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
Adobe Sys Inc COM 00724F101 253,174 1,789,976 SH   SOLE None 1,789,976 0 0
Alleghany Corp Del COM 017175100 120,234 202,142 SH   SOLE None 202,142 0 0
Comcast Corp New CL A 20030N101 347,581 8,930,646 SH   SOLE None 8,930,646 0 0
Berkshire Hathaway Inc Del CL B NEW 084670702 387,865 2,290,044 SH   SOLE None 2,290,044 0 0
Becton Dickinson & Co COM 075887109 336,565 1,725,000 SH   SOLE None 1,725,000 0 0
Coca Cola Co COM 191216100 323,556 7,214,170 SH   SOLE None 7,214,170 0 0
Credicorp Ltd COM G2519Y108 25,605 142,743 SH   SOLE None 142,743 0 0
Danaher Corp Del COM 235851102 227,207 2,692,348 SH   SOLE None 2,692,348 0 0
Equifax Inc COM 294429105 255,897 1,862,152 SH   SOLE None 1,862,152 0 0
Fiserv Inc COM 337738108 220,212 1,800,000 SH   SOLE None 1,800,000 0 0
Schein Henry Inc COM 806407102 93,022 508,260 SH   SOLE None 508,260 0 0
Home Depot Inc COM 437076102 115,866 755,319 SH   SOLE None 755,319 0 0
Martin Marietta Matls Inc COM 573284106 119,873 538,560 SH   SOLE None 538,560 0 0
Microsoft Corp COM 594918104 575,341 8,346,750 SH   SOLE None 8,346,750 0 0
BRF SA SPONSORED ADR 10552T107 10,694 907,068 SH   SOLE None 907,068 0 0
Grupo Financiero Galicia S A SP ADR 10 SH B 399909100 7,249 170,000 SH   SOLE None 170,000 0 0
National Instrs Corp COM 636518102 123,553 3,071,921 SH   SOLE None 3,071,921 0 0
Wells Fargo & Co New COM 949746101 326,426 5,891,107 SH   SOLE None 5,891,107 0 0
Brown & Brown Inc COM 115236101 140,895 3,271,295 SH   SOLE None 3,271,295 0 0
PPG Inds Inc COM 693506107 161,949 1,472,798 SH   SOLE None 1,472,798 0 0
Praxair Inc COM 74005P104 93,817 707,786 SH   SOLE None 707,786 0 0
Sherwin Williams Co COM 824348106 170,335 485,341 SH   SOLE None 485,341 0 0
Texas Instrs Inc COM 882508104 160,719 2,089,157 SH   SOLE None 2,089,157 0 0
Thermo Fisher Scientific Inc COM 883556102 393,805 2,257,151 SH   SOLE None 2,257,151 0 0
Union Pac Corp COM 907818108 111,803 1,026,564 SH   SOLE None 1,026,564 0 0
Banco Macro SA SPON ADR B 05961W105 11,409 123,755 SH   SOLE None 123,755 0 0
Mastercard Incorporated CL A 57636Q104 245,936 2,025,000 SH   SOLE None 2,025,000 0 0
Wabco Hldgs Inc COM 92927K102 131,896 1,034,395 SH   SOLE None 1,034,395 0 0
Visa Inc COM CL A 92826C839 256,956 2,739,983 SH   SOLE None 2,739,983 0 0
Pampa Energia S A SPONS ADR LVL I 697660207 12,046 204,691 SH   SOLE None 204,691 0 0
Accenture PLC Ireland SHS CLASS A G1151C101 414,678 3,352,829 SH   SOLE None 3,352,829 0 0
American Tower Corp New COM 03027X100 137,584 1,039,781 SH   SOLE None 1,039,781 0 0
Facebook Inc CL A 30303M102 217,283 1,439,148 SH   SOLE None 1,439,148 0 0
Zoetis Inc CL A 98978V103 154,468 2,476,247 SH   SOLE None 2,476,247 0 0
Intercontinental Exchange In COM 45866F104 143,067 2,170,320 SH   SOLE None 2,170,320 0 0
Grupo Aval Acciones Y Valore SPONSORED ADS 40053W101 8,394 1,013,804 SH   SOLE None 1,013,804 0 0
Waste Connections Inc COM 94106B101 290,700 4,512,567 SH   SOLE None 4,512,567 0 0
Alphabet Inc CAP STK CL C 02079K107 222,961 245,355 SH   SOLE None 245,355 0 0
Charter Communications Inc N CL A 16119P108 89,363 265,289 SH   SOLE None 265,289 0 0
Ambev SA SPONSORED ADR 02319V103 16,470 3,000,000 SH   SOLE None 3,000,000 0 0
American Express Co COM 025816109 341,180 4,050,091 SH   SOLE None 4,050,091 0 0
Flir Sys Inc COM 302445101 54,243 1,565,000 SH   SOLE None 1,565,000 0 0
MSCI Inc COM 55354G100 173,589 1,685,489 SH   SOLE None 1,685,489 0 0
Northern Tr Corp COM 665859104 266,612 2,742,643 SH   SOLE None 2,742,643 0 0
S&P Global Inc COM 78409V104 64,594 442,455 SH   SOLE None 442,455 0 0
Time Warner Inc COM NEW 887317303 84,289 839,446 SH   SOLE None 839,446 0 0
Whirlpool Corp COM 963320106 114,972 600,000 SH   SOLE None 600,000 0 0
3M Co COM 88579Y101 391,397 1,880,000 SH   SOLE None 1,880,000 0 0
Booz Allen Hamilton Hldg Cor CL A 099502106 120,398 3,700,000 SH   SOLE None 3,700,000 0 0
CDK Global Inc COM 12508E101 62,060 1,000,000 SH   SOLE None 1,000,000 0 0
Cooper Cos Inc COM NEW 216648402 76,368 318,972 SH   SOLE None 318,972 0 0
Grupo Supervielle S A SPONSORED ADR 40054A108 5,424 300,000 SH   SOLE None 300,000 0 0
Schwab Charles Corp New COM 808513105 251,669 5,858,214 SH   SOLE None 5,858,214 0 0
Snap On Inc COM 833034101 68,730 435,000 SH   SOLE None 435,000 0 0
EOG Res Inc COM 26875P101 120,097 1,326,750 SH   SOLE None 1,326,750 0 0
Fidelity Natl Information SV COM 31620M106 85,400 1,000,000 SH   SOLE None 1,000,000 0 0
SS&C Technologies Hldgs Inc COM 78467J100 61,513 1,601,495 SH   SOLE None 1,601,495 0 0