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
Adobe Sys Inc COM 00724F101 244,652 1,639,976 SH   SOLE None 1,639,976 0 0
Alleghany Corp Del COM 017175100 123,750 223,371 SH   SOLE None 223,371 0 0
Comcast Corp New CL A 20030N101 354,952 9,224,323 SH   SOLE None 9,224,323 0 0
Berkshire Hathaway Inc Del CL B NEW 084670702 419,811 2,290,044 SH   SOLE None 2,290,044 0 0
Becton Dickinson & Co COM 075887109 345,852 1,765,000 SH   SOLE None 1,765,000 0 0
Coca Cola Co COM 191216100 348,468 7,742,012 SH   SOLE None 7,742,012 0 0
Credicorp Ltd COM G2519Y108 27,220 132,765 SH   SOLE None 132,765 0 0
Danaher Corp Del COM 235851102 353,186 4,117,348 SH   SOLE None 4,117,348 0 0
Fiserv Inc COM 337738108 135,408 1,050,000 SH   SOLE None 1,050,000 0 0
Home Depot Inc COM 437076102 90,828 555,319 SH   SOLE None 555,319 0 0
Martin Marietta Matls Inc COM 573284106 142,138 689,221 SH   SOLE None 689,221 0 0
Microsoft Corp COM 594918104 621,749 8,346,750 SH   SOLE None 8,346,750 0 0
BRF SA SPONSORED ADR 10552T107 13,071 907,068 SH   SOLE None 907,068 0 0
Grupo Financiero Galicia S A SP ADR 10 SH B 399909100 6,700 130,000 SH   SOLE None 130,000 0 0
National Instrs Corp COM 636518102 63,255 1,500,000 SH   SOLE None 1,500,000 0 0
Wells Fargo & Co New COM 949746101 208,553 3,781,568 SH   SOLE None 3,781,568 0 0
Brown & Brown Inc COM 115236101 157,644 3,271,295 SH   SOLE None 3,271,295 0 0
PPG Inds Inc COM 693506107 89,405 822,798 SH   SOLE None 822,798 0 0
Sherwin Williams Co COM 824348106 211,366 590,341 SH   SOLE None 590,341 0 0
Texas Instrs Inc COM 882508104 187,272 2,089,157 SH   SOLE None 2,089,157 0 0
Thermo Fisher Scientific Inc COM 883556102 398,673 2,107,151 SH   SOLE None 2,107,151 0 0
Union Pac Corp COM 907818108 145,652 1,255,945 SH   SOLE None 1,255,945 0 0
Banco Macro SA SPON ADR B 05961W105 12,176 103,755 SH   SOLE None 103,755 0 0
Mastercard Incorporated CL A 57636Q104 201,210 1,425,000 SH   SOLE None 1,425,000 0 0
Wabco Hldgs Inc COM 92927K102 30,690 207,366 SH   SOLE None 207,366 0 0
Visa Inc COM CL A 92826C839 218,373 2,075,000 SH   SOLE None 2,075,000 0 0
Pampa Energia S A SPONS ADR LVL I 697660207 17,882 274,691 SH   SOLE None 274,691 0 0
Accenture PLC Ireland SHS CLASS A G1151C101 435,308 3,222,829 SH   SOLE None 3,222,829 0 0
American Tower Corp New COM 03027X100 111,911 818,779 SH   SOLE None 818,779 0 0
Facebook Inc CL A 30303M102 245,907 1,439,148 SH   SOLE None 1,439,148 0 0
Zoetis Inc CL A 98978V103 85,199 1,336,247 SH   SOLE None 1,336,247 0 0
Intercontinental Exchange In COM 45866F104 119,158 1,734,471 SH   SOLE None 1,734,471 0 0
Grupo Aval Acciones Y Valore SPONSORED ADS 40053W101 8,716 972,201 SH   SOLE None 972,201 0 0
Waste Connections Inc COM 94106B101 322,277 4,606,589 SH   SOLE None 4,606,589 0 0
Alphabet Inc CAP STK CL C 02079K107 235,322 245,355 SH   SOLE None 245,355 0 0
Charter Communications Inc N CL A 16119P108 76,786 211,288 SH   SOLE None 211,288 0 0
Ambev SA SPONSORED ADR 02319V103 18,762 2,847,000 SH   SOLE None 2,847,000 0 0
American Express Co COM 025816109 397,816 4,397,704 SH   SOLE None 4,397,704 0 0
Flir Sys Inc COM 302445101 84,240 2,165,000 SH   SOLE None 2,165,000 0 0
MSCI Inc COM 55354G100 197,034 1,685,489 SH   SOLE None 1,685,489 0 0
Northern Tr Corp COM 665859104 227,497 2,474,671 SH   SOLE None 2,474,671 0 0
S&P Global Inc COM 78409V104 69,160 442,455 SH   SOLE None 442,455 0 0
Time Warner Inc COM NEW 887317303 65,712 641,404 SH   SOLE None 641,404 0 0
3M Co COM 88579Y101 394,612 1,880,000 SH   SOLE None 1,880,000 0 0
Booz Allen Hamilton Hldg Cor CL A 099502106 138,343 3,700,000 SH   SOLE None 3,700,000 0 0
CDK Global Inc COM 12508E101 63,090 1,000,000 SH   SOLE None 1,000,000 0 0
Cooper Cos Inc COM NEW 216648402 55,813 235,387 SH   SOLE None 235,387 0 0
Grupo Supervielle S A SPONSORED ADR 40054A108 6,666 270,000 SH   SOLE None 270,000 0 0
Schwab Charles Corp New COM 808513105 289,164 6,610,979 SH   SOLE None 6,610,979 0 0
Snap On Inc COM 833034101 106,542 715,000 SH   SOLE None 715,000 0 0
EOG Res Inc COM 26875P101 128,350 1,326,750 SH   SOLE None 1,326,750 0 0
Fidelity Natl Information SV COM 31620M106 163,433 1,750,000 SH   SOLE None 1,750,000 0 0
SS&C Technologies Hldgs Inc COM 78467J100 66,137 1,647,245 SH   SOLE None 1,647,245 0 0
Air Prods & Chems Inc COM 009158106 362,928 2,400,000 SH   SOLE None 2,400,000 0 0
AON PLC SHS CLA A G0408V102 68,840 471,185 SH   SOLE None 471,185 0 0
Autodesk Inc COM 052769106 55,721 496,355 SH   SOLE None 496,355 0 0
Black Knight Fincl Svcs Inc CL A 09214X100 31,574 733,427 SH   SOLE None 733,427 0 0
Marsh & Mclennan Cos Inc COM 571748102 57,430 685,242 SH   SOLE None 685,242 0 0
Oracle Corp COM 68389X105 103,953 2,150,000 SH   SOLE None 2,150,000 0 0
Priceline Grp Inc COM NEW 741503403 49,524 27,050 SH   SOLE None 27,050 0 0
Schlumberger Ltd COM 806857108 94,176 1,350,000 SH   SOLE None 1,350,000 0 0