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 COMPANY COMMON 88579Y101 131,791 663,500 SH   SOLE   663,500 0 0
ALPHABET INC CLASS A 02079K305 37,919 15,529 SH   SOLE   15,529 0 0
AMBEV SA ADR REP 1 COM SHS 02319V103 424,495 123,399,637 SH   SOLE   96,404,737 0 26,994,900
AMERICAN EXPRESS CO COMMON 025816109 54,922 332,400 SH   SOLE   332,400 0 0
BANCO BRADESCO S A ADR (1 PFD) 059460303 353,242 68,858,098 SH   SOLE   51,468,535 0 17,389,563
BECTON DICKINSON COMMON 075887109 36,162 148,700 SH   SOLE   148,700 0 0
BERKSHIRE HATHAWAY CLASS B 084670702 141,111 507,740 SH   SOLE   507,740 0 0
BIOGEN INC COMMON 09062X103 69,393 200,400 SH   SOLE   200,400 0 0
BORG WARNER INC COMMON 099724106 113,851 2,345,500 SH   SOLE   2,345,500 0 0
BUCKLE INC COMMON 118440106 22,282 447,875 SH   SOLE   447,875 0 0
C H ROBINSON WLDWIDE COMMON 12541W209 115,589 1,234,000 SH   SOLE   1,234,000 0 0
CARLISLE COS INC COMMON 142339100 7,981 41,700 SH   SOLE   41,700 0 0
CARNIVAL CORP COMMON 143658300 42,654 1,618,142 SH   SOLE   1,618,142 0 0
CHECK POINT SOFTWARE ORDINARY M22465104 58,367 502,600 SH   SOLE   338,400 0 164,200
COMMERCIAL INTL BK GDR REP 1 ORD EGP10 201712205 44,190 13,452,110 SH   SOLE   13,452,110 0 0
COPA HOLDINGS CLASS A P31076105 293,099 3,890,864 SH   SOLE   2,878,007 0 1,012,857
CULLEN FROST BANKERS COMMON 229899109 91,180 814,107 SH   SOLE   814,107 0 0
DONALDSON INC COMMON 257651109 28,506 448,701 SH   SOLE   448,701 0 0
EAGLE MATERIALS COMMON 26969P108 106,668 750,600 SH   SOLE   750,600 0 0
EXXON MOBIL CORP COMMON 30231G102 82,218 1,303,400 SH   SOLE   1,303,400 0 0
GENTEX CORP COMMON 30231G102 46,498 1,405,200 SH   SOLE   1,405,200 0 0
GILEAD SCIENCES INC COMMON 375558103 19,122 277,700 SH   SOLE   277,700 0 0
HENRY SCHEIN INC COM 806407102 85,611 1,153,942 SH   SOLE   1,153,942 0 0
INTEL CORP COMMON 458140100 120,394 2,144,540 SH   SOLE   2,144,540 0 0
IPG PHOTONICS CORP COMMON 44980X109 47,512 225,422 SH   SOLE   225,422 0 0
JOHNSON & JOHNSON COMMON 478160104 44,595 270,700 SH   SOLE   270,700 0 0
MARKEL CORP COMMON 570535104 60,053 50,605 SH   SOLE   50,605 0 0
MARTIN MARIETTA MATL COMMON 573284106 5,277 15,000 SH   SOLE   15,000 0 0
MSC INDL DIRECT INC CLASS A 553530106 83,566 931,310 SH   SOLE   931,310 0 0
RAYTHEON TECHNOLOGIE COM USD1 75513E101 106,731 1,251,100 SH   SOLE   1,251,100 0 0
RYANAIR HLDGS PLC ADR EACH REPR 5 ORD 783513203 222,109 2,052,574 SH   SOLE   1,244,174 0 808,400
SAMSUNG ELECTRONIC GDR REP 1/2 ORD REGS 796050888 540,919 303,291 SH   SOLE   223,555 0 79,736
SCHLUMBERGER LTD COMMON 806857108 56,997 1,780,600 SH   SOLE   1,780,600 0 0
STATE BK OF INDIA GDR(2 INR10 REG S) 856552203 18,809 336,480 SH   SOLE   164,230 0 172,250
T ROWE PRICE GRP COMMON 74144T108 134,441 679,100 SH   SOLE   679,100 0 0
WALGREENS BOOTS ALNC COMMON 931427108 140,703 2,674,450 SH   SOLE   2,674,450 0 0
WALT DISNEY CO COM 254687106 140,370 798,600 SH   SOLE   798,600 0 0
WELLS FARGO & CO COMMON 949746101 108,558 2,396,960 SH   SOLE   2,396,960 0 0