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
ABBOTT LABS COM 002824100 177,780 4,428,732 SH   OTR 1 2,708,640 77,816 1,642,276
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 98,675 857,098 SH   OTR 1 370,943 203,814 282,341
AIR LEASE CORP CL A 00912X302 35,295 1,028,142 SH   SOLE 0 0 1,028,142
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 1,069,515 11,951,765 SH   OTR 1 3,572,376 3,714,199 4,665,190
ALIGN TECHNOLOGY INC COM 016255101 17,275 179,703 SH   SOLE 0 0 179,703
ALPHABET INC CAP STK CL C 02079K107 432,920 540,154 SH   OTR 1 340,489 9,817 189,848
ALTRIA GROUP INC COM 02209S103 393,880 5,750,667 SH   OTR 1 3,441,187 110,753 2,198,727
AMAZON COM INC COM 023135106 357,480 459,390 SH   OTR 1 291,829 8,537 159,024
AMBEV SA SPONSORED ADR 02319V103 722,595 144,338,625 SH   OTR 1 38,698,220 56,189,831 49,450,574
AMERICAN TOWER CORP NEW COM 03027X100 142,740 1,302,938 SH   OTR 1 785,064 23,453 494,421
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 4,530 42,948 SH   SOLE 42,948 0 0
AUTOHOME INC SP ADR RP CL A 05278C107 4,580 181,185 SH   SOLE 0 0 181,185
BECTON DICKINSON & CO COM 075887109 24,690 149,145 SH   SOLE 0 0 149,145
BERKSHIRE HATHAWAY INC DEL CL A 084670108 64,205 263 SH   SOLE 0 0 263
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 272,125 1,588,443 SH   OTR 1 1,229,207 34,452 324,784
BRISTOL MYERS SQUIBB CO COM 110122108 141,440 2,331,875 SH   OTR 1 1,509,723 43,288 778,864
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 5,555 49,298 SH   SOLE 49,298 0 0
CASEYS GEN STORES INC COM 147528103 146,600 1,195,478 SH   OTR 1 623,273 18,586 553,619
CME GROUP INC COM 12572Q105 17,450 151,280 SH   SOLE 0 0 151,280
COCA COLA CO COM 191216100 273,105 6,300,235 SH   OTR 1 4,033,121 112,482 2,154,632
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 51,710 813,852 SH   SOLE 73,500 0 740,352
DOLLAR TREE INC COM 256746108 116,870 1,459,816 SH   OTR 1 903,325 26,984 529,507
DR REDDYS LABS LTD ADR 256135203 55,200 1,199,944 SH   OTR 1 404,353 360,312 435,279
ETSY INC COM 29786A106 2,770 235,100 SH   SOLE 0 0 235,100
FACEBOOK INC CL A 30303M102 139,360 1,166,851 SH   OTR 1 726,443 21,184 419,224
FIRST REP BK SAN FRANCISCO C COM 33616C100 16,835 182,701 SH   SOLE 0 0 182,701
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 834,510 10,695,993 SH   OTR 1 3,951,727 3,477,337 3,266,929
GENUINE PARTS CO COM 372460105 1,140 11,937 SH   SOLE 0 0 11,937
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 230,960 31,544,495 SH   OTR 1 6,913,559 10,998,930 13,632,006
HDFC BANK LTD ADR REPS 3 SHS 40415F101 191,815 3,060,246 SH   OTR 1 1,452,170 607,944 1,000,132
HERSHEY CO COM 427866108 1,450 14,028 SH   SOLE 0 0 14,028
INDIA FD INC COM 454089103 3,345 156,302 SH   SOLE 156,302 0 0
INTERNATIONAL FLAVORS&FRAGRA COM 459506101 19,425 164,871 SH   SOLE 0 0 164,871
KRAFT HEINZ CO COM 500754106 50,990 583,970 SH   SOLE 0 0 583,970
LAS VEGAS SANDS CORP COM 517834107 236,480 4,349,056 SH   OTR 1 827,335 1,453,113 2,068,608
LAUDER ESTEE COS INC CL A 518439104 20,500 268,023 SH   SOLE 0 0 268,023
M & T BK CORP COM 55261F104 201,095 1,239,514 SH   OTR 1 785,954 22,561 430,999
MARTIN MARIETTA MATLS INC COM 573284106 192,450 836,828 SH   OTR 1 540,493 15,305 281,030
MASTERCARD INCORPORATED CL A 57636Q104 518,785 4,882,552 SH   OTR 1 3,006,519 482,902 1,393,131
MEDTRONIC PLC SHS G5960L103 200,665 2,698,035 SH   OTR 1 1,648,751 47,623 1,001,661
MOODYS CORP COM 615369105 19,030 201,875 SH   SOLE 0 0 201,875
NETEASE INC SPONSORED ADR 64110W102 469,320 2,144,054 SH   OTR 1 424,779 699,538 1,019,737
NIKE INC CL B 654106103 190,000 3,600,525 SH   OTR 1 2,273,414 67,797 1,259,314
PAYPAL HLDGS INC COM 70450Y103 205,030 5,015,192 SH   OTR 1 3,071,464 88,355 1,855,373
PEPSICO INC COM 713448108 32,085 306,649 SH   SOLE 0 0 306,649
PHILIP MORRIS INTL INC COM 718172109 582,565 6,346,612 SH   OTR 1 3,650,886 855,720 1,840,006
PNC FINL SVCS GROUP INC COM 693475105 148,195 1,233,692 SH   OTR 1 558,919 16,702 658,071
PRICELINE GRP INC COM NEW 741503403 286,070 191,475 SH   OTR 1 102,533 22,496 66,446
RANDGOLD RES LTD ADR 752344309 1,955 26,952 SH   OTR 1 0 844 26,108
REYNOLDS AMERICAN INC COM 761713106 195,195 3,444,498 SH   OTR 1 1,837,330 58,661 1,548,507
SAP SE SPON ADR 803054204 4,450 51,502 SH   SOLE 51,502 0 0
SCHEIN HENRY INC COM 806407102 17,765 117,093 SH   SOLE 0 0 117,093
STARBUCKS CORP COM 855244109 194,955 3,389,984 SH   OTR 1 2,040,911 59,665 1,289,408
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 328,380 11,147,547 SH   OTR 1 1,742,049 3,297,344 6,108,154
TJX COS INC NEW COM 872540109 140,795 1,803,095 SH   OTR 1 1,142,830 33,927 626,338
UNITEDHEALTH GROUP INC COM 91324P102 302,595 1,809,711 SH   OTR 1 1,137,813 31,140 640,758
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 5,140 466,799 SH   SOLE 0 0 466,799
VISA INC COM CL A 92826C839 405,010 5,003,107 SH   OTR 1 3,102,599 89,618 1,810,890
WELLS FARGO & CO NEW COM 949746101 378,930 6,625,427 SH   OTR 1 4,231,313 122,561 2,271,553
ZOETIS INC CL A 98978V103 31,900 595,932 SH   SOLE 0 0 595,932
ZTO EXPRESS CAYMAN INC SPONSORED ADR 98980A105 4,610 381,870 SH   SOLE 0 0 381,870