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
3M CO COM 88579Y101 32,733 204,350 SH   SOLE None 204,350 0 0
ACCENTURE PLC CLASS A G1151C101 445,992 1,973,502 SH   OTR 1 1,967,002 6,500 0
ADOBE INC COM 00724F101 18,930 38,599 SH   SOLE None 38,599 0 0
ALAMO GROUP INC COM 011311107 14,195 131,400 SH   SOLE None 131,400 0 0
ALIBABA GROUP HOLDING-SP ADR 01609W102 295,121 1,003,881 SH   SOLE None 1,003,881 0 0
ALLEGION PLC COM G0176J109 46,094 466,019 SH   SOLE None 466,019 0 0
ALPHABET INC CLASS A 02079K305 10,391 8,285 SH   SOLE None 8,285 0 0
ALPHABET INC CLASS C 02079K107 637,172 437,224 SH   OTR 1 436,171 1,053 0
AMAZON.COM INC COM 023135106 513,734 163,156 SH   OTR 1 162,726 430 0
AMERISOURCEBERGEN CORP COM 03073E105 29,839 307,868 SH   SOLE None 307,868 0 0
AMETEK INC COM 031100100 367,323 3,725,305 SH   OTR 1 3,716,555 8,750 0
AMPHENOL CORP CLASS A 032095101 337,556 3,117,724 SH   OTR 1 3,109,924 7,800 0
ANSYS INC COM 03662Q105 145,827 466,110 SH   SOLE None 466,110 0 0
AON PLC CLASS A G0403H108 1,117,428 5,416,520 SH   OTR 1 5,407,970 8,550 0
APTARGROUP INC COM 038336103 120,781 1,089,270 SH   SOLE None 1,089,270 0 0
ARTHUR J GALLAGHER & CO COM 363576109 60,610 574,065 SH   SOLE None 574,065 0 0
ASPEN TECHNOLOGY INC COM 045327103 54,422 429,910 SH   SOLE None 429,910 0 0
AUTOHOME INC ADR 05278C107 1,056 11,000 SH   SOLE None 11,000 0 0
BAXTER INTERNATIONAL INC COM 071813109 261,052 3,246,111 SH   OTR 1 3,236,911 9,200 0
BECTON DICKINSON AND CO COM 075887109 134,370 597,668 SH   SOLE None 597,668 0 0
BLACKROCK INC COM 09247X101 119,082 211,307 SH   OTR 1 210,657 650 0
BOOKING HOLDINGS INC COM 09857L108 37,628 21,996 SH   SOLE None 21,996 0 0
BROOKFIELD ASSET MANAGE CLASS A 112585104 20,466 619,069 SH   SOLE None 619,069 0 0
Canadian Pacific Railway Limited COM 13645T100 8,600 28,249 SH   SOLE None 28,249 0 0
CARRIER GLOBAL CORP COM 14448C104 69,485 2,275,202 SH   SOLE None 2,275,202 0 0
CBIZ INC COM 124805102 54,410 2,379,100 SH   SOLE None 2,379,100 0 0
CBOE GLOBAL MARKETS INC COM 12503M108 24,940 284,245 SH   SOLE None 284,245 0 0
CDW CORP/DE COM 12514G108 233,323 1,952,000 SH   OTR 1 1,944,600 7,400 0
CHARTER COMMUNICATIONS IN CLASS A 16119P108 17,706 28,360 SH   SOLE None 28,360 0 0
CHASE CORP COM 16150R104 38,360 402,100 SH   SOLE None 402,100 0 0
CIA CERVECERIAS UNI-SPON ADR 204429104 49,978 3,853,371 SH   OTR 1 3,845,426 7,945 0
Cinemark Holdings, Inc. COM 17243V102 5,749 574,908 SH   SOLE None 574,908 0 0
CME GROUP INC COM 12572Q105 422,684 2,539,913 SH   OTR 1 2,533,613 6,300 0
COGNIZANT TECH SOLUTION CLASS A 192446102 124,139 1,788,224 SH   SOLE None 1,788,224 0 0
COMCAST CORP CLASS A 20030N101 292,816 6,442,334 SH   OTR 1 6,430,884 11,450 0
CSW INDUSTRIALS INC COM 126402106 32,732 423,714 SH   SOLE None 423,714 0 0
CSX CORP COM 126408103 37,422 481,812 SH   SOLE None 481,812 0 0
DANAHER CORP COM 235851102 41,772 193,990 SH   SOLE None 193,990 0 0
DOUGLAS DYNAMICS INC COM 25960R105 14,461 422,831 SH   SOLE None 422,831 0 0
ECOLAB INC COM 278865100 48,773 244,060 SH   SOLE None 244,060 0 0
FASTENAL CO COM 311900104 46,537 1,032,085 SH   SOLE None 1,032,085 0 0
FLEETCOR TECHNOLOGIES INC COM 339041105 106,835 448,700 SH   OTR 1 447,000 1,700 0
Gilead Sciences, Inc. COM 375558103 21,446 339,387 SH   SOLE None 339,387 0 0
HEADHUNTER GROUP PLC ADR 42207L106 918 37,500 SH   SOLE None 37,500 0 0
HERSHEY CO/THE COM 427866108 76,620 534,535 SH   SOLE None 534,535 0 0
HOLOGIC INC COM 436440101 77,187 1,161,235 SH   SOLE None 1,161,235 0 0
IAA INC COM 449253103 107,170 2,132,471 SH   SOLE None 2,132,471 0 0
IHS MARKIT LTD COM G47567105 250,037 3,184,776 SH   OTR 1 3,179,476 5,300 0
INFOSYS LTD-SP ADR 456788108 1,425 103,200 SH   SOLE None 103,200 0 0
INSPERITY INC COM 45778Q107 90,396 1,380,300 SH   OTR 1 1,377,900 2,400 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 570,611 5,703,256 SH   OTR 1 5,686,256 17,000 0
INTERCONTINENTAL HOTELS ADR 45857P806 913 17,399 SH   SOLE None 17,399 0 0
INTUIT INC COM 461202103 256,565 803,774 SH   OTR 1 802,574 1,200 0
JOHNSON & JOHNSON COM 478160104 516,340 3,496,602 SH   OTR 1 3,487,072 9,530 0
JPMORGAN CHASE & CO COM 46625H100 254,565 2,680,952 SH   OTR 1 2,673,502 7,450 0
LINDE PLC COM G5494J103 276,958 1,163,054 SH   OTR 1 1,159,704 3,350 0
MARSH & MCLENNAN COS COM 571748102 665,186 5,860,248 SH   OTR 1 5,846,248 14,000 0
MASTERCARD INC - A COM 57636Q104 109,194 322,896 SH   SOLE None 322,896 0 0
MICROSOFT CORP COM 594918104 766,568 3,682,377 SH   OTR 1 3,673,127 9,250 0
MORNINGSTAR INC COM 617700109 92,335 574,900 SH   SOLE None 574,900 0 0
NETEASE INC ADR 64110W102 200,747 441,522 SH   SOLE None 441,522 0 0
NEW ORIENTAL EDUCATIO-SP ADR 647581107 748 5,000 SH   SOLE None 5,000 0 0
NIKE INC CLASS B 654106103 117,928 969,578 SH   SOLE None 969,578 0 0
NOVARTIS AG-SPONSORED ADR 66987V109 740,498 8,515,391 SH   OTR 1 8,498,941 16,450 0
OTIS WORLDWIDE CORP COM 68902V107 11,638 186,454 SH   SOLE None 186,454 0 0
PAYCHEX INC COM 704326107 98,797 1,238,523 SH   SOLE None 1,238,523 0 0
PAYPAL HOLDINGS INC COM 70450Y103 39,275 199,334 SH   SOLE None 199,334 0 0
PC CONNECTION INC COM 69318J100 54,799 1,334,600 SH   SOLE None 1,334,600 0 0
PEPSICO INC COM 713448108 213,061 1,560,178 SH   OTR 1 1,556,178 4,000 0
PROCTER & GAMBLE CO/THE COM 742718109 182,782 1,344,121 SH   SOLE None 1,344,121 0 0
Rogers Communications Inc. CLASS B 775109200 1,610 40,617 SH   SOLE None 40,617 0 0
RPM INTERNATIONAL INC COM 749685103 62,508 754,562 SH   SOLE None 754,562 0 0
S&P GLOBAL INC COM 78409V104 533,275 1,478,855 SH   OTR 1 1,474,438 4,417 0
SHERWIN-WILLIAMS CO/THE COM 824348106 65,996 94,721 SH   SOLE None 94,721 0 0
SMITH (A.O.) CORP COM 831865209 60,231 1,140,748 SH   SOLE None 1,140,748 0 0
SQUARE INC - A COM 852234103 34,710 213,532 SH   OTR 1 212,661 871 0
STATE STREET CORP COM 857477103 41,457 698,745 SH   SOLE None 698,745 0 0
TAIWAN SEMICONDUCTOR-SP ADR 874039100 108,690 1,340,693 SH   OTR 1 1,332,793 7,900 0
TEXAS INSTRUMENTS INC COM 882508104 36,358 254,629 SH   SOLE None 254,629 0 0
TORONTO-DOMINION BANK COM 891160509 36,372 786,600 SH   SOLE None 786,600 0 0
TRIMAS CORP COM 896215209 32,116 1,408,598 SH   SOLE None 1,408,598 0 0
UNION PACIFIC CORP COM 907818108 287,127 1,458,459 SH   OTR 1 1,453,479 4,980 0
UNITEDHEALTH GROUP INC COM 91324P102 60,121 192,838 SH   SOLE None 192,838 0 0
UNITY SOFTWARE INC COM 91332U101 434 4,972 SH   OTR 1 4,954 18 0
VERISIGN INC COM 92343E102 17,208 84,005 SH   SOLE None 84,005 0 0
VERISK ANALYTICS INC COM 92345Y106 311,556 1,719,186 SH   OTR 1 1,717,346 1,840 0
VERIZON COMMUNICATIONS INC COM 92343V104 312,679 5,255,995 SH   OTR 1 5,243,445 12,550 0
VIPSHOP HOLDINGS LTD - ADR 92763W103 771 49,300 SH   SOLE None 49,300 0 0
VISA INC-CLASS A SHARES COM 92826C839 626,041 3,170,442 SH   OTR 1 3,162,892 7,550 0
WATERS CORP COM 941848103 113,612 594,858 SH   SOLE None 594,858 0 0
WELLS FARGO & CO COM 949746101 40,355 1,775,349 SH   SOLE None 1,775,349 0 0
WEST PHARMACEUTICAL SERVICES COM 955306105 36,733 133,624 SH   SOLE None 133,624 0 0
WILLIS TOWERS WATSON PLC COM G96629103 91,983 440,489 SH   SOLE None 440,489 0 0
WINMARK CORP COM 974250102 97,007 563,403 SH   OTR 1 562,590 813 0