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
3M CO COM 88579Y101 166,563 951,135 SH   SOLE   951,135 0 0
51JOB INC SP ADR REP COM 316827104 110,659 3,775,472 SH   SOLE   3,775,472 0 0
ABBOTT LABS COM 002824100 102,667 2,611,725 SH   SOLE   2,611,725 0 0
ABBVIE INC COM 00287Y109 137,169 2,215,619 SH   SOLE   2,215,619 0 0
ALLSTATE CORP COM 020002101 214 3,058 SH   SOLE   3,058 0 0
ALPHABET INC CAP STK CL A 02079K305 395,585 562,286 SH   SOLE   562,286 0 0
AMAZON COM INC COM 023135106 244,496 341,656 SH   SOLE   341,656 0 0
AMBEV SA SPONSORED ADR 02319V103 120,628 20,410,821 SH   SOLE   20,410,821 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 77,421 6,314,918 SH   SOLE   6,314,918 0 0
AMERISOURCEBERGEN CORP COM 03073E105 98,720 1,244,583 SH   SOLE   1,244,583 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 315,408 2,395,280 SH   SOLE   2,395,280 0 0
ANTHEM INC COM 036752103 105 800 SH   SOLE   800 0 0
ARM HLDGS PLC SPONSORED ADR 042068106 267,696 5,882,458 SH   SOLE   5,882,458 0 0
AVERY DENNISON CORP COM 053611109 45 600 SH   SOLE   600 0 0
BAIDU INC SPON ADR REP A 056752108 705,252 4,270,372 SH   SOLE   4,270,372 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946K101 50,221 8,749,769 SH   SOLE   8,749,769 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 146,044 18,699,675 SH   SOLE   18,699,675 0 0
BANCO MACRO SA SPON ADR B 05961W105 7,796 105,040 SH   SOLE   105,040 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 105,307 5,436,587 SH   SOLE   5,436,587 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 126,906 3,634,184 SH   SOLE   3,634,184 0 0
BUNGE LIMITED COM G16962105 275,446 4,656,905 SH   SOLE   4,656,905 0 0
CANADIAN NATL RY CO COM 136375102 314,524 5,325,447 SH   SOLE   5,325,447 0 0
CANADIAN PAC RY LTD COM 13645T100 2 12 SH   SOLE   12 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 229,024 3,955,515 SH   SOLE   3,955,515 0 0
CHUBB LIMITED COM H1467J104 2 17 SH   SOLE   17 0 0
CNOOC LTD SPONSORED ADR 126132109 234,528 1,881,345 SH   SOLE   1,881,345 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 20,002 241,110 SH   SOLE   241,110 0 0
COGNEX CORP COM 192422103 129,289 2,999,745 SH   SOLE   2,999,745 0 0
COLGATE PALMOLIVE CO COM 194162103 196,711 2,687,313 SH   SOLE   2,687,313 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 136,216 9,361,935 SH   SOLE   9,361,935 0 0
CORE LABORATORIES N V COM N22717107 2 15 SH   SOLE   15 0 0
CREDICORP LTD COM G2519Y108 138,502 897,440 SH   SOLE   897,440 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 273,293 6,633,324 SH   SOLE   6,633,324 0 0
DAVITA HEALTHCARE PARTNERS I COM 23918K108 3 37 SH   SOLE   37 0 0
ECOPETROL S A SPONSORED ADS 279158109 5,929 620,150 SH   SOLE   620,150 0 0
ENCANA CORP COM 292505104 40 5,150 SH   SOLE   5,150 0 0
EXXON MOBIL CORP COM 30231G102 160,798 1,715,365 SH   SOLE   1,715,365 0 0
F5 NETWORKS INC COM 315616102 212,927 1,870,403 SH   SOLE   1,870,403 0 0
FACEBOOK INC CL A 30303M102 160,163 1,401,497 SH   SOLE   1,401,497 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 257,822 3,683,709 SH   SOLE   3,683,709 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 61,808 668,267 SH   SOLE   668,267 0 0
FRESENIUS MED CARE AG&CO KGA SPONSORED ADR 358029106 103,096 2,366,250 SH   SOLE   2,366,250 0 0
GRIFOLS S A SP ADR REP B NVT 398438408 149,890 8,991,433 SH   SOLE   8,991,433 0 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 177,918 1,115,122 SH   SOLE   1,115,122 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 349,590 13,424,834 SH   SOLE   13,424,834 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 1 17 SH   SOLE   17 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 59 1,890 SH   SOLE   1,890 0 0
ICICI BK LTD ADR 45104G104 42,661 5,941,600 SH   SOLE   5,941,600 0 0
ICON PLC SHS G4705A100 1 21 SH   SOLE   21 0 0
ILLINOIS TOOL WKS INC COM 452308109 83 800 SH   SOLE   800 0 0
IMPERIAL OIL LTD COM NEW 453038408 40 1,270 SH   SOLE   1,270 0 0
IPG PHOTONICS CORP COM 44980X109 131,394 1,642,426 SH   SOLE   1,642,426 0 0
ISHARES TR MSCI INDIA ETF 46429B598 10,638 381,000 SH   SOLE   381,000 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 461,623 48,899,596 SH   SOLE   48,899,596 0 0
JD COM INC SPON ADR CL A 47215P106 38,321 1,805,039 SH   SOLE   1,805,039 0 0
JOHNSON & JOHNSON COM 478160104 97 800 SH   SOLE   800 0 0
LAZARD LTD SHS A G54050102 1 50 SH   SOLE   50 0 0
LUXOTTICA GROUP S P A SPONSORED ADR 55068R202 2,479 50,746 SH   SOLE   50,746 0 0
MASTERCARD INC CL A 57636Q104 121,704 1,382,059 SH   SOLE   1,382,059 0 0
MICROSOFT CORP COM 594918104 79,182 1,547,435 SH   SOLE   1,547,435 0 0
MONSANTO CO NEW COM 61166W101 110,085 1,064,549 SH   SOLE   1,064,549 0 0
NIKE INC CL B 654106103 369,049 6,685,677 SH   SOLE   6,685,677 0 0
NOBLE ENERGY INC COM 655044105 57 1,600 SH   SOLE   1,600 0 0
NOVARTIS A G SPONSORED ADR 66987V109 73 890 SH   SOLE   890 0 0
PAYPAL HLDGS INC COM 70450Y103 200,269 5,485,331 SH   SOLE   5,485,331 0 0
PERRIGO CO PLC SHS G97822103 1 7 SH   SOLE   7 0 0
PRICELINE GRP INC COM NEW 741503403 261,962 209,836 SH   SOLE   209,836 0 0
PRICESMART INC COM 741511109 7,969 85,170 SH   SOLE   85,170 0 0
PROCTER & GAMBLE CO COM 742718109 68 800 SH   SOLE   800 0 0
RED HAT INC COM 756577102 106,303 1,464,231 SH   SOLE   1,464,231 0 0
REGENERON PHARMACEUTICALS COM 75886F107 58,021 166,140 SH   SOLE   166,140 0 0
ROPER TECHNOLOGIES INC COM 776696106 279,076 1,636,235 SH   SOLE   1,636,235 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 200,608 3,581,877 SH   SOLE   3,581,877 0 0
SALESFORCE COM INC COM 79466L302 129,746 1,633,879 SH   SOLE   1,633,879 0 0
SAP SE SPON ADR 803054204 368,203 4,908,075 SH   SOLE   4,908,075 0 0
SASOL LTD SPONSORED ADR 803866300 59,473 2,192,753 SH   SOLE   2,192,753 0 0
SCHLUMBERGER LTD COM 806857108 739,334 9,349,098 SH   SOLE   9,349,098 0 0
SENSATA TECHNOLOGIES HLDG NV SHS N7902X106 1 42 SH   SOLE   42 0 0
SHIRE PLC SPONSORED ADR 82481R106 2,192 11,908 SH   SOLE   11,908 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 99,101 793,314 SH   SOLE   793,314 0 0
SVB FINL GROUP COM 78486Q101 274,411 2,883,683 SH   SOLE   2,883,683 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 417,341 15,909,770 SH   SOLE   15,909,770 0 0
TENARIS S A SPONSORED ADR 88031M109 424,565 14,720,849 SH   SOLE   14,720,849 0 0
TRANSOCEAN LTD REG SHS H8817H100 3 218 SH   SOLE   218 0 0
UNILEVER PLC SPON ADR NEW 904767704 108,236 2,259,106 SH   SOLE   2,259,106 0 0
VERISK ANALYTICS INC COM 92345Y106 262,877 3,242,192 SH   SOLE   3,242,192 0 0
WATERS CORP COM 941848103 138,191 982,519 SH   SOLE   982,519 0 0
WELLS FARGO & CO NEW COM 949746101 183,585 3,878,830 SH   SOLE   3,878,830 0 0
WPP PLC NEW ADR 92937A102 189,410 1,811,602 SH   SOLE   1,811,602 0 0
YANDEX N V SHS CLASS A N97284108 124,232 5,685,660 SH   SOLE   5,685,660 0 0