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
3M CO COM 88579Y101 115,714 656,608 SH   SOLE   656,608 0 0
51JOB INC SP ADR REP COM 316827104 135,060 4,046,149 SH   SOLE   4,046,149 0 0
ABBOTT LABS COM 002824100 110,489 2,612,665 SH   SOLE   2,612,665 0 0
ABBVIE INC COM 00287Y109 139,196 2,207,008 SH   SOLE   2,207,008 0 0
ALLSTATE CORP COM 020002101 212 3,058 SH   SOLE   3,058 0 0
ALPHABET INC CAP STK CL A 02079K305 450,444 560,213 SH   SOLE   560,213 0 0
AMAZON COM INC COM 023135106 284,847 340,194 SH   SOLE   340,194 0 0
AMBEV SA SPONSORED ADR 02319V103 133,311 21,890,156 SH   SOLE   21,890,156 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 249 21,800 SH   SOLE   21,800 0 0
AMERISOURCEBERGEN CORP COM 03073E105 99,599 1,232,972 SH   SOLE   1,232,972 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 329,340 2,506,201 SH   SOLE   2,506,201 0 0
ANTHEM INC COM 036752103 100 800 SH   SOLE   800 0 0
ASML HOLDING N V N Y REGISTRY SHS N07059210 79 720 SH   SOLE   720 0 0
AVERY DENNISON CORP COM 053611109 47 600 SH   SOLE   600 0 0
BAIDU INC SPON ADR REP A 056752108 612,204 3,362,467 SH   SOLE   3,362,467 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946K101 54,867 9,205,972 SH   SOLE   9,205,972 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 178,278 19,655,739 SH   SOLE   19,655,739 0 0
BANCO MACRO SA SPON ADR B 05961W105 9,366 119,695 SH   SOLE   119,695 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 118,256 5,715,618 SH   SOLE   5,715,618 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 145,686 3,731,715 SH   SOLE   3,731,715 0 0
BUNGE LIMITED COM G16962105 285,297 4,816,759 SH   SOLE   4,816,759 0 0
CANADIAN NATL RY CO COM 136375102 361,616 5,529,302 SH   SOLE   5,529,302 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104 188,714 2,431,568 SH   SOLE   2,431,568 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 250,674 4,074,672 SH   SOLE   4,074,672 0 0
CNOOC LTD SPONSORED ADR 126132109 252,284 1,994,499 SH   SOLE   1,994,499 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 18,083 241,110 SH   SOLE   241,110 0 0
COGNEX CORP COM 192422103 157,992 2,988,886 SH   SOLE   2,988,886 0 0
COLGATE PALMOLIVE CO COM 194162103 198,869 2,682,347 SH   SOLE   2,682,347 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 155,264 9,473,065 SH   SOLE   9,473,065 0 0
CREDICORP LTD COM G2519Y108 143,543 942,994 SH   SOLE   942,994 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 319,218 6,854,569 SH   SOLE   6,854,569 0 0
DAVITA INC COM 23918K108 0 5 SH   SOLE   5 0 0
ECOPETROL S A SPONSORED ADS 279158109 5,575 636,450 SH   SOLE   636,450 0 0
ENCANA CORP COM 292505104 54 5,150 SH   SOLE   5,150 0 0
EXXON MOBIL CORP COM 30231G102 149,224 1,709,715 SH   SOLE   1,709,715 0 0
F5 NETWORKS INC COM 315616102 232,234 1,863,242 SH   SOLE   1,863,242 0 0
FACEBOOK INC CL A 30303M102 179,106 1,396,318 SH   SOLE   1,396,318 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 283,905 3,681,820 SH   SOLE   3,681,820 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 65,927 716,290 SH   SOLE   716,290 0 0
FRESENIUS MED CARE AG&CO KGA SPONSORED ADR 358029106 145,870 3,332,640 SH   SOLE   3,332,640 0 0
GRIFOLS S A SP ADR REP B NVT 398438408 245,409 15,366,848 SH   SOLE   15,366,848 0 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 172,469 1,177,903 SH   SOLE   1,177,903 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 3,693 118,700 SH   SOLE   118,700 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 365,332 14,220,812 SH   SOLE   14,220,812 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 78 2,080 SH   SOLE   2,080 0 0
ICICI BK LTD ADR 45104G104 10,440 1,397,655 SH   SOLE   1,397,655 0 0
ILLINOIS TOOL WKS INC COM 452308109 96 800 SH   SOLE   800 0 0
IMPERIAL OIL LTD COM NEW 453038408 40 1,270 SH   SOLE   1,270 0 0
IPG PHOTONICS CORP COM 44980X109 134,741 1,636,190 SH   SOLE   1,636,190 0 0
ISHARES TR MSCI INDIA ETF 46429B598 52,974 1,801,220 SH   SOLE   1,801,220 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 554,054 50,644,819 SH   SOLE   50,644,819 0 0
JD COM INC SPON ADR CL A 47215P106 121,936 4,673,655 SH   SOLE   4,673,655 0 0
JOHNSON & JOHNSON COM 478160104 95 800 SH   SOLE   800 0 0
LUXOTTICA GROUP S P A SPONSORED ADR 55068R202 3,340 69,856 SH   SOLE   69,856 0 0
MASTERCARD INCORPORATED CL A 57636Q104 140,152 1,377,149 SH   SOLE   1,377,149 0 0
MERCADOLIBRE INC COM 58733R102 93,392 504,904 SH   SOLE   504,904 0 0
MICROSOFT CORP COM 594918104 89,006 1,545,257 SH   SOLE   1,545,257 0 0
MONSANTO CO NEW COM 61166W101 108,522 1,061,856 SH   SOLE   1,061,856 0 0
NIKE INC CL B 654106103 350,761 6,662,119 SH   SOLE   6,662,119 0 0
NOBLE ENERGY INC COM 655044105 57 1,600 SH   SOLE   1,600 0 0
NOVARTIS A G SPONSORED ADR 66987V109 77 980 SH   SOLE   980 0 0
PAYPAL HLDGS INC COM 70450Y103 223,903 5,465,050 SH   SOLE   5,465,050 0 0
PRICELINE GRP INC COM NEW 741503403 307,269 208,815 SH   SOLE   208,815 0 0
PRICESMART INC COM 741511109 6,941 82,870 SH   SOLE   82,870 0 0
PROCTER AND GAMBLE CO COM 742718109 72 800 SH   SOLE   800 0 0
RED HAT INC COM 756577102 117,968 1,459,457 SH   SOLE   1,459,457 0 0
REGENERON PHARMACEUTICALS COM 75886F107 128,070 318,565 SH   SOLE   318,565 0 0
ROPER TECHNOLOGIES INC COM 776696106 297,630 1,631,117 SH   SOLE   1,631,117 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 197,880 3,745,611 SH   SOLE   3,745,611 0 0
RYANAIR HLDGS PLC SPONSORED ADR NE 783513203 73 970 SH   SOLE   970 0 0
SALESFORCE COM INC COM 79466L302 116,156 1,628,435 SH   SOLE   1,628,435 0 0
SAP SE SPON ADR 803054204 466,612 5,104,602 SH   SOLE   5,104,602 0 0
SASOL LTD SPONSORED ADR 803866300 61,743 2,260,028 SH   SOLE   2,260,028 0 0
SCHLUMBERGER LTD COM 806857108 748,238 9,514,732 SH   SOLE   9,514,732 0 0
SHIRE PLC SPONSORED ADR 82481R106 2,326 12,003 SH   SOLE   12,003 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 119,124 1,005,696 SH   SOLE   1,005,696 0 0
SVB FINL GROUP COM 78486Q101 319,598 2,891,241 SH   SOLE   2,891,241 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 505,609 16,528,553 SH   SOLE   16,528,553 0 0
TENARIS S A SPONSORED ADR 88031M109 433,683 15,270,498 SH   SOLE   15,270,498 0 0
TRANSOCEAN LTD REG SHS H8817H100 2 218 SH   SOLE   218 0 0
UNILEVER PLC SPON ADR NEW 904767704 112,042 2,363,770 SH   SOLE   2,363,770 0 0
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 272 5,997 SH   SOLE   5,997 0 0
VERISK ANALYTICS INC COM 92345Y106 262,819 3,233,505 SH   SOLE   3,233,505 0 0
WABCO HLDGS INC COM 92927K102 26,395 232,493 SH   SOLE   232,493 0 0
WATERS CORP COM 941848103 155,719 982,518 SH   SOLE   982,518 0 0
WELLS FARGO & CO NEW COM 949746101 171,264 3,867,767 SH   SOLE   3,867,767 0 0
WPP PLC NEW ADR 92937A102 198,714 1,688,020 SH   SOLE   1,688,020 0 0
YANDEX N V SHS CLASS A N97284108 119,198 5,662,611 SH   SOLE   5,662,611 0 0