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 125,820 1,019,362 SH   DFND 2 342,347 0 677,015
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 21,670 92,007 SH   OTR 123 0 1,054 90,953
ADOBE SYSTEMS INCORPORATED COM 00724F101 338,120 685,578 SH   OTR 123 362,288 14,008 309,282
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 4,245 19,496 SH   DFND 2 19,496 0 0
ALPHABET INC CAP STK CL C 02079K107 692,200 322,479 SH   OTR 123 171,551 6,706 144,222
AMAZON COM INC COM 023135106 979,000 304,787 SH   OTR 123 162,318 6,250 136,219
AMBEV SA SPONSORED ADR 02319V103 66,460 24,678,668 SH   OTR 123 9,876,012 8,957,814 5,844,842
AMERICAN TOWER CORP NEW COM 03027X100 360 1,521 SH   DFND 2 0 0 1,521
AUTOHOME INC SP ADS RP CL A 05278C107 178,090 1,944,569 SH   OTR 123 642,839 754,978 546,752
BAOZUN INC SPONSORED ADR 06684L103 104,625 2,792,353 SH   OTR 123 922,502 1,041,923 827,928
BECTON DICKINSON & CO COM 075887109 530,810 2,106,646 SH   OTR 123 1,147,041 45,327 914,278
BERKSHIRE HATHAWAY INC DEL CL A 084670108 155,440 403 SH   DFND 2 0 0 403
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 397,770 1,477,396 SH   OTR 123 1,053,767 37,601 386,028
BOOKING HOLDINGS INC COM 09857L108 307,270 128,123 SH   OTR 123 71,432 3,164 53,527
BOSTON SCIENTIFIC CORP COM 101137107 544,560 13,594,869 SH   OTR 123 7,394,638 292,347 5,907,884
CASEYS GEN STORES INC COM 147528103 170,765 760,771 SH   DFND 2 236,479 0 524,292
CME GROUP INC COM 12572Q105 599,650 2,829,641 SH   OTR 123 1,547,688 62,865 1,219,088
COCA COLA CO COM 191216100 649,350 11,872,856 SH   OTR 123 6,357,269 251,328 5,264,259
COCA-COLA FEMSA SAB DE CV SPONSORD ADR REP 191241108 1,610 34,825 SH   DFND 2 34,825 0 0
COMCAST CORP NEW CL A 20030N101 258,190 4,597,367 SH   OTR 123 2,228,678 74,927 2,293,762
CONSTELLATION BRANDS INC CL A 21036P108 120,090 507,298 SH   DFND 2 157,771 0 349,527
COPART INC COM 217204106 58,040 514,972 SH   DFND 2 159,686 0 355,286
DISNEY WALT CO COM 254687106 211,650 1,105,296 SH   OTR 123 569,774 21,236 514,286
DOLLAR GEN CORP NEW COM 256677105 194,380 925,266 SH   DFND 2 292,120 0 633,146
ELECTRONIC ARTS INC COM 285512109 133,160 947,466 SH   DFND 2 294,687 0 652,779
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 227,080 3,068,603 SH   OTR 123 1,138,510 1,168,773 761,320
GENUINE PARTS CO COM 372460105 585 5,068 SH   DFND 2 0 0 5,068
GRACO INC COM 384109104 27,025 363,497 SH   DFND 2 112,562 0 250,935
HDFC BANK LTD SPONSORED ADS 40415F101 126,810 1,353,556 SH   DFND 2 1,289,569 0 63,987
HERSHEY CO COM 427866108 63,780 393,381 SH   DFND 2 139,789 0 253,592
HOME DEPOT INC COM 437076102 74,450 234,878 SH   DFND 2 72,736 0 162,142
HUMANA INC COM 444859102 91,980 211,507 SH   DFND 2 65,409 0 146,098
IHS MARKIT LTD SHS G47567105 177,730 1,791,234 SH   OTR 123 1,081,208 53,697 656,329
INDIA FD INC COM 454089103 470 21,816 SH   DFND 2 21,816 0 0
INFOSYS LTD SPONSORED ADR 456788108 4,290 229,124 SH   DFND 2 229,124 0 0
INTUITIVE SURGICAL INC COM NEW 46120E602 183,620 239,353 SH   OTR 123 132,540 5,393 101,420
JOHNSON & JOHNSON COM 478160104 442,510 2,576,090 SH   OTR 123 1,277,109 51,659 1,247,322
KEYSIGHT TECHNOLOGIES INC COM 49338L103 400,735 2,692,840 SH   OTR 123 1,382,808 51,317 1,258,715
LAS VEGAS SANDS CORP COM 517834107 2,940 48,372 SH   DFND 2 0 0 48,372
M & T BK CORP COM 55261F104 57,970 368,551 SH   DFND 2 112,699 0 255,852
MASTERCARD INCORPORATED CL A 57636Q104 742,695 2,016,470 SH   OTR 123 1,111,965 143,654 760,851
MEDTRONIC PLC SHS G5960L103 56,390 503,758 SH   OTR 123 179,345 139,342 185,071
MICROSOFT CORP COM 594918104 1,105,835 4,518,382 SH   OTR 123 2,403,936 95,399 2,019,047
MONDELEZ INTL INC CL A 609207105 221,110 3,657,665 SH   OTR 123 1,201,286 289,357 2,167,022
NETEASE INC SPONSORED ADS 64110W102 170,850 1,686,296 SH   OTR 123 463,818 670,537 551,941
NIKE INC CL B 654106103 345,830 2,509,373 SH   OTR 123 1,415,444 59,790 1,034,139
NORTHROP GRUMMAN CORP COM 666807102 83,810 244,657 SH   DFND 2 56,765 0 187,892
OTIS WORLDWIDE CORP COM 68902V107 276,430 3,892,362 SH   OTR 123 2,076,221 81,515 1,734,626
PAYPAL HLDGS INC COM 70450Y103 474,150 1,881,505 SH   OTR 123 1,063,091 44,486 773,928
PEPSICO INC COM 713448108 373,490 2,541,796 SH   OTR 123 1,322,852 48,155 1,170,789
PHILIP MORRIS INTL INC COM 718172109 380 4,311 SH   DFND 2 0 0 4,311
PNC FINL SVCS GROUP INC COM 693475105 385 2,197 SH   DFND 2 0 0 2,197
PROGRESSIVE CORP COM 743315103 123,175 1,243,418 SH   DFND 2 394,015 0 849,403
RITCHIE BROS AUCTIONEERS COM 767744105 96,380 1,585,261 SH   DFND 2 493,859 0 1,091,402
ROSS STORES INC COM 778296103 351,850 2,827,449 SH   OTR 123 1,511,939 58,868 1,256,642
SERVICENOW INC COM 81762P102 282,540 544,466 SH   OTR 123 282,404 10,623 251,439
SHERWIN WILLIAMS CO COM 824348106 195,590 255,395 SH   OTR 123 137,460 5,446 112,489
SYNOPSYS INC COM 871607107 231,590 901,176 SH   OTR 123 500,443 20,715 380,018
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 456,500 3,800,682 SH   OTR 123 2,084,489 662,457 1,053,736
TERADYNE INC COM 880770102 360,200 2,853,727 SH   OTR 123 1,474,336 55,221 1,324,170
TJX COS INC NEW COM 872540109 670 10,095 SH   DFND 2 0 0 10,095
UNITEDHEALTH GROUP INC COM 91324P102 694,920 1,802,126 SH   OTR 123 951,273 35,911 814,942
VISA INC COM CL A 92826C839 608,640 2,768,839 SH   OTR 123 1,522,378 60,981 1,185,480
WELLS FARGO CO NEW COM 949746101 200 5,215 SH   DFND 2 0 0 5,215
XP INC CL A G98239109 101,550 2,750,104 SH   OTR 123 809,593 1,175,772 764,739
YUM CHINA HLDGS INC COM 98850P109 367,620 6,334,122 SH   OTR 123 1,942,252 2,567,963 1,823,907