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 COMMON 88579Y101 72,772 345,365 SH   SOLE   276,108 0 69,257
Accenture Plc COMMON G1151C101 67,250 395,128 SH   SOLE   307,832 0 87,296
Chubb Ltd COMMON H1467J104 83,086 618,359 SH   SOLE   481,680 0 136,679
Aflac Inc COMMON 001055102 93,943 1,995,931 SH   SOLE   1,514,057 0 481,874
Alleghany Corp COMMON 017175100 46,609 71,437 SH   SOLE   54,180 0 17,257
Alphabet Inc. - Class A COMMON 02079K305 162,698 134,781 SH   SOLE   103,788 0 30,993
Alphabet Inc. - Class C COMMON 02079K107 115,163 96,486 SH   SOLE   73,185 0 23,301
Amazon.com Inc COMMON 023135106 109,050 54,445 SH   SOLE   42,260 0 12,185
American Express Co COMMON 025816109 101,550 953,597 SH   SOLE   723,444 0 230,153
Analog Devices Inc COMMON 032654105 80,540 871,084 SH   SOLE   678,412 0 192,672
Archer-Daniels-Midland Co COMMON 039483102 133,982 2,665,241 SH   SOLE   2,021,761 0 643,480
Autozone Inc COMMON 053332102 23,429 30,205 SH   SOLE   23,614 0 6,591
Axalta Coating Systems Ltd COMMON G0750C108 37,677 1,292,089 SH   SOLE   979,946 0 312,143
Axis Capital Holdings Ltd COMMON G0692U109 21,064 364,993 SH   SOLE   284,323 0 80,670
Baidu Inc - Spon ADR COMMON 056752108 244,373 1,068,623 SH   SOLE   0 0 1,068,623
Bancolombia Sa -Pref COMMON 05968L102 141,930 3,374,702 SH   SOLE   0 0 3,374,702
Barrick Gold Corp COMMON 067901108 67,640 6,104,174 SH   SOLE   1,447,651 0 4,656,523
Baxter International Inc COMMON 071813109 43,661 565,050 SH   SOLE   428,571 0 136,479
Bce Inc COMMON 05534B760 23,532 573,017 SH   SOLE   406,468 0 166,549
Berkshire Hathaway Inc COMMON 084670702 114,450 534,538 SH   SOLE   415,128 0 119,410
Bristol-myers Squibb Co COMMON 110122108 43,024 693,048 SH   SOLE   539,560 0 153,488
Brookfield Asset Management Inc COMMON 112585104 146,010 3,282,427 SH   SOLE   2,389,030 0 893,397
Bunge Ltd COMMON G16962105 82,156 1,195,695 SH   SOLE   906,923 0 288,772
C H Robinson Worldwide Inc COMMON 12541W209 53,383 545,181 SH   SOLE   424,688 0 120,493
Canadian Natural Resources COMMON 136385101 129,125 3,924,463 SH   SOLE   2,941,843 0 982,620
Canadian Pacific Railway Ltd COMMON 13645T100 44,354 209,350 SH   SOLE   148,502 0 60,848
Carmax Inc COMMON 143130102 71,409 956,327 SH   SOLE   725,453 0 230,874
Compania Cervecerias Unidas Spon ADR COMMON 204429104 240 8,592 SH   SOLE   0 0 8,592
Compania De Minas Buenaventura Spon ADR COMMON 204448104 13,610 1,014,919 SH   SOLE   0 0 1,014,919
Clean Harbors Inc COMMON 184496107 42,984 600,508 SH   SOLE   455,381 0 145,127
Coca Cola Co COMMON 191216100 148,822 3,196,362 SH   SOLE   2,450,098 0 746,264
Colgate Palmolive Co COMMON 194162103 118,920 1,776,287 SH   SOLE   1,374,259 0 402,028
Costco Wholesale Corp COMMON 22160K105 61,932 263,673 SH   SOLE   200,024 0 63,649
Dolby Laboratories Inc-CL A COMMON 25659T107 38,867 555,481 SH   SOLE   421,323 0 134,158
Ebay Inc COMMON 278642103 37,442 1,133,968 SH   SOLE   860,195 0 273,773
Entercom Communications Corp COMMON 293639100 25,792 3,267,463 SH   SOLE   2,478,589 0 788,874
Lauder Estee Companies Inc COMMON 518439104 36,714 252,640 SH   SOLE   196,755 0 55,885
Expeditors Intl Wash Inc COMMON 302130109 37,384 508,417 SH   SOLE   396,045 0 112,372
Facebook Inc A COMMON 30303M102 59,419 361,306 SH   SOLE   274,052 0 87,254
Fastenal Co COMMON 311900104 42,001 723,926 SH   SOLE   549,173 0 174,753
First Republic Bank/CA COMMON 33616C100 42,577 443,521 SH   SOLE   336,453 0 107,068
Franco-Nevada Corp COMMON 351858105 17,650 282,315 SH   SOLE   200,260 0 82,055
Genpact Ltd COMMON G3922B107 38,176 1,247,180 SH   SOLE   1,070,130 0 177,050
Gildan Activewear Inc COMMON 375916103 40,352 1,327,005 SH   SOLE   985,152 0 341,853
Globus Medical Inc A COMMON 379577208 36,913 650,361 SH   SOLE   493,311 0 157,050
Grupo Televisa Sa-Spons Adr COMMON 40049J206 94,702 5,338,343 SH   SOLE   0 0 5,338,343
Harley Davidson Inc COMMON 412822108 51,424 1,135,215 SH   SOLE   861,137 0 274,078
Hartford Financial SVCS GRP COMMON 416515104 58,970 1,173,635 SH   SOLE   914,226 0 259,409
Intel Corp COMMON 458140100 141,874 3,000,075 SH   SOLE   2,301,562 0 698,513
IPG Photonics Corp COMMON 44980X109 34,939 223,872 SH   SOLE   174,362 0 49,510
Johnson and Johnson COMMON 478160104 287,849 2,083,335 SH   SOLE   1,600,269 0 483,066
Kimberly-Clark Corp COMMON 494368103 33,948 296,278 SH   SOLE   224,738 0 71,540
Kt Corp Spon ADR COMMON 48268K101 64,691 4,356,321 SH   SOLE   0 0 4,356,321
Las Vegas Sands Corp COMMON 517834107 404,981 6,825,911 SH   SOLE   0 0 6,825,911
Liberty Global Inc - Cl A COMMON G5480U104 1,682 58,144 SH   SOLE   0 0 58,144
Lincoln Electric Holdings COMMON 533900106 20,844 222,146 SH   SOLE   168,535 0 53,611
Loews Corp COMMON 540424108 106,470 2,119,702 SH   SOLE   1,607,870 0 511,832
M & T Bank Corp COMMON 55261F104 16,535 100,491 SH   SOLE   76,245 0 24,246
Magna International Inc COMMON 559222401 21,857 416,367 SH   SOLE   295,352 0 121,015
Markel Corp COMMON 570535104 47,162 39,693 SH   SOLE   30,110 0 9,583
Marketaxess Holdings COMMON 57060D108 22,087 123,740 SH   SOLE   93,897 0 29,843
Maxim Integrated Products COMMON 57772K101 64,710 1,147,541 SH   SOLE   893,893 0 253,648
McDonalds Corp COMMON 580135101 111,988 669,427 SH   SOLE   510,904 0 158,523
Merck & Co Inc COMMON 58933Y105 204,080 2,858,434 SH   SOLE   2,194,068 0 664,366
National Oilwell Varco COMMON 637071101 43,305 1,005,273 SH   SOLE   762,492 0 242,781
Now Inc COMMON 67011P100 11,041 667,202 SH   SOLE   505,741 0 161,461
Omnicom Group COMMON 681919106 82,371 1,200,982 SH   SOLE   926,680 0 274,302
Oracle Corp COMMON 68389X105 251,088 4,869,934 SH   SOLE   3,731,703 0 1,138,231
Paccar Inc COMMON 693718108 24,730 362,673 SH   SOLE   275,158 0 87,515
Paychex Inc COMMON 704326107 52,612 714,354 SH   SOLE   556,456 0 157,898
PayPal Holdings Inc. COMMON 70450Y103 48,812 555,695 SH   SOLE   421,603 0 134,092
Pepsico Inc COMMON 713448108 35,597 318,401 SH   SOLE   241,534 0 76,867
PPG Industries Inc COMMON 693506107 67,764 620,954 SH   SOLE   471,105 0 149,849
Praxair Inc COMMON 74005P104 187,959 1,169,410 SH   SOLE   899,759 0 269,651
Booking Holdings Inc COMMON 09857L108 125,524 63,261 SH   SOLE   48,865 0 14,396
Procter & Gamble COMMON 742718109 162,187 1,948,693 SH   SOLE   1,506,916 0 441,777
Rayonier Inc COMMON 754907103 50,009 1,479,114 SH   SOLE   1,074,663 0 404,451
Renaissancere Holdings COMMON G7496G103 22,095 165,406 SH   SOLE   128,835 0 36,571
Ritchie Bros Auctioneers COMMON 767744105 69,166 1,917,691 SH   SOLE   1,397,254 0 520,437
Rogers Communications Inc COMMON 775109200 62,570 1,208,971 SH   SOLE   891,856 0 317,115
Royal Bank of Canada COMMON 780087102 28,448 355,020 SH   SOLE   251,831 0 103,189
Schlumberger Ltd COMMON 806857108 64,743 977,192 SH   SOLE   0 0 977,192
Price T Rowe Group Inc COMMON 74144T108 32,035 293,416 SH   SOLE   228,323 0 65,093
Taiwan Semiconductor Manufacturing Co Ltd COMMON 874039100 1,825 41,322 SH   SOLE   0 0 41,322
Texas Instruments Inc COMMON 882508104 122,367 1,140,527 SH   SOLE   887,936 0 252,591
The Hershey Company COMMON 427866108 152,975 1,499,758 SH   SOLE   1,148,899 0 350,859
TJX Companies Inc COMMON 872540109 55,564 496,029 SH   SOLE   376,270 0 119,759
Toronto-Dominion Bank COMMON 891160509 31,146 512,878 SH   SOLE   363,810 0 149,068
Travelers Cos Inc COMMON 89417E109 178,423 1,375,588 SH   SOLE   1,065,989 0 309,599
TRIPADVISOR INC COMMON 896945201 17,935 351,192 SH   SOLE   266,459 0 84,733
Ulta Beauty Inc COMMON 90384S303 34,096 120,861 SH   SOLE   91,680 0 29,181
Union Pacific Corp COMMON 907818108 91,611 562,620 SH   SOLE   438,265 0 124,355
United Parcel Services Cl B COMMON 911312106 82,572 707,251 SH   SOLE   536,436 0 170,815
United Technologies Corp COMMON 913017109 66,808 477,860 SH   SOLE   362,460 0 115,400
US Bancorp COMMON 902973304 158,476 2,981,019 SH   SOLE   2,298,740 0 682,279
Waters Corp COMMON 941848103 116,303 597,400 SH   SOLE   462,124 0 135,276
Wells Fargo Co COMMON 949746101 118,984 2,263,782 SH   SOLE   1,746,058 0 517,724
Weyerhaeuser Co COMMON 962166104 22,766 705,490 SH   SOLE   512,703 0 192,787
Williams-Sonoma Inc COMMON 969904101 23,592 358,970 SH   SOLE   272,275 0 86,695
Wolverine World Wide Inc COMMON 978097103 31,439 803,520 SH   SOLE   609,474 0 194,046
Wynn Resorts Ltd COMMON 983134107 20,022 157,579 SH   SOLE   0 0 157,579
Xilinx Inc COMMON 983919101 87,861 1,095,933 SH   SOLE   844,502 0 251,431
Yum China Holdings Inc COMMON 98850P109 94,700 2,697,257 SH   SOLE   1,718,443 0 978,814