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
Accenture PLC Ireland SHS CLASS A G1151C101 430,620 3,731,540 SH   SOLE None 3,731,540 0 0
Adobe Sys Inc COM 00724F101 88,183 940,116 SH   SOLE None 940,116 0 0
Alleghany Corp Del COM 017175100 123,919 249,737 SH   SOLE None 249,737 0 0
American Tower Corp New COM 03027X100 239,733 2,341,833 SH   SOLE None 2,341,833 0 0
Amerisourcebergen Corp COM 03073E105 194,741 2,250,038 SH   SOLE None 2,250,038 0 0
Banco Macro SA SPON ADR B 05961W105 4,513 70,000 SH   SOLE None 70,000 0 0
Bank New York Mellon Corp COM 064058100 31,160 846,040 SH   SOLE None 846,040 0 0
Becton Dickinson & Co COM 075887109 233,356 1,537,058 SH   SOLE None 1,537,058 0 0
Berkshire Hathaway Inc Del CL B NEW 084670702 334,241 2,355,800 SH   SOLE None 2,355,800 0 0
Brookdale SR Living Inc COM 112463104 18,262 1,150,000 SH   SOLE None 1,150,000 0 0
Brown & Brown Inc COM 115236101 144,383 4,033,036 SH   SOLE None 4,033,036 0 0
Bard C R Inc COM 067383109 401,287 1,980,000 SH   SOLE None 1,980,000 0 0
Cemex SAB DE CV SPON ADR NEW 151290889 22,481 3,088,000 SH   SOLE None 3,088,000 0 0
Cheesecake Factory Inc COM 163072101 57,972 1,091,948 SH   SOLE None 1,091,948 0 0
Cisco Sys Inc COM 17275R102 320,176 11,246,068 SH   SOLE None 11,246,068 0 0
Coca Cola Co COM 191216100 306,128 6,598,998 SH   SOLE None 6,598,998 0 0
Comcast Corp New CL A 20030N101 380,592 6,231,041 SH   SOLE None 6,231,041 0 0
Covanta Hldg Corp COM 22282E102 76,696 4,549,000 SH   SOLE None 4,549,000 0 0
Credicorp Ltd COM G2519Y108 13,101 100,000 SH   SOLE None 100,000 0 0
Danaher Corp Del COM 235851102 320,509 3,378,763 SH   SOLE None 3,378,763 0 0
Eagle Materials Inc COM 26969P108 63,371 903,875 SH   SOLE None 903,875 0 0
Equifax Inc COM 294429105 158,878 1,390,126 SH   SOLE None 1,390,126 0 0
Fiserv Inc COM 337738108 367,675 3,584,274 SH   SOLE None 3,584,274 0 0
Fleetcor Technologies Inc COM 339041105 104,125 700,000 SH   SOLE None 700,000 0 0
Grupo Aval Acciones Y Valore SPONSORED ADS 40053W101 12,677 1,640,000 SH   SOLE None 1,640,000 0 0
Grupo Financiero Galicia S A SP ADR 10 SH B 399909100 2,830 100,000 SH   SOLE None 100,000 0 0
Grupo Financiero Santander M SPON ADR SHS B 40053C105 18,150 2,010,000 SH   SOLE None 2,010,000 0 0
Grupo Televisa SA SPON ADR REP ORD 40049J206 961 35,000 SH   SOLE None 35,000 0 0
Schein Henry Inc COM 806407102 60,120 348,260 SH   SOLE None 348,260 0 0
Hilton Worldwide Hldgs Inc COM 43300A104 29,515 1,310,607 SH   SOLE None 1,310,607 0 0
Home Depot Inc COM 437076102 218,742 1,639,375 SH   SOLE None 1,639,375 0 0
Intercontinental Exchange In COM 45866F104 60,062 255,430 SH   SOLE None 255,430 0 0
Intuit COM 461202103 90,775 872,756 SH   SOLE None 872,756 0 0
Itau Unibanco Hldg SA SPON ADR REP PFD 465562106 6,857 798,200 SH   SOLE None 798,200 0 0
KKR & Co L P Del COM UNITS 48248M102 179,268 12,203,420 SH   SOLE None 12,203,420 0 0
Linear Technology Corp COM 535678106 78,436 1,760,240 SH   SOLE None 1,760,240 0 0
Martin Marietta Matls Inc COM 573284106 249,223 1,562,428 SH   SOLE None 1,562,428 0 0
Mastercard Inc CL A 57636Q104 174,825 1,850,000 SH   SOLE None 1,850,000 0 0
Medtronic PLC SHS G5960L103 265,224 3,536,324 SH   SOLE None 3,536,324 0 0
Microsoft Corp COM 594918104 462,707 8,377,811 SH   SOLE None 8,377,811 0 0
National Instrs Corp COM 636518102 81,297 2,700,000 SH   SOLE None 2,700,000 0 0
Pampa Energia S A SPONS ADR LVL I 697660207 4,288 200,000 SH   SOLE None 200,000 0 0
PPG Inds Inc COM 693506107 189,753 1,701,971 SH   SOLE None 1,701,971 0 0
Procter & Gamble Co COM 742718109 117,557 1,428,217 SH   SOLE None 1,428,217 0 0
Sabre Corp COM 78573M104 188,793 6,528,122 SH   SOLE None 6,528,122 0 0
Sherwin Williams Co COM 824348106 175,590 616,820 SH   SOLE None 616,820 0 0
Spirit Aerosystems Hldgs Inc COM CL A 848574109 24,948 550,000 SH   SOLE None 550,000 0 0
Suncor Energy Inc New COM 867224107 70,916 2,550,000 SH   SOLE None 2,550,000 0 0
Texas Instrs Inc COM 882508104 108,475 1,889,157 SH   SOLE None 1,889,157 0 0
Thermo Fisher Scientific Inc COM 883556102 136,939 967,151 SH   SOLE None 967,151 0 0
Time Warner Cable Inc COM 88732J207 134,631 657,957 SH   SOLE None 657,957 0 0
US Bancorp Del COM NEW 902973304 52,860 1,302,285 SH   SOLE None 1,302,285 0 0
Union Pac Corp COM 907818108 61,779 776,612 SH   SOLE None 776,612 0 0
United Parcel Service Inc CL B 911312106 122,387 1,160,397 SH   SOLE None 1,160,397 0 0
Universal Hlth Svcs Inc CL B 913903100 169,675 1,360,447 SH   SOLE None 1,360,447 0 0
Visa Inc COM CL A 92826C839 394,252 5,154,970 SH   SOLE None 5,154,970 0 0
Wabco Hldgs Inc COM 92927K102 120,897 1,130,723 SH   SOLE None 1,130,723 0 0
Waste Connections Inc COM 941053100 207,791 3,217,076 SH   SOLE None 3,217,076 0 0
Wells Fargo & Co New COM 949746101 89,490 1,850,493 SH   SOLE None 1,850,493 0 0