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
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 14,910 196,512 SH   SOLE   196,512 0 0
AIR LEASE CORP CL A 00912X302 27,045 701,055 SH   SOLE   701,055 0 0
ALTRIA GROUP INC COM 02209S103 208,030 4,975,408 SH   SOLE   4,975,408 0 0
AMAZON COM INC COM 023135106 1,475 4,539 SH   SOLE   4,539 0 0
AMBEV SA SPONSORED ADR 02319V103 610,285 87,990,985 SH   SOLE   87,990,985 0 0
AUTOHOME INC SP ADR RP CL A 05278C107 64,585 1,902,079 SH   SOLE   1,902,079 0 0
BAIDU INC SPON ADR REP A 056752108 694,490 3,754,602 SH   SOLE   3,754,602 0 0
BALLY TECHNOLOGIES INC COM 05874B107 96,095 1,465,194 SH   SOLE   1,465,194 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 39,120 206 SH   SOLE   206 0 0
BIOGEN IDEC INC COM 09062X103 104,535 332,493 SH   SOLE   332,493 0 0
BITAUTO HLDGS LTD SPONSORED ADS 091727107 101,935 2,120,560 SH   SOLE   2,120,560 0 0
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 5,500 46,200 SH   SOLE   46,200 0 0
CAPITAL ONE FINL CORP COM 14040H105 12,965 156,982 SH   SOLE   156,982 0 0
CELGENE CORP COM 151020104 158,765 1,853,898 SH   SOLE   1,853,898 0 0
CHEVRON CORP NEW COM 166764100 29,400 225,199 SH   SOLE   225,199 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 35,605 60,136 SH   SOLE   60,136 0 0
CITIGROUP INC COM NEW 172967424 16,195 343,840 SH   SOLE   343,840 0 0
COCA COLA CO COM 191216100 231,900 5,491,697 SH   SOLE   5,491,697 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 114,980 1,027,097 SH   SOLE   1,027,097 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 124,830 2,561,106 SH   SOLE   2,561,106 0 0
CORE LABORATORIES N V COM N22717107 300,295 1,815,892 SH   SOLE   1,815,892 0 0
COVIDIEN PLC SHS G2554F113 29,275 324,622 SH   SOLE   324,622 0 0
CSL LTD SPONSORED ADR SPONSORED ADR 12637N204 12,395 394,638 SH   SOLE   394,638 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 52,340 411,243 SH   SOLE   411,243 0 0
E HOUSE CHINA HLDGS LTD ADR 26852W103 2,240 258,800 SH   SOLE   258,800 0 0
ECOPETROL S A SPONSORED ADS 279158109 4,455 123,639 SH   SOLE   123,639 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 13,885 252,525 SH   SOLE   252,525 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 547,160 5,929,776 SH   SOLE   5,929,776 0 0
GOOGLE INC CL A 38259P508 32,200 55,076 SH   SOLE   55,076 0 0
GOOGLE INC CL C 38259P706 144,190 251,494 SH   SOLE   251,494 0 0
GRANA Y MONTERO S A A SPONSORED ADR 38500P208 16,760 890,292 SH   SOLE   890,292 0 0
GRIFOLS S A SP ADR REP B NVT 398438408 3,315 75,212 SH   SOLE   75,212 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 293,010 22,368,887 SH   SOLE   22,368,887 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 432,590 12,775,302 SH   SOLE   12,775,302 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 501,660 10,777,749 SH   SOLE   10,777,749 0 0
HENRY JACK & ASSOC INC COM 426281101 21,525 362,225 SH   SOLE   362,225 0 0
HERSHEY CO COM 427866108 150,270 1,548,249 SH   SOLE   1,548,249 0 0
ILLUMINA INC COM 452327109 3,095 17,349 SH   SOLE   17,349 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 521,950 36,705,533 SH   SOLE   36,705,533 0 0
JOHNSON & JOHNSON COM 478160104 133,015 1,274,469 SH   SOLE   1,274,469 0 0
JPM (AXIS BANK WTS) P-NOTE 08/10/14 48125D480 5,620 176,900 SH   SOLE   176,900 0 0
JPM (HDFC LTD) P-NOTE 29/09/14 48125D183 35,840 2,181,281 SH   SOLE   2,181,281 0 0
JPM (NESTLE INDIA LTD) P-NOTE 09/08/15 48124F395 4,870 59,679 SH   SOLE   59,679 0 0
LAS VEGAS SANDS CORP COM 517834107 220,795 2,905,544 SH   SOLE   2,905,544 0 0
MASTERCARD INC CL A 57636Q104 319,690 4,367,672 SH   SOLE   4,367,672 0 0
MOTOROLA SOLUTIONS INC COM NEW 620076307 20,595 309,375 SH   SOLE   309,375 0 0
NASPERS LTD SPONSORED ADR 631512100 755 6,400 SH   SOLE   6,400 0 0
NESTLE S A SPONSORED ADR 641069406 5,350 68,900 SH   SOLE   68,900 0 0
NETEASE INC SPONSORED ADR 64110W102 172,805 2,233,340 SH   SOLE   2,233,340 0 0
NOVO-NORDISK A S ADR 670100205 4,565 98,802 SH   SOLE   98,802 0 0
OIL CO LUKOIL SPONSORED ADR 677862104 11,590 193,718 SH   SOLE   193,718 0 0
PHILIP MORRIS INTL INC COM 718172109 770,165 9,192,983 SH   SOLE   9,192,983 0 0
PHILIPPINE LONG DISTANCE TEL SPONSORED ADR 718252604 9,005 133,629 SH   SOLE   133,629 0 0
PRECISION CASTPARTS CORP COM 740189105 76,935 305,647 SH   SOLE   305,647 0 0
PRICELINE GRP INC COM NEW 741503403 381,370 319,073 SH   SOLE   319,073 0 0
PROSPERITY BANCSHARES INC COM 743606105 26,155 418,782 SH   SOLE   418,782 0 0
RANDGOLD RES LTD ADR 752344309 181,385 2,188,243 SH   SOLE   2,188,243 0 0
REYNOLDS AMERICAN INC COM 761713106 34,005 563,450 SH   SOLE   563,450 0 0
ROCHE HLDG LTD SPONSORED ADR 771195104 5,425 145,500 SH   SOLE   145,500 0 0
ROYAL GOLD INC COM 780287108 13,860 182,087 SH   SOLE   182,087 0 0
SEMPRA ENERGY COM 816851109 14,190 135,550 SH   SOLE   135,550 0 0
SILVER WHEATON CORP COM 828336107 2,590 98,700 SH   SOLE   98,700 0 0
SOUFUN HLDGS LTD ADR 836034108 89,945 9,331,275 SH   SOLE   9,331,275 0 0
STARBUCKS CORP COM 855244109 26,580 343,500 SH   SOLE   343,500 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 87,880 4,058,266 SH   SOLE   4,058,266 0 0
TJX COS INC NEW COM 872540109 117,465 2,216,045 SH   SOLE   2,216,045 0 0
TRANSDIGM GROUP INC COM 893641100 95,920 574,774 SH   SOLE   574,774 0 0
TRIMBLE NAVIGATION LTD COM 896239100 26,270 711,006 SH   SOLE   711,006 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 199,315 5,687,077 SH   SOLE   5,687,077 0 0
UBS AG SHS NEW H89231338 4,070 222,100 SH   SOLE   222,100 0 0
UNILEVER N V N Y SHS NEW 904784709 5,450 124,600 SH   SOLE   124,600 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 9,875 52,600 SH   SOLE   52,600 0 0
VISA INC COM CL A 92826C839 203,680 969,814 SH   SOLE   969,814 0 0
WAL-MART DE MEX SAB DE CV ADR 93114W107 585 21,910 SH   SOLE   21,910 0 0
WAL-MART STORES INC COM 931142103 27,230 362,765 SH   SOLE   362,765 0 0
WATERS CORP COM 941848103 21,150 202,533 SH   SOLE   202,533 0 0
WELLS FARGO & CO NEW COM 949746101 233,560 4,458,679 SH   SOLE   4,458,679 0 0
WHOLE FOODS MKT INC COM 966837106 57,475 1,491,280 SH   SOLE   1,491,280 0 0
YANDEX N V SHS CLASS A N97284108 365,290 10,406,150 SH   SOLE   10,406,150 0 0
ZOETIS INC CL A 98978V103 121,070 761,740 SH   SOLE   3,761,740 0 0