.39% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
3.27% of portfolio
 		BRK.B
Berkshire Hathaway CL B
1.84% of portfolio
 		LBRDA
Liberty Broadband Corp. CL A
1.09% of portfolio
2023   Q2$2.97 B FWONK
Liberty Media Corp Formula One Series C
7.15% of portfolio
 		CNSWF
Constellation Software Inc.
7.12% of portfolio
 		ICE
Intercontinental Exchange Inc.
6.87% of portfolio
 		GOOGL
Alphabet Inc.
6.79% of portfolio
 		KMX
CarMax Inc.
6.35% of portfolio
 		UNH
United Health Group Inc.
6.24% of portfolio
 		UMGNF
Universal Music Grp NV
5.94% of portfolio
 		SCHW
Charles Schwab Corp.
5.84% of portfolio
 		ERFSF
Eurofins Scientific SE
5.45% of portfolio
 		TSM
Taiwan Semiconductor S.A.
5.41% of portfolio
 		ELV
Elevance Health Inc.
5.12% of portfolio
 		CACC
Credit Acceptance Corp.
5.09% of portfolio
 		SAP
SAP SE
4.97% of portfolio
 		COF
Capital One Financial
4.47% of portfolio
 		RYCEF
Rolls Royce Holdings plc
4.14% of portfolio
 		J
Jacobs Solutions Inc.
4.08% of portfolio
 		META
Meta Platforms Inc.
3.19% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
2.82% of portfolio
 		BRK.B
Berkshire Hathaway CL B
1.76% of portfolio
 		LBRDA
Liberty Broadband Corp. CL A
0.94% of portfolio
2023   Q1$2.95 B FWONK
Liberty Media Corp Formula One Series C
7.15% of portfolio
 		GOOGL
Alphabet Inc.
6.88% of portfolio
 		UMGNF
Universal Music Grp NV
6.80% of portfolio
 		CNSWF
Constellation Software Inc.
6.50% of portfolio
 		ICE
Intercontinental Exchange Inc.
6.38% of portfolio
 		UNH
United Health Group Inc.
6.18% of portfolio
 		ERFSF
Eurofins Scientific SE
5.78% of portfolio
 		TSM
Taiwan Semiconductor S.A.
5.02% of portfolio
 		KMX
CarMax Inc.
4.91% of portfolio
 		SCHW
Charles Schwab Corp.
4.68% of portfolio
 		SAP
SAP SE
4.61% of portfolio
 		ELV
Elevance Health Inc.
4.60% of portfolio
 		RYCEF
Rolls Royce Holdings plc
4.44% of portfolio
 		CACC
Credit Acceptance Corp.
4.40% of portfolio
 		J
Jacobs Solutions Inc.
4.06% of portfolio
 		MU
Micron Technology Inc.
3.44% of portfolio
 		META
Meta Platforms Inc.
3.30% of portfolio
 		COF
Capital One Financial
3.25% of portfolio
 		NFLX
Netflix Inc.
2.63% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
2.17% of portfolio
2022   Q4$2.91 B SCHW
Charles Schwab Corp.
7.55% of portfolio
 		UNH
United Health Group Inc.
7.03% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
6.99% of portfolio
 		UMGNF
Universal Music Grp NV
6.58% of portfolio
 		ICE
Intercontinental Exchange Inc.
6.38% of portfolio
 		ERFSF
Eurofins Scientific SE
6.30% of portfolio
 		GOOGL
Alphabet Inc.
5.99% of portfolio
 		CNSWF
Constellation Software Inc.
5.98% of portfolio
 		ELV
Elevance Health Inc.
5.21% of portfolio
 		CACC
Credit Acceptance Corp.
4.86% of portfolio
 		KMX
CarMax Inc.
4.72% of portfolio
 		META
Meta Platforms Inc.
4.44% of portfolio
 		J
Jacobs Solutions Inc.
4.21% of portfolio
 		TSM
Taiwan Semiconductor S.A.
4.08% of portfolio
 		SAP
SAP SE
3.84% of portfolio
 		COF
Capital One Financial
3.19% of portfolio
 		MU
Micron Technology Inc.
2.89% of portfolio
 		RYCEF
Rolls Royce Holdings plc
2.76% of portfolio
 		NFLX
Netflix Inc.
2.28% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
2.06% of portfolio
2022   Q3$2.83 B UNH
United Health Group Inc.
8.30% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
7.48% of portfolio
 		GOOGL
Alphabet Inc.
6.76% of portfolio
 		SCHW
Charles Schwab Corp.
6.70% of portfolio
 		ICE
Intercontinental Exchange Inc.
5.77% of portfolio
 		CNSWF
Constellation Software Inc.
5.48% of portfolio
 		ELV
Elevance Health Inc.
5.34% of portfolio
 		UMGNF
Universal Music Grp NV
5.32% of portfolio
 		KMX
CarMax Inc.
5.26% of portfolio
 		META
Meta Platforms Inc.
5.15% of portfolio
 		CACC
Credit Acceptance Corp.
4.62% of portfolio
 		NFLX
Netflix Inc.
4.14% of portfolio
 		ERFSF
Eurofins Scientific SE
4.07% of portfolio
 		J
Jacobs Solutions Inc.
3.91% of portfolio
 		TSM
Taiwan Semiconductor S.A.
3.86% of portfolio
 		COF
Capital One Financial
3.25% of portfolio
 		SAP
SAP SE
3.15% of portfolio
 		MU
Micron Technology Inc.
2.98% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
2.05% of portfolio
 		W
Wayfair Inc.
1.96% of portfolio
2022   Q2$3.22 B UNH
United Health Group Inc.
7.43% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
7.14% of portfolio
 		GOOGL
Alphabet Inc.
6.78% of portfolio
 		KMX
CarMax Inc.
6.69% of portfolio
 		TSM
Taiwan Semiconductor S.A.
5.91% of portfolio
 		ICE
Intercontinental Exchange Inc.
5.29% of portfolio
 		SCHW
Charles Schwab Corp.
5.19% of portfolio
 		ELV
Elevance Health Inc.
5.15% of portfolio
 		CNSWF
Constellation Software Inc.
5.15% of portfolio
 		META
Meta Platforms Inc.
4.90% of portfolio
 		UMGNF
Universal Music Grp NV
4.77% of portfolio
 		MU
Micron Technology Inc.
4.56% of portfolio
 		CACC
Credit Acceptance Corp.
4.39% of portfolio
 		J
Jacobs Solutions Inc.
4.03% of portfolio
 		NFLX
Netflix Inc.
3.87% of portfolio
 		ERFSF
Eurofins Scientific SE
3.69% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
3.22% of portfolio
 		SAP
SAP SE
3.07% of portfolio
 		W
Wayfair Inc.
2.31% of portfolio
 		RYCEF
Rolls Royce Holdings plc
2.24% of portfolio
2022   Q1$4.04 B UNH
United Health Group Inc.
7.88% of portfolio
 		ELV
Elevance Health Inc.
7.34% of portfolio
 		GOOGL
Alphabet Inc.
6.89% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
6.26% of portfolio
 		TSM
Taiwan Semiconductor S.A.
6.00% of portfolio
 		SCHW
Charles Schwab Corp.
5.87% of portfolio
 		KMX
CarMax Inc.
5.68% of portfolio
 		META
Meta Platforms Inc.
5.38% of portfolio
 		MU
Micron Technology Inc.
5.12% of portfolio
 		UMGNF
Universal Music Grp NV
5.07% of portfolio
 		CNSWF
Constellation Software Inc.
5.01% of portfolio
 		NFLX
Netflix Inc.
4.51% of portfolio
 		CACC
Credit Acceptance Corp.
4.07% of portfolio
 		ICE
Intercontinental Exchange Inc.
4.05% of portfolio
 		ERFSF
Eurofins Scientific SE
3.72% of portfolio
 		J
Jacobs Solutions Inc.
3.48% of portfolio
 		W
Wayfair Inc.
3.21% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
3.00% of portfolio
 		GOOG
Alphabet Inc. CL C
2.59% of portfolio
 		RYCEF
Rolls Royce Holdings plc
2.34% of portfolio
2021   Q4$4.86 B UNH
United Health Group Inc.
6.77% of portfolio
 		KMX
CarMax Inc.
6.37% of portfolio
 		META
Meta Platforms Inc.
6.33% of portfolio
 		TSM
Taiwan Semiconductor S.A.
6.06% of portfolio
 		GOOGL
Alphabet Inc.
5.97% of portfolio
 		ELV
Elevance Health Inc.
5.76% of portfolio
 		SCHW
Charles Schwab Corp.
5.10% of portfolio
 		MU
Micron Technology Inc.
5.09% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
4.93% of portfolio
 		CNSWF
Constellation Software Inc.
4.74% of portfolio
 		CACC
Credit Acceptance Corp.
4.35% of portfolio
 		UMGNF
Universal Music Grp NV
4.24% of portfolio
 		W
Wayfair Inc.
4.22% of portfolio
 		ERFSF
Eurofins Scientific SE
3.85% of portfolio
 		ICE
Intercontinental Exchange Inc.
3.49% of portfolio
 		PROSF
Prosus NV
3.40% of portfolio
 		NFLX
Netflix Inc.
3.34% of portfolio
 		DIS
Walt Disney Co.
3.14% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
2.97% of portfolio
 		J
Jacobs Solutions Inc.
2.93% of portfolio
2021   Q3$4.76 B META
Meta Platforms Inc.
6.90% of portfolio
 		KMX
CarMax Inc.
6.74% of portfolio
 		TSM
Taiwan Semiconductor S.A.
5.83% of portfolio
 		CACC
Credit Acceptance Corp.
5.66% of portfolio
 		GOOGL
Alphabet Inc.
5.62% of portfolio
 		UNH
United Health Group Inc.
5.53% of portfolio
 		ELV
Elevance Health Inc.
5.06% of portfolio
 		SCHW
Charles Schwab Corp.
4.68% of portfolio
 		W
Wayfair Inc.
4.47% of portfolio
 		CNSWF
Constellation Software Inc.
4.46% of portfolio
 		MU
Micron Technology Inc.
4.28% of portfolio
 		ERFSF
Eurofins Scientific SE
4.26% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
4.14% of portfolio
 		UMGNF
Universal Music Grp NV
4.11% of portfolio
 		NFLX
Netflix Inc.
3.61% of portfolio
 		DIS
Walt Disney Co.
3.55% of portfolio
 		PROSF
Prosus NV
3.37% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
3.24% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.14% of portfolio
 		ICE
Intercontinental Exchange Inc.
2.99% of portfolio
2021   Q2$4.78 B META
Meta Platforms Inc.
6.45% of portfolio
 		KMX
CarMax Inc.
6.43% of portfolio
 		UNH
United Health Group Inc.
5.64% of portfolio
 		CACC
Credit Acceptance Corp.
5.41% of portfolio
 		TSM
Taiwan Semiconductor S.A.
5.22% of portfolio
 		ELV
Elevance Health Inc.
5.16% of portfolio
 		GOOGL
Alphabet Inc.
5.11% of portfolio
 		MU
Micron Technology Inc.
5.10% of portfolio
 		SCHW
Charles Schwab Corp.
4.66% of portfolio
 		CNSWF
Constellation Software Inc.
4.11% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
3.87% of portfolio
 		ERFSF
Eurofins Scientific SE
3.78% of portfolio
 		VIVEF
Vivendi Universal S.A.
3.78% of portfolio
 		DIS
Walt Disney Co.
3.67% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
3.25% of portfolio
 		NFLX
Netflix Inc.
3.11% of portfolio
 		ICE
Intercontinental Exchange Inc.
3.07% of portfolio
 		PROSF
Prosus NV
3.07% of portfolio
 		W
Wayfair Inc.
3.02% of portfolio
 		J
Jacobs Solutions Inc.
2.98% of portfolio
2021   Q1$4.61 B KMX
CarMax Inc.
6.85% of portfolio
 		META
Meta Platforms Inc.
5.66% of portfolio
 		TSM
Taiwan Semiconductor S.A.
5.32% of portfolio
 		UNH
United Health Group Inc.
5.31% of portfolio
 		SCHW
Charles Schwab Corp.
4.62% of portfolio
 		GOOGL
Alphabet Inc.
4.47% of portfolio
 		CACC
Credit Acceptance Corp.
4.45% of portfolio
 		CNSWF
Constellation Software Inc.
4.35% of portfolio
 		DIS
Walt Disney Co.
3.99% of portfolio
 		ERFSF
Eurofins Scientific SE
3.89% of portfolio
 		J
Jacobs Solutions Inc.
3.87% of portfolio
 		VIVEF
Vivendi Universal S.A.
3.83% of portfolio
 		PROSF
Prosus NV
3.61% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
3.60% of portfolio
 		MU
Micron Technology Inc.
3.56% of portfolio
 		ANET
Arista Networks Inc.
3.29% of portfolio
 		ELV
Elevance Health Inc.
3.19% of portfolio
 		W
Wayfair Inc.
3.12% of portfolio
 		ICE
Intercontinental Exchange Inc.
3.00% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
2.91% of portfolio
2020   Q4$4.24 B TSM
Taiwan Semiconductor S.A.
6.26% of portfolio
 		UNH
United Health Group Inc.
5.44% of portfolio
 		KMX
CarMax Inc.
5.30% of portfolio
 		META
Meta Platforms Inc.
5.05% of portfolio
 		ANET
Arista Networks Inc.
4.87% of portfolio
 		CACC
Credit Acceptance Corp.
4.53% of portfolio
 		ERFSF
Eurofins Scientific SE
4.46% of portfolio
 		CNSWF
Constellation Software Inc.
4.40% of portfolio
 		DIS
Walt Disney Co.
4.26% of portfolio
 		GOOGL
Alphabet Inc.
4.13% of portfolio
 		VIVEF
Vivendi Universal S.A.
4.09% of portfolio
 		SCHW
Charles Schwab Corp.
4.08% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
3.85% of portfolio
 		PROSF
Prosus NV
3.81% of portfolio
 		MA
Mastercard Inc.
3.80% of portfolio
 		J
Jacobs Solutions Inc.
3.54% of portfolio
 		ICE
Intercontinental Exchange Inc.
3.36% of portfolio
 		W
Wayfair Inc.
3.27% of portfolio
 		NFLX
Netflix Inc.
3.17% of portfolio
 		RYCEF
Rolls Royce Holdings plc
2.84% of portfolio
2020   Q3$3.9 B W
Wayfair Inc.
6.09% of portfolio
 		KMX
CarMax Inc.
5.61% of portfolio
 		META
Meta Platforms Inc.
5.46% of portfolio
 		UNH
United Health Group Inc.
5.26% of portfolio
 		GOOG
Alphabet Inc. CL C
5.25% of portfolio
 		CNSWF
Constellation Software Inc.
5.08% of portfolio
 		TSM
Taiwan Semiconductor S.A.
5.06% of portfolio
 		ERFSF
Eurofins Scientific SE
4.72% of portfolio
 		VIVEF
Vivendi Universal S.A.
4.32% of portfolio
 		MA
Mastercard Inc.
4.20% of portfolio
 		CACC
Credit Acceptance Corp.
3.80% of portfolio
 		ANET
Arista Networks Inc.
3.78% of portfolio
 		GOOGL
Alphabet Inc.
3.76% of portfolio
 		J
Jacobs Solutions Inc.
3.57% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
3.57% of portfolio
 		PROSF
Prosus NV
3.55% of portfolio
 		SCHW
Charles Schwab Corp.
3.25% of portfolio
 		DIS
Walt Disney Co.
3.18% of portfolio
 		ICE
Intercontinental Exchange Inc.
3.18% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.72% of portfolio
2020   Q2$3.55 B KMX
CarMax Inc.
6.02% of portfolio
 		W
Wayfair Inc.
5.81% of portfolio
 		CNSWF
Constellation Software Inc.
5.68% of portfolio
 		GOOG
Alphabet Inc. CL C
5.56% of portfolio
 		META
Meta Platforms Inc.
5.21% of portfolio
 		CACC
Credit Acceptance Corp.
5.03% of portfolio
 		GOOGL
Alphabet Inc.
5.03% of portfolio
 		VIVEF
Vivendi Universal S.A.
4.56% of portfolio
 		ANET
Arista Networks Inc.
4.22% of portfolio
 		UNH
United Health Group Inc.
4.19% of portfolio
 		ERFSF
Eurofins Scientific SE
4.12% of portfolio
 		MA
Mastercard Inc.
4.04% of portfolio
 		PROSF
Prosus NV
3.93% of portfolio
 		TSM
Taiwan Semiconductor S.A.
3.90% of portfolio
 		ACOPF
a2 Milk Company Ltd.
3.78% of portfolio
 		J
Jacobs Solutions Inc.
3.59% of portfolio
 		SCHW
Charles Schwab Corp.
3.33% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
3.27% of portfolio
 		AMZN
Amazon.com Inc.
3.21% of portfolio
 		DIS
Walt Disney Co.
3.14% of portfolio
2020   Q1$2.91 B GOOG
Alphabet Inc. CL C
7.17% of portfolio
 		KMX
CarMax Inc.
6.09% of portfolio
 		CNSWF
Constellation Software Inc.
5.98% of portfolio
 		GOOGL
Alphabet Inc.
5.75% of portfolio
 		MA
Mastercard Inc.
5.04% of portfolio
 		ANET
Arista Networks Inc.
4.97% of portfolio
 		SCHW
Charles Schwab Corp.
4.89% of portfolio
 		META
Meta Platforms Inc.
4.67% of portfolio
 		UNH
United Health Group Inc.
4.33% of portfolio
 		J
Jacobs Solutions Inc.
4.10% of portfolio
 		ERFSF
Eurofins Scientific SE
3.99% of portfolio
 		CACC
Credit Acceptance Corp.
3.68% of portfolio
 		ACOPF
a2 Milk Company Ltd.
3.67% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.63% of portfolio
 		PROSF
Prosus NV
3.60% of portfolio
 		W
Wayfair Inc.
3.42% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
3.35% of portfolio
 		VIVEF
Vivendi Universal S.A.
3.32% of portfolio
 		BKNG
Booking Holdings Inc.
3.32% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
2.79% of portfolio
2019   Q4$3.82 B GOOG
Alphabet Inc. CL C
7.52% of portfolio
 		KMX
CarMax Inc.
6.51% of portfolio
 		MA
Mastercard Inc.
5.48% of portfolio
 		BRK.A
Berkshire Hathaway CL A
5.31% of portfolio
 		CNSWF
Constellation Software Inc.
5.08% of portfolio
 		GOOGL
Alphabet Inc.
5.04% of portfolio
 		J
Jacobs Solutions Inc.
4.77% of portfolio
 		CACC
Credit Acceptance Corp.
4.75% of portfolio
 		META
Meta Platforms Inc.
4.50% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
4.45% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.95% of portfolio
 		SCHW
Charles Schwab Corp.
3.91% of portfolio
 		PROSF
Prosus NV
3.46% of portfolio
 		W
Wayfair Inc.
3.45% of portfolio
 		VIVEF
Vivendi Universal S.A.
3.39% of portfolio
 		ERFSF
Eurofins Scientific SE
3.37% of portfolio
 		ANET
Arista Networks Inc.
3.34% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.33% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
3.19% of portfolio
 		BKNG
Booking Holdings Inc.
3.18% of portfolio
2019   Q3$3.63 B KMX
CarMax Inc.
8.62% of portfolio
 		GOOG
Alphabet Inc. CL C
7.67% of portfolio
 		BRK.A
Berkshire Hathaway CL A
6.48% of portfolio
 		CNSWF
Constellation Software Inc.
5.49% of portfolio
 		J
Jacobs Solutions Inc.
5.34% of portfolio
 		MA
Mastercard Inc.
5.24% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
5.21% of portfolio
 		CACC
Credit Acceptance Corp.
5.21% of portfolio
 		GOOGL
Alphabet Inc.
4.83% of portfolio
 		RYCEF
Rolls Royce Holdings plc
4.47% of portfolio
 		META
Meta Platforms Inc.
4.10% of portfolio
 		AMZN
Amazon.com Inc.
3.77% of portfolio
 		SCHW
Charles Schwab Corp.
3.62% of portfolio
 		BKNG
Booking Holdings Inc.
3.45% of portfolio
 		VIVEF
Vivendi Universal S.A.
3.38% of portfolio
 		W
Wayfair Inc.
3.21% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
3.14% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.82% of portfolio
 		MLSPF
Melrose Industries PLC
2.58% of portfolio
 		ACOPF
a2 Milk Company Ltd.
2.47% of portfolio
2019   Q2$3.63 B KMX
CarMax Inc.
8.52% of portfolio
 		MA
Mastercard Inc.
7.85% of portfolio
 		CNSWF
Constellation Software Inc.
7.34% of portfolio
 		GOOG
Alphabet Inc. CL C
6.81% of portfolio
 		BRK.A
Berkshire Hathaway CL A
6.62% of portfolio
 		CACC
Credit Acceptance Corp.
5.47% of portfolio
 		J
Jacobs Solutions Inc.
4.93% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
4.69% of portfolio
 		META
Meta Platforms Inc.
4.45% of portfolio
 		GOOGL
Alphabet Inc.
4.29% of portfolio
 		AMZN
Amazon.com Inc.
4.11% of portfolio
 		NPSNY
Naspers Ltd
3.82% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.67% of portfolio
 		SCHW
Charles Schwab Corp.
3.48% of portfolio
 		VIVEF
Vivendi Universal S.A.
3.39% of portfolio
 		BKNG
Booking Holdings Inc.
3.30% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
3.13% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.99% of portfolio
 		ACOPF
a2 Milk Company Ltd.
2.94% of portfolio
 		HCXLF
Hiscox Ltd.
2.47% of portfolio
2019   Q1$3.49 B KMX
CarMax Inc.
8.11% of portfolio
 		GOOG
Alphabet Inc. CL C
7.68% of portfolio
 		MA
Mastercard Inc.
7.26% of portfolio
 		CNSWF
Constellation Software Inc.
6.86% of portfolio
 		BRK.A
Berkshire Hathaway CL A
6.51% of portfolio
 		CACC
Credit Acceptance Corp.
5.31% of portfolio
 		GOOGL
Alphabet Inc.
4.84% of portfolio
 		AMZN
Amazon.com Inc.
4.64% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
4.57% of portfolio
 		J
Jacobs Solutions Inc.
4.57% of portfolio
 		RYCEF
Rolls Royce Holdings plc
4.21% of portfolio
 		META
Meta Platforms Inc.
4.00% of portfolio
 		SCHW
Charles Schwab Corp.
3.85% of portfolio
 		NPSNY
Naspers Ltd
3.78% of portfolio
 		VIVEF
Vivendi Universal S.A.
3.71% of portfolio
 		BKNG
Booking Holdings Inc.
3.19% of portfolio
 		ACOPF
a2 Milk Company Ltd.
3.03% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.97% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
2.87% of portfolio
 		MLSPF
Melrose Industries PLC
2.59% of portfolio
2018   Q4$3.31 B KMX
CarMax Inc.
8.32% of portfolio
 		GOOG
Alphabet Inc. CL C
7.97% of portfolio
 		BRK.A
Berkshire Hathaway CL A
6.98% of portfolio
 		MA
Mastercard Inc.
6.29% of portfolio
 		CNSWF
Constellation Software Inc.
5.47% of portfolio
 		CACC
Credit Acceptance Corp.
4.73% of portfolio
 		GOOGL
Alphabet Inc.
4.54% of portfolio
 		RYCEF
Rolls Royce Holdings plc
4.23% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
4.22% of portfolio
 		AMZN
Amazon.com Inc.
4.12% of portfolio
 		SCHW
Charles Schwab Corp.
3.94% of portfolio
 		J
Jacobs Solutions Inc.
3.75% of portfolio
 		NPSNY
Naspers Ltd
3.47% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.37% of portfolio
 		META
Meta Platforms Inc.
3.32% of portfolio
 		BKNG
Booking Holdings Inc.
3.32% of portfolio
 		VIVEF
Vivendi Universal S.A.
3.29% of portfolio
 		EA
Electronic Arts
3.17% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
2.69% of portfolio
 		HCXLF
Hiscox Ltd.
2.60% of portfolio
2018   Q3$3.92 B GOOG
Alphabet Inc. CL C
8.78% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.62% of portfolio
 		KMX
CarMax Inc.
8.47% of portfolio
 		MA
Mastercard Inc.
6.67% of portfolio
 		CNSWF
Constellation Software Inc.
5.37% of portfolio
 		AMZN
Amazon.com Inc.
5.17% of portfolio
 		CACC
Credit Acceptance Corp.
4.64% of portfolio
 		GOOGL
Alphabet Inc.
4.48% of portfolio
 		RYCEF
Rolls Royce Holdings plc
4.39% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
4.37% of portfolio
 		J
Jacobs Solutions Inc.
4.19% of portfolio
 		SCHW
Charles Schwab Corp.
3.99% of portfolio
 		META
Meta Platforms Inc.
3.55% of portfolio
 		BKNG
Booking Holdings Inc.
3.27% of portfolio
 		NPSNY
Naspers Ltd
3.18% of portfolio
 		TJX
TJX Companies Inc.
3.17% of portfolio
 		VIVEF
Vivendi Universal S.A.
2.97% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
2.69% of portfolio
 		HCXLF
Hiscox Ltd.
2.48% of portfolio
 		MHK
Mohawk Industries
2.32% of portfolio
2018   Q2$4.06 B KMX
CarMax Inc.
8.19% of portfolio
 		GOOG
Alphabet Inc. CL C
8.09% of portfolio
 		MA
Mastercard Inc.
7.58% of portfolio
 		BRK.A
Berkshire Hathaway CL A
7.47% of portfolio
 		CNSWF
Constellation Software Inc.
6.31% of portfolio
 		RYCEF
Rolls Royce Holdings plc
5.52% of portfolio
 		TJX
TJX Companies Inc.
5.20% of portfolio
 		AMZN
Amazon.com Inc.
4.59% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
4.29% of portfolio
 		GOOGL
Alphabet Inc.
4.13% of portfolio
 		SCHW
Charles Schwab Corp.
4.08% of portfolio
 		NPSNY
Naspers Ltd
3.70% of portfolio
 		CACC
Credit Acceptance Corp.
3.69% of portfolio
 		J
Jacobs Solutions Inc.
3.44% of portfolio
 		BKNG
Booking Holdings Inc.
3.34% of portfolio
 		META
Meta Platforms Inc.
3.21% of portfolio
 		VIVEF
Vivendi Universal S.A.
2.82% of portfolio
 		MHK
Mohawk Industries
2.80% of portfolio
 		LBRDK
Liberty Broadband Corp. CL C
2.40% of portfolio
 		HCXLF
Hiscox Ltd.
2.30% of portfolio
2018   Q1$3.9 B BRK.A
Berkshire Hathaway CL A
10.80% of portfolio
 		GOOG
Alphabet Inc. CL C
7.80% of portfolio
 		MA
Mastercard Inc.
7.32% of portfolio
 		KMX
CarMax Inc.
7.25% of portfolio
 		CNSWF
Constellation Software Inc.
5.76% of portfolio
 		RYCEF
Rolls Royce Holdings plc
5.40% of portfolio
 		AMZN
Amazon.com Inc.
4.87% of portfolio
 		TJX
TJX Companies Inc.
4.65% of portfolio
 		SCHW
Charles Schwab Corp.
4.35% of portfolio
 		GOOGL
Alphabet Inc.
3.95% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
3.72% of portfolio
 		CACC
Credit Acceptance Corp.
3.60% of portfolio
 		BKNG
Booking Holdings Inc.
3.57% of portfolio
 		NPSNY
Naspers Ltd
3.52% of portfolio
 		MHK
Mohawk Industries
3.16% of portfolio
 		VIVEF
Vivendi Universal S.A.
3.10% of portfolio
 		J
Jacobs Solutions Inc.
2.88% of portfolio
 		HCXLF
Hiscox Ltd.
2.43% of portfolio
 		VOPKF
Koninklijke Vopak N.V.
2.38% of portfolio
 		META
Meta Platforms Inc.
2.28% of portfolio
2017   Q4$4.02 B BRK.A
Berkshire Hathaway CL A
10.41% of portfolio
 		MA
Mastercard Inc.
8.56% of portfolio
 		GOOG
Alphabet Inc. CL C
6.90% of portfolio
 		CNSWF
Constellation Software Inc.
5.86% of portfolio
 		XRAY
DENTSPLY SIRONA Inc.
5.62% of portfolio
 		TJX
TJX Companies Inc.
5.49% of portfolio
 		RYCEF
Rolls Royce Holdings plc
4.89% of portfolio
 		SCHW
Charles Schwab Corp.
4.15% of portfolio
 		KMX
CarMax Inc.
4.06% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
3.99% of portfolio
 		GOOGL
Alphabet Inc.
3.89% of portfolio
 		AMZN
Amazon.com Inc.
3.81% of portfolio
 		WFC
Wells Fargo
3.79% of portfolio
 		MHK
Mohawk Industries
3.64% of portfolio
 		J
Jacobs Solutions Inc.
3.61% of portfolio
 		CACC
Credit Acceptance Corp.
3.41% of portfolio
 		BKNG
Booking Holdings Inc.
2.89% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.73% of portfolio
 		ORLY
O'Reilly Automotive
2.72% of portfolio
 		OMC
Omnicom Group
2.67% of portfolio
2017   Q3$3.77 B BRK.A
Berkshire Hathaway CL A
10.75% of portfolio
 		MA
Mastercard Inc.
8.51% of portfolio
 		KMX
CarMax Inc.
6.76% of portfolio
 		GOOG
Alphabet Inc. CL C
6.74% of portfolio
 		TJX
TJX Companies Inc.
5.64% of portfolio
 		CNSWF
Constellation Software Inc.
5.62% of portfolio
 		XRAY
DENTSPLY SIRONA Inc.
5.45% of portfolio
 		RYCEF
Rolls Royce Holdings plc
5.42% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
4.74% of portfolio
 		GOOGL
Alphabet Inc.
3.83% of portfolio
 		SCHW
Charles Schwab Corp.
3.76% of portfolio
 		WFC
Wells Fargo
3.67% of portfolio
 		MHK
Mohawk Industries
3.48% of portfolio
 		J
Jacobs Solutions Inc.
3.40% of portfolio
 		BKNG
Booking Holdings Inc.
3.24% of portfolio
 		CACC
Credit Acceptance Corp.
3.15% of portfolio
 		OMC
Omnicom Group
2.90% of portfolio
 		ORLY
O'Reilly Automotive
2.83% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.60% of portfolio
 		HCXLF
Hiscox Ltd.
2.11% of portfolio
2017   Q2$3.8 B BRK.A
Berkshire Hathaway CL A
9.90% of portfolio
 		MA
Mastercard Inc.
8.55% of portfolio
 		TJX
TJX Companies Inc.
6.57% of portfolio
 		XRAY
DENTSPLY SIRONA Inc.
5.86% of portfolio
 		KMX
CarMax Inc.
5.59% of portfolio
 		CNSWF
Constellation Software Inc.
5.35% of portfolio
 		RYCEF
Rolls Royce Holdings plc
5.25% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
4.52% of portfolio
 		WAT
Waters Corp.
3.73% of portfolio
 		SCHW
Charles Schwab Corp.
3.67% of portfolio
 		GOOGL
Alphabet Inc.
3.63% of portfolio
 		GOOG
Alphabet Inc. CL C
3.56% of portfolio
 		ORLY
O'Reilly Automotive
3.50% of portfolio
 		MHK
Mohawk Industries
3.37% of portfolio
 		BKNG
Booking Holdings Inc.
3.29% of portfolio
 		OMC
Omnicom Group
3.22% of portfolio
 		J
Jacobs Solutions Inc.
2.93% of portfolio
 		CACC
Credit Acceptance Corp.
2.87% of portfolio
 		WFC
Wells Fargo
2.72% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.59% of portfolio
2017   Q1$3.77 B BRK.A
Berkshire Hathaway CL A
9.80% of portfolio
 		MA
Mastercard Inc.
7.99% of portfolio
 		TJX
TJX Companies Inc.
7.26% of portfolio
 		XRAY
DENTSPLY SIRONA Inc.
5.70% of portfolio
 		KMX
CarMax Inc.
5.29% of portfolio
 		ORLY
O'Reilly Automotive
5.28% of portfolio
 		CNSWF
Constellation Software Inc.
5.07% of portfolio
 		RYCEF
Rolls Royce Holdings plc
4.31% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.28% of portfolio
 		FWONK
Liberty Media Corp Formula One Series C
4.05% of portfolio
 		SCHW
Charles Schwab Corp.
3.52% of portfolio
 		GOOGL
Alphabet Inc.
3.34% of portfolio
 		GOOG
Alphabet Inc. CL C
3.28% of portfolio
 		MHK
Mohawk Industries
3.23% of portfolio
 		WAT
Waters Corp.
3.20% of portfolio
 		J
Jacobs Solutions Inc.
3.00% of portfolio
 		WFC
Wells Fargo
2.76% of portfolio
 		CMG
Chipotle Mexican Grill Inc.
2.48% of portfolio
 		FAST
Fastenal
2.29% of portfolio
 		BKNG
Booking Holdings Inc.
2.19% of portfolio
2016   Q4$3.6 B BRK.A
Berkshire Hathaway CL A
10.69% of portfolio
 		BRK.B
Berkshire Hathaway CL B
8.50% of portfolio
 		MA
Mastercard Inc.
7.66% of portfolio
 		TJX
TJX Companies Inc.
7.26% of portfolio
 		KMX
CarMax Inc.
6.02% of portfolio
 		ORLY
O'Reilly Automotive
5.75% of portfolio
 		XRAY
DENTSPLY SIRONA Inc.
5.51% of portfolio
 		CNSWF
Constellation Software Inc.
4.90% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.93% of portfolio
 		FAST
Fastenal
3.91% of portfolio
 		SCHW
Charles Schwab Corp.
3.56% of portfolio
 		GOOGL
Alphabet Inc.
3.27% of portfolio
 		J
Jacobs Solutions Inc.
3.23% of portfolio
 		GOOG
Alphabet Inc. CL C
3.19% of portfolio
 		MHK
Mohawk Industries
2.94% of portfolio
 		WAT
Waters Corp.
2.88% of portfolio
 		WFC
Wells Fargo
2.85% of portfolio
 		CMG
Chipotle Mexican Grill Inc.
2.20% of portfolio
 		OMC
Omnicom Group
2.02% of portfolio
 		TIF
Tiffany & Co.
1.68% of portfolio
2016   Q3$4.12 B BRK.A
Berkshire Hathaway CL A
10.00% of portfolio
 		TJX
TJX Companies Inc.
8.08% of portfolio
 		BRK.B
Berkshire Hathaway CL B
8.01% of portfolio
 		MA
Mastercard Inc.
7.34% of portfolio
 		ORLY
O'Reilly Automotive
5.61% of portfolio
 		MHK
Mohawk Industries
5.54% of portfolio
 		FAST
Fastenal
4.90% of portfolio
 		XRAY
DENTSPLY SIRONA Inc.
4.76% of portfolio
 		CNSWF
Constellation Software Inc.
4.62% of portfolio
 		RYCEF
Rolls Royce Holdings plc
4.23% of portfolio
 		WAT
Waters Corp.
3.22% of portfolio
 		GOOGL
Alphabet Inc.
3.15% of portfolio
 		GOOG
Alphabet Inc. CL C
3.05% of portfolio
 		J
Jacobs Solutions Inc.
2.79% of portfolio
 		KMX
CarMax Inc.
2.70% of portfolio
 		SCHW
Charles Schwab Corp.
2.70% of portfolio
 		CMG
Chipotle Mexican Grill Inc.
2.33% of portfolio
 		WFC
Wells Fargo
2.17% of portfolio
 		PX
Praxair Inc.
2.01% of portfolio
 		OMC
Omnicom Group
1.92% of portfolio
2016   Q2$4.07 B BRK.A
Berkshire Hathaway CL A
11.71% of portfolio
 		TJX
TJX Companies Inc.
9.31% of portfolio
 		BRK.B
Berkshire Hathaway CL B
8.59% of portfolio
 		MA
Mastercard Inc.
6.44% of portfolio
 		ORLY
O'Reilly Automotive
5.50% of portfolio
 		MHK
Mohawk Industries
5.32% of portfolio
 		FAST
Fastenal
5.27% of portfolio
 		RYCEF
Rolls Royce Holdings plc
4.35% of portfolio
 		CNSWF
Constellation Software Inc.
4.02% of portfolio
 		XRAY
DENTSPLY SIRONA Inc.
3.46% of portfolio
 		WAT
Waters Corp.
2.90% of portfolio
 		GOOGL
Alphabet Inc.
2.79% of portfolio
 		GOOG
Alphabet Inc. CL C
2.75% of portfolio
 		J
Jacobs Solutions Inc.
2.72% of portfolio
 		KMX
CarMax Inc.
2.52% of portfolio
 		WFC
Wells Fargo
2.35% of portfolio
 		CMG
Chipotle Mexican Grill Inc.
2.25% of portfolio
 		SCHW
Charles Schwab Corp.
2.19% of portfolio
 		DHR
Danaher Corp.
1.89% of portfolio
 		PX
Praxair Inc.
1.89% of portfolio
2016   Q1$4.61 B BRK.A
Berkshire Hathaway CL A
11.10% of portfolio
 		TJX
TJX Companies Inc.
9.94% of portfolio
 		BRK.B
Berkshire Hathaway CL B
7.21% of portfolio
 		FAST
Fastenal
6.80% of portfolio
 		ORLY
O'Reilly Automotive
6.48% of portfolio
 		BHC
Bausch Health
6.34% of portfolio
 		MA
Mastercard Inc.
6.10% of portfolio
 		IDXX
IDEXX Laboratories
5.34% of portfolio
 		MHK
Mohawk Industries
4.73% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.97% of portfolio
 		CNSWF
Constellation Software Inc.
3.75% of portfolio
 		XRAY
DENTSPLY SIRONA Inc.
3.03% of portfolio
 		GOOGL
Alphabet Inc.
2.67% of portfolio
 		GOOG
Alphabet Inc. CL C
2.62% of portfolio
 		WAT
Waters Corp.
2.40% of portfolio
 		J
Jacobs Solutions Inc.
2.10% of portfolio
 		PX
Praxair Inc.
1.70% of portfolio
 		OMC
Omnicom Group
1.68% of portfolio
 		DHR
Danaher Corp.
1.57% of portfolio
 		COIHF
Croda International
1.45% of portfolio
2015   Q4$6.24 B BHC
Bausch Health
20.84% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.99% of portfolio
 		TJX
TJX Companies Inc.
7.47% of portfolio
 		ORLY
O'Reilly Automotive
6.70% of portfolio
 		FAST
Fastenal
5.70% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.31% of portfolio
 		MA
Mastercard Inc.
4.64% of portfolio
 		PCP
Precision Castparts
4.46% of portfolio
 		IDXX
IDEXX Laboratories
3.67% of portfolio
 		MHK
Mohawk Industries
3.46% of portfolio
 		CNSWF
Constellation Software Inc.
2.82% of portfolio
 		RYCEF
Rolls Royce Holdings plc
2.54% of portfolio
 		SIRO-OLD
Sirona Dental Systems Inc.
2.19% of portfolio
 		GOOGL
Alphabet Inc.
2.01% of portfolio
 		GOOG
Alphabet Inc. CL C
1.97% of portfolio
 		WAT
Waters Corp.
1.81% of portfolio
 		J
Jacobs Solutions Inc.
1.49% of portfolio
 		DHR
Danaher Corp.
1.13% of portfolio
 		OMC
Omnicom Group
1.13% of portfolio
 		PX
Praxair Inc.
1.12% of portfolio
2015   Q3$6.91 B BHC
Bausch Health
29.12% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.02% of portfolio
 		TJX
TJX Companies Inc.
6.80% of portfolio
 		ORLY
O'Reilly Automotive
5.97% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.74% of portfolio
 		FAST
Fastenal
4.61% of portfolio
 		PCP
Precision Castparts
3.99% of portfolio
 		MA
Mastercard Inc.
3.88% of portfolio
 		IDXX
IDEXX Laboratories
3.37% of portfolio
 		MHK
Mohawk Industries
3.00% of portfolio
 		RYCEF
Rolls Royce Holdings plc
2.77% of portfolio
 		CNSWF
Constellation Software Inc.
2.56% of portfolio
 		SIRO-OLD
Sirona Dental Systems Inc.
1.69% of portfolio
 		GOOGL
Alphabet Inc.
1.49% of portfolio
 		WAT
Waters Corp.
1.43% of portfolio
 		GOOG
Alphabet Inc. CL C
1.43% of portfolio
 		J
Jacobs Solutions Inc.
1.20% of portfolio
 		GS
Goldman Sachs Group
1.09% of portfolio
 		PRGO
Perrigo Co.
1.05% of portfolio
 		PX
Praxair Inc.
1.01% of portfolio
2015   Q2$7.34 B BHC
Bausch Health
34.16% of portfolio
 		BRK.A
Berkshire Hathaway CL A
7.92% of portfolio
 		TJX
TJX Companies Inc.
5.95% of portfolio
 		ORLY
O'Reilly Automotive
5.08% of portfolio
 		FAST
Fastenal
5.01% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.66% of portfolio
 		MA
Mastercard Inc.
3.79% of portfolio
 		PCP
Precision Castparts
3.27% of portfolio
 		MHK
Mohawk Industries
2.97% of portfolio
 		IDXX
IDEXX Laboratories
2.75% of portfolio
 		RYCEF
Rolls Royce Holdings plc
2.17% of portfolio
 		SIRO-OLD
Sirona Dental Systems Inc.
1.71% of portfolio
 		WAT
Waters Corp.
1.47% of portfolio
 		CNSWF
Constellation Software Inc.
1.39% of portfolio
 		GS
Goldman Sachs Group
1.23% of portfolio
 		GOOGL
Alphabet Inc.
1.19% of portfolio
 		PRGO
Perrigo Co.
1.16% of portfolio
 		GOOG
Alphabet Inc. CL C
1.15% of portfolio
 		PX
Praxair Inc.
1.12% of portfolio
 		TIF
Tiffany & Co.
1.06% of portfolio
2015   Q1$7.5 B BHC
Bausch Health
29.88% of portfolio
 		TJX
TJX Companies Inc.
9.08% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.23% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.84% of portfolio
 		FAST
Fastenal
4.81% of portfolio
 		ORLY
O'Reilly Automotive
4.76% of portfolio
 		MA
Mastercard Inc.
3.43% of portfolio
 		PCP
Precision Castparts
3.36% of portfolio
 		IDXX
IDEXX Laboratories
3.24% of portfolio
 		MHK
Mohawk Industries
2.83% of portfolio
 		RYCEF
Rolls Royce Holdings plc
2.28% of portfolio
 		SIRO-OLD
Sirona Dental Systems Inc.
1.50% of portfolio
 		WAT
Waters Corp.
1.39% of portfolio
 		GOOGL
Alphabet Inc.
1.19% of portfolio
 		CNSWF
Constellation Software Inc.
1.18% of portfolio
 		GOOG
Alphabet Inc. CL C
1.18% of portfolio
 		PRGO
Perrigo Co.
1.16% of portfolio
 		NVZMY
Novozymes
1.13% of portfolio
 		PX
Praxair Inc.
1.10% of portfolio
 		GS
Goldman Sachs Group
1.08% of portfolio
2014   Q4$7 B BHC
Bausch Health
23.06% of portfolio
 		TJX
TJX Companies Inc.
9.61% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.48% of portfolio
 		FAST
Fastenal
5.92% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.37% of portfolio
 		ORLY
O'Reilly Automotive
4.54% of portfolio
 		MA
Mastercard Inc.
3.66% of portfolio
 		IDXX
IDEXX Laboratories
3.63% of portfolio
 		PCP
Precision Castparts
3.24% of portfolio
 		MHK
Mohawk Industries
2.53% of portfolio
 		RYCEF
Rolls Royce Holdings plc
2.34% of portfolio
 		SIRO-OLD
Sirona Dental Systems Inc.
1.56% of portfolio
 		INT-OLD
World Fuel Services
1.50% of portfolio
 		WAT
Waters Corp.
1.35% of portfolio
 		TIF
Tiffany & Co.
1.30% of portfolio
 		PX
Praxair Inc.
1.27% of portfolio
 		PRGO
Perrigo Co.
1.26% of portfolio
 		NVZMY
Novozymes
1.25% of portfolio
 		GOOGL
Alphabet Inc.
1.22% of portfolio
 		GOOG
Alphabet Inc. CL C
1.21% of portfolio
2014   Q3$6.46 B BHC
Bausch Health
22.91% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.60% of portfolio
 		TJX
TJX Companies Inc.
9.35% of portfolio
 		FAST
Fastenal
6.05% of portfolio
 		BRK.B
Berkshire Hathaway CL B
5.36% of portfolio
 		ORLY
O'Reilly Automotive
3.84% of portfolio
 		IDXX
IDEXX Laboratories
3.59% of portfolio
 		PCP
Precision Castparts
3.46% of portfolio
 		MA
Mastercard Inc.
3.40% of portfolio
 		RYCEF
Rolls Royce Holdings plc
2.93% of portfolio
 		MHK
Mohawk Industries
2.38% of portfolio
 		INT-OLD
World Fuel Services
2.00% of portfolio
 		SIRO-OLD
Sirona Dental Systems Inc.
1.48% of portfolio
 		GOOGL
Alphabet Inc.
1.47% of portfolio
 		GOOG
Alphabet Inc. CL C
1.44% of portfolio
 		NVZMY
Novozymes
1.39% of portfolio
 		IBM
International Business Machines
1.37% of portfolio
 		PX
Praxair Inc.
1.37% of portfolio
 		QNTQF
Qinetiq Group Plc.
1.30% of portfolio
 		WAT
Waters Corp.
1.28% of portfolio
2014   Q2$6.46 B BHC
Bausch Health
22.08% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.09% of portfolio
 		TJX
TJX Companies Inc.
8.44% of portfolio
 		FAST
Fastenal
5.31% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.79% of portfolio
 		IDXX
IDEXX Laboratories
4.08% of portfolio
 		ORLY
O'Reilly Automotive
3.86% of portfolio
 		PCP
Precision Castparts
3.69% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.50% of portfolio
 		MA
Mastercard Inc.
3.39% of portfolio
 		INT-OLD
World Fuel Services
2.48% of portfolio
 		MHK
Mohawk Industries
2.45% of portfolio
 		NVZMY
Novozymes
1.61% of portfolio
 		SIRO-OLD
Sirona Dental Systems Inc.
1.60% of portfolio
 		GOOGL
Alphabet Inc.
1.47% of portfolio
 		GOOG
Alphabet Inc. CL C
1.44% of portfolio
 		PX
Praxair Inc.
1.41% of portfolio
 		IMIAF
IMI Plc
1.38% of portfolio
 		WAT
Waters Corp.
1.36% of portfolio
 		IBM
International Business Machines
1.34% of portfolio
2014   Q1$6.53 B BHC
Bausch Health
22.85% of portfolio
 		TJX
TJX Companies Inc.
9.54% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.08% of portfolio
 		FAST
Fastenal
5.24% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.49% of portfolio
 		ORLY
O'Reilly Automotive
3.76% of portfolio
 		IDXX
IDEXX Laboratories
3.67% of portfolio
 		PCP
Precision Castparts
3.66% of portfolio
 		MA
Mastercard Inc.
3.41% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.39% of portfolio
 		GOOGL
Alphabet Inc.
2.77% of portfolio
 		MHK
Mohawk Industries
2.38% of portfolio
 		INT-OLD
World Fuel Services
2.20% of portfolio
 		SIRO-OLD
Sirona Dental Systems Inc.
1.44% of portfolio
 		IBM
International Business Machines
1.41% of portfolio
 		NVZMY
Novozymes
1.40% of portfolio
 		WAT
Waters Corp.
1.40% of portfolio
 		PX
Praxair Inc.
1.38% of portfolio
 		QNTQF
Qinetiq Group Plc.
1.33% of portfolio
 		IMIAF
IMI Plc
1.31% of portfolio
2013   Q4$6.57 B BHC
Bausch Health
20.23% of portfolio
 		TJX
TJX Companies Inc.
9.96% of portfolio
 		BRK.A
Berkshire Hathaway CL A
8.62% of portfolio
 		FAST
Fastenal
5.02% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.18% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.97% of portfolio
 		PCP
Precision Castparts
3.88% of portfolio
 		MA
Mastercard Inc.
3.80% of portfolio
 		PPAMF
Pirelli & Co SPA
3.65% of portfolio
 		ORLY
O'Reilly Automotive
3.25% of portfolio
 		IDXX
IDEXX Laboratories
3.20% of portfolio
 		GOOGL
Alphabet Inc.
2.76% of portfolio
 		MHK
Mohawk Industries
2.60% of portfolio
 		INT-OLD
World Fuel Services
2.14% of portfolio
 		IMIAF
IMI Plc
1.54% of portfolio
 		IBM
International Business Machines
1.36% of portfolio
 		PX
Praxair Inc.
1.36% of portfolio
 		SIRO-OLD
Sirona Dental Systems Inc.
1.34% of portfolio
 		NVZMY
Novozymes
1.33% of portfolio
 		WAT
Waters Corp.
1.28% of portfolio
2013   Q3$6.02 B BHC
Bausch Health
19.62% of portfolio
 		TJX
TJX Companies Inc.
9.62% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.01% of portfolio
 		FAST
Fastenal
5.79% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.37% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.70% of portfolio
 		PCP
Precision Castparts
3.57% of portfolio
 		ORLY
O'Reilly Automotive
3.51% of portfolio
 		MA
Mastercard Inc.
3.34% of portfolio
 		IDXX
IDEXX Laboratories
3.28% of portfolio
 		AAP
Advance Auto Parts
3.23% of portfolio
 		PPAMF
Pirelli & Co SPA
3.01% of portfolio
 		MHK
Mohawk Industries
2.51% of portfolio
 		GOOGL
Alphabet Inc.
2.36% of portfolio
 		INT-OLD
World Fuel Services
2.02% of portfolio
 		IMIAF
IMI Plc
1.57% of portfolio
 		WAT
Waters Corp.
1.48% of portfolio
 		IBM
International Business Machines
1.47% of portfolio
 		SIRO-OLD
Sirona Dental Systems Inc.
1.40% of portfolio
 		PX
Praxair Inc.
1.37% of portfolio
2013   Q2$5.54 B BHC
Bausch Health
17.60% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.69% of portfolio
 		TJX
TJX Companies Inc.
9.28% of portfolio
 		FAST
Fastenal
5.75% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.68% of portfolio
 		PCP
Precision Castparts
3.86% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.85% of portfolio
 		AAP
Advance Auto Parts
3.46% of portfolio
 		ORLY
O'Reilly Automotive
3.37% of portfolio
 		IDXX
IDEXX Laboratories
3.21% of portfolio
 		MA
Mastercard Inc.
3.10% of portfolio
 		MHK
Mohawk Industries
3.00% of portfolio
 		PPAMF
Pirelli & Co SPA
2.89% of portfolio
 		GOOGL
Alphabet Inc.
2.58% of portfolio
 		INT-OLD
World Fuel Services
2.35% of portfolio
 		IBM
International Business Machines
1.65% of portfolio
 		WAT
Waters Corp.
1.52% of portfolio
 		SIRO-OLD
Sirona Dental Systems Inc.
1.49% of portfolio
 		PX
Praxair Inc.
1.43% of portfolio
 		IMIAF
IMI Plc
1.37% of portfolio
2013   Q1$5.33 B BHC
Bausch Health
15.92% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.33% of portfolio
 		TJX
TJX Companies Inc.
9.00% of portfolio
 		FAST
Fastenal
6.68% of portfolio
 		MHK
Mohawk Industries
5.44% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.53% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.98% of portfolio
 		AAP
Advance Auto Parts
3.87% of portfolio
 		IDXX
IDEXX Laboratories
3.43% of portfolio
 		PCP
Precision Castparts
3.36% of portfolio
 		ORLY
O'Reilly Automotive
3.18% of portfolio
 		MA
Mastercard Inc.
3.03% of portfolio
 		INT-OLD
World Fuel Services
2.42% of portfolio
 		GOOGL
Alphabet Inc.
2.41% of portfolio
 		IBM
International Business Machines
1.91% of portfolio
 		SIRO-OLD
Sirona Dental Systems Inc.
1.73% of portfolio
 		WAT
Waters Corp.
1.48% of portfolio
 		IMIAF
IMI Plc
1.48% of portfolio
 		PX
Praxair Inc.
1.44% of portfolio
 		QNTQF
Qinetiq Group Plc.
1.37% of portfolio
2012   Q4$4.7 B BHC
Bausch Health
14.40% of portfolio
 		TJX
TJX Companies Inc.
9.28% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.09% of portfolio
 		FAST
Fastenal
6.91% of portfolio
 		MHK
Mohawk Industries
5.00% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.41% of portfolio
 		IDXX
IDEXX Laboratories
3.94% of portfolio
 		AAP
Advance Auto Parts
3.85% of portfolio
 		PCP
Precision Castparts
3.82% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.74% of portfolio
 		ORLY
O'Reilly Automotive
3.15% of portfolio
 		MA
Mastercard Inc.
3.12% of portfolio
 		INT-OLD
World Fuel Services
2.85% of portfolio
 		GOOGL
Alphabet Inc.
2.45% of portfolio
 		IBM
International Business Machines
1.94% of portfolio
 		SIRO-OLD
Sirona Dental Systems Inc.
1.72% of portfolio
 		PX
Praxair Inc.
1.60% of portfolio
 		WAT
Waters Corp.
1.56% of portfolio
 		IMIAF
IMI Plc
1.53% of portfolio
 		QNTQF
Qinetiq Group Plc.
1.47% of portfolio
2012   Q3$4.58 B BHC
Bausch Health
13.65% of portfolio
 		TJX
TJX Companies Inc.
10.03% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.37% of portfolio
 		FAST
Fastenal
6.52% of portfolio
 		MHK
Mohawk Industries
4.64% of portfolio
 		IDXX
IDEXX Laboratories
4.38% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.30% of portfolio
 		AAP
Advance Auto Parts
3.73% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.67% of portfolio
 		PCP
Precision Castparts
3.38% of portfolio
 		ORLY
O'Reilly Automotive
3.02% of portfolio
 		MA
Mastercard Inc.
2.94% of portfolio
 		GOOGL
Alphabet Inc.
2.67% of portfolio
 		INT-OLD
World Fuel Services
2.39% of portfolio
 		IBM
International Business Machines
2.16% of portfolio
 		TGT
Target Corp.
2.04% of portfolio
 		PX
Praxair Inc.
1.56% of portfolio
 		QNTQF
Qinetiq Group Plc.
1.55% of portfolio
 		WAT
Waters Corp.
1.53% of portfolio
 		WMT
Walmart Inc.
1.53% of portfolio
2012   Q2$4.24 B BHC
Bausch Health
11.96% of portfolio
 		TJX
TJX Companies Inc.
10.40% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.55% of portfolio
 		FAST
Fastenal
6.61% of portfolio
 		IDXX
IDEXX Laboratories
4.59% of portfolio
 		BRK.B
Berkshire Hathaway CL B
4.39% of portfolio
 		MHK
Mohawk Industries
4.38% of portfolio
 		AAP
Advance Auto Parts
4.02% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.92% of portfolio
 		PCP
Precision Castparts
3.68% of portfolio
 		ORLY
O'Reilly Automotive
3.27% of portfolio
 		MA
Mastercard Inc.
3.03% of portfolio
 		GOOGL
Alphabet Inc.
2.22% of portfolio
 		IBM
International Business Machines
2.20% of portfolio
 		TGT
Target Corp.
2.02% of portfolio
 		INT-OLD
World Fuel Services
1.93% of portfolio
 		PX
Praxair Inc.
1.77% of portfolio
 		WMT
Walmart Inc.
1.56% of portfolio
 		PRGO
Perrigo Co.
1.47% of portfolio
 		QNTQF
Qinetiq Group Plc.
1.34% of portfolio
2012   Q1$4.25 B BHC
Bausch Health
14.31% of portfolio
 		TJX
TJX Companies Inc.
9.60% of portfolio
 		BRK.A
Berkshire Hathaway CL A
9.44% of portfolio
 		FAST
Fastenal
8.85% of portfolio
 		AAP
Advance Auto Parts
5.21% of portfolio
 		IDXX
IDEXX Laboratories
4.18% of portfolio
 		MHK
Mohawk Industries
4.16% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.94% of portfolio
 		PCP
Precision Castparts
3.86% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.78% of portfolio
 		ORLY
O'Reilly Automotive
3.56% of portfolio
 		MA
Mastercard Inc.
2.96% of portfolio
 		GOOGL
Alphabet Inc.
2.45% of portfolio
 		IBM
International Business Machines
2.34% of portfolio
 		TGT
Target Corp.
2.02% of portfolio
 		PX
Praxair Inc.
1.86% of portfolio
 		INT-OLD
World Fuel Services
1.55% of portfolio
 		IMIAF
IMI Plc
1.47% of portfolio
 		QNTQF
Qinetiq Group Plc.
1.39% of portfolio
 		WMT
Walmart Inc.
1.37% of portfolio
2011   Q4$3.65 B BHC
Bausch Health
14.48% of portfolio
 		BRK.A
Berkshire Hathaway CL A
10.33% of portfolio
 		TJX
TJX Companies Inc.
9.08% of portfolio
 		FAST
Fastenal
8.30% of portfolio
 		AAP
Advance Auto Parts
4.77% of portfolio
 		IDXX
IDEXX Laboratories
4.43% of portfolio
 		MHK
Mohawk Industries
4.36% of portfolio
 		PCP
Precision Castparts
4.28% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.93% of portfolio
 		ORLY
O'Reilly Automotive
3.63% of portfolio
 		BRK.B
Berkshire Hathaway CL B
3.10% of portfolio
 		MA
Mastercard Inc.
3.05% of portfolio
 		GOOGL
Alphabet Inc.
2.87% of portfolio
 		IBM
International Business Machines
2.40% of portfolio
 		TGT
Target Corp.
2.06% of portfolio
 		PX
Praxair Inc.
2.02% of portfolio
 		INT-OLD
World Fuel Services
1.84% of portfolio
 		WMT
Walmart Inc.
1.55% of portfolio
 		PRGO
Perrigo Co.
1.41% of portfolio
 		QNTQF
Qinetiq Group Plc.
1.31% of portfolio
2011   Q3$3 B BHC
Bausch Health
14.00% of portfolio
 		BRK.A
Berkshire Hathaway CL A
11.69% of portfolio
 		TJX
TJX Companies Inc.
9.49% of portfolio
 		FAST
Fastenal
7.71% of portfolio
 		IDXX
IDEXX Laboratories
5.06% of portfolio
 		PCP
Precision Castparts
4.91% of portfolio
 		AAP
Advance Auto Parts
4.84% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.83% of portfolio
 		MHK
Mohawk Industries
3.80% of portfolio
 		ORLY
O'Reilly Automotive
3.68% of portfolio
 		MA
Mastercard Inc.
3.15% of portfolio
 		IBM
International Business Machines
2.78% of portfolio
 		GOOGL
Alphabet Inc.
2.78% of portfolio
 		BRK.B
Berkshire Hathaway CL B
2.77% of portfolio
 		TGT
Target Corp.
2.40% of portfolio
 		PRGO
Perrigo Co.
1.71% of portfolio
 		WMT
Walmart Inc.
1.64% of portfolio
 		PX
Praxair Inc.
1.42% of portfolio
 		QNTQF
Qinetiq Group Plc.
1.40% of portfolio
 		GS
Goldman Sachs Group
1.37% of portfolio
2011   Q2$3.35 B BHC
Bausch Health
17.58% of portfolio
 		BRK.A
Berkshire Hathaway CL A
11.36% of portfolio
 		TJX
TJX Companies Inc.
7.75% of portfolio
 		FAST
Fastenal
7.48% of portfolio
 		IDXX
IDEXX Laboratories
5.86% of portfolio
 		MHK
Mohawk Industries
4.76% of portfolio
 		PCP
Precision Castparts
4.66% of portfolio
 		AAP
Advance Auto Parts
4.28% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.83% of portfolio
 		ORLY
O'Reilly Automotive
3.24% of portfolio
 		MA
Mastercard Inc.
2.69% of portfolio
 		GOOGL
Alphabet Inc.
2.46% of portfolio
 		IBM
International Business Machines
2.45% of portfolio
 		TGT
Target Corp.
2.06% of portfolio
 		GS
Goldman Sachs Group
1.73% of portfolio
 		BRK.B
Berkshire Hathaway CL B
1.62% of portfolio
 		WMT
Walmart Inc.
1.51% of portfolio
 		SMTGF
SMA Solar Technology AG
1.50% of portfolio
 		PRGO
Perrigo Co.
1.39% of portfolio
 		FSLR
First Solar Inc.
1.36% of portfolio
2011   Q1$3.06 B BHC
Bausch Health
18.41% of portfolio
 		BRK.A
Berkshire Hathaway CL A
12.50% of portfolio
 		TJX
TJX Companies Inc.
8.01% of portfolio
 		FAST
Fastenal
7.36% of portfolio
 		IDXX
IDEXX Laboratories
6.47% of portfolio
 		MHK
Mohawk Industries
5.30% of portfolio
 		AAP
Advance Auto Parts
5.25% of portfolio
 		PCP
Precision Castparts
4.55% of portfolio
 		RYCEF
Rolls Royce Holdings plc
4.01% of portfolio
 		ORLY
O'Reilly Automotive
3.11% of portfolio
 		IBM
International Business Machines
2.54% of portfolio
 		GOOGL
Alphabet Inc.
2.50% of portfolio
 		MA
Mastercard Inc.
2.45% of portfolio
 		GS
Goldman Sachs Group
2.25% of portfolio
 		TGT
Target Corp.
2.24% of portfolio
 		WMT
Walmart Inc.
1.61% of portfolio
 		OMC
Omnicom Group
1.50% of portfolio
 		QNTQF
Qinetiq Group Plc.
1.48% of portfolio
 		RBA
Ritchie Bros. Auctioneers Inc.
1.40% of portfolio
 		PRGO
Perrigo Co.
1.38% of portfolio
2010   Q4$2.69 B BRK.A
Berkshire Hathaway CL A
13.67% of portfolio
 		BHC
Bausch Health
11.89% of portfolio
 		IDXX
IDEXX Laboratories
8.33% of portfolio
 		TJX
TJX Companies Inc.
8.14% of portfolio
 		FAST
Fastenal
7.73% of portfolio
 		MHK
Mohawk Industries
5.60% of portfolio
 		PCP
Precision Castparts
4.90% of portfolio
 		RYCEF
Rolls Royce Holdings plc
4.47% of portfolio
 		AAP
Advance Auto Parts
3.81% of portfolio
 		ORLY
O'Reilly Automotive
3.72% of portfolio
 		TGT
Target Corp.
3.06% of portfolio
 		GOOGL
Alphabet Inc.
2.88% of portfolio
 		GS
Goldman Sachs Group
2.72% of portfolio
 		IBM
International Business Machines
2.60% of portfolio
 		MA
Mastercard Inc.
2.48% of portfolio
 		WMT
Walmart Inc.
1.90% of portfolio
 		QNTQF
Qinetiq Group Plc.
1.74% of portfolio
 		OMC
Omnicom Group
1.59% of portfolio
 		DHR
Danaher Corp.
1.34% of portfolio
 		BDX
Becton Dickinson
1.31% of portfolio
2010   Q3$2.49 B BRK.A
Berkshire Hathaway CL A
15.34% of portfolio
 		BHC
Bausch Health
10.34% of portfolio
 		TJX
TJX Companies Inc.
8.84% of portfolio
 		IDXX
IDEXX Laboratories
8.51% of portfolio
 		FAST
Fastenal
7.42% of portfolio
 		MHK
Mohawk Industries
5.69% of portfolio
 		PCP
Precision Castparts
4.84% of portfolio
 		RYCEF
Rolls Royce Holdings plc
4.71% of portfolio
 		AAP
Advance Auto Parts
3.65% of portfolio
 		ORLY
O'Reilly Automotive
3.62% of portfolio
 		TGT
Target Corp.
2.94% of portfolio
 		GOOGL
Alphabet Inc.
2.76% of portfolio
 		MA
Mastercard Inc.
2.68% of portfolio
 		IBM
International Business Machines
2.57% of portfolio
 		GS
Goldman Sachs Group
2.52% of portfolio
 		WMT
Walmart Inc.
2.04% of portfolio
 		QNTQF
Qinetiq Group Plc.
1.57% of portfolio
 		OMC
Omnicom Group
1.48% of portfolio
 		PRGO
Perrigo Co.
1.37% of portfolio
 		PX
Praxair Inc.
1.30% of portfolio
2010   Q2$2.34 B BRK.A
Berkshire Hathaway CL A
15.74% of portfolio
 		IDXX
IDEXX Laboratories
9.29% of portfolio
 		TJX
TJX Companies Inc.
8.84% of portfolio
 		FAST
Fastenal
7.45% of portfolio
 		BHC
Bausch Health
7.22% of portfolio
 		MHK
Mohawk Industries
5.20% of portfolio
 		RYCEF
Rolls Royce Holdings plc
4.44% of portfolio
 		PCP
Precision Castparts
4.17% of portfolio
 		ORLY
O'Reilly Automotive
3.44% of portfolio
 		AAP
Advance Auto Parts
3.32% of portfolio
 		TGT
Target Corp.
2.88% of portfolio
 		MA
Mastercard Inc.
2.54% of portfolio
 		IBM
International Business Machines
2.52% of portfolio
 		GS
Goldman Sachs Group
2.44% of portfolio
 		WBA
Walgreens Boots Alliance
2.41% of portfolio
 		PAH3.DE
Porsche Automobil Hldg SE
2.13% of portfolio
 		WMT
Walmart Inc.
1.95% of portfolio
 		QNTQF
Qinetiq Group Plc.
1.73% of portfolio
 		OMC
Omnicom Group
1.37% of portfolio
 		GOOGL
Alphabet Inc.
1.27% of portfolio
2010   Q1$2.26 B BRK.A
Berkshire Hathaway CL A
20.49% of portfolio
 		TJX
TJX Companies Inc.
9.28% of portfolio
 		IDXX
IDEXX Laboratories
9.26% of portfolio
 		FAST
Fastenal
7.38% of portfolio
 		MHK
Mohawk Industries
6.39% of portfolio
 		PCP
Precision Castparts
5.31% of portfolio
 		RYCEF
Rolls Royce Holdings plc
4.95% of portfolio
 		WBA
Walgreens Boots Alliance
3.47% of portfolio
 		MLM
Martin Marietta
3.39% of portfolio
 		MA
Mastercard Inc.
3.35% of portfolio
 		TGT
Target Corp.
3.19% of portfolio
 		ORLY
O'Reilly Automotive
3.13% of portfolio
 		PAH3.DE
Porsche Automobil Hldg SE
3.12% of portfolio
 		AAP
Advance Auto Parts
2.87% of portfolio
 		WMT
Walmart Inc.
2.33% of portfolio
 		OMC
Omnicom Group
1.60% of portfolio
 		BDX
Becton Dickinson
1.46% of portfolio
 		RBA
Ritchie Bros. Auctioneers Inc.
1.45% of portfolio
 		DHR
Danaher Corp.
1.35% of portfolio
 		PX
Praxair Inc.
1.32% of portfolio
2009   Q4$2.4 B BRK.A
Berkshire Hathaway CL A
23.93% of portfolio
 		IDXX
IDEXX Laboratories
8.11% of portfolio
 		TJX
TJX Companies Inc.
7.53% of portfolio
 		FAST
Fastenal
6.04% of portfolio
 		MHK
Mohawk Industries
5.28% of portfolio
 		MLM
Martin Marietta
4.83% of portfolio
 		PAH3.DE
Porsche Automobil Hldg SE
4.52% of portfolio
 		PCP
Precision Castparts
4.37% of portfolio
 		RYCEF
Rolls Royce Holdings plc
4.04% of portfolio
 		WBA
Walgreens Boots Alliance
3.24% of portfolio
 		MA
Mastercard Inc.
3.19% of portfolio
 		TGT
Target Corp.
2.77% of portfolio
 		ORLY
O'Reilly Automotive
2.70% of portfolio
 		AAP
Advance Auto Parts
2.62% of portfolio
 		EXPD
Expeditors Int'l
2.26% of portfolio
 		WMT
Walmart Inc.
2.12% of portfolio
 		OMC
Omnicom Group
1.53% of portfolio
 		RBA
Ritchie Bros. Auctioneers Inc.
1.42% of portfolio
 		BDX
Becton Dickinson
1.38% of portfolio
 		DLRUF
De La Rue PLC
1.27% of portfolio
2009   Q3$2.26 B BRK.A
Berkshire Hathaway CL A
25.87% of portfolio
 		TJX
TJX Companies Inc.
8.13% of portfolio
 		IDXX
IDEXX Laboratories
8.06% of portfolio
 		PAH3.DE
Porsche Automobil Hldg SE
6.03% of portfolio
 		FAST
Fastenal
5.96% of portfolio
 		MLM
Martin Marietta
5.87% of portfolio
 		MHK
Mohawk Industries
5.62% of portfolio
 		PCP
Precision Castparts
4.28% of portfolio
 		RYCEF
Rolls Royce Holdings plc
4.13% of portfolio
 		WBA
Walgreens Boots Alliance
3.51% of portfolio
 		TGT
Target Corp.
2.83% of portfolio
 		ORLY
O'Reilly Automotive
2.71% of portfolio
 		EXPD
Expeditors Int'l
2.67% of portfolio
 		MA
Mastercard Inc.
2.67% of portfolio
 		WMT
Walmart Inc.
2.07% of portfolio
 		RBA
Ritchie Bros. Auctioneers Inc.
1.65% of portfolio
 		OMC
Omnicom Group
1.53% of portfolio
 		PCAR
PACCAR Inc.
1.40% of portfolio
 		DLRUF
De La Rue PLC
1.22% of portfolio
 		DHR
Danaher Corp.
1.14% of portfolio
2009   Q2$1.95 B BRK.A
Berkshire Hathaway CL A
26.74% of portfolio
 		IDXX
IDEXX Laboratories
8.63% of portfolio
 		TJX
TJX Companies Inc.
7.98% of portfolio
 		MLM
Martin Marietta
7.09% of portfolio
 		PAH3.DE
Porsche Automobil Hldg SE
5.96% of portfolio
 		FAST
Fastenal
5.92% of portfolio
 		MHK
Mohawk Industries
4.87% of portfolio
 		RYCEF
Rolls Royce Holdings plc
3.78% of portfolio
 		EXPD
Expeditors Int'l
3.43% of portfolio
 		ORLY
O'Reilly Automotive
3.31% of portfolio
 		WBA
Walgreens Boots Alliance
3.19% of portfolio
 		TGT
Target Corp.
2.78% of portfolio
 		MA
Mastercard Inc.
2.57% of portfolio
 		WMT
Walmart Inc.
2.36% of portfolio
 		RBA
Ritchie Bros. Auctioneers Inc.
1.83% of portfolio
 		OMC
Omnicom Group
1.52% of portfolio
 		DLRUF
De La Rue PLC
1.47% of portfolio
 		PCAR
PACCAR Inc.
1.40% of portfolio
 		CAT
Caterpillar Inc.
1.24% of portfolio
 		DHR
Danaher Corp.
1.21% of portfolio
2009   Q1$1.85 B BRK.A
Berkshire Hathaway CL A
27.25% of portfolio
 		MLM
Martin Marietta
7.51% of portfolio
 		FAST
Fastenal
7.02% of portfolio
 		TJX
TJX Companies Inc.
6.84% of portfolio
 		IDXX
IDEXX Laboratories
6.80% of portfolio
 		MHK
Mohawk Industries
5.27% of portfolio
 		PAH3.DE
Porsche Automobil Hldg SE
4.39% of portfolio
 		ORLY
O'Reilly Automotive
3.21% of portfolio
 		EXPD
Expeditors Int'l
3.16% of portfolio
 		WBA
Walgreens Boots Alliance
2.97% of portfolio
 		RYCEF
Rolls Royce Holdings plc
2.82% of portfolio
 		MA
Mastercard Inc.
2.70% of portfolio
 		WMT
Walmart Inc.
2.67% of portfolio
 		TGT
Target Corp.
2.55% of portfolio
 		CMI
Cummins Inc.
1.72% of portfolio
 		RBA
Ritchie Bros. Auctioneers Inc.
1.53% of portfolio
 		DLRUF
De La Rue PLC
1.44% of portfolio
 		KNX
Knight-Swift Transportation
1.38% of portfolio
 		OMC
Omnicom Group
1.18% of portfolio
 		PCAR
PACCAR Inc.
1.17% of portfolio
2008   Q4$2.04 B BRK.A
Berkshire Hathaway CL A
27.71% of portfolio
 		MLM
Martin Marietta
8.35% of portfolio
 		FAST
Fastenal
6.91% of portfolio
 		MHK
Mohawk Industries
6.88% of portfolio
 		PAH3.DE
Porsche Automobil Hldg SE
6.50% of portfolio
 		IDXX
IDEXX Laboratories
6.44% of portfolio
 		TJX
TJX Companies Inc.
4.98% of portfolio
 		EXPD
Expeditors Int'l
3.37% of portfolio
 		RYCEF
Rolls Royce Holdings plc
2.97% of portfolio
 		WMT
Walmart Inc.
2.61% of portfolio
 		ORLY
O'Reilly Automotive
2.56% of portfolio
 		WBA
Walgreens Boots Alliance
2.56% of portfolio
 		TGT
Target Corp.
2.32% of portfolio
 		MA
Mastercard Inc.
2.09% of portfolio
 		CMI
Cummins Inc.
1.64% of portfolio
 		CAT
Caterpillar Inc.
1.60% of portfolio
 		VMC
Vulcan Materials
1.43% of portfolio
 		RBA
Ritchie Bros. Auctioneers Inc.
1.42% of portfolio
 		KNX
Knight-Swift Transportation
1.38% of portfolio
 		DLRUF
De La Rue PLC
1.24% of portfolio
2008   Q3$2.64 B BRK.A
Berkshire Hathaway CL A
28.99% of portfolio
 		MHK
Mohawk Industries
8.35% of portfolio
 		FAST
Fastenal
7.58% of portfolio
 		MLM
Martin Marietta
7.45% of portfolio
 		IDXX
IDEXX Laboratories
6.34% of portfolio
 		TJX
TJX Companies Inc.
5.72% of portfolio
 		TGT
Target Corp.
5.19% of portfolio
 		PAH3.DE
Porsche Automobil Hldg SE
5.01% of portfolio
 		RYCEF
Rolls Royce Holdings plc
2.81% of portfolio
 		EXPD
Expeditors Int'l
2.73% of portfolio
 		WBA
Walgreens Boots Alliance
2.48% of portfolio
 		WMT
Walmart Inc.
2.16% of portfolio
 		BRO
Brown & Brown Inc.
2.13% of portfolio
 		MA
Mastercard Inc.
2.01% of portfolio
 		DLRUF
De La Rue PLC
1.82% of portfolio
 		ORLY
O'Reilly Automotive
1.72% of portfolio
 		PCAR
PACCAR Inc.
1.22% of portfolio
 		VMC
Vulcan Materials
1.18% of portfolio
 		CMI
Cummins Inc.
1.18% of portfolio
 		KNX
Knight-Swift Transportation
1.13% of portfolio
2008   Q2$2.83 B BRK.A
Berkshire Hathaway CL A
25.61% of portfolio
 		MHK
Mohawk Industries
7.41% of portfolio
 		MLM
Martin Marietta
6.43% of portfolio
 		FAST
Fastenal
6.18% of portfolio
 		TJX
TJX Companies Inc.
5.83% of portfolio
 		IDXX
IDEXX Laboratories
5.26% of portfolio
 		PAH3.DE
Porsche Automobil Hldg SE
5.17% of portfolio
 		TGT
Target Corp.
4.59% of portfolio
 		PGR
Progressive Corp.
4.56% of portfolio
 		BBBYQ-OLD
Bed Bath & Beyond
3.81% of portfolio
 		EXPD
Expeditors Int'l
3.14% of portfolio
 		RYCEF
Rolls Royce Holdings plc
2.98% of portfolio
 		MA
Mastercard Inc.
2.81% of portfolio
 		WBA
Walgreens Boots Alliance
2.43% of portfolio
 		KNX
Knight-Swift Transportation
2.24% of portfolio
 		WMT
Walmart Inc.
1.89% of portfolio
 		BRO
Brown & Brown Inc.
1.77% of portfolio
 		LOW
Lowe's Cos.
1.35% of portfolio
 		ORLY
O'Reilly Automotive
1.34% of portfolio
 		BMBLF
Brambles Ltd.
1.24% of portfolio
2008   Q1$3.04 B BRK.A
Berkshire Hathaway CL A
26.86% of portfolio
 		MHK
Mohawk Industries
7.72% of portfolio
 		MLM
Martin Marietta
6.14% of portfolio
 		FAST
Fastenal
6.13% of portfolio
 		TJX
TJX Companies Inc.
5.85% of portfolio
 		PAH3.DE
Porsche Automobil Hldg SE
5.72% of portfolio
 		IDXX
IDEXX Laboratories
4.96% of portfolio
 		PGR
Progressive Corp.
4.80% of portfolio
 		TGT
Target Corp.
4.66% of portfolio
 		BBBYQ-OLD
Bed Bath & Beyond
4.34% of portfolio
 		EXPD
Expeditors Int'l
3.39% of portfolio
 		WBA
Walgreens Boots Alliance
2.66% of portfolio
 		KNX
Knight-Swift Transportation
2.27% of portfolio
 		MA
Mastercard Inc.
2.20% of portfolio
 		RYCEF
Rolls Royce Holdings plc
1.88% of portfolio
 		WMT
Walmart Inc.
1.67% of portfolio
 		BRO
Brown & Brown Inc.
1.65% of portfolio
 		ORLY
O'Reilly Automotive
1.60% of portfolio
 		LOW
Lowe's Cos.
1.39% of portfolio
 		PCAR
PACCAR Inc.
1.16% of portfolio
2007   Q4$3.41 B BRK.A
Berkshire Hathaway CL A
25.53% of portfolio
 		MHK
Mohawk Industries
7.15% of portfolio
 		MLM
Martin Marietta
6.84% of portfolio
 		TJX
TJX Companies Inc.
6.43% of portfolio
 		PAH3.DE
Porsche Automobil Hldg SE
5.64% of portfolio
 		IDXX
IDEXX Laboratories
5.26% of portfolio
 		PGR
Progressive Corp.
5.25% of portfolio
 		FAST
Fastenal
4.81% of portfolio
 		BBBYQ-OLD
Bed Bath & Beyond
4.31% of portfolio
 		EXPD
Expeditors Int'l
3.93% of portfolio
 		WMT
Walmart Inc.
3.29% of portfolio
 		TGT
Target Corp.
3.25% of portfolio
 		MA
Mastercard Inc.
2.38% of portfolio
 		WBA
Walgreens Boots Alliance
2.37% of portfolio
 		RYCEF
Rolls Royce Holdings plc
2.27% of portfolio
 		KNX
Knight-Swift Transportation
2.09% of portfolio
 		BRO
Brown & Brown Inc.
1.99% of portfolio
 		ORLY
O'Reilly Automotive
1.62% of portfolio
 		PCAR
PACCAR Inc.
1.26% of portfolio
 		LOW
Lowe's Cos.
1.22% of portfolio
2007   Q3$3.5 B BRK.A
Berkshire Hathaway CL A
27.24% of portfolio
 		MHK
Mohawk Industries
7.62% of portfolio
 		TJX
TJX Companies Inc.
6.35% of portfolio
 		PAH3.DE
Porsche Automobil Hldg SE
5.78% of portfolio
 		MLM
Martin Marietta
5.77% of portfolio
 		PGR
Progressive Corp.
5.22% of portfolio
 		FAST
Fastenal
5.20% of portfolio
 		BBBYQ-OLD
Bed Bath & Beyond
4.88% of portfolio
 		IDXX
IDEXX Laboratories
4.79% of portfolio
 		EXPD
Expeditors Int'l
4.06% of portfolio
 		TGT
Target Corp.
4.02% of portfolio
 		WMT
Walmart Inc.
2.95% of portfolio
 		WBA
Walgreens Boots Alliance
2.87% of portfolio
 		RYCEF
Rolls Royce Holdings plc
2.18% of portfolio
 		BRO
Brown & Brown Inc.
2.17% of portfolio
 		KNX
Knight-Swift Transportation
1.97% of portfolio
 		ORLY
O'Reilly Automotive
1.62% of portfolio
 		MA
Mastercard Inc.
1.59% of portfolio
 		LOW
Lowe's Cos.
1.48% of portfolio
 		WFM
Whole Foods Market
1.27% of portfolio
2007   Q2$3.24 B BRK.A
Berkshire Hathaway CL A
28.09% of portfolio
 		MHK
Mohawk Industries
10.17% of portfolio
 		PGR
Progressive Corp.
8.05% of portfolio
 		TJX
TJX Companies Inc.
6.47% of portfolio
 		BBBYQ-OLD
Bed Bath & Beyond
5.55% of portfolio
 		PAH3.DE
Porsche Automobil Hldg SE
5.24% of portfolio
 		FAST
Fastenal
5.23% of portfolio
 		IDXX
IDEXX Laboratories
4.46% of portfolio
 		TGT
Target Corp.
4.34% of portfolio
 		EXPD
Expeditors Int'l
3.82% of portfolio
 		WMT
Walmart Inc.
3.50% of portfolio
 		WBA
Walgreens Boots Alliance
2.84% of portfolio
 		KNX
Knight-Swift Transportation
2.39% of portfolio
 		BRO
Brown & Brown Inc.
2.24% of portfolio
 		MA
Mastercard Inc.
1.92% of portfolio
 		ORLY
O'Reilly Automotive
1.91% of portfolio
 		LOW
Lowe's Cos.
1.74% of portfolio
 		WFM
Whole Foods Market
1.07% of portfolio
 		DHR
Danaher Corp.
0.89% of portfolio
 		COST
Costco Co.
0.07% of portfolio
2007   Q1$3.26 B BRK.A
Berkshire Hathaway CL A
28.15% of portfolio
 		PGR
Progressive Corp.
12.73% of portfolio
 		MHK
Mohawk Industries
8.23% of portfolio
 		TJX
TJX Companies Inc.
6.30% of portfolio
 		BBBYQ-OLD
Bed Bath & Beyond
6.15% of portfolio
 		PAH3.DE
Porsche Automobil Hldg SE
4.45% of portfolio
 		FAST
Fastenal
4.35% of portfolio
 		IDXX
IDEXX Laboratories
4.11% of portfolio
 		TGT
Target Corp.
4.02% of portfolio
 		EXPD
Expeditors Int'l
3.80% of portfolio
 		WMT
Walmart Inc.
3.39% of portfolio
 		WBA
Walgreens Boots Alliance
2.98% of portfolio
 		BRO
Brown & Brown Inc.
2.39% of portfolio
 		KNX
Knight-Swift Transportation
2.18% of portfolio
 		LOW
Lowe's Cos.
1.78% of portfolio
 		ORLY
O'Reilly Automotive
1.72% of portfolio
 		MA
Mastercard Inc.
1.23% of portfolio
 		APOL
Apollo Education Group Inc.
0.98% of portfolio
 		DHR
Danaher Corp.
0.84% of portfolio
 		PDCO
Patterson Cos. Inc.
0.13% of portfolio
2006   Q4$3.39 B BRK.A
Berkshire Hathaway Class A
28.71% of portfolio
 		PGR
Progressive Corp.
15.18% of portfolio
 		MHK
Mohawk Industries
7.23% of portfolio
 		TJX
TJX Companies Inc.
6.42% of portfolio
 		BBBYQ-OLD
Bed Bath & Beyond
5.62% of portfolio
 		FAST
Fastenal
4.29% of portfolio
 		TGT
Target Corp.
3.73% of portfolio
 		IDXX
IDEXX Laboratories
3.58% of portfolio
 		EXPD
Expeditors Int'l
3.58% of portfolio
 		PAH3.DE
Porsche Automobil Hldg SE
3.57% of portfolio
 		WMT
Walmart Inc.
3.22% of portfolio
 		WBA
Walgreens Boots Alliance
2.87% of portfolio
 		BRO
Brown & Brown Inc.
2.40% of portfolio
 		KNX
Knight-Swift Transportation
2.01% of portfolio
 		LOW
Lowe's Cos.
1.69% of portfolio
 		ORLY
O'Reilly Automotive
1.61% of portfolio
 		TIF
Tiffany & Co.
1.33% of portfolio
 		MA
Mastercard Inc.
1.09% of portfolio
 		APOL
Apollo Education Group Inc.
0.84% of portfolio
 		DHR
Danaher Corp.
0.82% of portfolio