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 118,360 1,932,884 SH   OTR 1 1,074,165 39,756 818,963
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 103,575 716,285 SH   OTR 1 310,402 183,620 222,263
ADOBE SYS INC COM 00724F101 33,475 154,920 SH   SOLE 746 0 154,174
AIR LEASE CORP CL A 00912X302 37,110 870,752 SH   SOLE 4,193 0 866,559
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 1,712,810 9,200,886 SH   OTR 1 3,214,151 3,118,982 2,867,753
ALPHABET INC CAP STK CL C 02079K107 364,490 345,812 SH   OTR 1 192,486 7,123 146,203
ALTRIA GROUP INC COM 02209S103 135,690 2,190,892 SH   OTR 1 1,097,594 47,003 1,046,295
AMAZON COM INC COM 023135106 334,770 226,084 SH   OTR 1 133,488 4,932 87,664
AMBEV SA SPONSORED ADR 02319V103 1,217,860 165,215,612 SH   OTR 1 50,791,645 62,151,117 52,272,850
AMERICAN TOWER CORP NEW COM 03027X100 203,065 1,369,951 SH   OTR 1 693,653 25,479 650,819
AMPHENOL CORP NEW CL A 032095101 5,255 60,985 SH   SOLE 291 0 60,694
APTIV PLC SHS G6095L109 64,650 760,848 SH   OTR 1 287,400 170,473 302,975
AUTOHOME INC SP ADR RP CL A 05278C107 357,715 4,104,668 SH   OTR 1 970,681 1,689,141 1,444,846
BANCO SANTANDER S A SPONSORED ADR B 05969B103 206,470 28,399,320 SH   OTR 1 6,969,463 11,758,642 9,671,215
BAOZUN INC SPONSORED ADR 06684L103 7,745 168,814 SH   SOLE 0 0 168,814
BECTON DICKINSON & CO COM 075887109 23,805 109,856 SH   SOLE 529 0 109,327
BERKSHIRE HATHAWAY INC DEL CL A 084670108 77,765 260 SH   SOLE 0 0 260
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 277,905 1,356,872 SH   OTR 1 927,697 34,253 394,922
BOOKING HLDGS INC COM 09857L108 496,620 238,992 SH   OTR 1 121,276 32,266 85,450
BOSTON SCIENTIFIC CORP COM 101137107 44,995 1,647,015 SH   SOLE 7,931 0 1,639,084
BRITISH AMERN TOB PLC SPONSORED ADR 110448107 62,540 1,084,040 SH   SOLE 5,181 0 1,078,859
CASEYS GEN STORES INC COM 147528103 129,135 1,153,912 SH   OTR 1 575,127 21,221 557,564
CHECK POINT SOFTWARE TECH LT ORD M22465104 52,900 532,537 SH   OTR 1 336,797 195,740 0
CHINA BIOLOGIC PRODS HLDGS I COM G21515104 71,525 873,968 SH   OTR 1 293,580 268,817 311,571
CME GROUP INC COM CL A 12572Q105 226,300 1,370,920 SH   OTR 1 688,157 25,119 657,644
COCA COLA CO COM 191216100 21,345 491,516 SH   SOLE 2,209 0 489,307
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 5,360 80,719 SH   SOLE 80,719 0 0
COMCAST CORP NEW CL A 20030N101 43,855 1,283,444 SH   SOLE 6,134 0 1,277,310
CREDICORP LTD COM G2519Y108 290,515 1,261,928 SH   OTR 1 317,467 523,045 421,416
DISNEY WALT CO COM DISNEY 254687106 248,420 2,413,351 SH   OTR 1 1,269,982 45,662 1,097,707
ECOLAB INC COM 278865100 27,865 203,307 SH   SOLE 979 0 202,328
EDWARDS LIFESCIENCES CORP COM 28176E108 16,720 119,824 SH   SOLE 577 0 119,247
FACEBOOK INC CL A 30303M102 186,785 1,144,611 SH   OTR 1 622,438 22,987 499,186
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 619,470 6,680,816 SH   OTR 1 1,609,050 2,818,680 2,253,086
GENUINE PARTS CO COM 372460105 720 7,996 SH   SOLE 0 0 7,996
HDFC BANK LTD ADR REPS 3 SHS 40415F101 222,780 2,040,524 SH   SOLE 1,826,425 0 214,099
HOME DEPOT INC COM 437076102 46,120 258,754 SH   SOLE 1,246 0 257,508
KRAFT HEINZ CO COM 500754106 68,725 1,103,340 SH   SOLE 5,313 0 1,098,027
LAS VEGAS SANDS CORP COM 517834107 445,890 6,124,010 SH   OTR 1 1,210,509 2,303,086 2,610,415
LAUDER ESTEE COS INC CL A 518439104 265 1,784 SH   SOLE 0 0 1,784
M & T BK CORP COM 55261F104 126,020 669,073 SH   OTR 1 371,083 13,723 284,267
MARTIN MARIETTA MATLS INC COM 573284106 141,575 668,925 SH   OTR 1 359,471 13,284 296,170
MASTERCARD INCORPORATED CL A 57636Q104 584,635 3,281,973 SH   OTR 1 1,832,751 365,661 1,083,561
MEDTRONIC PLC SHS G5960L103 297,405 3,619,431 SH   OTR 1 1,952,864 70,757 1,595,810
MICROSOFT CORP COM 594918104 42,080 461,023 SH   SOLE 2,220 0 458,803
MOODYS CORP COM 615369105 11,625 72,057 SH   SOLE 344 0 71,713
NETEASE INC SPONSORED ADR 64110W102 355,135 1,249,588 SH   OTR 1 287,300 503,574 458,714
NIELSEN HLDGS PLC SHS EUR G6518L108 234,220 7,186,366 SH   OTR 1 3,988,806 144,336 3,053,224
NIKE INC CL B 654106103 351,780 5,180,508 SH   OTR 1 2,996,382 111,125 2,073,001
O REILLY AUTOMOTIVE INC NEW COM 67103H107 130,200 516,537 SH   OTR 1 250,014 9,214 257,309
ORACLE CORP COM 68389X105 20,225 442,125 SH   SOLE 2,129 0 439,996
PEPSICO INC COM 713448108 73,480 673,217 SH   SOLE 3,179 0 670,038
PHILIP MORRIS INTL INC COM 718172109 473,640 4,851,971 SH   OTR 1 2,431,063 502,124 1,918,784
PNC FINL SVCS GROUP INC COM 693475105 129,070 837,665 SH   OTR 1 405,743 14,926 416,996
ROYAL CARIBBEAN CRUISES LTD COM V7780T103 29,170 247,747 SH   SOLE 1,193 0 246,554
SHERWIN WILLIAMS CO COM 824348106 32,165 82,028 SH   SOLE 395 0 81,633
STARBUCKS CORP COM 855244109 237,260 4,011,209 SH   OTR 1 2,212,583 81,838 1,716,788
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 721,530 16,170,691 SH   OTR 1 6,870,256 4,446,433 4,854,002
TJX COS INC NEW COM 872540109 232,460 2,789,975 SH   OTR 1 1,551,890 57,346 1,180,739
UNITEDHEALTH GROUP INC COM 91324P102 335,165 1,529,489 SH   OTR 1 840,155 30,439 658,895
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 5,310 319,643 SH   SOLE 0 0 319,643
VISA INC COM CL A 92826C839 543,185 4,458,896 SH   OTR 1 2,489,720 359,534 1,609,642
WELLS FARGO CO NEW COM 949746101 214,150 4,001,361 SH   OTR 1 2,167,066 80,096 1,754,199
ZTO EXPRESS CAYMAN INC SPONSORED ADR 98980A105 4,840 322,962 SH   SOLE 0 0 322,962