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
Estimated average burden
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 14,190 188,512 SH   SOLE   188,512 0 0
AIR LEASE CORP CL A 00912X302 33,440 1,075,975 SH   SOLE   1,075,975 0 0
ALTRIA GROUP INC COM 02209S103 144,165 3,766,108 SH   SOLE   3,766,108 0 0
AMAZON COM INC COM 023135106 27,630 69,563 SH   SOLE   69,563 0 0
AMBEV SA SPONSORED ADR 02319V103 725,910 99,805,985 SH   SOLE   99,805,985 0 0
BALLY TECHNOLOGIES INC COM 05874B107 31,180 397,478 SH   SOLE   397,478 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 32,020 180 SH   SOLE   180 0 0
BIOGEN IDEC INC COM 09062X103 87,205 312,960 SH   SOLE   312,960 0 0
CAPITAL ONE FINL CORP COM 14040H105 43,905 574,649 SH   SOLE   574,649 0 0
CELGENE CORP COM 151020104 84,995 504,962 SH   SOLE   504,962 0 0
CHEVRON CORP NEW COM 166764100 33,775 270,380 SH   SOLE   270,380 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 24,195 45,598 SH   SOLE   45,598 0 0
CITIGROUP INC COM NEW 172967424 16,520 317,028 SH   SOLE   317,028 0 0
COCA COLA CO COM 191216100 279,175 6,792,439 SH   SOLE   6,792,439 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 154,745 1,283,776 SH   SOLE   1,283,776 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 111,760 1,111,037 SH   SOLE   1,111,037 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 20,365 1,831,940 SH   SOLE   1,831,940 0 0
CORE LABORATORIES N V COM N22717107 215,340 1,143,247 SH   SOLE   1,143,247 0 0
COVIDIEN PLC SHS G2554F113 206,430 3,036,733 SH   SOLE   3,036,733 0 0
CPFL ENERGIA S A SPONSORED ADR 126153105 3,520 223,349 SH   SOLE   223,349 0 0
CSL LTD ADR 12637N105 9,095 295,653 SH   SOLE   295,653 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 59,400 448,568 SH   SOLE   448,568 0 0
ECOPETROL S A SPONSORED ADS 279158109 159,640 4,165,714 SH   SOLE   4,165,714 0 0
FASTENAL CO COM 311900104 16,460 346,475 SH   SOLE   346,475 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 20,775 396,825 SH   SOLE   396,825 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 580,850 6,002,036 SH   SOLE   6,002,036 0 0
GOOGLE INC CL A 38259P508 44,025 39,284 SH   SOLE   39,284 0 0
GRAINGER W W INC COM 384802104 4,060 15,904 SH   SOLE   15,904 0 0
GRANA Y MONTERO S A A SPONSORED ADR 38500P208 19,920 900,817 SH   SOLE   900,817 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 397,615 29,427,971 SH   SOLE   29,427,971 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 458,180 15,267,854 SH   SOLE   15,267,854 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 450,935 13,140,994 SH   SOLE   13,140,994 0 0
HENRY JACK & ASSOC INC COM 426281101 18,530 313,000 SH   SOLE   313,000 0 0
ILLUMINA INC COM 452327109 38,350 347,475 SH   SOLE   347,475 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 186,210 13,868,459 SH   SOLE   13,868,459 0 0
JOHNSON & JOHNSON COM 478160104 148,455 1,625,794 SH   SOLE   1,625,794 0 0
JPM (AXIS BANK WTS) P-NOTE 48125D480 2,480 118,600 SH   SOLE   118,600 0 0
JPM (HDFC LTD) P-NOTE 48125D183 29,090 2,274,357 SH   SOLE   2,274,357 0 0
JPM (NESTLE INDIA LTD) P-NOTE 48124F395 7,070 83,079 SH   SOLE   83,079 0 0
JPM(INDRAPRASTHA GAS LTD) P-NOTE 48124F791 725 167,847 SH   SOLE   167,847 0 0
LAS VEGAS SANDS CORP COM 517834107 175,980 2,239,572 SH   SOLE   2,239,572 0 0
MASTERCARD INC CL A 57636Q104 320,450 385,078 SH   SOLE   385,078 0 0
MATTEL INC COM 577081102 59,940 1,263,280 SH   SOLE   1,263,280 0 0
MCDONALDS CORP COM 580135101 29,160 300,513 SH   SOLE   300,513 0 0
MEAD JOHNSON NUTRITION CO COM 582839106 25,075 299,400 SH   SOLE   299,400 0 0
MICHAEL KORS HLDGS LTD SHS G60754101 37,380 461,750 SH   SOLE   461,750 0 0
MONDELEZ INTL INC CL A 609207105 34,230 969,750 SH   SOLE   969,750 0 0
MOTOROLA SOLUTIONS INC COM NEW 620076307 25,395 376,200 SH   SOLE   376,200 0 0
NETEASE INC SPONSORED ADR 64110W102 190,280 2,440,509 SH   SOLE   2,440,509 0 0
NEWMONT MINING CORP COM 651639106 28,705 1,246,451 SH   SOLE   1,246,451 0 0
OIL CO LUKOIL SPONSORED ADR 677862104 26,840 425,217 SH   SOLE   425,217 0 0
P T TELEKOMUNIKASI INDONESIA SPONSORED ADR 715684106 280 7,800 SH   SOLE   7,800 0 0
PHILIP MORRIS INTL INC COM 718172109 700,310 8,099,750 SH   SOLE   8,099,750 0 0
PHILIPPINE LONG DISTANCE TEL SPONSORED ADR 718252604 17,620 293,229 SH   SOLE   293,229 0 0
PRICE T ROWE GROUP INC COM 74144T108 4,250 50,725 SH   SOLE   50,725 0 0
PRICELINE COM INC COM NEW 741503403 68,435 59,108 SH   SOLE   59,108 0 0
RANDGOLD RES LTD ADR 752344309 141,115 2,290,282 SH   SOLE   2,290,282 0 0
REYNOLDS AMERICAN INC COM 761713106 42,190 843,925 SH   SOLE   843,925 0 0
ROYAL GOLD INC COM 780287108 28,605 620,887 SH   SOLE   620,887 0 0
SEMPRA ENERGY COM 816851109 25,080 279,400 SH   SOLE   279,400 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 124,930 4,870,249 SH   SOLE   4,870,249 0 0
STARBUCKS CORP COM 855244109 16,625 212,075 SH   SOLE   212,075 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 198,845 11,353,565 SH   SOLE   11,353,565 0 0
TJX COS INC NEW COM 872540109 110,760 1,743,879 SH   SOLE   1,743,879 0 0
TRANSDIGM GROUP INC COM 893641100 85,415 531,474 SH   SOLE   531,474 0 0
TRIMBLE NAVIGATION LTD COM 896239100 29,695 855,725 SH   SOLE   855,725 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 115,725 3,298,200 SH   SOLE   3,298,200 0 0
VISA INC COM CL A 92826C839 206,670 934,271 SH   SOLE   934,271 0 0
WAL-MART DE MEX SAB DE CV ADR 93114W107 570 21,910 SH   SOLE   21,910 0 0
WAL-MART STORES INC COM 931142103 91,850 1,149,698 SH   SOLE   1,149,698 0 0
WATERS CORP COM 941848103 22,205 222,058 SH   SOLE   222,058 0 0
WELLS FARGO & CO NEW COM 949746101 207,425 4,584,036 SH   SOLE   4,584,036 0 0
WHOLE FOODS MKT INC COM 966837106 67,050 1,163,228 SH   SOLE   1,163,228 0 0
YANDEX N V SHS CLASS A N97284108 329,945 7,738,868 SH   SOLE   7,738,868 0 0
ZOETIS INC CL A 98978V103 92,190 2,829,607 SH   SOLE   2,829,607 0 0