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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hours per response: 23.8
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 112,520 2,651,703 SH   SOLE   2,651,703 0 0
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 13,660 169,592 SH   SOLE   169,592 0 0
AIR LEASE CORP CL A 00912X302 24,560 755,655 SH   SOLE   755,655 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 57,470 648,792 SH   SOLE   648,792 0 0
ALTRIA GROUP INC COM 02209S103 251,720 5,374,069 SH   SOLE   5,374,069 0 0
AMAZON COM INC COM 023135106 597,804 1,854 SH   SOLE   1,854 0 0
AMBEV SA SPONSORED ADR 02319V103 840,935 129,282,969 SH   SOLE   129,282,969 0 0
AMERICAN TOWER CORP NEW COM 03027X100 101,040 1,056,533 SH   SOLE   1,056,533 0 0
APPLE INC COM 037833100 96,930 945,666 SH   SOLE   945,666 0 0
AUTOHOME INC SP ADR RP CL A 05278C107 723,680 1,732,819 SH   SOLE   1,732,819 0 0
BAIDU INC SPON ADR REP A 056752108 997,740 4,582,957 SH   SOLE   4,582,957 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 31,240 151 SH   SOLE   151 0 0
BIOGEN IDEC INC COM 09062X103 116,735 346,334 SH   SOLE   346,334 0 0
BITAUTO HLDGS LTD SPONSORED ADS 091727107 154,700 1,995,017 SH   SOLE   1,995,017 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 103,765 1,986,055 SH   SOLE   1,986,055 0 0
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 5,225 46,200 SH   SOLE   46,200 0 0
CELGENE CORP COM 151020104 184,535 1,910,095 SH   SOLE   1,910,095 0 0
CHEVRON CORP NEW COM 166764100 24,210 202,899 SH   SOLE   202,899 0 0
COCA COLA CO COM 191216100 198,935 4,585,182 SH   SOLE   4,585,182 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 71,240 706,238 SH   SOLE   706,238 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 131,095 2,873,940 SH   SOLE   2,873,940 0 0
CORE LABORATORIES N V COM N22717107 280,955 1,912,109 SH   SOLE   1,912,109 0 0
COVIDIEN PLC SHS G2554F113 25,645 296,443 SH   SOLE   296,443 0 0
CSL LTD SPONSORED ADR 12637N204 15,250 469,238 SH   SOLE   469,238 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 46,545 403,338 SH   SOLE   403,338 0 0
DISNEY WALT CO COM DISNEY 254687106 10,445 289,200 SH   SOLE   289,200 0 0
E HOUSE CHINA HLDGS LTD ADR 26852W103 2,365 248,400 SH   SOLE   248,400 0 0
FACEBOOK INC CL A 30303M102 83,730 1,043,817 SH   SOLE   1,043,817 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 20,715 419,527 SH   SOLE   419,527 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 551,245 6,029,952 SH   SOLE   6,029,952 0 0
FRESENIUS MED CARE AG&CO KGA SPONSORED ADR 358029106 35,015 1,009,084 SH   SOLE   1,009,084 0 0
GOOGLE INC CL A 38259P508 32,075 54,516 SH   SOLE   54,516 0 0
GOOGLE INC CL C 38259P706 225,140 381,758 SH   SOLE   381,758 0 0
GRANA Y MONTERO S A A SPONSORED ADR 38500P208 14,420 890,292 SH   SOLE   890,292 0 0
GRIFOLS S A SP ADR REP B NVT 398438408 2,640 75,212 SH   SOLE   75,212 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 304,090 22,622,381 SH   SOLE   22,622,381 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 312,410 9,275,628 SH   SOLE   9,275,628 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 348,180 7,411,078 SH   SOLE   7,411,078 0 0
HENRY JACK & ASSOC INC COM 426281101 19,080 342,825 SH   SOLE   342,825 0 0
HERSHEY CO COM 427866108 200,430 2,060,218 SH   SOLE   2,060,218 0 0
ICICI BK LTD ADR 45104G104 3,750 76,100 SH   SOLE   76,100 0 0
ILLUMINA INC COM 452327109 632,240 3,857 SH   SOLE   3,857 0 0
INTERNATIONAL FLAVORS&FRAGRA COM 459506101 15,495 161,617 SH   SOLE   161,617 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 729,860 52,720,883 SH   SOLE   52,720,883 0 0
JOHNSON & JOHNSON COM 478160104 131,485 1,210,585 SH   SOLE   1,210,585 0 0
JPM (NESTLE INDIA LTD) P -NOTE9/08/15 48124F395 5,575 57,679 SH   SOLE   57,679 0 0
LAS VEGAS SANDS CORP COM 517834107 217,440 3,429,042 SH   SOLE   3,429,042 0 0
MASTERCARD INC CL A 57636Q104 362,760 4,805,211 SH   SOLE   4,805,211 0 0
NASPERS LTD SPONSORED ADR 631512100 705 6,400 SH   SOLE   6,400 0 0
NESTLE S A SPONSORED ADR 641069406 5,070 68,900 SH   SOLE   68,900 0 0
NETEASE INC SPONSORED ADR 64110W102 192,275 2,258,341 SH   SOLE   2,258,341 0 0
NOVO-NORDISK A S ADR 670100205 4,705 98,802 SH   SOLE   98,802 0 0
PHILIP MORRIS INTL INC COM 718172109 814,675 9,677,466 SH   SOLE   9,677,466 0 0
PHILIPPINE LONG DISTANCE TEL SPONSORED ADR 718252604 9,220 133,629 SH   SOLE   133,629 0 0
PRECISION CASTPARTS CORP COM 740189105 82,180 340,694 SH   SOLE   340,694 0 0
PRICELINE GRP INC COM NEW 741503403 391,065 333,618 SH   SOLE   333,618 0 0
PROSPERITY BANCSHARES INC COM 743606105 45,785 786,876 SH   SOLE   786,876 0 0
RANDGOLD RES LTD ADR 752344309 147,390 2,209,203 SH   SOLE   2,209,203 0 0
ROCHE HLDG LTD SPONSORED ADR 771195104 5,380 145,500 SH   SOLE   145,500 0 0
ROYAL GOLD INC COM 780287108 12,525 192,887 SH   SOLE   192,887 0 0
SCHEIN HENRY INC COM 806407102 13,010 111,718 SH   SOLE   111,718 0 0
SOUFUN HLDGS LTD ADR 836034108 6,190 621,955 SH   SOLE   621,955 0 0
STARBUCKS CORP COM 855244109 22,355 296,229 SH   SOLE   296,229 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 94,455 4,590,066 SH   SOLE   4,590,066 0 0
TJX COS INC NEW COM 872540109 140,760 2,334,185 SH   SOLE   2,334,185 0 0
TRANSDIGM GROUP INC COM 893641100 15,600 84,621 SH   SOLE   84,621 0 0
TRIMBLE NAVIGATION LTD COM 896239100 18,650 611,406 SH   SOLE   611,406 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 185,450 5,312,330 SH   SOLE   5,312,330 0 0
UNILEVER N V N Y SHS NEW 904784709 4,945 124,600 SH   SOLE   124,600 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 140,560 747,944 SH   SOLE   747,944 0 0
VISA INC COM CL A 92826C839 231,810 1,066,546 SH   SOLE   1,066,546 0 0
WAL-MART DE MEX SAB DE CV ADR 93114W107 550 21,910 SH   SOLE   21,910 0 0
WATERS CORP COM 941848103 18,410 185,733 SH   SOLE   185,733 0 0
WELLS FARGO & CO NEW COM 949746101 267,640 5,051,681 SH   SOLE   5,051,681 0 0
WHOLE FOODS MKT INC COM 966837106 69,200 1,788,827 SH   SOLE   1,788,827 0 0
WILEY JOHN & SONS INC CL A 968223206 6,605 153,255 SH   SOLE   153,255 0 0
YANDEX N V SHS CLASS A N97284108 291,345 10,559,526 SH   SOLE   10,559,526 0 0
ZHONGPIN INC COM STK 98952K107 6,850 338,725 SH   SOLE   338,725 0 0
ZOETIS INC CL A 98978V103 131,165 3,483,718 SH   SOLE   3,483,718 0 0