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 85,790 741,618 SH   DFND 2 155,828 0 585,790
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 24,950 116,612 SH   OTR 1, 2 0 1,115 115,497
ADOBE SYSTEMS INCORPORATED COM 00724F101 312,905 603,482 SH   OTR 1, 2 312,074 13,043 278,365
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 457,430 1,968,790 SH   OTR 1, 2 899,645 466,746 602,399
ALPHABET INC CAP STK CL C 02079K107 640,480 352,039 SH   OTR 1, 2 173,048 6,939 172,052
AMAZON COM INC COM 023135106 1,016,450 300,750 SH   OTR 1, 2 151,755 6,223 142,772
AMBEV SA SPONSORED ADR 02319V103 76,005 25,308,549 SH   OTR 1, 2 9,974,896 9,248,281 6,085,372
AMERICAN TOWER CORP NEW COM 03027X100 340 1,524 SH   DFND 2 0 0 1,524
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 28,680 388,104 SH   DFND 2 82,379 0 305,725
AUTOHOME INC SP ADR RP CL A 05278C107 250,910 2,569,830 SH   OTR 1, 2 799,660 1,034,715 735,455
BAOZUN INC SPONSORED ADR 06684L103 95,235 2,827,187 SH   OTR 1, 2 859,673 1,111,667 855,847
BECTON DICKINSON & CO COM 075887109 436,290 1,677,219 SH   OTR 1, 2 852,447 34,458 790,314
BERKSHIRE HATHAWAY INC DEL CL A 084670108 181,210 521 SH   DFND 2 0 0 521
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 369,020 1,498,233 SH   OTR 1, 2 1,040,831 39,264 418,138
BOOKING HOLDINGS INC COM 09857L108 404,270 176,459 SH   OTR 1, 2 88,686 3,780 83,993
BOSTON SCIENTIFIC CORP COM 101137107 457,540 12,252,558 SH   OTR 1, 2 6,318,991 258,160 5,675,407
CASEYS GEN STORES INC COM 147528103 126,700 658,964 SH   DFND 2 186,200 0 472,764
CME GROUP INC COM 12572Q105 371,130 1,963,896 SH   OTR 1, 2 971,946 39,562 952,388
COCA COLA CO COM 191216100 452,300 7,927,128 SH   OTR 1, 2 3,817,620 150,209 3,959,299
COCA-COLA FEMSA SAB DE CV SPONSORD ADR REP 191241108 1,605 34,825 SH   DFND 2 34,825 0 0
COMCAST CORP NEW CL A 20030N101 255,615 4,675,150 SH   OTR 1, 2 2,128,866 78,616 2,467,668
CONSTELLATION BRANDS INC CL A 21036P108 73,700 318,277 SH   DFND 2 67,579 0 250,698
COPART INC COM 217204106 42,695 317,420 SH   DFND 2 67,318 0 250,102
DISNEY WALT CO COM 254687106 285,000 1,511,187 SH   OTR 1, 2 719,763 28,020 763,404
DOLLAR GEN CORP NEW COM 256677105 127,270 572,583 SH   DFND 2 121,247 0 451,336
ELECTRONIC ARTS INC COM 285512109 157,530 1,037,749 SH   DFND 2 220,405 0 817,344
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 273,740 3,684,696 SH   OTR 1, 2 1,281,242 1,466,323 937,131
GENUINE PARTS CO COM 372460105 510 5,078 SH   DFND 2 0 0 5,078
GRACO INC COM 384109104 59,105 772,764 SH   DFND 2 164,294 0 608,470
HDFC BANK LTD SPONSORED ADS 40415F101 186,995 2,376,103 SH   DFND 2 2,285,251 0 90,852
HERSHEY CO COM 427866108 81,020 503,159 SH   DFND 2 106,849 0 396,310
HOME DEPOT INC COM 437076102 73,800 262,909 SH   DFND 2 55,517 0 207,392
IHS MARKIT LTD SHS G47567105 259,610 2,855,762 SH   OTR 1, 2 1,698,805 371,576 785,381
INDIA FD INC COM 454089103 370 18,444 SH   DFND 2 18,444 0 0
INFOSYS LTD SPONSORED ADR 456788108 3,885 229,124 SH   DFND 2 229,124 0 0
INTUITIVE SURGICAL INC COM NEW 46120E602 208,360 245,722 SH   OTR 1, 2 127,810 5,347 112,565
JOHNSON & JOHNSON COM 478160104 545,980 3,336,242 SH   OTR 1, 2 1,561,677 60,380 1,714,185
KEYSIGHT TECHNOLOGIES INC COM 49338L103 323,800 2,355,653 SH   OTR 1, 2 1,069,712 41,627 1,244,314
LAS VEGAS SANDS CORP COM 517834107 2,880 48,372 SH   DFND 2 0 0 48,372
M & T BK CORP COM 55261F104 61,040 453,976 SH   DFND 2 94,854 0 359,122
MASTERCARD INCORPORATED CL A 57636Q104 763,405 2,070,484 SH   OTR 1, 2 1,080,024 138,049 852,411
MEDTRONIC PLC SHS G5960L103 566,445 4,730,483 SH   OTR 1, 2 2,422,147 373,525 1,934,811
MICROSOFT CORP COM 594918104 1,054,780 4,567,258 SH   OTR 1, 2 2,287,700 95,011 2,184,547
MONDELEZ INTL INC CL A 609207105 240,025 3,927,750 SH   OTR 1, 2 1,015,495 460,250 2,452,005
MOTOROLA SOLUTIONS INC COM NEW 620076307 68,185 379,302 SH   DFND 2 80,530 0 298,772
NETEASE INC SPONSORED ADS 64110W102 165,390 1,762,431 SH   OTR 1, 2 480,138 707,326 574,967
NIKE INC CL B 654106103 305,470 2,088,243 SH   OTR 1, 2 1,182,740 51,980 853,523
NORTHROP GRUMMAN CORP COM 666807102 53,580 166,324 SH   DFND 2 35,413 0 130,911
OREILLY AUTOMOTIVE INC COM 67103H107 50,820 106,265 SH   DFND 2 22,434 0 83,831
OTIS WORLDWIDE CORP COM 68902V107 58,580 820,097 SH   DFND 2 175,120 0 644,977
PAYPAL HLDGS INC COM 70450Y103 471,830 1,945,269 SH   OTR 1, 2 1,038,763 44,205 862,301
PEPSICO INC COM 713448108 383,580 2,477,676 SH   OTR 1, 2 1,231,903 46,842 1,198,931
PHILIP MORRIS INTL INC COM 718172109 14,850 218,063 SH   OTR 1, 2 0 2,043 216,020
PNC FINL SVCS GROUP INC COM 693475105 330 2,202 SH   DFND 2 0 0 2,202
ROSS STORES INC COM 778296103 429,445 3,368,490 SH   OTR 1, 2 1,680,436 68,400 1,619,654
SHERWIN WILLIAMS CO COM 824348106 254,505 333,867 SH   OTR 1, 2 169,052 6,951 157,864
STARBUCKS CORP COM 855244109 182,650 1,651,956 SH   OTR 1, 2 931,325 40,849 679,782
SYNOPSYS INC COM 871607107 251,875 938,890 SH   OTR 1, 2 512,016 22,097 404,777
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 438,285 3,992,324 SH   OTR 1, 2 2,175,430 706,428 1,110,466
TENCENT MUSIC ENTMT GROUP SPON ADS 88034P109 354,090 18,781,630 SH   OTR 1, 2 5,553,963 7,679,722 5,547,945
TERADYNE INC COM 880770102 270,490 2,171,789 SH   OTR 1, 2 1,044,588 42,639 1,084,562
TJX COS INC NEW COM 872540109 690 10,116 SH   DFND 2 0 0 10,116
UNITEDHEALTH GROUP INC COM 91324P102 570,900 1,566,945 SH   OTR 1, 2 759,834 30,228 776,883
VISA INC COM CL A 92826C839 642,290 2,831,878 SH   OTR 1, 2 1,463,023 60,668 1,308,187
XP INC CL A G98239109 110,740 2,851,834 SH   OTR 1, 2 836,496 1,234,019 781,319
YUM CHINA HLDGS INC COM 98850P109 407,815 7,295,844 SH   OTR 1, 2 2,156,732 3,083,029 2,056,083