The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete. | |||||||||||||||||||||
| UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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| COLUMN 1 | COLUMN 2 | COLUMN 3 | COLUMN 4 | COLUMN 5 | COLUMN 6 | COLUMN 7 | COLUMN 8 | ||||
| VALUE | SHRS OR | SH/ | PUT/ | INVESTMENT | OTHER | VOTING AUTHORITY | |||||
| NAME OF ISSUER | TITLE OF CLASS | CUSIP | (x$1000) | PRN AMT | PRN | CALL | DISCRETION | MANAGER | SOLE | SHARED | NONE |
| 1STDIBS COM INC | COM | 320551104 | 353,812 | 78,800 | SH | DFND | 1 | 0 | 78,800 | 0 | |
| ALPHABET INC | CAP STK CL A | 02079K305 | 451,028,901 | 2,476,140 | SH | DFND | 1 | 0 | 2,476,140 | 0 | |
| ALPHABET INC | CAP STK CL C | 02079K107 | 314,657,010 | 1,715,500 | SH | DFND | 1 | 0 | 1,715,500 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL A | 084670108 | 122,448,200 | 200 | SH | DFND | 1 | 0 | 200 | 0 | |
| BERKSHIRE HATHAWAY INC DEL | CL B NEW | 084670702 | 12,928,104 | 31,780 | SH | DFND | 1 | 0 | 31,780 | 0 | |
| BIONTECH SE | SPONSORED ADS | 09075V102 | 602,700 | 7,500 | SH | DFND | 1 | 0 | 7,500 | 0 | |
| BIONTECH SE | SPONSORED ADS | 09075V102 | 1,044,680 | 13,000 | SH | DFND | 1 | 0 | 13,000 | 0 | |
| BIO RAD LABS INC | CL A | 090572207 | 2,184,880 | 8,000 | SH | DFND | 1 | 0 | 8,000 | 0 | |
| CARVANA CO | CL A | 146869102 | 75,706,539 | 588,149 | SH | DFND | 1 | 0 | 588,149 | 0 | |
| CREDIT ACCEP CORP MICH | COM | 225310101 | 47,350,560 | 92,000 | SH | DFND | 1 | 0 | 92,000 | 0 | |
| FERGUSON PLC NEW | SHS | G3421J106 | 5,422,200 | 28,000 | SH | DFND | 1 | 0 | 28,000 | 0 | |
| FERGUSON PLC NEW | SHS | G3421J106 | 4,357,125 | 22,500 | SH | DFND | 1 | 0 | 22,500 | 0 | |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | 24,520,000 | 200,000 | SH | DFND | 1 | 0 | 200,000 | 0 | |
| INTERACTIVE BROKERS GROUP IN | COM CL A | 45841N107 | 1,194,982 | 9,747 | SH | DFND | 1 | 0 | 9,747 | 0 | |
| MARKEL CORP | COM | 570535104 | 3,230,103 | 2,050 | SH | DFND | 1 | 0 | 2,050 | 0 | |
| MERCADOLIBRE INC | COM | 58733R102 | 2,547,270 | 1,550 | SH | DFND | 1 | 0 | 1,550 | 0 | |
| META PLATFORMS INC | CL A | 30303M102 | 67,565,480 | 134,000 | SH | DFND | 1 | 0 | 134,000 | 0 | |
| MICROSOFT CORP | COM | 594918104 | 345,715,825 | 773,500 | SH | DFND | 1 | 0 | 773,500 | 0 | |
| NU HLDGS LTD | ORD SHS CL A | G6683N103 | 1,289,000 | 100,000 | SH | DFND | 1 | 0 | 100,000 | 0 | |
| PAYPAL HLDGS INC | COM | 70450Y103 | 1,363,705 | 23,500 | SH | DFND | 1 | 0 | 23,500 | 0 | |
| PDD HOLDINGS INC | SPONSORED ADS | 722304102 | 29,249,000 | 220,000 | SH | DFND | 1 | 0 | 220,000 | 0 | |
| SPOTIFY TECHNOLOGY S A | SHS | L8681T102 | 3,059,453 | 9,750 | SH | DFND | 1 | 0 | 9,750 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 3,381,097 | 175,005 | SH | DFND | 1 | 0 | 175,005 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 4,443,600 | 230,000 | SH | DFND | 1 | 0 | 230,000 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 2,803,332 | 145,100 | SH | DFND | 1 | 0 | 145,100 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 986,286 | 51,050 | SH | DFND | 1 | 0 | 51,050 | 0 | |
| TUCOWS INC | COM NEW | 898697206 | 27,307,641 | 1,413,439 | SH | DFND | 1 | 0 | 1,413,439 | 0 | |
| WIX COM LTD | SHS | M98068105 | 39,767,500 | 250,000 | SH | DFND | 1 | 0 | 250,000 | 0 | |