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 805 10,099 SH   SOLE   0 0 10,099
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 29,020 184,973 SH   OTR 1 0 1,209 183,764
ADOBE INC COM 00724F101 46,165 173,228 SH   SOLE   719 0 172,509
AIR LEASE CORP CL A 00912X302 44,435 1,293,646 SH   SOLE   5,382 0 1,288,264
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 873,480 4,779,058 SH   OTR 1 1,810,906 1,639,960 1,328,192
ALPHABET INC CAP STK CL C 02079K107 521,075 432,181 SH   OTR 1 218,920 31,700 181,561
AMAZON COM INC COM 023135106 447,570 243,888 SH   OTR 1 116,570 5,553 121,765
AMBEV SA SPONSORED ADR 02319V103 687,995 160,513,759 SH   OTR 1 54,620,261 62,224,024 43,669,474
AMERICAN TOWER CORP NEW COM 03027X100 228,700 1,125,353 SH   OTR 1 553,595 26,318 545,440
AMPHENOL CORP NEW CL A 032095101 37,710 399,285 SH   SOLE   1,657 0 397,628
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 59,110 703,932 SH   SOLE   2,905 0 701,027
APTIV PLC SHS G6095L109 39,335 494,867 SH   SOLE   2,053 0 492,814
BANCOLOMBIA S A SPON ADR PREF 05968L102 253,125 4,998,642 SH   OTR 1 1,500,676 2,196,264 1,301,702
BAOZUN INC SPONSORED ADR 06684L103 7,335 176,549 SH   SOLE   0 0 176,549
BECTON DICKINSON & CO COM 075887109 295,090 1,145,481 SH   OTR 1 555,502 26,355 563,624
BERKSHIRE HATHAWAY INC DEL CL A 084670108 86,145 286 SH   SOLE   0 0 286
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 239,140 1,143,261 SH   OTR 1 750,164 35,742 357,355
BOOKING HLDGS INC COM 09857L108 391,855 221,810 SH   OTR 1 97,402 23,666 100,742
BOSTON SCIENTIFIC CORP COM 101137107 54,160 1,411,206 SH   SOLE   5,878 0 1,405,328
CARNIVAL CORP UNIT 99/99/9999 143658300 500 9,855 SH   SOLE   0 0 9,855
CASEYS GEN STORES INC COM 147528103 26,295 204,188 SH   SOLE   847 0 203,341
CME GROUP INC COM CL A 12572Q105 309,605 1,823,514 SH   OTR 1 907,645 43,152 872,717
COCA COLA CO COM 191216100 269,375 5,583,655 SH   OTR 1 2,590,396 124,424 2,868,835
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 6,240 94,558 SH   SOLE   94,558 0 0
COMCAST CORP NEW CL A 20030N101 62,005 1,550,944 SH   SOLE   6,435 0 1,544,509
CONSTELLATION BRANDS INC CL A 21036P108 73,370 418,475 SH   SOLE   1,739 0 416,736
COPART INC COM 217204106 36,325 599,541 SH   SOLE   2,487 0 597,054
CREDICORP LTD COM G2519Y108 263,365 1,106,729 SH   OTR 1 335,063 484,001 287,665
DISNEY WALT CO COM DISNEY 254687106 234,205 2,047,542 SH   OTR 1 978,553 46,612 1,022,377
ECOLAB INC COM 278865100 29,720 168,337 SH   SOLE   703 0 167,634
EDWARDS LIFESCIENCES CORP COM 28176E108 27,735 144,971 SH   SOLE   602 0 144,369
ELECTRONIC ARTS INC COM 285512109 27,430 269,902 SH   SOLE   1,126 0 268,776
FLOOR & DECOR HLDGS INC CL A 339750101 28,105 681,774 SH   SOLE   2,837 0 678,937
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 534,135 5,836,191 SH   OTR 1 1,773,499 2,554,727 1,507,965
HDFC BANK LTD SPONSORED ADS 40415F101 264,670 2,098,085 SH   OTR 1 1,836,819 31,339 229,927
HOME DEPOT INC COM 437076102 52,150 271,760 SH   SOLE   1,128 0 270,632
ISHARES TR MSCI INDIA ETF 46429B598 5,400 153,229 SH   SOLE   153,229 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 400,030 45,753,806 SH   OTR 1 14,808,476 20,026,034 10,919,296
JOHNSON & JOHNSON COM 478160104 188,915 1,312,827 SH   OTR 1 605,733 28,864 678,230
KRAFT HEINZ CO COM 500754106 425 13,012 SH   SOLE   0 0 13,012
LAS VEGAS SANDS CORP COM 517834107 32,860 539,081 SH   SOLE   2,006 0 537,075
M & T BK CORP COM 55261F104 139,920 866,657 SH   OTR 1 385,294 18,573 462,790
MARTIN MARIETTA MATLS INC COM 573284106 156,910 756,270 SH   OTR 1 371,114 17,895 367,261
MASTERCARD INC CL A 57636Q104 588,690 2,435,180 SH   OTR 1 1,244,631 204,406 986,143
MEDTRONIC PLC SHS G5960L103 442,035 4,755,520 SH   OTR 1 2,304,545 271,485 2,179,490
MICROSOFT CORP COM 594918104 416,830 3,431,324 SH   OTR 1 1,634,752 78,071 1,718,501
MONDELEZ INTL INC CL A 609207105 81,690 1,636,451 SH   SOLE   6,789 0 1,629,662
MOODYS CORP COM 615369105 15,665 86,491 SH   SOLE   359 0 86,132
NETEASE INC SPONSORED ADR 64110W102 485,640 2,027,027 SH   OTR 1 593,062 834,262 599,703
NIKE INC CL B 654106103 219,520 2,526,730 SH   OTR 1 1,264,073 60,731 1,201,926
O REILLY AUTOMOTIVE INC NEW COM 67103H107 123,375 308,032 SH   OTR 1 153,051 7,375 147,606
PEPSICO INC COM 713448108 278,685 2,209,694 SH   OTR 1 1,012,225 48,094 1,149,375
PHILIP MORRIS INTL INC COM 718172109 19,825 251,050 SH   OTR 1 0 1,608 249,442
PNC FINL SVCS GROUP INC COM 693475105 135,790 1,076,725 SH   OTR 1 478,292 23,056 575,377
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 144,375 1,219,635 SH   OTR 1 633,565 30,586 555,484
SHERWIN WILLIAMS CO COM 824348106 58,525 135,880 SH   SOLE   564 0 135,316
STARBUCKS CORP COM 855244109 161,535 2,106,938 SH   OTR 1 1,047,339 50,469 1,009,130
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 322,860 7,840,541 SH   OTR 1 3,369,788 2,390,944 2,079,809
TJX COS INC NEW COM 872540109 190,790 3,476,757 SH   OTR 1 1,716,744 81,933 1,678,080
UNITEDHEALTH GROUP INC COM 91324P102 464,480 1,821,270 SH   OTR 1 910,559 43,853 866,858
VIPSHOP HLDGS LTD SPONSORED ADS A 92763W103 7,975 992,966 SH   SOLE   0 0 992,966
VISA INC COM CL A 92826C839 471,715 2,928,300 SH   OTR 1 1,453,113 69,332 1,405,855
WELLS FARGO CO NEW COM 949746101 139,255 2,803,501 SH   OTR 1 1,248,701 60,092 1,494,708
YUM CHINA HLDGS INC COM 98850P109 200,110 4,493,035 SH   OTR 1 1,156,892 1,980,431 1,355,712
ZTO EXPRESS CAYMAN INC SPONSORED ADS A 98980A105 6,565 359,055 SH   SOLE   0 0 359,055