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 138,750 3,015,261 SH   SOLE   3,015,261 0 0
AIR LEASE CORP CL A 00912X302 25,925 755,655 SH   SOLE   755,655 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 547,975 5,257,068 SH   SOLE   5,257,068 0 0
ALTRIA GROUP INC COM 02209S103 273,250 5,426,902 SH   SOLE   5,426,902 0 0
AMBEV SA SPONSORED ADR 02319V103 945,750 152,380,167 SH   SOLE   152,380,167 0 0
AMERICAN TOWER CORP NEW COM 03027X100 163,420 1,615,010 SH   SOLE   1,615,010 0 0
APPLE INC COM 037833100 109,055 969,148 SH   SOLE   969,148 0 0
AUTOHOME INC SP ADR RP CL A 05278C107 63,170 1,741,319 SH   SOLE   1,741,319 0 0
BAIDU INC SPON ADR REP A 056752108 1,240,550 5,434,140 SH   SOLE   5,434,140 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 20,340 90 SH   SOLE   90 0 0
BIOGEN IDEC INC COM 09062X103 113,150 325,809 SH   SOLE   325,809 0 0
BITAUTO HLDGS LTD SPONSORED ADS 091727107 142,230 2,023,717 SH   SOLE   2,023,717 0 0
BRISTOL MYERS SQUIBB CO COM 110122108 187,860 3,108,217 SH   SOLE   3,108,217 0 0
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 4,980 46,200 SH   SOLE   46,200 0 0
CELGENE CORP COM 151020104 200,560 1,750,693 SH   SOLE   1,750,693 0 0
CHEVRON CORP NEW COM 166764100 26,780 238,746 SH   SOLE   238,746 0 0
COCA COLA CO COM 191216100 204,820 4,762,122 SH   SOLE   4,762,122 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 33,225 378,105 SH   SOLE   378,105 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 130,295 2,411,679 SH   SOLE   2,411,679 0 0
CORE LABORATORIES N V COM N22717107 89,775 762,448 SH   SOLE   762,448 0 0
COVIDIEN PLC SHS G2554F113 29,225 285,743 SH   SOLE   285,743 0 0
CSL LTD SPONSORED ADR 12637N204 18,920 535,238 SH   SOLE   535,238 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 39,960 350,238 SH   SOLE   350,238 0 0
DUNKIN BRANDS GROUP INC COM 265504100 26,645 624,800 SH   SOLE   624,800 0 0
FACEBOOK INC CL A 30303M102 119,425 1,505,257 SH   SOLE   1,505,257 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 16,450 315,627 SH   SOLE   315,627 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 537,545 6,116,772 SH   SOLE   6,116,772 0 0
FRESENIUS MED CARE AG&CO KGA SPONSORED ADR 358029106 36,185 974,239 SH   SOLE   974,239 0 0
GOOGLE INC CL A 38259P508 30,735 57,916 SH   SOLE   57,916 0 0
GOOGLE INC CL C 38259P706 218,425 405,551 SH   SOLE   405,551 0 0
GRANA Y MONTERO S A A SPONSORED ADR 38500P208 12,660 907,402 SH   SOLE   907,402 0 0
GRIFOLS S A SP ADR REP B NVT 398438408 2,555 75,212 SH   SOLE   75,212 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 189,925 18,373,610 SH   SOLE   18,373,610 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 322,600 9,486,942 SH   SOLE   9,486,942 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 370,850 7,244,514 SH   SOLE   7,244,514 0 0
HENRY JACK & ASSOC INC COM 426281101 16,280 262,025 SH   SOLE   262,025 0 0
HERSHEY CO COM 427866108 193,485 1,820,263 SH   SOLE   1,820,263 0 0
ICICI BK LTD ADR 45104G104 5,955 504,075 SH   SOLE   504,075 0 0
ILLUMINA INC COM 452327109 710 3,857 SH   SOLE   3,857 0 0
INTERNATIONAL FLAVORS&FRAGRA COM 459506101 19,840 195,717 SH   SOLE   195,717 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 897,075 68,859,072 SH   SOLE   68,859,072 0 0
JOHNSON & JOHNSON COM 478160104 128,835 1,205,495 SH   SOLE   1,205,495 0 0
JPM (NESTLE INDIA LTD) P-NOTE 9/8/15 48124F395 5,775 57,079 SH   SOLE   57,079 0 0
LAS VEGAS SANDS CORP COM 517834107 221,020 3,724,744 SH   SOLE   3,724,744 0 0
MASTERCARD INC CL A 57636Q104 439,065 4,979,401 SH   SOLE   4,979,401 0 0
MEDTRONIC INC COM 585055106 67,335 907,272 SH   SOLE   907,272 0 0
NASPERS LTD SPONSORED ADR 631512100 832 6,400 SH   SOLE   6,400 0 0
NESTLE S A SPONSORED ADR 641069406 5,025 68,900 SH   SOLE   68,900 0 0
NETEASE INC SPONSORED ADR 64110W102 226,785 2,291,351 SH   SOLE   2,291,351 0 0
NIELSEN N V COM N63218106 13,785 308,200 SH   SOLE   308,200 0 0
NOVO-NORDISK A S ADR 670100205 4,180 98,802 SH   SOLE   98,802 0 0
PHILIP MORRIS INTL INC COM 718172109 779,405 9,533,709 SH   SOLE   9,533,709 0 0
PHILIPPINE LONG DISTANCE TEL SPONSORED ADR 718252604 8,460 133,629 SH   SOLE   133,629 0 0
PNC FINL SVCS GROUP INC COM 693475105 19,605 214,900 SH   SOLE   214,900 0 0
PRECISION CASTPARTS CORP COM 740189105 13,990 58,087 SH   SOLE   58,087 0 0
PRICELINE GRP INC COM NEW 741503403 399,360 348,688 SH   SOLE   348,688 0 0
PROSPERITY BANCSHARES INC COM 743606105 13,480 243,515 SH   SOLE   243,515 0 0
RANDGOLD RES LTD ADR 752344309 186,895 2,814,752 SH   SOLE   2,814,752 0 0
REGENERON PHARMACEUTICALS COM 75886F107 36,665 87,135 SH   SOLE   87,135 0 0
ROCHE HLDG LTD SPONSORED ADR 771195104 4,945 145,500 SH   SOLE   145,500 0 0
ROYAL GOLD INC COM 780287108 12,095 192,887 SH   SOLE   192,887 0 0
SCHEIN HENRY INC COM 806407102 18,260 134,118 SH   SOLE   134,118 0 0
STARBUCKS CORP COM 855244109 30,655 373,602 SH   SOLE   373,602 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 476,290 21,320,584 SH   SOLE   21,320,584 0 0
TJX COS INC NEW COM 872540109 163,070 2,326,938 SH   SOLE   2,326,938 0 0
TRANSDIGM GROUP INC COM 893641100 16,615 84,621 SH   SOLE   84,621 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 54,095 1,408,589 SH   SOLE   1,408,589 0 0
UNILEVER N V N Y SHS NEW 904784709 4,865 124,600 SH   SOLE   124,600 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 160,320 8,217,125 SH   SOLE   8,217,125 0 0
VISA INC COM CL A 92826C839 322,015 1,201,943 SH   SOLE   1,201,943 0 0
WELLS FARGO & CO NEW COM 949746101 289,005 5,149,150 SH   SOLE   5,149,150 0 0
WHOLE FOODS MKT INC COM 966837106 86,005 1,675,038 SH   SOLE   1,675,038 0 0
YANDEX N V SHS CLASS A N97284108 137,080 7,651,078 SH   SOLE   7,651,078 0 0
ZOETIS INC CL A 98978V103 125,075 2,839,735 SH   SOLE   2,839,735 0 0