Akre Capital Management Activity Q4 2000-Q3 2023

Q3 2023

			Value		Shares		↓ Weighting
MA	Sell	MASTERCARD INCORPORATEDcl a	$2,316,374,788	+0.3%	5,850,761	-0.3%	20.12%	+4.6%
MCO	Sell	MOODYS CORP	$1,610,774,226	-12.3%	5,094,646	-3.5%	13.99%	-8.6%
AMT	Buy	AMERICAN TOWER CORP NEW	$1,113,034,437	-14.9%	6,768,224	+0.3%	9.67%	-11.3%
V	Sell	VISA INC	$1,104,267,430	-5.5%	4,800,954	-2.5%	9.59%	-1.5%
KKR	Buy	KKR & CO L P DEL	$1,041,693,383	+22.1%	16,910,607	+11.0%	9.05%	+27.3%
ORLY	Sell	OREILLY AUTOMOTIVE INC	$959,277,191	-9.8%	1,055,473	-5.2%	8.33%	-6.0%
ROP	Sell	ROPER TECHNOLOGIES INC	$762,624,289	-4.2%	1,574,759	-4.9%	6.62%	-0.1%
	Sell	BROOKFIELD CORPcl a ltd vt sh	$567,383,237	-7.9%	18,144,651	-0.9%	4.93%	-4.0%
CSGP	Buy	COSTAR GROUP INC	$557,392,987	-11.9%	7,249,226	+1.9%	4.84%	-8.2%
DHR	Sell	DANAHER CORPORATION	$440,476,740	+2.5%	1,775,400	-0.8%	3.82%	+6.9%
KMX	Sell	CARMAX INC	$193,337,767	-19.0%	2,733,462	-4.1%	1.68%	-15.5%
	Sell	BROOKFIELD ASSET MANAGMT LTD	$115,485,492	-4.1%	3,463,872	-6.2%	1.00%	0.0%
	Sell	DIGITALBRIDGE GROUP INC	$78,189,327	+5.9%	4,447,630	-11.4%	0.68%	+10.4%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$5,993,633	+2.7%	17,110	-0.0%	0.05%	+6.1%
VRSK	Sell	VERISK ANALYTICS INCcl a	$4,402,332	+2.6%	18,635	-1.8%	0.04%	+5.6%
DLTR	Sell	DOLLAR TREE INC	$3,078,108	-29.2%	28,916	-4.6%	0.03%	-25.0%
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-1,064,081	–	-4.34%	–

Q2 2023

			Value		Shares		↓ Weighting
MA	New	MASTERCARD INCORPORATEDcl a	$2,308,458,225	–	5,869,459	–	19.23%	–
MCO	New	MOODYS CORP	$1,836,386,862	–	5,281,223	–	15.30%	–
AMT	New	AMERICAN TOWER CORP NEW	$1,308,115,021	–	6,744,947	–	10.90%	–
V	New	VISA INC	$1,168,909,332	–	4,922,138	–	9.74%	–
ORLY	New	OREILLY AUTOMOTIVE INC	$1,063,968,241	–	1,113,753	–	8.86%	–
KKR	New	KKR & CO L P DEL	$853,096,583	–	15,233,868	–	7.11%	–
ROP	New	ROPER TECHNOLOGIES INC	$796,024,500	–	1,655,625	–	6.63%	–
CSGP	New	COSTAR GROUP INC	$632,917,270	–	7,111,430	–	5.27%	–
	New	BROOKFIELD CORPcl a ltd vt sh	$615,940,132	–	18,304,313	–	5.13%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$520,324,968	–	1,064,081	–	4.34%	–
DHR	New	DANAHER CORPORATION	$429,672,000	–	1,790,300	–	3.58%	–
KMX	New	CARMAX INC	$238,612,462	–	2,850,806	–	1.99%	–
	New	BROOKFIELD ASSET MANAGMT LTD	$120,459,649	–	3,691,684	–	1.00%	–
	New	DIGITALBRIDGE GROUP INC	$73,853,480	–	5,020,631	–	0.62%	–
GSHD	New	GOOSEHEAD INS INC	$15,324,532	–	243,672	–	0.13%	–
MA	New	MASTERCARD INCORPORATEDcall	$7,463,261	–	10,000	–	0.06%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$5,835,874	–	17,114	–	0.05%	–
DLTR	New	DOLLAR TREE INC	$4,347,476	–	30,296	–	0.04%	–
VRSK	New	VERISK ANALYTICS INCcl a	$4,289,145	–	18,976	–	0.04%	–

Q4 2022

			Value		Shares		↓ Weighting
MA	Exit	MASTERCARD INCORPORATEDcall	$0	–	-10,000	–	-0.02%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-17,114	–	-0.04%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-32,912	–	-0.04%	–
GSHD	Exit	GOOSEHEAD INS INC	$0	–	-243,672	–	-0.08%	–
GOOG	Exit	ALPHABET INCcall	$0	–	-100,000	–	-0.08%	–
ALRM	Exit	ALARM COM HLDGS INC	$0	–	-263,939	–	-0.15%	–
	Exit	DIGITALBRIDGE GROUP INC	$0	–	-4,623,651	–	-0.51%	–
SNOW	Exit	SNOWFLAKE INCcl a	$0	–	-1,000,000	–	-1.50%	–
VRSK	Exit	VERISK ANALYTICS INCcl a	$0	–	-2,444,286	–	-3.68%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-1,655,300	–	-3.77%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-3,095,500	–	-3.93%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-1,665,895	–	-4.04%	–
KMX	Exit	CARMAX INC	$0	–	-7,353,022	–	-4.28%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-7,111,430	–	-4.37%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-13,366,753	–	-4.82%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-1,655,660	–	-5.25%	–
KKR	Exit	KKR & CO L P DEL	$0	–	-15,452,918	–	-5.86%	–
V	Exit	VISA INC	$0	–	-5,244,738	–	-8.22%	–
ORLY	Exit	OREILLY AUTOMOTIVE INC	$0	–	-1,471,546	–	-9.13%	–
MCO	Exit	MOODYS CORP	$0	–	-5,703,785	–	-12.23%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-6,973,187	–	-13.21%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-5,891,226	–	-14.78%	–

Q3 2022

			Value		Shares		↓ Weighting
MA	Buy	MASTERCARD INCORPORATEDcl a	$1,675,111,000	-9.4%	5,891,226	+0.5%	14.78%	-0.2%
MCO	Buy	MOODYS CORP	$1,386,647,000	-10.6%	5,703,785	+0.0%	12.23%	-1.5%
ORLY	Sell	OREILLY AUTOMOTIVE INC	$1,035,012,000	+4.2%	1,471,546	-6.4%	9.13%	+14.9%
KKR	Buy	KKR & CO L P DEL	$664,475,000	-6.6%	15,452,918	+0.5%	5.86%	+2.9%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$546,567,000	-7.7%	13,366,753	+0.4%	4.82%	+1.8%
KMX	Buy	CARMAX INC	$485,447,000	-27.0%	7,353,022	+0.1%	4.28%	-19.5%
ADBE	Buy	ADOBE SYSTEMS INCORPORATED	$458,454,000	-24.6%	1,665,895	+0.3%	4.04%	-16.9%
CRM	Buy	SALESFORCE COM INC	$445,257,000	-12.1%	3,095,500	+0.8%	3.93%	-3.2%
	New	DIGITALBRIDGE GROUP INC	$57,842,000	–	4,623,651	–	0.51%	–
GOOG	Buy	ALPHABET INCcall	$9,615,000	-12.1%	100,000	+1900.0%	0.08%	-3.4%
GSHD	Sell	GOOSEHEAD INS INC	$8,684,000	-45.4%	243,672	-30.1%	0.08%	-39.4%
TDUP	Exit	THREDUP INCcl a	$0	–	-22,500	–	0.00%	–
DBRG	Exit	DIGITALBRIDGE GROUP INC	$0	–	-16,390,191	–	-0.64%	–

Q2 2022

			Value		Shares		↓ Weighting
MA	New	MASTERCARD INCORPORATEDcl a	$1,849,735,000	–	5,863,241	–	14.81%	–
AMT	New	AMERICAN TOWER CORP NEW	$1,782,277,000	–	6,973,187	–	14.27%	–
MCO	New	MOODYS CORP	$1,551,182,000	–	5,703,505	–	12.42%	–
V	New	VISA INC	$1,032,636,000	–	5,244,738	–	8.27%	–
ORLY	New	OREILLY AUTOMOTIVE INC	$992,840,000	–	1,571,546	–	7.95%	–
KKR	New	KKR & CO L P DEL	$711,751,000	–	15,375,912	–	5.70%	–
KMX	New	CARMAX INC	$664,864,000	–	7,348,192	–	5.32%	–
ROP	New	ROPER TECHNOLOGIES INC	$653,406,000	–	1,655,660	–	5.23%	–
ADBE	New	ADOBE SYSTEMS INCORPORATED	$607,804,000	–	1,660,395	–	4.86%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$591,885,000	–	13,309,753	–	4.74%	–
CRM	New	SALESFORCE COM INC	$506,673,000	–	3,070,000	–	4.06%	–
CSGP	New	COSTAR GROUP INC	$429,601,000	–	7,111,430	–	3.44%	–
VRSK	New	VERISK ANALYTICS INCcl a	$423,081,000	–	2,444,286	–	3.39%	–
DHR	New	DANAHER CORPORATION	$419,652,000	–	1,655,300	–	3.36%	–
SNOW	New	SNOWFLAKE INCcl a	$139,060,000	–	1,000,000	–	1.11%	–
DBRG	New	DIGITALBRIDGE GROUP INC	$79,984,000	–	16,390,191	–	0.64%	–
ALRM	New	ALARM COM HLDGS INC	$16,327,000	–	263,939	–	0.13%	–
GSHD	New	GOOSEHEAD INS INC	$15,910,000	–	348,366	–	0.13%	–
GOOG	New	ALPHABET INCcall	$10,937,000	–	5,000	–	0.09%	–
DLTR	New	DOLLAR TREE INC	$5,129,000	–	32,912	–	0.04%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$4,672,000	–	17,114	–	0.04%	–
MA	New	MASTERCARD INCORPORATEDcall	$3,155,000	–	10,000	–	0.02%	–
TDUP	New	THREDUP INCcl a	$56,000	–	22,500	–	0.00%	–

Q4 2021

			Value		Shares		↓ Weighting
TDUP	Exit	THREDUP INCcl a	$0	–	-22,500	–	-0.00%	–
AMT	Exit	AMERICAN TOWER CORP NEWcall	$0	–	-6,500	–	-0.01%	–
MA	Exit	MASTERCARD INCcall	$0	–	-10,000	–	-0.02%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-17,504	–	-0.03%	–
OLLI	Exit	OLLIES BARGAIN OUTLT HLDGS I	$0	–	-500,000	–	-0.19%	–
GSHD	Exit	GOOSEHEAD INS INC	$0	–	-293,366	–	-0.28%	–
DBRG	Exit	DIGITALBRIDGE GROUP INC	$0	–	-10,504,800	–	-0.39%	–
ALRM	Exit	ALARM COM HLDGS INC	$0	–	-1,978,658	–	-0.95%	–
ANSS	Exit	ANSYS INC	$0	–	-609,764	–	-1.28%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-3,581,673	–	-2.11%	–
VRSK	Exit	VERISK ANALYTICS INCcl a	$0	–	-2,444,255	–	-3.01%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-1,655,300	–	-3.10%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-1,930,190	–	-3.93%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-13,127,268	–	-4.32%	–
ROP	Exit	ROPER INDS INC NEW	$0	–	-1,662,585	–	-4.57%	–
CRM	Exit	SALESFORCE COM INC	$0	–	-2,800,000	–	-4.68%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-9,763,000	–	-5.17%	–
ADBE	Exit	ADOBE INC	$0	–	-1,529,985	–	-5.42%	–
KKR	Exit	KKR & CO L P DEL	$0	–	-14,730,028	–	-5.52%	–
KMX	Exit	CARMAX INC	$0	–	-7,109,082	–	-5.60%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-1,578,707	–	-5.94%	–
V	Exit	VISA INC	$0	–	-5,244,738	–	-7.19%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-7,007,787	–	-11.45%	–
MCO	Exit	MOODYS CORP	$0	–	-5,620,036	–	-12.29%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-5,858,416	–	-12.54%	–

Q3 2021

			Value		Shares		↓ Weighting
MA	Sell	MASTERCARD INCcl a	$2,036,854,000	-4.9%	5,858,416	-0.1%	12.54%	-4.9%
MCO	Sell	MOODYS CORP	$1,995,731,000	-2.1%	5,620,036	-0.1%	12.29%	-2.1%
AMT	Sell	AMERICAN TOWER CORP NEW	$1,859,937,000	-1.9%	7,007,787	-0.1%	11.45%	-1.9%
ORLY	Sell	O REILLY AUTOMOTIVE INC NEW	$964,685,000	+7.7%	1,578,707	-0.2%	5.94%	+7.7%
KMX	Sell	CARMAX INC	$909,678,000	-1.0%	7,109,082	-0.1%	5.60%	-1.0%
KKR	Sell	KKR & CO L P DEL	$896,764,000	+2.7%	14,730,028	-0.0%	5.52%	+2.7%
ADBE	Sell	ADOBE INC	$880,843,000	-1.7%	1,529,985	-0.0%	5.42%	-1.7%
CSGP	Sell	COSTAR GROUP INC	$840,204,000	+3.9%	9,763,000	-0.0%	5.17%	+3.8%
ROP	Sell	ROPER INDS INC NEW	$741,729,000	-5.3%	1,662,585	-0.1%	4.57%	-5.3%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$702,440,000	+5.7%	13,127,268	+0.7%	4.32%	+5.6%
VRSK	Sell	VERISK ANALYTICS INCcl a	$489,511,000	+14.5%	2,444,255	-0.1%	3.01%	+14.5%
DLTR	Sell	DOLLAR TREE INC	$342,838,000	-4.0%	3,581,673	-0.2%	2.11%	-4.0%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$4,778,000	-4.2%	17,504	-2.5%	0.03%	-6.5%
MA	New	MASTERCARD INCcall	$3,477,000	–	10,000	–	0.02%	–
AMT	New	AMERICAN TOWER CORP NEWcall	$1,725,000	–	6,500	–	0.01%	–
BAMR	Exit	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$0	–	-89,922	–	-0.03%	–
MKL	Exit	MARKEL CORP	$0	–	-13,623	–	-0.10%	–

Q2 2021

			Value		Shares		↓ Weighting
MA	New	MASTERCARD INCcl a	$2,141,804,000	–	5,866,510	–	13.19%	–
MCO	New	MOODYS CORP	$2,038,424,000	–	5,625,255	–	12.55%	–
AMT	New	AMERICAN TOWER CORP NEW	$1,895,373,000	–	7,016,262	–	11.67%	–
V	New	VISA INC	$1,226,325,000	–	5,244,738	–	7.55%	–
KMX	New	CARMAX INC	$918,658,000	–	7,113,107	–	5.66%	–
ADBE	New	ADOBE INC	$896,082,000	–	1,530,090	–	5.52%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$895,469,000	–	1,581,514	–	5.52%	–
KKR	New	KKR & CO L P DEL	$872,768,000	–	14,732,744	–	5.38%	–
CSGP	New	COSTAR GROUP INC	$808,953,000	–	9,767,600	–	4.98%	–
ROP	New	ROPER INDS INC NEW	$782,896,000	–	1,665,028	–	4.82%	–
CRM	New	SALESFORCE COM INC	$683,956,000	–	2,800,000	–	4.21%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$664,784,000	–	13,040,095	–	4.09%	–
SBAC	New	SBA COMMUNICATIONS CORP	$615,152,000	–	1,930,190	–	3.79%	–
DHR	New	DANAHER CORP DEL	$444,216,000	–	1,655,300	–	2.74%	–
VRSK	New	VERISK ANALYTICS INCcl a	$427,525,000	–	2,446,916	–	2.63%	–
DLTR	New	DOLLAR TREE INC	$356,973,000	–	3,587,666	–	2.20%	–
ANSS	New	ANSYS INC	$211,625,000	–	609,764	–	1.30%	–
ALRM	New	ALARM COM HLDGS INC	$167,592,000	–	1,978,658	–	1.03%	–
DBRG	New	DIGITALBRIDGE GROUP INC	$82,988,000	–	10,504,800	–	0.51%	–
OLLI	New	OLLIES BARGAIN OUTLT HLDGS I	$42,065,000	–	500,000	–	0.26%	–
GSHD	New	GOOSEHEAD INS INC	$37,345,000	–	293,366	–	0.23%	–
MKL	New	MARKEL CORP	$16,167,000	–	13,623	–	0.10%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$4,988,000	–	17,949	–	0.03%	–
BAMR	New	BROOKFIELD ASSET MGMT REINScl a exch lt vtg	$4,678,000	–	89,922	–	0.03%	–
TDUP	New	THREDUP INCcl a	$654,000	–	22,500	–	0.00%	–

Q4 2020

			Value		Shares		↓ Weighting
TTD	Exit	THE TRADE DESK INC	$0	–	-445	–	-0.00%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-3	–	-0.01%	–
LAMR	Exit	LAMAR ADVERTISING CO NEWcl a	$0	–	-48,530	–	-0.02%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-18,614	–	-0.03%	–
PRMW	Exit	PRIMO WATER CORPORATION	$0	–	-562,599	–	-0.06%	–
DSGX	Exit	DESCARTES SYS GROUP INC	$0	–	-207,300	–	-0.08%	–
GSHD	Exit	GOOSEHEAD INS INC	$0	–	-243,366	–	-0.15%	–
CLNY	Exit	COLONY CAP INC NEW	$0	–	-10,704,800	–	-0.21%	–
OLLI	Exit	OLLIES BARGAIN OUTLET HLDGS	$0	–	-500,000	–	-0.31%	–
ALRM	Exit	ALARM COM HLDGS INC	$0	–	-1,981,858	–	-0.77%	–
ANSS	Exit	ANSYS INC	$0	–	-609,764	–	-1.41%	–
LYV	Exit	LIVE NATION ENTERTAINMENT IN	$0	–	-5,469,400	–	-2.08%	–
DHR	Exit	DANAHER CORPORATION	$0	–	-1,655,300	–	-2.51%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-4,528,621	–	-2.92%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-13,540,575	–	-3.16%	–
VRSK	Exit	VERISK ANALYTICS INCcl a	$0	–	-2,450,461	–	-3.20%	–
MKL	Exit	MARKEL CORP	$0	–	-474,230	–	-3.26%	–
KKR	Exit	KKR & CO INC	$0	–	-14,727,368	–	-3.56%	–
ADBE	Exit	ADOBE SYSTEMS INCORPORATED	$0	–	-1,140,000	–	-3.94%	–
KMX	Exit	CARMAX INC	$0	–	-7,480,147	–	-4.85%	–
ROP	Exit	ROPER TECHNOLOGIES INC	$0	–	-1,913,645	–	-5.33%	–
SBAC	Exit	SBA COMMUNICATIONS CORP NEW	$0	–	-2,465,000	–	-5.53%	–
CSGP	Exit	COSTAR GROUP INC	$0	–	-958,793	–	-5.74%	–
ORLY	Exit	OREILLY AUTOMOTIVE INC	$0	–	-1,840,508	–	-5.98%	–
V	Exit	VISA INC	$0	–	-5,243,370	–	-7.39%	–
MCO	Exit	MOODYS CORP	$0	–	-5,634,349	–	-11.51%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-7,033,369	–	-11.98%	–
MA	Exit	MASTERCARD INCORPORATEDcl a	$0	–	-5,881,552	–	-14.02%	–

Q3 2020

			Value		Shares		↓ Weighting
MA	Sell	MASTERCARD INCORPORATEDcl a	$1,988,964,000	+14.3%	5,881,552	-0.0%	14.02%	+7.0%
AMT	Sell	AMERICAN TOWER CORP NEW	$1,700,176,000	-6.6%	7,033,369	-0.1%	11.98%	-12.6%
MCO	Sell	MOODYS CORP	$1,633,116,000	+5.5%	5,634,349	-0.0%	11.51%	-1.3%
ORLY	Sell	OREILLY AUTOMOTIVE INC	$848,621,000	+9.3%	1,840,508	-0.1%	5.98%	+2.2%
CSGP	Buy	COSTAR GROUP INC	$813,545,000	+19.8%	958,793	+0.4%	5.74%	+12.1%
ROP	Buy	ROPER TECHNOLOGIES INC	$756,100,000	+12.3%	1,913,645	+10.3%	5.33%	+5.0%
KMX	Sell	CARMAX INC	$687,500,000	-5.8%	7,480,147	-8.3%	4.85%	-11.9%
KKR	Buy	KKR & CO INC	$505,738,000	+11.2%	14,727,368	+0.0%	3.56%	+4.1%
MKL	Sell	MARKEL CORP	$461,758,000	+2.0%	474,230	-3.3%	3.26%	-4.5%
VRSK	Buy	VERISK ANALYTICS INCcl a	$454,095,000	+9.0%	2,450,461	+0.1%	3.20%	+2.0%
BAM	Buy	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$447,651,000	+18.3%	13,540,575	+17.7%	3.16%	+10.7%
DLTR	Sell	DOLLAR TREE INC	$413,644,000	-1.9%	4,528,621	-0.5%	2.92%	-8.2%
LYV	Sell	LIVE NATION ENTERTAINMENT IN	$294,691,000	+19.0%	5,469,400	-2.1%	2.08%	+11.3%
ALRM	Buy	ALARM COM HLDGS INC	$109,498,000	-5.3%	1,981,858	+11.0%	0.77%	-11.4%
CLNY	Buy	COLONY CAP INC NEW	$29,224,000	+711.8%	10,704,800	+613.7%	0.21%	+663.0%
GSHD	Buy	GOOSEHEAD INS INC	$21,073,000	+48.6%	243,366	+29.0%	0.15%	+39.3%
PRMW	Sell	PRIMO WATER CORPORATION	$7,989,000	-46.6%	562,599	-48.3%	0.06%	-50.4%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$3,964,000	-52.3%	18,614	-60.0%	0.03%	-55.6%
TTD	New	THE TRADE DESK INC	$231,000	–	445	–	0.00%	–
MAR	Exit	MARRIOTT INTL INC NEWcl a	$0	–	-7,500	–	-0.01%	–

Q2 2020

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORP NEW	$1,819,589,000	–	7,037,939	–	13.71%	–
MA	New	MASTERCARD INCcl a	$1,739,858,000	–	5,883,862	–	13.11%	–
MCO	New	MOODYS CORP	$1,548,473,000	–	5,636,344	–	11.66%	–
V	New	VISA INC	$1,012,862,000	–	5,243,370	–	7.63%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$776,674,000	–	1,841,899	–	5.85%	–
SBAC	New	SBA COMMUNICATIONS CORP	$734,373,000	–	2,465,000	–	5.53%	–
KMX	New	CARMAX INC	$730,193,000	–	8,154,026	–	5.50%	–
CSGP	New	COSTAR GROUP INC	$678,941,000	–	955,353	–	5.12%	–
ROP	New	ROPER INDS INC NEW	$673,536,000	–	1,734,754	–	5.07%	–
ADBE	New	ADOBE INC	$496,253,000	–	1,140,000	–	3.74%	–
KKR	New	KKR & CO L P DEL	$454,611,000	–	14,721,857	–	3.42%	–
MKL	New	MARKEL CORP	$452,711,000	–	490,388	–	3.41%	–
DLTR	New	DOLLAR TREE INC	$421,656,000	–	4,549,586	–	3.18%	–
VRSK	New	VERISK ANALYTICS INCcl a	$416,658,000	–	2,448,048	–	3.14%	–
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$378,417,000	–	11,502,025	–	2.85%	–
DHR	New	DANAHER CORP DEL	$292,707,000	–	1,655,300	–	2.20%	–
LYV	New	LIVE NATION ENTERTAINMENT IN	$247,700,000	–	5,587,638	–	1.87%	–
ANSS	New	ANSYS INC	$177,886,000	–	609,764	–	1.34%	–
ALRM	New	ALARM COM HLDGS INC	$115,677,000	–	1,784,870	–	0.87%	–
OLLI	New	OLLIES BARGAIN OUTLT HLDGS I	$48,825,000	–	500,000	–	0.37%	–
PRMW	New	PRIMO WTR CORP	$14,969,000	–	1,088,678	–	0.11%	–
GSHD	New	GOOSEHEAD INS INC	$14,181,000	–	188,672	–	0.11%	–
DSGX	New	DESCARTES SYS GROUP INC	$10,966,000	–	207,300	–	0.08%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$8,302,000	–	46,506	–	0.06%	–
CLNY	New	COLONY CAP INC NEW	$3,600,000	–	1,500,000	–	0.03%	–
LAMR	New	LAMAR ADVERTISING COcl a	$3,240,000	–	48,530	–	0.02%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$802,000	–	3	–	0.01%	–
MAR	New	MARRIOTT INTL INC NEWcl a	$643,000	–	7,500	–	0.01%	–

Q4 2019

			Value		Shares		↓ Weighting
CLNY	Exit	COLONY CAP INC NEW	$0	–	-10,000	–	-0.00%	–
BOMN	Exit	BOSTON OMAHA CORP	$0	–	-21,483	–	-0.00%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-2,890	–	-0.01%	–
DSGX	Exit	DESCARTES SYS GROUP INC	$0	–	-50,000	–	-0.02%	–
LAMR	Exit	LAMAR ADVERTISING COcl a	$0	–	-48,530	–	-0.04%	–
GSHD	Exit	GOOSEHEAD INS INC	$0	–	-101,490	–	-0.05%	–
OLLI	Exit	OLLIES BARGAIN OUTLT HLDGS I	$0	–	-100,000	–	-0.06%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-42	–	-0.13%	–
PRMW	Exit	PRIMO WTR CORP	$0	–	-3,057,100	–	-0.37%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-286,407	–	-0.59%	–
ALRM	Exit	ALARM COM HLDGS INC	$0	–	-1,367,840	–	-0.63%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-1,655,300	–	-2.36%	–
BAM	Exit	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$0	–	-5,324,225	–	-2.79%	–
KKR	Exit	KKR & CO L P DEL	$0	–	-12,754,820	–	-3.38%	–
VRSK	Exit	VERISK ANALYTICS INCcl a	$0	–	-2,544,202	–	-3.97%	–
KMX	Exit	CARMAX INC	$0	–	-6,285,351	–	-5.45%	–
ROP	Exit	ROPER INDS INC NEW	$0	–	-1,567,202	–	-5.51%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-5,085,911	–	-5.72%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-2,465,000	–	-5.86%	–
MKL	Exit	MARKEL CORP	$0	–	-512,965	–	-5.98%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-1,887,074	–	-7.41%	–
V	Exit	VISA INC	$0	–	-4,887,270	–	-8.29%	–
MCO	Exit	MOODYS CORP	$0	–	-5,681,803	–	-11.47%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-5,327,144	–	-14.26%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-7,186,492	–	-15.67%	–

Q3 2019

			Value		Shares		↓ Weighting
AMT	Sell	AMERICAN TOWER CORP NEW	$1,589,149,000	+8.2%	7,186,492	-0.0%	15.67%	+5.1%
MA	Sell	MASTERCARD INCcl a	$1,446,692,000	+2.7%	5,327,144	-0.0%	14.26%	-0.2%
MCO	Sell	MOODYS CORP	$1,163,804,000	+4.9%	5,681,803	-0.0%	11.47%	+1.9%
ORLY	Sell	O REILLY AUTOMOTIVE INC NEW	$752,018,000	+7.9%	1,887,074	-0.0%	7.41%	+4.9%
MKL	Sell	MARKEL CORP	$606,273,000	+8.5%	512,965	-0.0%	5.98%	+5.4%
SBAC	New	SBA COMMUNICATIONS CORP	$594,435,000	–	2,465,000	–	5.86%	–
DLTR	Sell	DOLLAR TREE INC	$580,608,000	+6.3%	5,085,911	-0.0%	5.72%	+3.3%
ROP	Sell	ROPER INDS INC NEW	$558,864,000	-2.6%	1,567,202	-0.0%	5.51%	-5.4%
KMX	Buy	CARMAX INC	$553,111,000	+4.8%	6,285,351	+3.4%	5.45%	+1.9%
VRSK	Buy	VERISK ANALYTICS INCcl a	$402,340,000	+8.0%	2,544,202	+0.0%	3.97%	+5.0%
KKR	Buy	KKR & CO L P DEL	$342,467,000	+6.3%	12,754,820	+0.0%	3.38%	+3.3%
BAM	New	BROOKFIELD ASSET MGMT INCcl a ltd vt sh	$282,663,000	–	5,324,225	–	2.79%	–
ALRM	Buy	ALARM COM HLDGS INC	$63,796,000	+98.5%	1,367,840	+127.7%	0.63%	+92.9%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$59,578,000	-2.3%	286,407	+0.1%	0.59%	-5.2%
PRMW	Buy	PRIMO WTR CORP	$37,541,000	+0.1%	3,057,100	+0.3%	0.37%	-2.6%
OLLI	New	OLLIES BARGAIN OUTLT HLDGS I	$5,864,000	–	100,000	–	0.06%	–
DSGX	New	DESCARTES SYS GROUP INC	$2,015,000	–	50,000	–	0.02%	–
ESGR	Sell	ENSTAR GROUP LIMITED	$549,000	-97.7%	2,890	-97.9%	0.01%	-97.9%
BOMN	Sell	BOSTON OMAHA CORP	$426,000	-92.4%	21,483	-91.1%	0.00%	-93.0%
CLNY	New	COLONY CAP INC NEW	$60,000	–	10,000	–	0.00%	–
DHIL	Exit	DIAMOND HILL INVESTMENT GROU	$0	–	-56,694	–	-0.08%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-3,350,000	–	-1.70%	–
UBNT	Exit	UBIQUITI NETWORKS INC	$0	–	-2,111,375	–	-2.82%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-2,465,000	–	-5.62%	–

Q2 2019

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORP NEW	$1,469,286,000	–	7,186,528	–	14.90%	–
MA	New	MASTERCARD INCcl a	$1,409,310,000	–	5,327,599	–	14.29%	–
MCO	New	MOODYS CORP	$1,109,782,000	–	5,682,156	–	11.25%	–
V	New	VISA INC	$848,186,000	–	4,887,270	–	8.60%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$696,995,000	–	1,887,238	–	7.07%	–
ROP	New	ROPER INDS INC NEW	$574,044,000	–	1,567,314	–	5.82%	–
MKL	New	MARKEL CORP	$559,032,000	–	513,062	–	5.67%	–
SBAC	New	SBA COMMUNICATIONS CORP	$554,231,000	–	2,465,000	–	5.62%	–
DLTR	New	DOLLAR TREE INC	$546,228,000	–	5,086,395	–	5.54%	–
KMX	New	CARMAX INC	$527,751,000	–	6,077,981	–	5.35%	–
VRSK	New	VERISK ANALYTICS INCcl a	$372,545,000	–	2,543,662	–	3.78%	–
KKR	New	KKR & CO L P DEL	$322,283,000	–	12,753,600	–	3.27%	–
UBNT	New	UBIQUITI NETWORKS INC	$277,646,000	–	2,111,375	–	2.82%	–
DHR	New	DANAHER CORP DEL	$236,575,000	–	1,655,300	–	2.40%	–
AMTD	New	TD AMERITRADE HLDG CORP	$167,232,000	–	3,350,000	–	1.70%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$60,994,000	–	286,129	–	0.62%	–
PRMW	New	PRIMO WTR CORP	$37,504,000	–	3,049,100	–	0.38%	–
ALRM	New	ALARM COM HLDGS INC	$32,141,000	–	600,770	–	0.33%	–
ESGR	New	ENSTAR GROUP LIMITED	$23,772,000	–	136,400	–	0.24%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$13,371,000	–	42	–	0.14%	–
DHIL	New	DIAMOND HILL INVESTMENT GROU	$8,035,000	–	56,694	–	0.08%	–
BOMN	New	BOSTON OMAHA CORP	$5,611,000	–	242,396	–	0.06%	–
GSHD	New	GOOSEHEAD INS INC	$4,851,000	–	101,490	–	0.05%	–
LAMR	New	LAMAR ADVERTISING COcl a	$3,917,000	–	48,530	–	0.04%	–

Q4 2018

			Value		Shares		↓ Weighting
LAMR	Exit	LAMAR ADVERTISING COcl a	$0	–	-48,530	–	-0.04%	–
BOMN	Exit	BOSTON OMAHA CORP	$0	–	-263,834	–	-0.09%	–
DHIL	Exit	DIAMOND HILL INVESTMENT GROU	$0	–	-65,848	–	-0.13%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-42	–	-0.16%	–
ALRM	Exit	ALARM COM HLDGS INC	$0	–	-600,770	–	-0.40%	–
PRMW	Exit	PRIMO WTR CORP	$0	–	-2,843,220	–	-0.60%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-286,076	–	-0.72%	–
FOCS	Exit	FOCUS FINL PARTNERS INC	$0	–	-2,750,000	–	-1.52%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-2,967,500	–	-1.83%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-1,655,300	–	-2.10%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-1,169,714	–	-2.85%	–
UBNT	Exit	UBIQUITI NETWORKS INC	$0	–	-2,680,000	–	-3.09%	–
KKR	Exit	KKR & CO L P DEL	$0	–	-10,000,000	–	-3.18%	–
VRSK	Exit	VERISK ANALYTICS INCcl a	$0	–	-2,543,442	–	-3.58%	–
KMX	Exit	CARMAX INC	$0	–	-5,254,491	–	-4.58%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-2,465,000	–	-4.62%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-5,086,035	–	-4.84%	–
ROP	Exit	ROPER INDS INC NEW	$0	–	-1,559,194	–	-5.39%	–
MKL	Exit	MARKEL CORP	$0	–	-513,090	–	-7.12%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-1,887,307	–	-7.65%	–
V	Exit	VISA INC	$0	–	-4,887,270	–	-8.56%	–
MCO	Exit	MOODYS CORP	$0	–	-5,681,621	–	-11.09%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-7,068,048	–	-11.99%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-5,327,165	–	-13.85%	–

Q3 2018

			Value		Shares		↓ Weighting
MA	Sell	MASTERCARD INCcl a	$1,185,880,000	+13.2%	5,327,165	-0.0%	13.85%	+4.6%
AMT	Sell	AMERICAN TOWER CORP NEW	$1,026,987,000	+0.7%	7,068,048	-0.0%	11.99%	-6.9%
MCO	Sell	MOODYS CORP	$949,967,000	-2.0%	5,681,621	-0.0%	11.09%	-9.4%
ORLY	Sell	O REILLY AUTOMOTIVE INC NEW	$655,499,000	+26.9%	1,887,307	-0.1%	7.65%	+17.3%
MKL	Sell	MARKEL CORP	$609,802,000	+9.5%	513,090	-0.1%	7.12%	+1.2%
ROP	Sell	ROPER INDS INC NEW	$461,849,000	+7.3%	1,559,194	-0.0%	5.39%	-0.8%
DLTR	Buy	DOLLAR TREE INC	$414,766,000	-3.0%	5,086,035	+1.1%	4.84%	-10.4%
VRSK	Sell	VERISK ANALYTICS INCcl a	$306,612,000	+11.9%	2,543,442	-0.0%	3.58%	+3.5%
ESGR	Sell	ENSTAR GROUP LIMITED	$243,885,000	-10.7%	1,169,714	-11.2%	2.85%	-17.5%
FOCS	New	FOCUS FINL PARTNERS INC	$130,515,000	–	2,750,000	–	1.52%	–
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$61,252,000	+14.5%	286,076	-0.2%	0.72%	+5.8%
BOMN	Sell	BOSTON OMAHA CORP	$7,889,000	+7.0%	263,834	-24.6%	0.09%	-1.1%

Q2 2018

			Value		Shares		↓ Weighting
MA	New	MASTERCARD INCcl a	$1,047,387,000	–	5,329,671	–	13.23%	–
AMT	New	AMERICAN TOWER CORP NEW	$1,019,472,000	–	7,071,319	–	12.88%	–
MCO	New	MOODYS CORP	$969,261,000	–	5,682,813	–	12.24%	–
V	New	VISA INC	$647,319,000	–	4,887,270	–	8.18%	–
MKL	New	MARKEL CORP	$556,725,000	–	513,418	–	7.03%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$516,590,000	–	1,888,330	–	6.53%	–
ROP	New	ROPER INDS INC NEW	$430,319,000	–	1,559,634	–	5.44%	–
DLTR	New	DOLLAR TREE INC	$427,767,000	–	5,032,556	–	5.40%	–
SBAC	New	SBA COMMUNICATIONS CORP	$407,021,000	–	2,465,000	–	5.14%	–
KMX	New	CARMAX INC	$382,895,000	–	5,254,491	–	4.84%	–
VRSK	New	VERISK ANALYTICS INCcl a	$273,896,000	–	2,544,553	–	3.46%	–
ESGR	New	ENSTAR GROUP LIMITED	$273,015,000	–	1,317,002	–	3.45%	–
KKR	New	KKR & CO L P DEL	$248,500,000	–	10,000,000	–	3.14%	–
UBNT	New	UBIQUITI NETWORKS INC	$227,050,000	–	2,680,000	–	2.87%	–
DHR	New	DANAHER CORP DEL	$163,345,000	–	1,655,300	–	2.06%	–
AMTD	New	TD AMERITRADE HLDG CORP	$162,530,000	–	2,967,500	–	2.05%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$53,489,000	–	286,576	–	0.68%	–
PRMW	New	PRIMO WTR CORP	$49,728,000	–	2,843,220	–	0.63%	–
ALRM	New	ALARM COM HLDGS INC	$24,259,000	–	600,770	–	0.31%	–
DHIL	New	DIAMOND HILL INVESTMENT GROU	$12,803,000	–	65,848	–	0.16%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$11,846,000	–	42	–	0.15%	–
BOMN	New	BOSTON OMAHA CORP	$7,374,000	–	350,000	–	0.09%	–
LAMR	New	LAMAR ADVERTISING COcl a	$3,315,000	–	48,530	–	0.04%	–

Q4 2017

			Value		Shares		↓ Weighting
CSX	Exit	CSX CORP	$0	–	-4,899	–	-0.00%	–
LAMR	Exit	LAMAR ADVERTISING COcl a	$0	–	-48,530	–	-0.05%	–
BOMN	Exit	BOSTON OMAHA CORP	$0	–	-350,000	–	-0.08%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-42	–	-0.17%	–
ALRM	Exit	ALARM COM HLDGS INC	$0	–	-400,000	–	-0.26%	–
PRMW	Exit	PRIMO WTR CORP	$0	–	-1,705,868	–	-0.30%	–
DHIL	Exit	DIAMOND HILL INVESTMENT GROU	$0	–	-145,500	–	-0.45%	–
AMTPRB	Exit	AMERICAN TOWER CORP NEWpfd conv ser b	$0	–	-314,457	–	-0.56%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-287,403	–	-0.77%	–
MNRO	Exit	MONRO MUFFLER BRAKE INC	$0	–	-1,600,000	–	-1.31%	–
LKQ	Exit	LKQ CORP	$0	–	-3,150,000	–	-1.66%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-1,655,300	–	-2.08%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-2,967,500	–	-2.12%	–
UBNT	Exit	UBIQUITI NETWORKS INC	$0	–	-2,680,000	–	-2.19%	–
VRSK	Exit	VERISK ANALYTICS INCcl a	$0	–	-2,580,946	–	-3.14%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-1,445,300	–	-4.70%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-2,465,000	–	-5.19%	–
ROP	Exit	ROPER INDS INC NEW	$0	–	-1,554,366	–	-5.53%	–
KMX	Exit	CARMAX INC	$0	–	-5,154,513	–	-5.71%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-1,893,626	–	-5.96%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-4,837,794	–	-6.14%	–
V	Exit	VISA INC	$0	–	-4,889,020	–	-7.52%	–
MKL	Exit	MARKEL CORP	$0	–	-513,348	–	-8.01%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-5,325,084	–	-10.99%	–
MCO	Exit	MOODYS CORP	$0	–	-5,684,286	–	-11.56%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-6,790,527	–	-13.56%	–

Q3 2017

			Value		Shares		↓ Weighting
AMT	Sell	AMERICAN TOWER CORP NEW	$928,129,000	+3.0%	6,790,527	-0.3%	13.56%	-7.4%
MCO	Sell	MOODYS CORP	$791,309,000	+14.1%	5,684,286	-0.3%	11.56%	+2.6%
MA	Sell	MASTERCARD INCcl a	$751,902,000	+15.8%	5,325,084	-0.4%	10.99%	+4.1%
MKL	Sell	MARKEL CORP	$548,245,000	+8.9%	513,348	-0.5%	8.01%	-2.1%
DLTR	Sell	DOLLAR TREE INC	$420,017,000	+24.0%	4,837,794	-0.1%	6.14%	+11.5%
ORLY	Buy	O REILLY AUTOMOTIVE INC NEW	$407,830,000	+56.3%	1,893,626	+58.7%	5.96%	+40.5%
KMX	Sell	CARMAX INC	$390,764,000	+19.8%	5,154,513	-0.3%	5.71%	+7.7%
ROP	Sell	ROPER INDS INC NEW	$378,333,000	+4.3%	1,554,366	-0.8%	5.53%	-6.3%
ESGR	Sell	ENSTAR GROUP LIMITED	$321,362,000	+11.0%	1,445,300	-0.8%	4.70%	-0.2%
VRSK	Sell	VERISK ANALYTICS INCcl a	$214,709,000	-2.3%	2,580,946	-0.9%	3.14%	-12.2%
LKQ	Sell	LKQ CORP	$113,368,000	-3.1%	3,150,000	-11.3%	1.66%	-12.8%
MNRO	Sell	MONRO MUFFLER BRAKE INC	$89,680,000	+32.4%	1,600,000	-1.4%	1.31%	+19.1%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$52,687,000	-20.4%	287,403	-26.5%	0.77%	-28.4%
AMTPRB	Sell	AMERICAN TOWER CORP NEWpfd conv ser b	$38,389,000	-38.5%	314,457	-38.9%	0.56%	-44.7%
PRMW	Buy	PRIMO WTR CORP	$20,215,000	-5.2%	1,705,868	+1.6%	0.30%	-15.0%
WMIH	Exit	WMIH Corp	$0	–	-1,460,000	–	-0.03%	–
BACWSA	Exit	BANK AMER CORPw exp 01/16/201	$0	–	-732,890	–	-0.14%	–

Q2 2017

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORP NEW	$901,219,000	–	6,810,903	–	14.65%	–
MCO	New	MOODYS CORP	$693,537,000	–	5,699,676	–	11.27%	–
MA	New	MASTERCARD INCcl a	$649,199,000	–	5,345,399	–	10.55%	–
MKL	New	MARKEL CORP	$503,654,000	–	516,113	–	8.19%	–
V	New	VISA INC	$458,492,000	–	4,889,020	–	7.45%	–
ROP	New	ROPER INDS INC NEW	$362,892,000	–	1,567,365	–	5.90%	–
DLTR	New	DOLLAR TREE INC	$338,711,000	–	4,844,272	–	5.51%	–
SBAC	New	SBA COMMUNICATIONS CORP	$332,528,000	–	2,465,000	–	5.41%	–
KMX	New	CARMAX INC	$326,058,000	–	5,170,601	–	5.30%	–
ESGR	New	ENSTAR GROUP LIMITED	$289,485,000	–	1,457,264	–	4.71%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$260,963,000	–	1,193,026	–	4.24%	–
VRSK	New	VERISK ANALYTICS INCcl a	$219,782,000	–	2,604,982	–	3.57%	–
DHR	New	DANAHER CORP DEL	$139,691,000	–	1,655,300	–	2.27%	–
UBNT	New	UBIQUITI NETWORKS INC	$139,280,000	–	2,680,000	–	2.26%	–
AMTD	New	TD AMERITRADE HLDG CORP	$127,573,000	–	2,967,500	–	2.07%	–
LKQ	New	LKQ CORP	$116,972,000	–	3,550,000	–	1.90%	–
MNRO	New	MONRO MUFFLER BRAKE INC	$67,748,000	–	1,622,700	–	1.10%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$66,219,000	–	390,974	–	1.08%	–
AMTPRB	New	AMERICAN TOWER CORP NEWpfd conv ser b	$62,403,000	–	514,748	–	1.01%	–
DHIL	New	DIAMOND HILL INVESTMENT GROU	$29,013,000	–	145,500	–	0.47%	–
PRMW	New	PRIMO WTR CORP	$21,327,000	–	1,679,313	–	0.35%	–
ALRM	New	ALARM COM HLDGS INC	$15,052,000	–	400,000	–	0.24%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$10,697,000	–	42	–	0.17%	–
BACWSA	New	BANK AMER CORPw exp 01/16/201	$8,824,000	–	732,890	–	0.14%	–
BOMN	New	BOSTON OMAHA CORP	$4,615,000	–	350,000	–	0.08%	–
LAMR	New	LAMAR ADVERTISING COcl a	$3,570,000	–	48,530	–	0.06%	–
WMIH	New	WMIH Corp	$1,825,000	–	1,460,000	–	0.03%	–
CSX	New	CSX CORP	$267,000	–	4,899	–	0.00%	–

Q4 2016

			Value		Shares		↓ Weighting
CSX	Exit	CSX CORP	$0	–	-38,781	–	-0.02%	–
AIGWS	Exit	AMERICAN INTL GROUP INCw exp 01/19/202	$0	–	-103,628	–	-0.04%	–
CCIPRA	Exit	CROWN CASTLE INTL CORPcnv pfd stk sr a	$0	–	-20,000	–	-0.04%	–
LAMR	Exit	LAMAR ADVERTISING COcl a	$0	–	-49,297	–	-0.06%	–
BACWSA	Exit	BANK OF AMERICA CORPORATION*w exp 01/16/201	$0	–	-732,890	–	-0.06%	–
WMIH	Exit	WMIH Corp	$0	–	-1,500,000	–	-0.07%	–
DLTH	Exit	DULUTH HLDGS INC	$0	–	-350,000	–	-0.18%	–
AMTPRA	Exit	AMERICAN TOWER CORP NEWpfd conv ser a	$0	–	-100,000	–	-0.21%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-52	–	-0.22%	–
ALRM	Exit	ALARM COM HLDGS INC	$0	–	-400,000	–	-0.22%	–
PRMW	Exit	PRIMO WTR CORP	$0	–	-1,679,313	–	-0.39%	–
DHIL	Exit	DIAMOND HILL INVESTMENT GROU	$0	–	-145,500	–	-0.52%	–
FTV	Exit	FORTIVE CORP	$0	–	-750,000	–	-0.73%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-385,414	–	-1.07%	–
AMTPRB	Exit	AMERICAN TOWER CORP NEWpfd conv ser b	$0	–	-514,732	–	-1.08%	–
MNRO	Exit	MONRO MUFFLER BRAKE INC	$0	–	-1,507,930	–	-1.77%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-2,967,500	–	-2.01%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-1,500,000	–	-2.26%	–
LKQ	Exit	LKQ CORP	$0	–	-3,550,000	–	-2.42%	–
UBNT	Exit	UBIQUITI NETWORKS INC	$0	–	-2,680,000	–	-2.75%	–
CFX	Exit	COLFAX CORP	$0	–	-6,100,000	–	-3.68%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-1,865,000	–	-4.02%	–
VRSK	Exit	VERISK ANALYTICS INCcl a	$0	–	-2,585,913	–	-4.04%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-826,648	–	-4.44%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-1,450,375	–	-4.58%	–
KMX	Exit	CARMAX INC	$0	–	-4,958,266	–	-5.08%	–
ROP	Exit	ROPER INDS INC NEW	$0	–	-1,560,952	–	-5.47%	–
V	Exit	VISA INC	$0	–	-3,615,080	–	-5.74%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-4,185,925	–	-6.34%	–
MCO	Exit	MOODYS CORP	$0	–	-4,039,894	–	-8.40%	–
MKL	Exit	MARKEL CORP	$0	–	-514,909	–	-9.18%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-4,707,088	–	-9.20%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-6,300,836	–	-13.71%	–

Q3 2016

			Value		Shares		↓ Weighting
AMT	Buy	AMERICAN TOWER CORP NEW	$714,074,000	-0.1%	6,300,836	+0.1%	13.71%	-4.9%
MA	Buy	MASTERCARD INCcl a	$479,040,000	+15.7%	4,707,088	+0.1%	9.20%	+10.2%
MKL	Buy	MARKEL CORP	$478,232,000	-2.4%	514,909	+0.1%	9.18%	-7.0%
MCO	Buy	MOODYS CORP	$437,440,000	+15.7%	4,039,894	+0.1%	8.40%	+10.2%
DLTR	Buy	DOLLAR TREE INC	$330,395,000	-16.1%	4,185,925	+0.1%	6.34%	-20.1%
ROP	Buy	ROPER INDS INC NEW	$284,827,000	+11.4%	1,560,952	+4.1%	5.47%	+6.1%
ESGR	Buy	ENSTAR GROUP LIMITED	$238,543,000	+1.8%	1,450,375	+0.3%	4.58%	-3.0%
ORLY	Buy	O REILLY AUTOMOTIVE INC NEW	$231,552,000	+3.6%	826,648	+0.3%	4.44%	-1.3%
VRSK	Buy	VERISK ANALYTICS INCcl a	$210,183,000	+0.3%	2,585,913	+0.0%	4.04%	-4.5%
AMTPRB	Sell	AMERICAN TOWER CORP NEWpfd conv ser b	$56,409,000	-2.5%	514,732	-0.1%	1.08%	-7.1%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$55,681,000	+0.3%	385,414	+0.6%	1.07%	-4.5%
FTV	New	FORTIVE CORP	$38,175,000	–	750,000	–	0.73%	–
ANSS	Exit	ANSYS INC	$0	–	-100,300	–	-0.18%	–

Q2 2016

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORP NEW	$715,084,000	–	6,294,196	–	14.41%	–
MKL	New	MARKEL CORP	$489,872,000	–	514,150	–	9.87%	–
MA	New	MASTERCARD INCcl a	$413,892,000	–	4,700,118	–	8.34%	–
DLTR	New	DOLLAR TREE INC	$393,955,000	–	4,180,340	–	7.94%	–
MCO	New	MOODYS CORP	$378,117,000	–	4,034,967	–	7.62%	–
V	New	VISA INC	$268,130,000	–	3,615,080	–	5.40%	–
ROP	New	ROPER INDS INC NEW	$255,693,000	–	1,499,141	–	5.15%	–
KMX	New	CARMAX INC	$243,104,000	–	4,958,266	–	4.90%	–
ESGR	New	ENSTAR GROUP LIMITED	$234,328,000	–	1,446,559	–	4.72%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$223,466,000	–	824,295	–	4.50%	–
VRSK	New	VERISK ANALYTICS INCcl a	$209,592,000	–	2,584,998	–	4.22%	–
SBAC	New	SBA COMMUNICATIONS CORP	$201,308,000	–	1,865,000	–	4.06%	–
CFX	New	COLFAX CORP	$161,406,000	–	6,100,000	–	3.25%	–
DHR	New	DANAHER CORP DEL	$151,500,000	–	1,500,000	–	3.05%	–
LKQ	New	LKQ CORP	$112,535,000	–	3,550,000	–	2.27%	–
UBNT	New	UBIQUITI NETWORKS INC	$103,609,000	–	2,680,000	–	2.09%	–
MNRO	New	MONRO MUFFLER BRAKE INC	$95,844,000	–	1,507,930	–	1.93%	–
AMTD	New	TD AMERITRADE HLDG CORP	$84,500,000	–	2,967,500	–	1.70%	–
AMTPRB	New	AMERICAN TOWER CORP NEWpfd conv ser b	$57,848,000	–	515,032	–	1.17%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$55,499,000	–	383,304	–	1.12%	–
DHIL	New	DIAMOND HILL INVESTMENT GROU	$27,415,000	–	145,500	–	0.55%	–
PRMW	New	PRIMO WTR CORP	$19,833,000	–	1,679,313	–	0.40%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$11,283,000	–	52	–	0.23%	–
AMTPRA	New	AMERICAN TOWER CORP NEWpfd conv ser a	$11,250,000	–	100,000	–	0.23%	–
ALRM	New	ALARM COM HLDGS INC	$10,252,000	–	400,000	–	0.21%	–
ANSS	New	ANSYS INC	$9,102,000	–	100,300	–	0.18%	–
DLTH	New	DULUTH HLDGS INC	$8,561,000	–	350,000	–	0.17%	–
WMIH	New	WMIH Corp	$3,330,000	–	1,500,000	–	0.07%	–
LAMR	New	LAMAR ADVERTISING COcl a	$3,268,000	–	49,297	–	0.07%	–
BACWSA	New	BANK OF AMERICA CORPORATION*w exp 01/16/201	$2,550,000	–	732,890	–	0.05%	–
CCIPRA	New	CROWN CASTLE INTL CORPcnv pfd stk sr a	$2,420,000	–	20,000	–	0.05%	–
AIGWS	New	AMERICAN INTL GROUP INCw exp 01/19/202	$1,937,000	–	103,628	–	0.04%	–
CSX	New	CSX CORP	$1,011,000	–	38,781	–	0.02%	–

Q4 2015

			Value		Shares		↓ Weighting
AAIC	Exit	ARLINGTON ASSET INVT CORPcl a new	$0	–	-10,000	–	-0.00%	–
CSX	Exit	CSX CORP	$0	–	-40,695	–	-0.02%	–
CCIPRA	Exit	CROWN CASTLE INTL CORPcnv pfd stk sr a	$0	–	-20,000	–	-0.05%	–
LAMR	Exit	LAMAR ADVERTISING COcl a	$0	–	-55,000	–	-0.07%	–
WMIH	Exit	WMIH Corp	$0	–	-1,500,000	–	-0.09%	–
BACWSA	Exit	BANK OF AMERICA CORPORATION*w exp 01/16/201	$0	–	-732,890	–	-0.10%	–
ALRM	Exit	ALARM COM HLDGS INC	$0	–	-400,000	–	-0.11%	–
ANSS	Exit	ANSYS INC	$0	–	-100,300	–	-0.20%	–
AMTPRA	Exit	AMERICAN TOWER CORP NEWpfd conv ser a	$0	–	-100,000	–	-0.23%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-53	–	-0.24%	–
AIGWS	Exit	AMERICAN INTL GROUP INCw exp 01/19/202	$0	–	-509,800	–	-0.27%	–
PRMW	Exit	PRIMO WTR CORP	$0	–	-1,726,613	–	-0.30%	–
DHIL	Exit	DIAMOND HILL INVESTMENT GROU	$0	–	-145,500	–	-0.63%	–
LPLA	Exit	LPL FINL HLDGS INC	$0	–	-750,500	–	-0.69%	–
AMTPRB	Exit	AMERICAN TOWER CORP NEWpfd conv ser b	$0	–	-515,984	–	-1.15%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-411,007	–	-1.24%	–
LKQ	Exit	LKQ CORP	$0	–	-2,575,000	–	-1.69%	–
UBNT	Exit	UBIQUITI NETWORKS INC	$0	–	-2,680,000	–	-2.11%	–
MNRO	Exit	MONRO MUFFLER BRAKE INC	$0	–	-1,507,930	–	-2.36%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-3,226,400	–	-2.38%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-1,500,000	–	-2.96%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-1,350,000	–	-3.28%	–
LYV	Exit	LIVE NATION ENTERTAINMENT IN	$0	–	-6,260,154	–	-3.49%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-1,049,549	–	-3.65%	–
VRSK	Exit	VERISK ANALYTICS INCcl a	$0	–	-2,140,928	–	-3.67%	–
V	Exit	VISA INC	$0	–	-2,283,240	–	-3.69%	–
KMX	Exit	CARMAX INC	$0	–	-2,773,660	–	-3.82%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-827,795	–	-4.80%	–
CFX	Exit	COLFAX CORP	$0	–	-7,031,709	–	-4.88%	–
ROP	Exit	ROPER INDS INC NEW	$0	–	-1,349,136	–	-4.90%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-4,148,216	–	-6.41%	–
MCO	Exit	MOODYS CORP	$0	–	-3,605,620	–	-8.21%	–
MKL	Exit	MARKEL CORP	$0	–	-515,304	–	-9.58%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-4,705,134	–	-9.84%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-6,303,493	–	-12.86%	–

Q3 2015

			Value		Shares		↓ Weighting
AMT	Buy	AMERICAN TOWER CORP NEW	$554,581,000	+12.7%	6,303,493	+19.5%	12.86%	+8.5%
MA	Buy	MASTERCARD INCcl a	$424,027,000	+4.8%	4,705,134	+8.7%	9.84%	+0.9%
MKL	Sell	MARKEL CORP	$413,202,000	-0.1%	515,304	-0.3%	9.58%	-3.8%
MCO	Buy	MOODYS CORP	$354,072,000	-8.0%	3,605,620	+1.2%	8.21%	-11.4%
DLTR	Buy	DOLLAR TREE INC	$276,520,000	-1.4%	4,148,216	+16.8%	6.41%	-5.1%
ROP	Buy	ROPER INDS INC NEW	$211,410,000	-3.9%	1,349,136	+5.8%	4.90%	-7.5%
CFX	Buy	COLFAX CORP	$210,318,000	-21.8%	7,031,709	+20.7%	4.88%	-24.7%
ORLY	Sell	O REILLY AUTOMOTIVE INC NEW	$206,949,000	+10.3%	827,795	-0.3%	4.80%	+6.2%
KMX	Buy	CARMAX INC	$164,534,000	+46.2%	2,773,660	+63.2%	3.82%	+40.8%
VRSK	Buy	VERISK ANALYTICS INCcl a	$158,236,000	+9.4%	2,140,928	+7.7%	3.67%	+5.4%
ESGR	Buy	ENSTAR GROUP LIMITED	$157,432,000	+78.3%	1,049,549	+84.2%	3.65%	+71.7%
SBAC	Buy	SBA COMMUNICATIONS CORP	$141,399,000	+2.5%	1,350,000	+12.5%	3.28%	-1.3%
AMTD	Buy	TD AMERITRADE HLDG CORP	$102,729,000	-11.7%	3,226,400	+2.1%	2.38%	-15.0%
LKQ	Buy	LKQ CORP	$73,027,000	+244.9%	2,575,000	+267.9%	1.69%	+232.2%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$53,595,000	+25.2%	411,007	+30.7%	1.24%	+20.6%
AMTPRB	Buy	AMERICAN TOWER CORP NEWpfd conv ser b	$49,653,000	-0.7%	515,984	+3.2%	1.15%	-4.3%
LPLA	Sell	LPL FINL HLDGS INC	$29,847,000	-51.3%	750,500	-43.1%	0.69%	-53.1%
AIGWS	Buy	AMERICAN INTL GROUP INCw exp 01/19/202	$11,572,000	+178.4%	509,800	+239.9%	0.27%	+168.0%
BRKA	Buy	BERKSHIRE HATHAWAY INC DELcl a	$10,347,000	+17.0%	53	+23.3%	0.24%	+12.7%
WMIH	New	WMIH Corp	$3,900,000	–	1,500,000	–	0.09%	–
LAMR	Sell	LAMAR ADVERTISING COcl a	$2,870,000	-25.6%	55,000	-18.0%	0.07%	-28.0%
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-20,044	–	-0.00%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-16,140	–	-0.02%	–
NSH	Exit	NUSTAR GP HOLDINGS LLCunit restg llc	$0	–	-27,775	–	-0.02%	–

Q2 2015

			Value		Shares		↓ Weighting
AMT	New	AMERICAN TOWER CORP NEW	$492,013,000	–	5,274,014	–	11.85%	–
MKL	New	MARKEL CORP	$413,640,000	–	516,611	–	9.96%	–
MA	New	MASTERCARD INCcl a	$404,656,000	–	4,328,795	–	9.75%	–
MCO	New	MOODYS CORP	$384,676,000	–	3,563,131	–	9.27%	–
DLTR	New	DOLLAR TREE INC	$280,529,000	–	3,551,446	–	6.76%	–
CFX	New	COLFAX CORP	$268,814,000	–	5,824,798	–	6.48%	–
ROP	New	ROPER INDS INC NEW	$219,996,000	–	1,275,634	–	5.30%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$187,605,000	–	830,183	–	4.52%	–
LYV	New	LIVE NATION ENTERTAINMENT IN	$172,092,000	–	6,260,154	–	4.14%	–
V	New	VISA INC	$153,320,000	–	2,283,240	–	3.69%	–
VRSK	New	VERISK ANALYTICS INCcl a	$144,590,000	–	1,987,225	–	3.48%	–
SBAC	New	SBA COMMUNICATIONS CORP	$137,964,000	–	1,200,000	–	3.32%	–
DHR	New	DANAHER CORP DEL	$128,385,000	–	1,500,000	–	3.09%	–
AMTD	New	TD AMERITRADE HLDG CORP	$116,311,000	–	3,158,900	–	2.80%	–
KMX	New	CARMAX INC	$112,557,000	–	1,700,000	–	2.71%	–
MNRO	New	MONRO MUFFLER BRAKE INC	$93,733,000	–	1,507,930	–	2.26%	–
ESGR	New	ENSTAR GROUP LIMITED	$88,306,000	–	569,902	–	2.13%	–
UBNT	New	UBIQUITI NETWORKS INC	$85,532,000	–	2,680,000	–	2.06%	–
LPLA	New	LPL FINL HLDGS INC	$61,301,000	–	1,318,589	–	1.48%	–
AMTPRB	New	AMERICAN TOWER CORP NEWpfd conv ser b	$50,000,000	–	500,000	–	1.20%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$42,795,000	–	314,418	–	1.03%	–
DHIL	New	DIAMOND HILL INVESTMENT GROU	$29,051,000	–	145,500	–	0.70%	–
LKQ	New	LKQ CORP	$21,171,000	–	700,000	–	0.51%	–
AMTPRA	New	AMERICAN TOWER CORP NEWpfd conv ser a	$10,195,000	–	100,000	–	0.25%	–
PRMW	New	PRIMO WTR CORP	$9,876,000	–	1,726,613	–	0.24%	–
ANSS	New	ANSYS INC	$9,151,000	–	100,300	–	0.22%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$8,846,000	–	43	–	0.21%	–
ALRM	New	ALARM COM HLDGS INC	$6,152,000	–	400,000	–	0.15%	–
BACWSA	New	BANK OF AMERICA CORPORATION*w exp 01/16/201	$4,522,000	–	732,890	–	0.11%	–
AIGWS	New	AMERICAN INTL GROUP INCw exp 01/19/202	$4,156,000	–	150,000	–	0.10%	–
LAMR	New	LAMAR ADVERTISING COcl a	$3,857,000	–	67,100	–	0.09%	–
CCIPRA	New	CROWN CASTLE INTL CORPcnv pfd stk sr a	$2,059,000	–	20,000	–	0.05%	–
CSX	New	CSX CORP	$1,329,000	–	40,695	–	0.03%	–
NSH	New	NUSTAR GP HOLDINGS LLCunit restg llc	$1,057,000	–	27,775	–	0.02%	–
WMB	New	WILLIAMS COS INC DEL	$926,000	–	16,140	–	0.02%	–
AAIC	New	ARLINGTON ASSET INVT CORPcl a new	$196,000	–	10,000	–	0.01%	–
NLY	New	ANNALY CAP MGMT INC	$184,000	–	20,044	–	0.00%	–

Q4 2014

			Value		Shares		↓ Weighting
AAIC	Exit	ARLINGTON ASSET INVT CORPcl a new	$0	–	-10,000	–	-0.01%	–
MWE	Exit	MARKWEST ENERGY PARTNERS L Punit ltd partn	$0	–	-6,965	–	-0.02%	–
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-50,044	–	-0.02%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-18,230	–	-0.03%	–
NSH	Exit	NUSTAR GP HOLDINGS LLCunit restg llc	$0	–	-27,775	–	-0.03%	–
CSX	Exit	CSX CORP	$0	–	-42,899	–	-0.04%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-10,000	–	-0.05%	–
CCIPRA	Exit	CROWN CASTLE INTL CORPcnv pfd stk sr a	$0	–	-20,000	–	-0.06%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-99,500	–	-0.07%	–
LAMR	Exit	LAMAR ADVERTISING COcl a	$0	–	-67,100	–	-0.09%	–
BACWSA	Exit	BANK OF AMERICA CORPORATION*w exp 01/16/201	$0	–	-700,000	–	-0.15%	–
PRMW	Exit	PRIMO WTR CORP	$0	–	-1,650,000	–	-0.20%	–
ANSS	Exit	ANSYS INC	$0	–	-100,300	–	-0.22%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-52	–	-0.30%	–
AMTPRA	Exit	AMERICAN TOWER CORP NEWpfd conv ser a	$0	–	-100,000	–	-0.31%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-306,101	–	-0.32%	–
DHIL	Exit	DIAMOND HILL INVESTMENT GROU	$0	–	-145,500	–	-0.51%	–
UBNT	Exit	UBIQUITI NETWORKS INC	$0	–	-900,000	–	-0.96%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-308,180	–	-1.21%	–
VRSK	Exit	VERISK ANALYTICS INCcl a	$0	–	-800,000	–	-1.38%	–
KMX	Exit	CARMAX INC	$0	–	-1,195,000	–	-1.58%	–
MNRO	Exit	MONRO MUFFLER BRAKE INC	$0	–	-1,260,000	–	-1.74%	–
AAPL	Exit	APPLE INC	$0	–	-637,338	–	-1.82%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-495,484	–	-1.92%	–
LPLA	Exit	LPL FINL HLDGS INC	$0	–	-1,715,000	–	-2.24%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-3,158,900	–	-2.99%	–
V	Exit	VISA INC	$0	–	-570,430	–	-3.45%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-817,598	–	-3.49%	–
SBAC	Exit	SBA COMMUNICATIONS CORP	$0	–	-1,200,000	–	-3.78%	–
DHR	Exit	DANAHER CORP DEL	$0	–	-1,900,000	–	-4.10%	–
LYV	Exit	LIVE NATION ENTERTAINMENT IN	$0	–	-6,350,000	–	-4.33%	–
ROP	Exit	ROPER INDS INC NEW	$0	–	-1,088,400	–	-4.52%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-3,484,598	–	-5.54%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-5,732,340	–	-6.06%	–
CFX	Exit	COLFAX CORP	$0	–	-5,163,820	–	-8.35%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-4,273,180	–	-8.96%	–
MKL	Exit	MARKEL CORP	$0	–	-508,844	–	-9.18%	–
MCO	Exit	MOODYS CORP	$0	–	-3,480,545	–	-9.33%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-4,017,371	–	-10.67%	–

Q3 2014

			Value		Shares		↓ Weighting
AMT	Sell	AMERICAN TOWER CORP NEW	$376,146,000	+3.9%	4,017,371	-0.2%	10.67%	+1.4%
MCO	Sell	MOODYS CORP	$328,912,000	+7.8%	3,480,545	-0.0%	9.33%	+5.2%
MKL	Buy	MARKEL CORP	$323,701,000	+0.1%	508,844	+3.2%	9.18%	-2.3%
MA	Sell	MASTERCARD INCcl a	$315,873,000	+0.5%	4,273,180	-0.1%	8.96%	-1.9%
CFX	Buy	COLFAX CORP	$294,183,000	-23.5%	5,163,820	+0.1%	8.35%	-25.3%
DISCK	Buy	DISCOVERY COMMUNICATNS NEW	$213,702,000	+2.6%	5,732,340	+99.9%	6.06%	+0.2%
DLTR	Buy	DOLLAR TREE INC	$195,381,000	+3.0%	3,484,598	+0.1%	5.54%	+0.6%
ROP	Buy	ROPER INDS INC NEW	$159,222,000	+59.9%	1,088,400	+59.6%	4.52%	+56.1%
DHR	Buy	DANAHER CORP DEL	$144,362,000	+22.2%	1,900,000	+26.7%	4.10%	+19.4%
ORLY	Sell	O REILLY AUTOMOTIVE INC NEW	$122,934,000	-0.6%	817,598	-0.4%	3.49%	-3.0%
ESGR	Sell	ENSTAR GROUP LIMITED	$67,544,000	-10.1%	495,484	-0.6%	1.92%	-12.3%
AAPL	Buy	APPLE INC	$64,212,000	+8.4%	637,338	+0.0%	1.82%	+5.9%
MNRO	Buy	MONRO MUFFLER BRAKE INC	$61,148,000	+129.9%	1,260,000	+152.0%	1.74%	+124.5%
KMX	Buy	CARMAX INC	$55,508,000	+77.9%	1,195,000	+99.2%	1.58%	+73.6%
BRKB	Sell	BERKSHIRE HATHAWAY INC DELcl b new	$42,572,000	+8.3%	308,180	-0.8%	1.21%	+5.8%
UBNT	New	UBIQUITI NETWORKS INC	$33,777,000	–	900,000	–	0.96%	–
HIG	Sell	HARTFORD FINL SVCS GROUP INC	$11,402,000	+1.1%	306,101	-2.8%	0.32%	-1.5%
PRMW	Buy	PRIMO WTR CORP	$7,111,000	-6.8%	1,650,000	+3.1%	0.20%	-9.0%
LUK	Sell	LEUCADIA NATL CORP	$2,372,000	-30.9%	99,500	-24.0%	0.07%	-33.0%
CCIPRA	Buy	CROWN CASTLE INTL CORPcnv pfd stk sr a	$2,104,000	+31.5%	20,000	+27.4%	0.06%	+30.4%
MWE	Sell	MARKWEST ENERGY PARTNERS L Punit ltd partn	$535,000	-98.9%	6,965	-99.0%	0.02%	-99.0%
LVNTA	Exit	LIBERTY INTERACTIVE CORP	$0	–	-180,000	–	-0.39%	–

Q2 2014

			Value		Shares		↓ Weighting
CFX	New	COLFAX CORP	$384,714,000	–	5,161,180	–	11.18%	–
AMT	New	AMERICAN TOWER CORP NEW	$362,133,000	–	4,024,596	–	10.52%	–
MKL	New	MARKEL CORP	$323,410,000	–	493,273	–	9.40%	–
MA	New	MASTERCARD INCcl a	$314,363,000	–	4,278,795	–	9.13%	–
MCO	New	MOODYS CORP	$305,244,000	–	3,482,130	–	8.87%	–
DISCK	New	DISCOVERY COMMUNICATNS NEW	$208,205,000	–	2,868,230	–	6.05%	–
DLTR	New	DOLLAR TREE INC	$189,653,000	–	3,482,423	–	5.51%	–
LYV	New	LIVE NATION ENTERTAINMENT IN	$156,781,000	–	6,350,000	–	4.56%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$123,683,000	–	821,267	–	3.59%	–
SBAC	New	SBA COMMUNICATIONS CORP	$122,760,000	–	1,200,000	–	3.57%	–
V	New	VISA INC	$120,195,000	–	570,430	–	3.49%	–
DHR	New	DANAHER CORP DEL	$118,095,000	–	1,500,000	–	3.43%	–
ROP	New	ROPER INDS INC NEW	$99,564,000	–	681,900	–	2.89%	–
AMTD	New	TD AMERITRADE HLDG CORP	$99,032,000	–	3,158,900	–	2.88%	–
LPLA	New	LPL FINL HLDGS INC	$85,304,000	–	1,715,000	–	2.48%	–
ESGR	New	ENSTAR GROUP LIMITED	$75,172,000	–	498,720	–	2.18%	–
AAPL	New	APPLE INC	$59,219,000	–	637,238	–	1.72%	–
MWE	New	MARKWEST ENERGY PARTNERS L Punit ltd partn	$50,605,000	–	706,965	–	1.47%	–
VRSK	New	VERISK ANALYTICS INCcl a	$48,016,000	–	800,000	–	1.40%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$39,311,000	–	310,611	–	1.14%	–
KMX	New	CARMAX INC	$31,206,000	–	600,000	–	0.91%	–
MNRO	New	MONRO MUFFLER BRAKE INC	$26,595,000	–	500,000	–	0.77%	–
DHIL	New	DIAMOND HILL INVESTMENT GROU	$18,583,000	–	145,500	–	0.54%	–
LVNTA	New	LIBERTY INTERACTIVE CORP	$13,284,000	–	180,000	–	0.39%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$11,280,000	–	314,982	–	0.33%	–
AMTPRA	New	AMERICAN TOWER CORP NEWpfd conv ser a	$10,640,000	–	100,000	–	0.31%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$9,875,000	–	52	–	0.29%	–
PRMW	New	PRIMO WTR CORP	$7,632,000	–	1,600,000	–	0.22%	–
ANSS	New	ANSYS INC	$7,605,000	–	100,300	–	0.22%	–
BACWSA	New	BANK OF AMERICA CORPORATION*w exp 01/16/201	$4,802,000	–	700,000	–	0.14%	–
LAMR	New	LAMAR ADVERTISING COcl a	$3,556,000	–	67,100	–	0.10%	–
LUK	New	LEUCADIA NATL CORP	$3,435,000	–	131,000	–	0.10%	–
TDG	New	TRANSDIGM GROUP INC	$1,673,000	–	10,000	–	0.05%	–
CCIPRA	New	CROWN CASTLE INTL CORPcnv pfd stk sr a	$1,600,000	–	15,700	–	0.05%	–
CSX	New	CSX CORP	$1,322,000	–	42,899	–	0.04%	–
NSH	New	NUSTAR GP HOLDINGS LLCunit restg llc	$1,086,000	–	27,775	–	0.03%	–
WMB	New	WILLIAMS COS INC DEL	$1,061,000	–	18,230	–	0.03%	–
NLY	New	ANNALY CAP MGMT INC	$572,000	–	50,044	–	0.02%	–
AAIC	New	ARLINGTON ASSET INVT CORPcl a new	$273,000	–	10,000	–	0.01%	–

Q4 2013

			Value		Shares		↓ Weighting
NLY	Exit	ANNALY CAP MGMT INC	$0	–	-49,084	–	-0.02%	–
WMB	Exit	WILLIAMS COS INC DEL	$0	–	-19,610	–	-0.03%	–
NSH	Exit	NUSTAR GP HOLDINGS LLCunit restg llc	$0	–	-57,907	–	-0.06%	–
CSX	Exit	CSX CORP	$0	–	-51,061	–	-0.06%	–
TDG	Exit	TRANSDIGM GROUP INC	$0	–	-10,000	–	-0.06%	–
PRMW	Exit	PRIMO WTR CORP	$0	–	-1,600,000	–	-0.16%	–
BACWSA	Exit	BANK OF AMERICA CORPORATION*w exp 01/16/201	$0	–	-700,000	–	-0.18%	–
ANSS	Exit	ANSYS INC	$0	–	-50,000	–	-0.18%	–
HIG	Exit	HARTFORD FINL SVCS GROUP INC	$0	–	-319,803	–	-0.42%	–
BRKA	Exit	BERKSHIRE HATHAWAY INC DELcl a	$0	–	-59	–	-0.43%	–
FDS	Exit	FACTSET RESH SYS INC	$0	–	-130,000	–	-0.60%	–
DHIL	Exit	DIAMOND HILL INVESTMENT GROU	$0	–	-145,500	–	-0.66%	–
MWE	Exit	MARKWEST ENERGY PARTNERS L Punit ltd partn	$0	–	-304,935	–	-0.94%	–
EQIX	Exit	EQUINIX INC	$0	–	-122,500	–	-0.96%	–
MNRO	Exit	MONRO MUFFLER BRAKE INC	$0	–	-500,000	–	-0.99%	–
DISCK	Exit	DISCOVERY COMMUNICATNS NEW	$0	–	-400,000	–	-1.33%	–
BRKB	Exit	BERKSHIRE HATHAWAY INC DELcl b new	$0	–	-303,001	–	-1.47%	–
NS	Exit	NUSTAR ENERGY LP	$0	–	-1,018,427	–	-1.74%	–
AAPL	Exit	APPLE INC	$0	–	-91,004	–	-1.85%	–
VRSK	Exit	VERISK ANALYTICS INCcl a	$0	–	-800,000	–	-2.22%	–
LUK	Exit	LEUCADIA NATL CORP	$0	–	-2,000,000	–	-2.32%	–
LYV	Exit	LIVE NATION ENTERTAINMENT IN	$0	–	-3,250,000	–	-2.57%	–
LPLA	Exit	LPL FINL HLDGS INC	$0	–	-1,700,000	–	-2.78%	–
ESGR	Exit	ENSTAR GROUP LIMITED	$0	–	-498,476	–	-2.91%	–
AMTD	Exit	TD AMERITRADE HLDG CORP	$0	–	-3,158,900	–	-3.53%	–
V	Exit	VISA INC	$0	–	-502,430	–	-4.10%	–
A309PS	Exit	DIRECTV	$0	–	-1,700,000	–	-4.34%	–
ORLY	Exit	O REILLY AUTOMOTIVE INC NEW	$0	–	-821,538	–	-4.47%	–
ROST	Exit	ROSS STORES INC	$0	–	-1,533,218	–	-4.76%	–
DLTR	Exit	DOLLAR TREE INC	$0	–	-2,423,768	–	-5.91%	–
MKL	Exit	MARKEL CORP	$0	–	-348,963	–	-7.71%	–
AMT	Exit	AMERICAN TOWER CORP NEW	$0	–	-2,828,736	–	-8.95%	–
CFX	Exit	COLFAX CORP	$0	–	-3,913,075	–	-9.43%	–
MCO	Exit	MOODYS CORP	$0	–	-3,481,520	–	-10.45%	–
MA	Exit	MASTERCARD INCcl a	$0	–	-396,583	–	-11.39%	–

Q3 2013

			Value		Shares		↓ Weighting
MA	Buy	MASTERCARD INCcl a	$266,813,000	+17.3%	396,583	+0.1%	11.39%	+10.6%
MCO	Buy	MOODYS CORP	$244,855,000	+15.6%	3,481,520	+0.1%	10.45%	+9.0%
CFX	Buy	COLFAX CORP	$221,050,000	+8.8%	3,913,075	+0.3%	9.43%	+2.6%
AMT	Buy	AMERICAN TOWER CORP NEW	$209,694,000	+50.0%	2,828,736	+48.1%	8.95%	+41.5%
MKL	Buy	MARKEL CORP	$180,683,000	+39.3%	348,963	+41.8%	7.71%	+31.4%
DLTR	Buy	DOLLAR TREE INC	$138,543,000	+12.5%	2,423,768	+0.1%	5.91%	+6.2%
ROST	Sell	ROSS STORES INC	$111,618,000	+5.6%	1,533,218	-6.0%	4.76%	-0.4%
ORLY	Buy	O REILLY AUTOMOTIVE INC NEW	$104,820,000	+13.5%	821,538	+0.2%	4.47%	+7.1%
A309PS	Sell	DIRECTV	$101,626,000	-49.4%	1,700,000	-47.9%	4.34%	-52.3%
ESGR	Buy	ENSTAR GROUP LIMITED	$68,092,000	+2.9%	498,476	+0.1%	2.91%	-3.0%
AAPL	Sell	APPLE INC	$43,386,000	+20.1%	91,004	-0.1%	1.85%	+13.3%
NS	Sell	NUSTAR ENERGY LP	$40,849,000	-14.8%	1,018,427	-3.0%	1.74%	-19.6%
BRKB	Buy	BERKSHIRE HATHAWAY INC DELcl b new	$34,394,000	+1.7%	303,001	+0.2%	1.47%	-4.1%
EQIX	New	EQUINIX INC	$22,497,000	–	122,500	–	0.96%	–
MWE	Buy	MARKWEST ENERGY PARTNERS L Punit ltd partn	$22,025,000	+148.2%	304,935	+129.7%	0.94%	+134.4%
HIG	Sell	HARTFORD FINL SVCS GROUP INC	$9,952,000	-84.1%	319,803	-84.2%	0.42%	-85.0%
NSH	Sell	NUSTAR GP HOLDINGS LLCunit restg llc	$1,299,000	-27.0%	57,907	-13.0%	0.06%	-31.2%
WMB	New	WILLIAMS COS INC DEL	$713,000	–	19,610	–	0.03%	–
NLY	Buy	ANNALY CAP MGMT INC	$568,000	+35.2%	49,084	+46.9%	0.02%	+26.3%
EPD	Exit	ENTERPRISE PRODS PARTNERS L	$0	–	-10,232	–	-0.03%	–
BAC	Exit	BANK OF AMERICA CORPORATION	$0	–	-800,000	–	-0.46%	–
AMX	Exit	AMERICA MOVIL SAB DE CV	$0	–	-500,000	–	-0.49%	–
SHLDQ	Exit	SEARS HLDGS CORP	$0	–	-300,000	–	-0.57%	–

Q2 2013

			Value		Shares		↓ Weighting
MA	New	MASTERCARD INCcl a	$227,553,000	–	396,088	–	10.29%	–
MCO	New	MOODYS CORP	$211,900,000	–	3,477,765	–	9.59%	–
CFX	New	COLFAX CORP	$203,229,000	–	3,899,995	–	9.19%	–
A309PS	New	DIRECTV	$200,946,000	–	3,260,000	–	9.09%	–
AMT	New	AMERICAN TOWER CORP NEW	$139,768,000	–	1,910,180	–	6.32%	–
MKL	New	MARKEL CORP	$129,706,000	–	246,144	–	5.87%	–
DLTR	New	DOLLAR TREE INC	$123,105,000	–	2,421,423	–	5.57%	–
ROST	New	ROSS STORES INC	$105,708,000	–	1,631,048	–	4.78%	–
ORLY	New	O REILLY AUTOMOTIVE INC NEW	$92,328,000	–	819,818	–	4.18%	–
V	New	VISA INC	$91,819,000	–	502,430	–	4.15%	–
AMTD	New	TD AMERITRADE HLDG CORP	$76,730,000	–	3,158,900	–	3.47%	–
ESGR	New	ENSTAR GROUP LIMITED	$66,196,000	–	497,791	–	3.00%	–
LPLA	New	LPL FINL HLDGS INC	$64,192,000	–	1,700,000	–	2.90%	–
HIG	New	HARTFORD FINL SVCS GROUP INC	$62,714,000	–	2,028,270	–	2.84%	–
LUK	New	LEUCADIA NATL CORP	$52,440,000	–	2,000,000	–	2.37%	–
LYV	New	LIVE NATION ENTERTAINMENT IN	$50,375,000	–	3,250,000	–	2.28%	–
NS	New	NUSTAR ENERGY LP	$47,932,000	–	1,050,000	–	2.17%	–
VRSK	New	VERISK ANALYTICS INCcl a	$47,760,000	–	800,000	–	2.16%	–
AAPL	New	APPLE INC	$36,125,000	–	91,104	–	1.63%	–
BRKB	New	BERKSHIRE HATHAWAY INC DELcl b new	$33,828,000	–	302,251	–	1.53%	–
DISCK	New	DISCOVERY COMMUNICATNS NEW	$27,909,000	–	400,000	–	1.26%	–
MNRO	New	MONRO MUFFLER BRAKE INC	$24,025,000	–	500,000	–	1.09%	–
FDS	New	FACTSET RESH SYS INC	$13,252,000	–	130,000	–	0.60%	–
SHLDQ	New	SEARS HLDGS CORP	$12,624,000	–	300,000	–	0.57%	–
DHIL	New	DIAMOND HILL INVESTMENT GROU	$12,453,000	–	145,500	–	0.56%	–
AMX	New	AMERICA MOVIL SAB DE CV	$10,875,000	–	500,000	–	0.49%	–
BAC	New	BANK OF AMERICA CORPORATION	$10,288,000	–	800,000	–	0.46%	–
BRKA	New	BERKSHIRE HATHAWAY INC DELcl a	$9,947,000	–	59	–	0.45%	–
MWE	New	MARKWEST ENERGY PARTNERS L Punit ltd partn	$8,873,000	–	132,735	–	0.40%	–
BACWSA	New	BANK OF AMERICA CORPORATION*w exp 01/16/201	$3,822,000	–	700,000	–	0.17%	–
ANSS	New	ANSYS INC	$3,655,000	–	50,000	–	0.16%	–
PRMW	New	PRIMO WTR CORP	$2,912,000	–	1,600,000	–	0.13%	–
NSH	New	NUSTAR GP HOLDINGS LLCunit restg llc	$1,779,000	–	66,560	–	0.08%	–
TDG	New	TRANSDIGM GROUP INC	$1,568,000	–	10,000	–	0.07%	–
CSX	New	CSX CORP	$1,184,000	–	51,061	–	0.05%	–
EPD	New	ENTERPRISE PRODS PARTNERS L	$636,000	–	10,232	–	0.03%	–
NLY	New	ANNALY CAP MGMT INC	$420,000	–	33,409	–	0.02%	–

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