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
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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
Amazon.com Inc COMMON 023135106   84,126 45,529 SH   SOLE   43,228 0 2,301
Abiomed Inc COMMON 003654100   19,053 111,690 SH   SOLE   105,559 0 6,131
Alleghany Corp COMMON 017175100   56,287 70,388 SH   SOLE   66,389 0 3,999
Barrick Gold Corporation COMMON 067901108   132,579 7,129,565 SH   SOLE   2,554,124 0 4,575,441
American Express Co COMMON 025816109   120,876 970,999 SH   SOLE   916,884 0 54,115
Aflac Inc COMMON 001055102   57,971 1,095,902 SH   SOLE   1,033,773 0 62,129
Analog Devices Inc COMMON 032654105   71,794 604,149 SH   SOLE   572,396 0 31,753
Applied Materials Inc COMMON 038222105   104,535 1,712,593 SH   SOLE   1,618,744 0 93,849
Archer-Daniels-Midland Co. COMMON 039483102   148,087 3,195,043 SH   SOLE   3,013,353 0 181,690
Autozone Inc COMMON 053332102   54,327 45,600 SH   SOLE   43,205 0 2,395
Berkshire Hathaway Inc COMMON 084670702   192,337 849,200 SH   SOLE   803,613 0 45,587
Bancolombia Sa -Pref COMMON 05968L102   39,456 715,972 SH   SOLE   639,316 0 76,656
Baxter International Inc COMMON 071813109   71,855 857,219 SH   SOLE   808,473 0 48,746
Brookfield Asset Management-CL A COMMON 112585104   156,187 2,698,834 SH   SOLE   2,497,087 0 201,747
Pricesmart Inc COMMON 741511109   21,279 299,620 SH   SOLE   259,669 0 39,951
Taiwan Semiconductor Manufacturing Co Ltd COMMON 874039100   8,460 144,794 SH   SOLE   0 0 144,794
C H Robinson Worldwide Inc COMMON 12541W209   104,755 1,339,671 SH   SOLE   1,268,450 0 71,221
Rogers Communications Inc COMMON 775109200   20,228 403,060 SH   SOLE   366,466 0 36,594
Canadian Natural Resources COMMON 136385101   118,996 3,640,253 SH   SOLE   3,418,979 0 221,274
Coca Cola Co COMMON 191216100   106,509 1,924,364 SH   SOLE   1,815,121 0 109,243
Colgate Palmolive Co COMMON 194162103   69,886 1,015,228 SH   SOLE   961,757 0 53,471
Compania De Minas Buenaventura Spon ADR COMMON 204448104   14,846 983,187 SH   SOLE   0 0 983,187
Compania Cervecerias Unidas ADR COMMON 204429104   111 5,823 SH   SOLE   0 0 5,823
Gildan Activewear Inc COMMON 375916103   71,511 2,415,349 SH   SOLE   2,256,118 0 159,231
Omnicom Group COMMON 681919106   60,560 741,730 SH   SOLE   700,903 0 40,827
Electronic Arts Inc COMMON 285512109   29,876 277,904 SH   SOLE   262,783 0 15,121
Expeditors Intl Wash Inc COMMON 302130109   71,582 917,548 SH   SOLE   869,365 0 48,183
Fastenal Co COMMON 311900104   56,632 1,532,716 SH   SOLE   1,449,296 0 83,420
M & T Bank Corp COMMON 55261F104   25,914 152,665 SH   SOLE   144,354 0 8,311
Ritchie Bros Auctioneers COMMON 767744105   67,871 1,578,760 SH   SOLE   1,461,485 0 117,275
Freeport-McMoran Inc COMMON 35671D857   24,509 1,868,076 SH   SOLE   1,627,289 0 240,787
Entercom Communications - CL A COMMON 293639100   22,466 4,843,054 SH   SOLE   4,568,195 0 274,859
Grupo Televisa Sa-Spons Adr COMMON 40049J206   17,452 1,487,806 SH   SOLE   0 0 1,487,806
Harley Davidson Inc COMMON 412822108   41,347 1,111,810 SH   SOLE   1,049,912 0 61,898
Kt Corp Spon ADR COMMON 48268K101   43,538 3,753,343 SH   SOLE   0 0 3,753,343
The Hershey Company COMMON 427866108   27,573 187,600 SH   SOLE   177,386 0 10,214
Intel Corp COMMON 458140100   189,879 3,172,814 SH   SOLE   2,998,927 0 173,887
Rayonier Inc COMMON 754907103   46,483 1,418,902 SH   SOLE   1,368,481 0 50,421
Johnson and Johnson COMMON 478160104   266,100 1,824,352 SH   SOLE   1,724,808 0 99,544
Hartford Financial SVCS Group Inc COMMON 416515104   124,236 2,034,741 SH   SOLE   1,925,242 0 109,499
Kimberly-Clark Corp COMMON 494368103   40,272 290,682 SH   SOLE   274,880 0 15,802
Lincoln Electric Holdings Inc COMMON 533900106   24,590 252,945 SH   SOLE   239,125 0 13,820
United Parcel Services Cl B COMMON 911312106   81,581 696,932 SH   SOLE   657,920 0 39,012
Loews Corp COMMON 540424108   109,834 2,092,520 SH   SOLE   1,973,683 0 118,837
Magna International Inc COMMON 559222401   19,704 358,824 SH   SOLE   326,757 0 32,067
Markel Corp COMMON 570535104   45,781 40,052 SH   SOLE   37,872 0 2,180
Maxim Integrated Products COMMON 57772K101   64,066 1,041,553 SH   SOLE   986,841 0 54,712
Activision Blizzard COMMON 00507V109   30,900 520,045 SH   SOLE   491,751 0 28,294
3M Co COMMON 88579Y101   81,120 459,822 SH   SOLE   436,916 0 22,906
National Oilwell Varco COMMON 637071101   54,348 2,169,569 SH   SOLE   2,046,545 0 123,024
Wells Fargo COMMON 949746101   268,954 4,999,359 SH   SOLE   4,726,807 0 272,552
Oracle Corp COMMON 68389X105   229,024 4,322,922 SH   SOLE   4,085,474 0 237,448
Paccar Inc COMMON 693718108   30,696 377,470 SH   SOLE   356,952 0 20,518
Paychex Inc COMMON 704326107   68,018 799,714 SH   SOLE   757,709 0 42,005
Pepsico Inc COMMON 713448108   39,968 290,491 SH   SOLE   274,699 0 15,792
PPG Industries Inc COMMON 693506107   81,445 610,139 SH   SOLE   576,201 0 33,938
IPG Photonics Corp COMMON 44980X109   17,430 120,275 SH   SOLE   113,901 0 6,374
Costco Wholesale Corp COMMON 22160K105   60,010 204,177 SH   SOLE   192,584 0 11,593
Price T Rowe Group COMMON 74144T108   20,310 166,702 SH   SOLE   157,900 0 8,802
Procter & Gamble COMMON 742718109   85,274 682,786 SH   SOLE   646,943 0 35,843
US Bancorp COMMON 902973304   133,277 2,232,556 SH   SOLE   2,115,322 0 117,234
Travelers Companies Inc COMMON 89417E109   160,298 1,170,521 SH   SOLE   1,108,523 0 61,998
Merck & Co Inc COMMON 58933Y105   189,809 2,073,568 SH   SOLE   1,960,042 0 113,526
Bunge Ltd COMMON G16962105   118,793 2,064,123 SH   SOLE   1,946,744 0 117,379
Canadian Pacific Railway Ltd COMMON 13645T100   46,152 180,357 SH   SOLE   164,234 0 16,123
Tanger Factory Outlet Center COMMON 875465106   33,326 2,262,655 SH   SOLE   2,182,436 0 80,219
Texas Instruments Inc COMMON 882508104   193,021 1,504,619 SH   SOLE   1,424,974 0 79,645
Union Pacific Corp COMMON 907818108   76,087 420,884 SH   SOLE   398,776 0 22,108
United Technologies Corp COMMON 913017109   68,595 458,067 SH   SOLE   444,296 0 13,771
Waters Corp COMMON 941848103   100,059 428,242 SH   SOLE   405,511 0 22,731
Weyerhaeuser Co COMMON 962166104   43,320 1,434,576 SH   SOLE   1,383,639 0 50,937
Carmax Inc COMMON 143130102   76,247 869,709 SH   SOLE   821,203 0 48,506
Xilinx Inc COMMON 983919101   11,216 114,725 SH   SOLE   108,452 0 6,273
TJX Companies Inc COMMON 872540109   52,737 863,728 SH   SOLE   816,516 0 47,212
Marketaxess Holdings Inc COMMON 57060D108   30,811 81,273 SH   SOLE   76,848 0 4,425
Dolby Laboratories Inc COMMON 25659T107   41,202 598,860 SH   SOLE   566,299 0 32,561
Baidu Inc - Spon ADR COMMON 056752108   181,995 1,439,833 SH   SOLE   0 0 1,439,833
Bce Inc COMMON 05534B760   23,211 493,865 SH   SOLE   449,734 0 44,131
Bank of New York Mellon Corp COMMON 064058100   71,117 1,413,045 SH   SOLE   1,338,744 0 74,301
Genpact Ltd COMMON G3922B107   61,551 1,459,589 SH   SOLE   1,320,381 0 139,208
Ulta Beauty Inc COMMON 90384S303   16,985 67,101 SH   SOLE   63,433 0 3,668
Franco-Nevada Corp COMMON 351858105   25,159 243,281 SH   SOLE   221,538 0 21,743
Chubb Ltd COMMON H1467J104   87,730 560,931 SH   SOLE   531,456 0 29,475
Accenture Plc COMMON G1151C101   45,790 217,456 SH   SOLE   206,053 0 11,403
Visteon Corp. COMMON 92839U206   48,313 557,950 SH   SOLE   526,267 0 31,683
First Republic Bank COMMON 33616C100   50,016 425,852 SH   SOLE   401,426 0 24,426
TE Connectivity Ltd COMMON H84989104   63,102 658,422 SH   SOLE   621,062 0 37,360
Globus Medical Inc A COMMON 379577208   39,539 671,517 SH   SOLE   635,005 0 36,512
Facebook Inc A COMMON 30303M102   149,363 727,779 SH   SOLE   687,337 0 40,442
Blackberry Ltd COMMON 09228F103   20,297 3,152,128 SH   SOLE   2,865,936 0 286,192
Booking Holdings Inc COMMON 09857L108   203,619 99,148 SH   SOLE   93,881 0 5,267
Eventbrite Inc - Class A COMMON 29975E109   17,214 853,533 SH   SOLE   806,629 0 46,904
Ctrip.com International ADR COMMON 89677Q107   29,398 876,502 SH   SOLE   0 0 876,502
Now Inc COMMON 67011P100   11,158 992,577 SH   SOLE   938,388 0 54,189
Axalta Coating Systems Ltd COMMON G0750C108   38,791 1,276,052 SH   SOLE   1,203,594 0 72,458
Coca-Cola European Partners COMMON G25839104   74,951 1,473,265 SH   SOLE   1,359,424 0 113,841
Alphabet Inc. - Class A COMMON 02079K305   216,844 161,920 SH   SOLE   153,064 0 8,856
PayPal Holdings Inc. COMMON 70450Y103   53,760 496,997 SH   SOLE   468,794 0 28,203
Yum China Holdings Inc COMMON 98850P109   111,323 2,318,774 SH   SOLE   2,103,649 0 215,125
Alphabet Inc. - Class C COMMON 02079K107   100,970 75,526 SH   SOLE   71,415 0 4,111
Univar Solutions Inc COMMON 91336L107   30,800 1,270,644 SH   SOLE   1,198,420 0 72,224
Linde PLC COMMON G5494J103   37,089 174,225 SH   SOLE   164,706 0 9,519