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
Accenture PLC Ireland SHS CLASS A G1151C101 360,941 3,081,540 SH   SOLE None 3,081,540 0 0
Adobe Sys Inc COM 00724F101 227,114 2,206,061 SH   SOLE None 2,206,061 0 0
Alleghany Corp Del COM 017175100 99,068 162,908 SH   SOLE None 162,908 0 0
Alphabet Inc CAP STK CL C 02079K107 166,536 215,770 SH   SOLE None 215,770 0 0
Ambev SA SPONSORED ADR 02319V103 14,730 3,000,000 SH   SOLE None 3,000,000 0 0
American Express Co COM 025816109 297,613 4,017,458 SH   SOLE None 4,017,458 0 0
American Tower Corp New COM 03027X100 124,444 1,177,559 SH   SOLE None 1,177,559 0 0
Banco Macro SA SPON ADR B 05961W105 9,009 140,000 SH   SOLE None 140,000 0 0
Bard C R Inc COM 067383109 237,578 1,057,500 SH   SOLE None 1,057,500 0 0
Becton Dickinson & Co COM 075887109 154,302 932,058 SH   SOLE None 932,058 0 0
Berkshire Hathaway Inc Del CL B NEW 084670702 407,706 2,501,569 SH   SOLE None 2,501,569 0 0
BRF SA SPONSORED ADR 10552T107 9,017 610,939 SH   SOLE None 610,939 0 0
Brown & Brown Inc COM 115236101 187,124 4,171,295 SH   SOLE None 4,171,295 0 0
Cemex SAB DE CV SPON ADR NEW 151290889 1,628 203,040 SH   SOLE None 203,040 0 0
Charter Communications Inc N CL A 16119P108 69,250 240,519 SH   SOLE None 240,519 0 0
Cheesecake Factory Inc COM 163072101 42,625 711,833 SH   SOLE None 711,833 0 0
Cisco Sys Inc COM 17275R102 107,100 3,544,026 SH   SOLE None 3,544,026 0 0
Coca Cola Co COM 191216100 197,661 4,767,500 SH   SOLE None 4,767,500 0 0
Comcast Corp New CL A 20030N101 387,928 5,618,078 SH   SOLE None 5,618,078 0 0
Credicorp Ltd COM G2519Y108 23,504 148,897 SH   SOLE None 148,897 0 0
Danaher Corp Del COM 235851102 163,647 2,102,348 SH   SOLE None 2,102,348 0 0
Equifax Inc COM 294429105 220,162 1,862,152 SH   SOLE None 1,862,152 0 0
Facebook Inc CL A 30303M102 60,162 522,922 SH   SOLE None 522,922 0 0
Fiserv Inc COM 337738108 294,927 2,775,000 SH   SOLE None 2,775,000 0 0
Flir Sys Inc COM 302445101 3,619 100,000 SH   SOLE None 100,000 0 0
Grupo Aval Acciones Y Valore SPONSORED ADS 40053W101 11,603 1,461,388 SH   SOLE None 1,461,388 0 0
Grupo Financiero Galicia S A SP ADR 10 SH B 399909100 4,846 180,000 SH   SOLE None 180,000 0 0
Grupo Financiero Santander M SPON ADR SHS B 40053C105 2,157 300,000 SH   SOLE None 300,000 0 0
Home Depot Inc COM 437076102 223,956 1,670,319 SH   SOLE None 1,670,319 0 0
Intercontinental Exchange In COM 45866F104 104,113 1,845,320 SH   SOLE None 1,845,320 0 0
Intuit COM 461202103 127,029 1,108,360 SH   SOLE None 1,108,360 0 0
Itau Unibanco Hldg SA SPON ADR REP PFD 465562106 6,877 669,002 SH   SOLE None 669,002 0 0
L Brands Inc COM 501797104 15,933 242,002 SH   SOLE None 242,002 0 0
Martin Marietta Matls Inc COM 573284106 174,968 789,815 SH   SOLE None 789,815 0 0
Mastercard Incorporated CL A 57636Q104 283,710 2,747,800 SH   SOLE None 2,747,800 0 0
Medtronic PLC SHS G5960L103 153,145 2,150,000 SH   SOLE None 2,150,000 0 0
Microsoft Corp COM 594918104 501,517 8,070,763 SH   SOLE None 8,070,763 0 0
MSCI Inc COM 55354G100 16,604 210,760 SH   SOLE None 210,760 0 0
National Instrs Corp COM 636518102 145,621 4,724,872 SH   SOLE None 4,724,872 0 0
Northern Tr Corp COM 665859104 133,575 1,500,000 SH   SOLE None 1,500,000 0 0
Pampa Energia S A SPONS ADR LVL I 697660207 8,703 250,000 SH   SOLE None 250,000 0 0
PPG Inds Inc COM 693506107 113,389 1,196,588 SH   SOLE None 1,196,588 0 0
Praxair Inc COM 74005P104 111,953 955,310 SH   SOLE None 955,310 0 0
Procter and Gamble Co COM 742718109 78,017 927,893 SH   SOLE None 927,893 0 0
S&P Global Inc COM 78409V104 15,465 143,811 SH   SOLE None 143,811 0 0
Schein Henry Inc COM 806407102 128,690 848,260 SH   SOLE None 848,260 0 0
Sherwin Williams Co COM 824348106 111,619 415,341 SH   SOLE None 415,341 0 0
Texas Instrs Inc COM 882508104 152,446 2,089,157 SH   SOLE None 2,089,157 0 0
Thermo Fisher Scientific Inc COM 883556102 237,352 1,682,151 SH   SOLE None 1,682,151 0 0
Time Warner Inc COM NEW 887317303 58,712 608,224 SH   SOLE None 608,224 0 0
Union Pac Corp COM 907818108 106,434 1,026,564 SH   SOLE None 1,026,564 0 0
United Parcel Service Inc CL B 911312106 69,061 602,415 SH   SOLE None 602,415 0 0
Universal Hlth Svcs Inc CL B 913903100 92,272 867,378 SH   SOLE None 867,378 0 0
Visa Inc COM CL A 92826C839 228,209 2,925,000 SH   SOLE None 2,925,000 0 0
Wabco Hldgs Inc COM 92927K102 109,801 1,034,395 SH   SOLE None 1,034,395 0 0
Wabtec Corp COM 929740108 47,254 569,192 SH   SOLE None 569,192 0 0
Waste Connections Inc COM 94106B101 296,227 3,769,272 SH   SOLE None 3,769,272 0 0
Wells Fargo & Co New COM 949746101 324,659 5,891,107 SH   SOLE None 5,891,107 0 0
Whirlpool Corp COM 963320106 27,266 150,000 SH   SOLE None 150,000 0 0
Zoetis Inc CL A 98978V103 124,403 2,323,985 SH   SOLE None 2,323,985 0 0