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
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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
AMAZON COM INC COM 023135106 21,956 26,222 SH   SOLE   26,222 0 0
ASML HOLDING N V N Y REGISTRY SHS N07059210 1,356 12,370 SH   SOLE   12,370 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 14,703 68 SH   SOLE   68 0 0
BIO RAD LABS INC CL A 090572207 22,607 138,007 SH   SOLE   138,007 0 0
COMPANIA CERVECERIAS UNIDAS SPONSORED ADR 204429104 8,147 403,529 SH   SOLE   403,529 0 0
CAPELLA EDUCATION COMPANY COM 139594105 2,288 39,416 SH   SOLE   39,416 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 8,965 55,591 SH   SOLE   55,591 0 0
ALPHABET INC CAP STK CL A 02079K305 10,117 12,583 SH   SOLE   12,583 0 0
ALPHABET INC CAP STK CL C 02079K107 4,562 5,869 SH   SOLE   5,869 0 0
ISHARES TR MSCI INDIA ETF 46429B598 585 19,900 SH   SOLE   19,900 0 0
INOVALON HLDGS INC COM CL A 45781D101 8,561 582,000 SH   SOLE   582,000 0 0
NATIONAL INSTRS CORP COM 636518102 19,044 670,555 SH   SOLE   670,555 0 0
NOVADAQ TECHNOLOGIES INC COM 66987G102 9,519 822,713 SH   SOLE   822,713 0 0
QAD INC CL A 74727D306 23,859 1,066,072 SH   SOLE   1,066,072 0 0
QAD INC CL B 74727D207 1,675 85,907 SH   SOLE   85,907 0 0
QIAGEN NV REG SHS N72482107 10,137 369,425 SH   SOLE   369,425 0 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 21,644 100,064 SH   SOLE   100,064 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 1,872 49,740 SH   SOLE   49,740 0 0