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
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 24,790 3,060,500 SH   SOLE   3,060,500 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 11,305,187 49,912,525 SH   SOLE   49,912,525 0 0
CANADIAN NATL RY CO COM 136375102 1,549,126 17,126,874 SH   SOLE   17,126,874 0 0
CATERPILLAR INC DEL COM 149123101 1,663,003 11,260,857 SH   SOLE   11,260,857 0 0
COCA COLA FEMSA S A B DE C V SPONSORD ADR REP 191241108 376,736 6,214,719 SH   SOLE   6,214,719 0 0
CROWN CASTLE INTL CORP NEW COM 22822V101 758,072 5,332,900 SH   SOLE   5,332,900 0 0
ECOLAB INC COM 278865100 842,677 4,366,426 SH   SOLE   4,366,426 0 0
FEDEX CORP COM 31428X106 457,410 3,024,999 SH   SOLE   3,024,999 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 197,992 16,879,104 SH   SOLE   16,879,104 0 0
LIBERTY GLOBAL PLC SHS CL A G5480U104 48,198 2,119,515 SH   SOLE   2,119,515 0 0
LIBERTY GLOBAL PLC SHS CL C G5480U120 79,320 3,639,349 SH   SOLE   3,639,349 0 0
LIBERTY LATIN AMERICA LTD COM CL A G9001E102 7,149 370,424 SH   SOLE   370,424 0 0
LIBERTY LATIN AMERICA LTD COM CL C G9001E128 12,377 636,044 SH   SOLE   636,044 0 0
UNITED PARCEL SERVICE INC CL B 911312106 529,735 4,525,329 SH   SOLE   4,525,329 0 0
WALMART INC COM 931142103 1,378,901 11,603,000 SH   SOLE   11,603,000 0 0
WASTE MGMT INC DEL COM 94106L109 2,123,493 18,633,672 SH   SOLE   18,633,672 0 0