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 820 9,737 SH   SOLE   0 0 9,737
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 27,910 171,892 SH   OTR 1 0 1,008 170,884
ADOBE INC COM 00724F101 51,540 174,927 SH   SOLE   838 0 174,089
AIR LEASE CORP CL A 00912X302 54,165 1,310,287 SH   SOLE   6,277 0 1,304,010
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 981,080 5,782,211 SH   OTR 1 2,151,282 2,050,515 1,580,414
ALPHABET INC CAP STK CL C 02079K107 499,250 448,531 SH   OTR 1 229,908 30,659 187,964
AMAZON COM INC COM 023135106 509,315 260,454 SH   OTR 1 126,408 5,891 128,155
AMBEV SA SPONSORED ADR 02319V103 725,375 155,813,720 SH   OTR 1 53,705,032 60,611,978 41,496,710
AMERICAN TOWER CORP NEW COM 03027X100 172,155 814,897 SH   OTR 1 413,358 19,472 382,067
AMPHENOL CORP NEW CL A 032095101 38,690 403,294 SH   SOLE   1,932 0 401,362
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 62,595 707,226 SH   SOLE   3,388 0 703,838
APTIV PLC SHS G6095L109 31,315 387,428 SH   SOLE   1,856 0 385,572
BANCOLOMBIA S A SPON ADR PREF 05968L102 246,095 4,864,008 SH   OTR 1 1,479,412 2,137,211 1,247,385
BAOZUN INC SPONSORED ADR 06684L103 9,150 183,515 SH   SOLE   0 0 183,515
BECTON DICKINSON & CO COM 075887109 305,290 1,172,753 SH   OTR 1 567,635 26,355 578,763
BERKSHIRE HATHAWAY INC DEL CL A 084670108 91,050 286 SH   SOLE   0 0 286
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 254,120 1,141,164 SH   OTR 1 763,940 35,742 341,482
BOOKING HLDGS INC COM 09857L108 463,050 243,411 SH   OTR 1 108,112 22,359 112,940
BOSTON SCIENTIFIC CORP COM 101137107 215,565 4,873,792 SH   OTR 1 2,142,076 100,511 2,631,205
CARNIVAL CORP UNIT 99/99/9999 143658300 440 9,502 SH   SOLE   0 0 9,502
CASEYS GEN STORES INC COM 147528103 32,170 206,238 SH   SOLE   988 0 205,250
CME GROUP INC COM 12572Q105 300,020 1,495,903 SH   OTR 1 756,729 35,555 703,619
COCA COLA CO COM 191216100 293,525 5,587,922 SH   OTR 1 2,641,437 124,424 2,822,061
COCA COLA FEMSA S A B DE C V SPONSORD ADR REP 191241108 5,875 94,558 SH   SOLE   94,558 0 0
COMCAST CORP NEW CL A 20030N101 66,235 1,566,626 SH   SOLE   7,505 0 1,559,121
CONSTELLATION BRANDS INC CL A 21036P108 88,015 446,921 SH   SOLE   2,141 0 444,780
COPART INC COM 217204106 35,055 469,048 SH   SOLE   2,247 0 466,801
CREDICORP LTD COM G2519Y108 243,690 1,073,994 SH   OTR 1 326,256 472,071 275,667
DISNEY WALT CO COM DISNEY 254687106 295,030 2,047,562 SH   OTR 1 994,756 46,612 1,006,194
ECOLAB INC COM 278865100 33,795 171,170 SH   SOLE   820 0 170,350
EDWARDS LIFESCIENCES CORP COM 28176E108 30,385 164,490 SH   SOLE   788 0 163,702
ELECTRONIC ARTS INC COM 285512109 50,520 498,926 SH   SOLE   2,374 0 496,552
FLOOR & DECOR HLDGS INC CL A 339750101 30,500 727,891 SH   SOLE   3,487 0 724,404
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 541,455 5,645,754 SH   OTR 1 1,726,986 2,473,707 1,445,061
HDFC BANK LTD SPONSORED ADS 40415F101 278,290 1,965,719 SH   OTR 1 1,727,462 29,909 208,348
HOME DEPOT INC COM 437076102 57,130 274,707 SH   SOLE   1,316 0 273,391
INDIA FD INC COM 454089103 295 13,851 SH   SOLE   13,851 0 0
INFOSYS LTD SPONSORED ADR 456788108 5,170 483,163 SH   SOLE   483,163 0 0
ISHARES TR MSCI INDIA ETF 46429B598 6,515 184,504 SH   SOLE   184,504 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 441,760 47,278,965 SH   OTR 1 15,200,039 20,846,997 11,231,929
JOHNSON & JOHNSON COM 478160104 222,075 1,544,686 SH   OTR 1 738,185 34,497 772,004
LAS VEGAS SANDS CORP COM 517834107 35,345 598,147 SH   SOLE   2,589 0 595,558
M & T BK CORP COM 55261F104 151,910 867,060 SH   OTR 1 393,199 18,573 455,288
MARTIN MARIETTA MATLS INC COM 573284106 179,770 756,509 SH   OTR 1 378,250 17,895 360,364
MASTERCARD INC CL A 57636Q104 642,235 2,359,176 SH   OTR 1 1,219,062 171,681 968,433
MEDTRONIC PLC SHS G5960L103 501,130 5,034,882 SH   OTR 1 2,457,898 270,792 2,306,192
MICROSOFT CORP COM 594918104 511,555 3,698,677 SH   OTR 1 1,820,264 85,136 1,793,277
MONDELEZ INTL INC CL A 609207105 89,355 1,657,807 SH   SOLE   7,917 0 1,649,890
MOODYS CORP COM 615369105 17,125 87,673 SH   SOLE   420 0 87,253
NETEASE INC SPONSORED ADR 64110W102 415,010 1,635,943 SH   OTR 1 457,214 673,427 505,302
NIKE INC CL B 654106103 218,800 2,520,836 SH   OTR 1 1,285,781 60,731 1,174,324
O REILLY AUTOMOTIVE INC NEW COM 67103H107 119,110 312,156 SH   OTR 1 156,056 7,375 148,725
PEPSICO INC COM 713448108 299,225 2,213,098 SH   OTR 1 1,031,381 48,094 1,133,623
PHILIP MORRIS INTL INC COM 718172109 16,670 240,856 SH   OTR 1 0 1,383 239,473
PNC FINL SVCS GROUP INC COM 693475105 152,900 1,081,325 SH   OTR 1 488,123 23,056 570,146
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 168,915 1,345,195 SH   OTR 1 731,442 34,441 579,312
SHERWIN WILLIAMS CO COM 824348106 62,945 137,353 SH   SOLE   658 0 136,695
STARBUCKS CORP COM 855244109 139,845 1,614,517 SH   OTR 1 817,498 38,509 758,510
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 235,860 5,948,525 SH   OTR 1 3,233,904 1,345,335 1,369,286
TJX COS INC NEW COM 872540109 215,305 3,939,683 SH   OTR 1 2,004,480 93,847 1,841,356
UNITEDHEALTH GROUP INC COM 91324P102 553,090 2,195,071 SH   OTR 1 1,085,815 50,804 1,058,452
VIPSHOP HLDGS LTD SPONSORED ADS A 92763W103 8,905 1,032,147 SH   SOLE   0 0 1,032,147
VISA INC COM CL A 92826C839 525,445 2,930,193 SH   OTR 1 1,479,823 69,332 1,381,038
WELLS FARGO CO NEW COM 949746101 40,430 854,463 SH   SOLE   4,065 0 850,398
YUM CHINA HLDGS INC COM 98850P109 228,200 4,983,358 SH   OTR 1 1,295,159 2,213,058 1,475,141
ZTO EXPRESS CAYMAN INC SPONSORED ADS A 98980A105 7,135 373,222 SH   SOLE   0 0 373,222