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 116,975 655,065 SH   SOLE   655,065 0 0
51JOB INC SP ADR REP COM 316827104 145,152 4,294,445 SH   SOLE   4,294,445 0 0
ABBOTT LABS COM 002824100 99,925 2,601,533 SH   SOLE   2,601,533 0 0
ALLSTATE CORP COM 020002101 227 3,058 SH   SOLE   3,058 0 0
ALPHABET INC CAP STK CL A 02079K305 441,917 557,659 SH   SOLE   557,659 0 0
AMAZON COM INC COM 023135106 148,033 197,412 SH   SOLE   197,412 0 0
AMBEV SA SPONSORED ADR 02319V103 114,066 23,231,314 SH   SOLE   23,231,314 0 0
AMERISOURCEBERGEN CORP COM 03073E105 140,532 1,797,313 SH   SOLE   1,797,313 0 0
BAIDU INC SPON ADR REP A 056752108 651,512 3,962,729 SH   SOLE   3,962,729 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946K101 161,608 23,871,131 SH   SOLE   23,871,131 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 180,488 20,721,885 SH   SOLE   20,721,885 0 0
BANCO MACRO SA SPON ADR B 05961W105 8,364 129,972 SH   SOLE   129,972 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 131,302 6,003,756 SH   SOLE   6,003,756 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 143,736 3,918,651 SH   SOLE   3,918,651 0 0
BUNGE LIMITED COM G16962105 354,604 4,908,692 SH   SOLE   4,908,692 0 0
CANADIAN NATL RY CO COM 136375102 378,587 5,617,015 SH   SOLE   5,617,015 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104 356,710 4,223,418 SH   SOLE   4,223,418 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 161,651 3,083,170 SH   SOLE   3,083,170 0 0
CNOOC LTD SPONSORED ADR 126132109 260,808 2,103,972 SH   SOLE   2,103,972 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 15,379 242,040 SH   SOLE   242,040 0 0
COGNEX CORP COM 192422103 128,800 2,024,510 SH   SOLE   2,024,510 0 0
COLGATE PALMOLIVE CO COM 194162103 174,327 2,663,930 SH   SOLE   2,663,930 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 101,719 6,146,190 SH   SOLE   6,146,190 0 0
CREDICORP LTD COM G2519Y108 156,856 993,638 SH   SOLE   993,638 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 298,975 7,474,364 SH   SOLE   7,474,364 0 0
ECOPETROL S A SPONSORED ADS 279158109 8,325 919,910 SH   SOLE   919,910 0 0
EXXON MOBIL CORP COM 30231G102 153,412 1,699,667 SH   SOLE   1,699,667 0 0
F5 NETWORKS INC COM 315616102 267,631 1,849,306 SH   SOLE   1,849,306 0 0
FACEBOOK INC CL A 30303M102 159,376 1,385,279 SH   SOLE   1,385,279 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 305,543 3,316,078 SH   SOLE   3,316,078 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 58,042 761,606 SH   SOLE   761,606 0 0
FRESENIUS MED CARE AG&CO KGA SPONSORED ADR 358029106 139,108 3,295,613 SH   SOLE   3,295,613 0 0
GRIFOLS S A SP ADR REP B NVT 398438408 244,947 15,242,535 SH   SOLE   15,242,535 0 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 177,359 1,232,604 SH   SOLE   1,232,604 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 3,461 128,580 SH   SOLE   128,580 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 388,811 18,612,293 SH   SOLE   18,612,293 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 79,256 1,306,138 SH   SOLE   1,306,138 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 74,927 1,864,771 SH   SOLE   1,864,771 0 0
ICICI BK LTD ADR 45104G104 336,830 44,970,639 SH   SOLE   44,970,639 0 0
IPG PHOTONICS CORP COM 44980X109 160,274 1,623,682 SH   SOLE   1,623,682 0 0
ISHARES INC MSCI JPN ETF NEW 46434G822 259 5,295 SH   SOLE   5,295 0 0
ISHARES TR MSCI INDIA ETF 46429B598 19,829 739,605 SH   SOLE   739,605 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 584,322 56,840,654 SH   SOLE   56,840,654 0 0
JD COM INC SPON ADR CL A 47215P106 157,426 6,188,136 SH   SOLE   6,188,136 0 0
LUXOTTICA GROUP S P A SPONSORED ADR 55068R202 3,497 65,118 SH   SOLE   65,118 0 0
MASTERCARD INCORPORATED CL A 57636Q104 141,106 1,366,646 SH   SOLE   1,366,646 0 0
MERCADOLIBRE INC COM 58733R102 83,875 537,180 SH   SOLE   537,180 0 0
MICROSOFT CORP COM 594918104 95,424 1,535,633 SH   SOLE   1,535,633 0 0
MONSANTO CO NEW COM 61166W101 110,857 1,053,670 SH   SOLE   1,053,670 0 0
NIKE INC CL B 654106103 336,911 6,628,188 SH   SOLE   6,628,188 0 0
PAYPAL HLDGS INC COM 70450Y103 258,493 6,549,109 SH   SOLE   6,549,109 0 0
PRICELINE GRP INC COM NEW 741503403 304,973 208,022 SH   SOLE   208,022 0 0
PRICESMART INC COM 741511109 5,728 68,598 SH   SOLE   68,598 0 0
RED HAT INC COM 756577102 100,852 1,446,955 SH   SOLE   1,446,955 0 0
REGENERON PHARMACEUTICALS COM 75886F107 115,721 315,238 SH   SOLE   315,238 0 0
ROPER TECHNOLOGIES INC COM 776696106 297,035 1,622,429 SH   SOLE   1,622,429 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 216,475 3,734,236 SH   SOLE   3,734,236 0 0
SAP SE SPON ADR 803054204 446,797 5,169,465 SH   SOLE   5,169,465 0 0
SASOL LTD SPONSORED ADR 803866300 62,923 2,200,884 SH   SOLE   2,200,884 0 0
SCHLUMBERGER LTD COM 806857108 803,321 9,569,043 SH   SOLE   9,569,043 0 0
SHIRE PLC SPONSORED ADR 82481R106 60,437 354,718 SH   SOLE   354,718 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 129,533 862,399 SH   SOLE   862,399 0 0
SVB FINL GROUP COM 78486Q101 461,050 2,685,836 SH   SOLE   2,685,836 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 406,676 14,145,240 SH   SOLE   14,145,240 0 0
TENARIS S A SPONSORED ADR 88031M109 559,206 15,659,649 SH   SOLE   15,659,649 0 0
UNILEVER PLC SPON ADR NEW 904767704 92,060 2,261,909 SH   SOLE   2,261,909 0 0
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 37,281 843,841 SH   SOLE   843,841 0 0
VERISK ANALYTICS INC COM 92345Y106 261,096 3,216,655 SH   SOLE   3,216,655 0 0
WABCO HLDGS INC COM 92927K102 111,236 1,047,916 SH   SOLE   1,047,916 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 136,719 1,651,990 SH   SOLE   1,651,990 0 0
WATERS CORP COM 941848103 130,758 972,973 SH   SOLE   972,973 0 0
WEIBO CORP SPONSORED ADR 948596101 50,439 1,242,345 SH   SOLE   1,242,345 0 0
WPP PLC NEW ADR 92937A102 183,936 1,662,167 SH   SOLE   1,662,167 0 0
YANDEX N V SHS CLASS A N97284108 112,838 5,605,438 SH   SOLE   5,605,438 0 0