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 140,330 1,853,783 SH   OTR 1 993,811 35,221 824,751
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 75,070 467,467 SH   OTR 1 188,454 89,224 189,789
ADOBE SYS INC COM 00724F101 30,790 114,063 SH   SOLE   546 0 113,517
AIR LEASE CORP CL A 00912X302 43,190 941,334 SH   SOLE   4,506 0 936,828
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 1,096,160 6,527,366 SH   OTR 1 2,285,101 2,162,867 2,079,398
ALPHABET INC CAP STK CL C 02079K107 385,900 313,228 SH   OTR 1 167,921 5,957 139,350
AMAZON COM INC COM 023135106 398,570 192,745 SH   OTR 1 103,434 3,673 85,638
AMBEV SA SPONSORED ADR 02319V103 831,165 178,796,626 SH   OTR 1 57,276,103 65,511,621 56,008,902
AMERICAN TOWER CORP NEW COM 03027X100 192,270 1,285,234 SH   OTR 1 641,757 22,574 620,903
AMPHENOL CORP NEW CL A 032095101 24,375 259,253 SH   SOLE   1,241 0 258,012
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 58,550 668,615 SH   SOLE   3,196 0 665,419
APTIV PLC SHS G6095L109 72,200 860,561 SH   OTR 1 330,926 181,877 347,758
AUTOHOME INC SP ADR RP CL A 05278C107 232,050 2,944,435 SH   OTR 1 728,989 1,181,481 1,033,965
BANCO SANTANDER S A SPONSORED ADR B 05969B103 134,460 17,035,854 SH   OTR 1 4,264,568 7,090,833 5,680,453
BANCOLOMBIA S A SPON ADR PREF 05968L102 250,610 5,908,007 SH   OTR 1 1,485,352 2,466,673 1,955,982
BAOZUN INC SPONSORED ADR 06684L103 7,280 149,806 SH   SOLE   0 0 149,806
BECTON DICKINSON & CO COM 075887109 274,950 1,020,381 SH   OTR 1 524,719 18,339 477,323
BERKSHIRE HATHAWAY INC DEL CL A 084670108 86,400 270 SH   SOLE   0 0 270
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 285,245 1,281,470 SH   OTR 1 857,464 30,514 393,492
BOOKING HLDGS INC COM 09857L108 361,930 180,758 SH   OTR 1 90,905 23,945 65,908
BOSTON SCIENTIFIC CORP COM 101137107 54,070 1,404,413 SH   SOLE   6,691 0 1,397,722
CARNIVAL CORP UNIT 99/99/9999 143658300 695 10,918 SH   SOLE   0 0 10,918
CASEYS GEN STORES INC COM 147528103 36,320 281,315 SH   SOLE   1,347 0 279,968
CME GROUP INC COM CL A 12572Q105 343,100 1,953,426 SH   OTR 1 1,039,842 36,938 876,646
COCA COLA CO COM 191216100 49,730 1,076,626 SH   SOLE   5,005 0 1,071,621
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 5,585 91,220 SH   SOLE   91,220 0 0
COMCAST CORP NEW CL A 20030N101 65,855 1,859,785 SH   SOLE   8,888 0 1,850,897
CREDICORP LTD COM G2519Y108 221,095 974,935 SH   OTR 1 252,005 403,374 319,556
DISNEY WALT CO COM DISNEY 254687106 285,975 2,363,654 SH   OTR 1 1,175,340 40,453 1,147,861
ECOLAB INC COM 278865100 32,785 209,116 SH   SOLE   1,001 0 208,115
EDWARDS LIFESCIENCES CORP COM 28176E108 21,460 123,255 SH   SOLE   590 0 122,665
FACEBOOK INC CL A 30303M102 180,875 1,065,459 SH   OTR 1 566,646 20,027 478,786
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 702,850 6,987,084 SH   OTR 1 1,849,160 2,873,703 2,264,221
HDFC BANK LTD ADR REPS 3 SHS 40415F101 222,660 2,138,094 SH   SOLE   1,832,584 0 305,510
HOME DEPOT INC COM 437076102 49,115 237,109 SH   SOLE   1,135 0 235,974
INDIA FD INC COM 454089103 210 9,555 SH   SOLE   9,555 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 289,205 25,906,997 SH   OTR 1 6,499,332 10,815,100 8,592,565
JOHNSON & JOHNSON COM 478160104 178,905 1,257,808 SH   OTR 1 620,515 21,930 615,363
KRAFT HEINZ CO COM 500754106 65,660 1,191,396 SH   SOLE   5,634 0 1,185,762
LAS VEGAS SANDS CORP COM 517834107 25,380 427,791 SH   SOLE   1,795 0 425,996
M & T BK CORP COM 55261F104 124,170 732,877 SH   OTR 1 356,940 12,546 363,391
MARTIN MARIETTA MATLS INC COM 573284106 138,905 740,583 SH   OTR 1 380,811 13,520 346,252
MASTERCARD INCORPORATED CL A 57636Q104 509,875 2,230,670 SH   OTR 1 1,213,052 183,879 833,739
MEDTRONIC PLC SHS G5960L103 439,155 4,364,074 SH   OTR 1 2,234,795 298,599 1,830,680
MICROSOFT CORP COM 594918104 54,235 474,218 SH   SOLE   2,270 0 471,948
MONDELEZ INTL INC CL A 609207105 59,770 1,391,319 SH   SOLE   6,660 0 1,384,659
MOODYS CORP COM 615369105 12,295 73,535 SH   SOLE   352 0 73,183
NETEASE INC SPONSORED ADR 64110W102 379,780 1,638,904 SH   OTR 1 404,269 639,923 594,712
NIKE INC CL B 654106103 241,100 2,755,797 SH   OTR 1 1,508,770 53,551 1,193,476
O REILLY AUTOMOTIVE INC NEW COM 67103H107 134,610 376,164 SH   OTR 1 191,057 6,777 178,330
PEPSICO INC COM 713448108 314,490 2,732,616 SH   OTR 1 1,320,969 46,333 1,365,314
PHILIP MORRIS INTL INC COM 718172109 108,165 1,364,823 SH   OTR 1 693,867 386,184 284,772
PNC FINL SVCS GROUP INC COM 693475105 126,185 899,980 SH   OTR 1 435,270 15,296 449,414
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 145,395 1,086,398 SH   OTR 1 542,979 19,143 524,276
SHERWIN WILLIAMS CO COM 824348106 46,345 101,809 SH   SOLE   492 0 101,317
STARBUCKS CORP COM 855244109 204,270 3,489,918 SH   OTR 1 1,736,253 61,577 1,692,088
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 638,595 14,088,241 SH   OTR 1 6,074,960 3,830,427 4,182,854
TJX COS INC NEW COM 872540109 262,020 2,266,830 SH   OTR 1 1,209,697 42,931 1,014,202
UNITEDHEALTH GROUP INC COM 91324P102 442,490 1,612,128 SH   OTR 1 853,558 30,328 728,242
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 4,945 792,522 SH   SOLE   0 0 792,522
VISA INC COM CL A 92826C839 502,215 3,258,093 SH   OTR 1 1,771,436 259,546 1,227,111
WELLS FARGO CO NEW COM 949746101 222,475 4,105,510 SH   OTR 1 2,138,190 75,638 1,891,682
YUM CHINA HLDGS INC COM 98850P109 252,060 7,062,962 SH   OTR 1 1,610,240 2,931,344 2,521,378
ZTO EXPRESS CAYMAN INC SPONSORED ADR 98980A105 4,750 286,575 SH   SOLE   0 0 286,575