The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE
OMB APPROVAL
OMB Number: 3235-0006
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COLUMN 1 COLUMN 2 COLUMN 3 COLUMN 4 COLUMN 5 COLUMN 6 COLUMN 7 COLUMN 8
VALUE SHRS OR SH/ PUT/ INVESTMENT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ABBOTT LABS COM 002824100 148,595 3,085,058 SH   SOLE   3,085,058 0 0
AIR LEASE CORP CL A 00912X302 34,705 919,615 SH   SOLE   919,615 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 514,160 6,105,046 SH   SOLE   6,105,046 0 0
ALTRIA GROUP INC COM 02209S103 285,875 5,499,662 SH   SOLE   5,499,662 0 0
AMBEV SA SPONSORED ADR 02319V103 1,071,730 184,620,856 SH   SOLE   184,620,856 0 0
AMERICAN TOWER CORP NEW COM 03027X100 181,805 1,852,333 SH   SOLE   1,852,333 0 0
APPLE INC COM 037833100 202,185 1,564,008 SH   SOLE   1,564,008 0 0
AUTOHOME INC SP ADR RP CL A 05278C107 81,925 1,853,019 SH   SOLE   1,853,019 0 0
BAIDU INC SPON ADR REP A 056752108 1,254,910 5,954,527 SH   SOLE   5,954,527 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 19,575 90 SH   SOLE   90 0 0
BIOGEN INC COM 09062X103 144,715 329,099 SH   SOLE   329,099 0 0
BITAUTO HLDGS LTD SPONSORED ADS 091727107 109,945 2,147,117 SH   SOLE   2,147,117 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 212,965 3,166,194 SH   SOLE   3,166,194 0 0
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 4,465 43,043 SH   SOLE   43,043 0 0
CELGENE CORP COM 151020104 213,210 1,773,056 SH   SOLE   1,773,056 0 0
COCA COLA CO COM 191216100 153,090 3,628,213 SH   SOLE   3,628,213 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 31,120 379,705 SH   SOLE   379,705 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 155,315 2,377,012 SH   SOLE   2,377,012 0 0
CORE LABORATORIES N V COM N22717107 33,495 322,806 SH   SOLE   322,806 0 0
CSL LTD SPONSORED ADR 12637N204 1,817 519,359 SH   SOLE   519,359 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 31,440 284,338 SH   SOLE   284,338 0 0
DISNEY WALT CO COM DISNEY 254687106 13,655 130,200 SH   SOLE   130,200 0 0
DUNKIN BRANDS GROUP INC COM 265504100 25,980 546,300 SH   SOLE   546,300 0 0
FACEBOOK INC CL A 30303M102 163,450 1,927,110 SH   SOLE   1,927,110 0 0
FASTENAL CO COM 311900104 12,935 312,200 SH   SOLE   312,200 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 18,020 315,627 SH   SOLE   315,627 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 800,180 8,488,733 SH   SOLE   8,488,733 0 0
FRESENIUS MED CARE AG&CO KGA SPONSORED ADR 358029106 41,660 1,005,039 SH   SOLE   1,005,039 0 0
GOOGLE INC CL A 38259P508 32,125 57,916 SH   SOLE   57,916 0 0
GOOGLE INC CL C 38259P706 308,760 540,153 SH   SOLE   540,153 0 0
GRIFOLS S A SP ADR REP B NVT 398438408 2,300 70,073 SH   SOLE   70,073 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 214,535 19,499,682 SH   SOLE   19,499,682 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 331,830 9,982,750 SH   SOLE   9,982,750 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 524,980 8,724,521 SH   SOLE   8,724,521 0 0
HENRY JACK & ASSOC INC COM 426281101 16,810 240,525 SH   SOLE   240,525 0 0
HERSHEY CO COM 427866108 158,360 1,506,511 SH   SOLE   1,506,511 0 0
ICICI BK LTD ADR 45104G104 5,880 545,570 SH   SOLE   545,570 0 0
ILLUMINA INC COM 452327109 715 3,857 SH   SOLE   3,857 0 0
INTERNATIONAL FLAVORS&FRAGRA COM 459506101 22,975 195,717 SH   SOLE   195,717 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 562,610 50,409,374 SH   SOLE   50,409,374 0 0
JOHNSON & JOHNSON COM 478160104 111,685 1,066,505 SH   SOLE   1,066,505 0 0
JPM (NESTLE INDIA LTD) P-NOTE 9/8/2015 48124F395 6,280 56,579 SH   SOLE   56,579 0 0
JPMORGAN CHASE & CO COM 46625H100 109,850 1,753,014 SH   SOLE   1,753,014 0 0
LAS VEGAS SANDS CORP COM 517834107 206,610 3,618,540 SH   SOLE   3,618,540 0 0
LORILLARD INC COM 544147101 50,595 774,233 SH   SOLE   774,233 0 0
MARTIN MARIETTA MATLS INC COM 573284106 130,610 892,876 SH   SOLE   892,876 0 0
MASTERCARD INC CL A 57636Q104 464,435 5,162,574 SH   SOLE   5,162,574 0 0
MEDTRONIC PLC SHS G5960L103 110,080 1,365,192 SH   SOLE   1,365,192 0 0
NASPERS LTD SPONSORED ADR 631512100 990 6,400 SH   SOLE   6,400 0 0
NESTLE S A SPONSORED ADR 641069406 4,295 57,090 SH   SOLE   57,090 0 0
NETEASE INC SPONSORED ADR 64110W102 277,850 2,621,251 SH   SOLE   2,621,251 0 0
NIELSEN N V COM N63218106 13,735 308,200 SH   SOLE   308,200 0 0
NOVO-NORDISK A S ADR 670100205 6,230 116,707 SH   SOLE   116,707 0 0
PHILIP MORRIS INTL INC COM 718172109 588,425 7,684,923 SH   SOLE   7,684,923 0 0
PHILIPPINE LONG DISTANCE TEL SPONSORED ADR 718252604 8,350 133,629 SH   SOLE   133,629 0 0
PNC FINL SVCS GROUP INC COM 693475105 26,805 287,500 SH   SOLE   287,500 0 0
PRECISION CASTPARTS CORP COM 740189105 16,290 77,587 SH   SOLE   77,587 0 0
PRICELINE GRP INC COM NEW 741503403 417,180 351,018 SH   SOLE   351,018 0 0
RANDGOLD RES LTD ADR 752344309 196,805 2,860,217 SH   SOLE   2,860,217 0 0
REGENERON PHARMACEUTICALS COM 75886F107 45,855 97,460 SH   SOLE   97,460 0 0
ROCHE HLDG LTD SPONSORED ADR 771195104 5,455 158,706 SH   SOLE   158,706 0 0
ROYAL GOLD INC COM 780287108 16,955 268,687 SH   SOLE   268,687 0 0
SCHEIN HENRY INC COM 806407102 18,725 134,118 SH   SOLE   134,118 0 0
SCHWAB CHARLES CORP NEW COM 808513105 85,515 2,690,793 SH   SOLE   2,690,793 0 0
STARBUCKS CORP COM 855244109 102,545 1,054,402 SH   SOLE   1,054,402 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 625,250 26,434,816 SH   SOLE   26,434,816 0 0
TJX COS INC NEW COM 872540109 170,385 2,340,503 SH   SOLE   2,340,503 0 0
TRANSDIGM GROUP INC COM 893641100 12,950 59,221 SH   SOLE   59,221 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 26,310 777,487 SH   SOLE   777,487 0 0
UBS GROUP AG SHS H42097107 3,565 190,009 SH   SOLE   190,009 0 0
UNILEVER N V N Y SHS NEW 904784709 4,850 116,088 SH   SOLE   116,088 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 256,050 8,635,425 SH   SOLE   8,635,425 0 0
VISA INC COM CL A 92826C839 335,030 4,933,717 SH   SOLE   4,933,717 0 0
WELLS FARGO & CO NEW COM 949746101 361,690 6,386,240 SH   SOLE   6,386,240 0 0
WHOLE FOODS MKT INC COM 966837106 6,455 123,954 SH   SOLE   123,954 0 0
YANDEX N V SHS CLASS A N97284108 84,740 5,550,741 SH   SOLE   5,550,741 0 0
ZOETIS INC CL A 98978V103 138,640 2,875,395 SH   SOLE   2,875,395 0 0