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
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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
Amazon.com Inc COMMON 023135106 74,591 48,645 SH   SOLE   36,460 0 12,185
Aflac Inc COMMON 001055102 96,997 2,129,002 SH   SOLE   1,520,935 0 608,067
Activision Blizzard COMMON 00507V109 22,156 475,730 SH   SOLE   339,717 0 136,013
Alleghany Corp COMMON 017175100 47,452 76,147 SH   SOLE   54,370 0 21,777
Alphabet Inc. - Class C COMMON 02079K107 109,399 105,621 SH   SOLE   75,369 0 30,252
Alphabet Inc. - Class A COMMON 02079K305 149,046 142,622 SH   SOLE   103,517 0 39,105
American Express Co COMMON 025816109 96,950 1,017,122 SH   SOLE   726,207 0 290,915
Analog Devices Inc COMMON 032654105 65,627 764,571 SH   SOLE   562,143 0 202,428
Applied Materials Inc COMMON 038222105 61,083 1,865,580 SH   SOLE   1,346,778 0 518,802
Archer-Daniels-Midland Co. COMMON 039483102 116,505 2,843,744 SH   SOLE   2,031,864 0 811,880
Autozone Inc COMMON 053332102 44,340 52,890 SH   SOLE   38,885 0 14,005
Bce Inc COMMON 05534B760 22,285 556,580 SH   SOLE   382,767 0 173,813
Baidu Inc - Spon ADR COMMON 056752108 165,710 1,044,799 SH   SOLE   0 0 1,044,799
Bancolombia Sa -Pref COMMON 05968L102 29,220 760,457 SH   SOLE   524,817 0 235,640
Bank of New York Mellon Corp COMMON 064058100 57,526 1,222,100 SH   SOLE   898,171 0 323,929
Barrick Gold Corp COMMON 067901108 109,316 8,036,383 SH   SOLE   1,872,481 0 6,163,902
Baxter International Inc COMMON 071813109 39,794 603,048 SH   SOLE   430,819 0 172,229
Berkshire Hathaway Inc COMMON 084670702 115,053 531,840 SH   SOLE   412,430 0 119,410
Booking Holdings Inc COMMON 09857L108 141,849 82,351 SH   SOLE   60,164 0 22,187
Bristol-myers Squibb Co COMMON 110122108 44,393 854,077 SH   SOLE   628,004 0 226,073
Brookfield Asset Management COMMON 112585104 114,519 2,989,262 SH   SOLE   2,091,545 0 897,717
C H Robinson Worldwide Inc COMMON 12541W209 52,176 620,483 SH   SOLE   456,182 0 164,301
Canadian Natural Resources COMMON 136385101 97,197 3,991,250 SH   SOLE   2,857,027 0 1,134,223
Canadian Pacific Railway Ltd COMMON 13645T100 36,147 203,276 SH   SOLE   139,776 0 63,500
Carmax Inc COMMON 143130102 67,272 1,072,403 SH   SOLE   768,256 0 304,147
Clean Harbors Inc COMMON 184496107 26,102 528,913 SH   SOLE   377,883 0 151,030
Coca Cola Co COMMON 191216100 133,112 2,811,381 SH   SOLE   2,023,452 0 787,929
Colgate Palmolive Co COMMON 194162103 102,102 1,715,419 SH   SOLE   1,249,699 0 465,720
Compania Cervecerias Unidas COMMON 204429104 212 8,330 SH   SOLE   0 0 8,330
Compania De Minas Buenaventura COMMON 204448104 16,859 1,039,435 SH   SOLE   0 0 1,039,435
Costco Wholesale Corp COMMON 22160K105 49,956 245,227 SH   SOLE   175,635 0 69,592
Dolby Laboratories Inc-CL A COMMON 25659T107 36,634 592,394 SH   SOLE   422,470 0 169,924
Ebay Inc COMMON 278642103 13,356 475,778 SH   SOLE   339,414 0 136,364
Electronic Arts Inc COMMON 285512109 22,568 286,001 SH   SOLE   204,153 0 81,848
Entercom Communications Corp COMMON 293639100 19,910 3,486,841 SH   SOLE   2,491,394 0 995,447
Expeditors Intl Wash Inc COMMON 302130109 51,371 754,432 SH   SOLE   554,674 0 199,758
Facebook Inc A COMMON 30303M102 101,038 770,604 SH   SOLE   550,613 0 219,991
Fastenal Co COMMON 311900104 40,396 772,557 SH   SOLE   551,194 0 221,363
First Republic Bank/CA COMMON 33616C100 41,108 473,024 SH   SOLE   337,396 0 135,628
Franco-Nevada Corp COMMON 351858105 19,220 274,182 SH   SOLE   188,549 0 85,633
Gildan Activewear Inc COMMON 375916103 41,682 1,373,899 SH   SOLE   970,286 0 403,613
Globus Medical Inc A COMMON 379577208 30,021 693,660 SH   SOLE   494,740 0 198,920
Grupo Televisa Sa-Spons Adr COMMON 40049J206 19,939 1,585,063 SH   SOLE   0 0 1,585,063
Harley Davidson Inc COMMON 412822108 38,600 1,131,346 SH   SOLE   864,045 0 267,301
Hartford Financial SVCS GRP COMMON 416515104 97,122 2,175,860 SH   SOLE   1,587,377 0 588,483
The Hershey Company COMMON 427866108 138,566 1,292,803 SH   SOLE   932,524 0 360,279
IPG Photonics Corp COMMON 44980X109 16,029 141,492 SH   SOLE   104,026 0 37,466
Intel Corp COMMON 458140100 166,563 3,549,009 SH   SOLE   2,570,180 0 978,829
Johnson and Johnson COMMON 478160104 258,438 2,002,603 SH   SOLE   1,446,340 0 556,263
Kt Corp Spon ADR COMMON 48268K101 66,707 4,691,069 SH   SOLE   0 0 4,691,069
Kimberly-Clark Corp COMMON 494368103 37,828 329,447 SH   SOLE   235,072 0 94,375
Lincoln Electric Holdings COMMON 533900106 18,817 237,233 SH   SOLE   169,305 0 67,928
Loews Corp COMMON 540424108 102,890 2,260,452 SH   SOLE   1,614,595 0 645,857
M & T Bank Corp COMMON 55261F104 15,356 107,286 SH   SOLE   76,557 0 30,729
Magna International Inc COMMON 559222401 18,350 404,395 SH   SOLE   278,104 0 126,291
Markel Corp COMMON 570535104 43,925 42,330 SH   SOLE   30,190 0 12,140
Marketaxess Holdings COMMON 57060D108 27,915 132,104 SH   SOLE   94,293 0 37,811
Maxim Integrated Products COMMON 57772K101 61,457 1,208,587 SH   SOLE   888,555 0 320,032
McDonalds Corp COMMON 580135101 94,296 531,041 SH   SOLE   379,601 0 151,440
Merck & Co Inc COMMON 58933Y105 184,017 2,392,519 SH   SOLE   1,735,853 0 656,666
National Oilwell Varco COMMON 637071101 27,561 1,072,528 SH   SOLE   766,275 0 306,253
Now Inc COMMON 67011P100 8,271 710,571 SH   SOLE   506,059 0 204,512
Omnicom Group COMMON 681919106 72,566 983,000 SH   SOLE   713,105 0 269,895
Oracle Corp COMMON 68389X105 206,776 4,579,754 SH   SOLE   3,300,611 0 1,279,143
PPG Industries Inc COMMON 693506107 67,718 662,409 SH   SOLE   472,995 0 189,414
Paccar Inc COMMON 693718108 22,786 386,849 SH   SOLE   275,959 0 110,890
Paychex Inc COMMON 704326107 70,300 1,078,985 SH   SOLE   793,277 0 285,708
PayPal Holdings Inc. COMMON 70450Y103 49,879 593,108 SH   SOLE   423,889 0 169,219
Pepsico Inc COMMON 713448108 35,241 316,377 SH   SOLE   225,817 0 90,560
Price T Rowe Group COMMON 74144T108 18,106 196,116 SH   SOLE   144,192 0 51,924
Procter & Gamble COMMON 742718109 180,743 1,966,258 SH   SOLE   1,433,237 0 533,021
Rayonier Inc COMMON 754907103 44,695 1,614,213 SH   SOLE   1,089,642 0 524,571
Ritchie Bros Auctioneers COMMON 767744105 63,235 1,933,395 SH   SOLE   1,350,812 0 582,583
Rogers Communications Inc COMMON 775109200 25,921 497,805 SH   SOLE   342,359 0 155,446
Royal Bank of Canada COMMON 780087102 23,601 344,834 SH   SOLE   237,145 0 107,689
TJX Companies Inc COMMON 872540109 47,345 1,058,232 SH   SOLE   754,830 0 303,402
Taiwan Semiconductor Manufacturing Co Ltd COMMON 874039100 6,010 162,825 SH   SOLE   0 0 162,825
Texas Instruments Inc COMMON 882508104 128,689 1,361,786 SH   SOLE   1,001,206 0 360,580
3M Co COMMON 88579Y101 72,341 355,814 SH   SOLE   286,557 0 69,257
Toronto-Dominion Bank COMMON 891160509 24,756 498,184 SH   SOLE   342,615 0 155,569
Travelers Cos Inc COMMON 89417E109 176,593 1,474,705 SH   SOLE   1,077,123 0 397,582
US Bancorp COMMON 902973304 148,693 3,228,307 SH   SOLE   2,347,087 0 881,220
Ulta Beauty Inc COMMON 90384S303 23,632 96,522 SH   SOLE   68,882 0 27,640
Union Pacific Corp COMMON 907818108 67,616 489,172 SH   SOLE   359,647 0 129,525
United Parcel Services Cl B COMMON 911312106 73,585 754,499 SH   SOLE   538,677 0 215,822
United Technologies Corp COMMON 913017109 54,269 509,681 SH   SOLE   364,068 0 145,613
Univar Inc COMMON 91336L107 12,966 730,950 SH   SOLE   524,132 0 206,818
Visteon Corp COMMON 92839U206 12,819 212,663 SH   SOLE   152,417 0 60,246
Waters Corp COMMON 941848103 108,626 575,812 SH   SOLE   419,496 0 156,316
Wells Fargo Co COMMON 949746101 127,047 2,757,030 SH   SOLE   2,007,797 0 749,233
Weyerhaeuser Co COMMON 962166104 35,653 1,631,168 SH   SOLE   1,100,807 0 530,361
Williams-Sonoma Inc COMMON 969904101 19,322 382,996 SH   SOLE   273,581 0 109,415
Wolverine World Wide Inc COMMON 978097103 25,226 789,189 SH   SOLE   563,929 0 225,260
Xilinx Inc COMMON 983919101 54,688 642,034 SH   SOLE   465,269 0 176,765
Yum China Holdings Inc COMMON 98850P109 79,498 2,370,958 SH   SOLE   1,653,749 0 717,209
Axis Capital Holdings Ltd COMMON G0692U109 19,998 384,396 SH   SOLE   282,614 0 101,782
Axalta Coating Systems Ltd COMMON G0750C108 32,279 1,378,284 SH   SOLE   984,462 0 393,822
Accenture Plc COMMON G1151C101 41,675 295,542 SH   SOLE   217,288 0 78,254
Bunge Ltd COMMON G16962105 68,191 1,276,062 SH   SOLE   911,608 0 364,454
Genpact Ltd COMMON G3922B107 32,313 1,197,243 SH   SOLE   1,022,872 0 174,371
Linde PLC COMMON G5494J103 87,399 560,087 SH   SOLE   407,093 0 152,994
Renaissancere Holdings COMMON G7496G103 23,290 174,201 SH   SOLE   128,059 0 46,142
Chubb Ltd COMMON H1467J104 84,609 651,275 SH   SOLE   478,827 0 172,448
TE Connectivity Ltd COMMON H84989104 27,882 368,645 SH   SOLE   264,012 0 104,633