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 180,177 1,159,655 SH   SOLE 1,159,655 0 0
51JOB INC SP ADR REP COM 316827104 93,753 2,769,648 SH   SOLE 2,769,648 0 0
ABBOTT LABS COM 002824100 157,235 3,182,413 SH   SOLE 3,182,413 0 0
ABBVIE INC COM 00287Y109 186,480 2,733,915 SH   SOLE 2,733,915 0 0
ALLSTATE CORP COM 020002101 199 3,058 SH   SOLE 3,058 0 0
AMAZON COM INC COM 023135106 182,523 417,021 SH   SOLE 417,021 0 0
AMBEV SA SPONSORED ADR 02319V103 92,575 15,077,437 SH   SOLE 15,077,437 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 101,740 4,823,653 SH   SOLE 4,823,653 0 0
AMERICAN EXPRESS CO COM 025816109 226,918 2,901,560 SH   SOLE 2,901,560 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 254,489 2,094,791 SH   SOLE 2,094,791 0 0
ANTHEM INC COM 036752103 131 800 SH   SOLE 800 0 0
ARM HLDGS PLC SPONSORED ADR 042068106 252,591 5,163,370 SH   SOLE 5,163,370 0 0
ASML HOLDING N V N Y REGISTRY SHS N07059210 283 2,710 SH   SOLE 2,710 0 0
AVERY DENNISON CORP COM 053611109 37 600 SH   SOLE 600 0 0
BAIDU INC SPON ADR REP A 056752108 823,621 4,173,084 SH   SOLE 4,173,084 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946K101 82,974 8,414,792 SH   SOLE 8,414,792 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 136,892 14,719,548 SH   SOLE 14,719,548 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 85,683 4,275,598 SH   SOLE 4,275,598 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 76,503 1,839,888 SH   SOLE 1,839,888 0 0
BORGWARNER INC COM 099724106 165,265 2,867,007 SH   SOLE 2,867,007 0 0
BUNGE LIMITED COM G16962105 471,878 5,290,536 SH   SOLE 5,290,536 0 0
CANADIAN NATL RY CO COM 136375102 325,424 5,580,394 SH   SOLE 5,580,394 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 202,534 3,131,800 SH   SOLE 3,131,800 0 0
CNOOC LTD SPONSORED ADR 126132109 97,959 695,833 SH   SOLE 695,833 0 0
COLGATE PALMOLIVE CO COM 194162103 217,193 3,283,162 SH   SOLE 3,283,162 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 92,989 3,933,527 SH   SOLE 3,933,527 0 0
COPA HOLDINGS SA CL A P31076105 6,095 73,650 SH   SOLE 73,650 0 0
CREDICORP LTD COM G2519Y108 143,625 1,030,013 SH   SOLE 1,030,013 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 122,847 1,723,195 SH   SOLE 1,723,195 0 0
DAVITA HEALTHCARE PARTNERS I COM 23918K108 269,279 3,411,009 SH   SOLE 3,411,009 0 0
EBAY INC COM 278642103 355,540 5,749,618 SH   SOLE 5,749,618 0 0
ECOPETROL S A SPONSORED ADS 279158109 1,953 153,500 SH   SOLE 153,500 0 0
EMERSON ELEC CO COM 291011104 153,505 2,748,212 SH   SOLE 2,748,212 0 0
EXXON MOBIL CORP COM 30231G102 174,220 2,095,487 SH   SOLE 2,095,487 0 0
F5 NETWORKS INC COM 315616102 179,446 1,489,929 SH   SOLE 1,489,929 0 0
FACEBOOK INC CL A 30303M102 148,862 1,705,693 SH   SOLE 1,705,693 0 0
FIRST CASH FINL SVCS INC COM 31942D107 740 16,020 SH   SOLE 16,020 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 285,070 4,485,335 SH   SOLE 4,485,335 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 44,501 492,753 SH   SOLE 492,753 0 0
FRESENIUS MED CARE AG&CO KGA SPONSORED ADR 358029106 94,709 2,279,220 SH   SOLE 2,279,220 0 0
GOOGLE INC CL A 38259P508 345,307 630,959 SH   SOLE 630,959 0 0
GRIFOLS S A SP ADR REP B NVT 398438408 57,904 1,878,041 SH   SOLE 1,878,041 0 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 123,988 865,657 SH   SOLE 865,657 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 143,040 3,659,250 SH   SOLE 3,659,250 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 455 7,514 SH   SOLE 7,514 0 0
ICICI BK LTD ADR 45104G104 756,138 72,684,127 SH   SOLE 72,684,127 0 0
ILLINOIS TOOL WKS INC COM 452308109 75 800 SH   SOLE 800 0 0
IMPERIAL OIL LTD COM NEW 453038408 287,611 7,472,156 SH   SOLE 7,472,156 0 0
IMS HEALTH HLDGS INC COM 44970B109 153,371 5,010,422 SH   SOLE 5,010,422 0 0
IPG PHOTONICS CORP COM 44980X109 166,265 2,004,700 SH   SOLE 2,004,700 0 0
ISHARES TR MSCI INDIA ETF 46429B598 43,029 1,396,600 SH   SOLE 1,396,600 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 354,887 31,827,449 SH   SOLE 31,827,449 0 0
JOHNSON & JOHNSON COM 478160104 79 800 SH   SOLE 800 0 0
LAZARD LTD SHS A G54050102 177,412 3,178,287 SH   SOLE 3,178,287 0 0
LUXOTTICA GROUP S P A SPONSORED ADR 55068R202 1,403 21,040 SH   SOLE 21,040 0 0
MASTERCARD INC CL A 57636Q104 321,989 3,416,915 SH   SOLE 3,416,915 0 0
MICROSOFT CORP COM 594918104 135,133 3,043,682 SH   SOLE 3,043,682 0 0
MONSANTO CO NEW COM 61166W101 245,912 2,269,893 SH   SOLE 2,269,893 0 0
NIKE INC CL B 654106103 448,831 4,085,753 SH   SOLE 4,085,753 0 0
NOBLE ENERGY INC COM 655044105 66 1,600 SH   SOLE 1,600 0 0
NOVO-NORDISK A S ADR 670100205 151,715 2,767,503 SH   SOLE 2,767,503 0 0
PHILIPPINE LONG DISTANCE TEL SPONSORED ADR 718252604 2,669 42,500 SH   SOLE 42,500 0 0
PRECISION CASTPARTS CORP COM 740189105 295 1,480 SH   SOLE 1,480 0 0
PRICELINE GRP INC COM NEW 741503403 133,602 116,880 SH   SOLE 116,880 0 0
PRICESMART INC COM 741511109 10,682 116,370 SH   SOLE 116,370 0 0
PROCTER & GAMBLE CO COM 742718109 64 800 SH   SOLE 800 0 0
ROPER TECHNOLOGIES INC COM 776696106 348,768 1,997,830 SH   SOLE 1,997,830 0 0
SALESFORCE COM INC COM 79466L302 139,750 1,984,699 SH   SOLE 1,984,699 0 0
SAP SE SPON ADR 803054204 490,076 6,997,987 SH   SOLE 6,997,987 0 0
SASOL LTD SPONSORED ADR 803866300 50,528 1,370,424 SH   SOLE 1,370,424 0 0
SCHLUMBERGER LTD COM 806857108 626,141 7,423,729 SH   SOLE 7,423,729 0 0
SHIRE PLC SPONSORED ADR 82481R106 70,220 289,930 SH   SOLE 289,930 0 0
SVB FINL GROUP COM 78486Q101 313,288 2,184,946 SH   SOLE 2,184,946 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 254,752 11,052,278 SH   SOLE 11,052,278 0 0
TENARIS S A SPONSORED ADR 88031M109 69,328 2,618,115 SH   SOLE 2,618,115 0 0
TRANSOCEAN LTD REG SHS H8817H100 3 218 SH   SOLE 218 0 0
TRIMBLE NAVIGATION LTD COM 896239100 102,399 4,335,458 SH   SOLE 4,335,458 0 0
UNILEVER PLC SPON ADR NEW 904767704 91,185 2,122,631 SH   SOLE 2,122,631 0 0
V F CORP COM 918204108 346 4,800 SH   SOLE 4,800 0 0
VANGUARD INTL EQUITY INDEX F ALLWRLD EX US 922042775 3,444 70,940 SH   SOLE 70,940 0 0
VERISK ANALYTICS INC COM 92345Y106 421,904 9,794,590 SH   SOLE 9,794,590 0 0
WATERS CORP COM 941848103 154,389 1,193,464 SH   SOLE 1,193,464 0 0
WELLS FARGO & CO NEW COM 949746101 267,693 4,718,205 SH   SOLE 4,718,205 0 0
WPP PLC NEW ADR 92937A102 195,111 1,730,529 SH   SOLE 1,730,529 0 0
YANDEX N V SHS CLASS A N97284108 116,257 7,559,769 SH   SOLE 7,559,769 0 0