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

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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
ABBOTT LABS COM 002824100 58,415 682,226 SH   SOLE   139,721 0 542,505
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 19,180 128,840 SH   OTR 1 0 797 128,043
ADOBE INC COM 00724F101 210,540 614,136 SH   OTR 1 256,997 9,372 347,767
AIR LEASE CORP CL A 00912X302 24,955 1,037,357 SH   SOLE   215,962 0 821,395
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 1,234,500 6,299,099 SH   OTR 1 2,373,665 2,243,785 1,681,649
ALPHABET INC CAP STK CL C 02079K107 373,225 298,467 SH   OTR 1 149,042 6,220 143,205
AMAZON COM INC COM 023135106 634,950 301,447 SH   OTR 1 150,744 6,139 144,564
AMBEV SA SPONSORED ADR 02319V103 242,885 106,668,455 SH   OTR 1 34,893,896 46,514,702 25,259,857
AMERICAN TOWER CORP NEW COM 03027X100 59,155 254,362 SH   OTR 1 161,937 7,881 84,544
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 122,530 2,555,461 SH   SOLE   533,618 0 2,021,843
AUTOHOME INC SP ADR RP CL A 05278C107 115,890 1,646,406 SH   OTR 1 608,403 652,251 385,752
BAOZUN INC SPONSORED ADR 06684L103 63,530 2,296,037 SH   OTR 1 687,919 969,383 638,735
BECTON DICKINSON & CO COM 075887109 306,425 1,235,642 SH   OTR 1 600,336 24,192 611,114
BERKSHIRE HATHAWAY INC DEL CL A 084670108 93,840 345 SH   SOLE   0 0 345
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 200,475 981,242 SH   OTR 1 677,927 26,380 276,935
BOOKING HLDGS INC COM 09857L108 321,680 223,099 SH   OTR 1 106,754 4,467 111,878
BOSTON SCIENTIFIC CORP COM 101137107 293,080 8,328,095 SH   OTR 1 4,057,455 164,405 4,106,235
CASEYS GEN STORES INC COM 147528103 55,195 380,472 SH   SOLE   86,696 0 293,776
CME GROUP INC COM 12572Q105 129,650 697,878 SH   OTR 1 349,387 14,705 333,786
COCA COLA CO COM 191216100 360,565 7,536,692 SH   OTR 1 3,684,766 147,208 3,704,718
COCA COLA FEMSA S A B DE C V SPONSORD ADR REP 191241108 2,365 58,738 SH   SOLE   58,738 0 0
COMCAST CORP NEW CL A 20030N101 327,210 8,809,416 SH   OTR 1 4,298,573 171,715 4,339,128
CONSTELLATION BRANDS INC CL A 21036P108 134,635 864,392 SH   SOLE   179,877 0 684,515
COPART INC COM 217204106 41,220 553,621 SH   SOLE   115,371 0 438,250
CREDICORP LTD COM G2519Y108 137,280 969,627 SH   OTR 1 288,692 441,048 239,887
DISNEY WALT CO COM DISNEY 254687106 324,625 3,114,256 SH   OTR 1 1,512,991 60,834 1,540,431
ECOLAB INC COM 278865100 41,900 247,493 SH   SOLE   51,482 0 196,011
ELECTRONIC ARTS INC COM 285512109 105,735 968,145 SH   SOLE   210,176 0 757,969
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 333,260 5,562,399 SH   OTR 1 1,750,887 2,466,868 1,344,644
GENUINE PARTS CO COM 372460105 285 4,214 SH   SOLE   0 0 4,214
GRACO INC COM 384109104 62,050 1,172,061 SH   SOLE   243,755 0 928,306
HDFC BANK LTD SPONSORED ADS 40415F101 110,425 2,495,282 SH   SOLE   2,202,694 0 292,588
HOME DEPOT INC COM 437076102 63,965 315,383 SH   SOLE   65,484 0 249,899
INFOSYS LTD SPONSORED ADR 456788108 1,900 231,693 SH   SOLE   231,693 0 0
INTUITIVE SURGICAL INC COM NEW 46120E602 190,045 356,024 SH   OTR 1 161,284 6,353 188,387
ISHARES TR MSCI INDIA ETF 46429B598 9,065 376,087 SH   SOLE   376,087 0 0
ITAU UNIBANCO HLDG S A SPON ADR REP PFD 465562106 191,860 43,181,515 SH   OTR 1 12,910,399 19,272,736 10,998,380
JOHNSON & JOHNSON COM 478160104 414,670 2,933,939 SH   OTR 1 1,329,078 51,354 1,553,507
KEYSIGHT TECHNOLOGIES INC COM 49338L103 82,435 906,662 SH   SOLE   188,817 0 717,845
LAS VEGAS SANDS CORP COM 517834107 2,150 50,603 SH   SOLE   0 0 50,603
M & T BK CORP COM 55261F104 41,120 366,165 SH   SOLE   75,526 0 290,639
MASTERCARD INC CL A 57636Q104 579,060 2,247,533 SH   OTR 1 1,118,317 176,746 952,470
MEDTRONIC PLC SHS G5960L103 448,265 4,701,055 SH   OTR 1 2,356,136 380,607 1,964,312
MICROSOFT CORP COM 594918104 706,005 4,162,506 SH   OTR 1 2,087,385 86,428 1,988,693
MONDELEZ INTL INC CL A 609207105 205,010 3,853,029 SH   OTR 1 1,104,282 609,393 2,139,354
NETEASE INC SPONSORED ADS 64110W102 176,850 555,837 SH   OTR 1 161,220 214,576 180,041
NIKE INC CL B 654106103 182,650 2,051,024 SH   OTR 1 1,026,036 42,856 982,132
NORTHROP GRUMMAN CORP COM 666807102 62,260 189,423 SH   SOLE   39,373 0 150,050
O REILLY AUTOMOTIVE INC NEW COM 67103H107 175,960 543,421 SH   OTR 1 274,644 11,596 257,181
PAYPAL HLDGS INC COM 70450Y103 227,195 2,206,399 SH   OTR 1 1,073,412 44,103 1,088,884
PEPSICO INC COM 713448108 312,360 2,397,663 SH   OTR 1 1,193,696 46,842 1,157,125
PHILIP MORRIS INTL INC COM 718172109 15,255 228,862 SH   OTR 1 0 1,414 227,448
PNC FINL SVCS GROUP INC COM 693475105 220 2,305 SH   SOLE   0 0 2,305
PROCTER & GAMBLE CO COM 742718109 230 2,093 SH   SOLE   0 0 2,093
ROSS STORES INC COM 778296103 186,885 1,997,802 SH   OTR 1 826,176 30,151 1,141,475
SHERWIN WILLIAMS CO COM 824348106 240,025 485,080 SH   OTR 1 227,237 9,079 248,764
STARBUCKS CORP COM 855244109 182,705 2,584,459 SH   OTR 1 1,268,399 52,864 1,263,196
SYNOPSYS INC COM 871607107 178,005 1,285,207 SH   OTR 1 629,770 26,016 629,421
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 319,850 6,604,563 SH   OTR 1 3,051,640 1,999,114 1,553,809
TENCENT MUSIC ENTMT GROUP SPON ADS 88034P109 135,260 13,567,227 SH   OTR 1 4,058,700 6,185,563 3,322,964
UNITEDHEALTH GROUP INC COM 91324P102 442,520 1,648,798 SH   OTR 1 776,572 31,083 841,143
VISA INC COM CL A 92826C839 492,875 2,844,294 SH   OTR 1 1,428,868 60,794 1,354,632
WELLS FARGO CO NEW COM 949746101 59,575 1,911,415 SH   SOLE   395,772 0 1,515,643
XP INC CL A G98239109 38,220 2,002,430 SH   OTR 1 541,633 952,877 507,920
YUM CHINA HLDGS INC COM 98850P109 336,405 7,975,124 SH   OTR 1 2,197,127 3,674,151 2,103,846
ZTO EXPRESS CAYMAN INC SPONSORED ADS A 98980A105 1,940 73,249 SH   SOLE   0 0 73,249