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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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 112,262 632,000 SH   SOLE   632,000 0 0
ALPHABET INC CLASS A 02079K305 23,738 8,194 SH   SOLE   8,194 0 0
AMBEV SA ADR REP 1 COM SHS 02319V103 350,934 125,333,437 SH   SOLE   96,729,837 0 28,603,600
AMERICAN EXPRESS CO COMMON 025816109 52,516 321,000 SH   SOLE   321,000 0 0
BANCO BRADESCO S A ADR (1 PFD) 059460303 273,301 79,912,698 SH   SOLE   57,633,335 0 22,279,363
BECTON DICKINSON COMMON 075887109 35,257 140,200 SH   SOLE   140,200 0 0
BERKSHIRE HATHAWAY CLASS B 084670702 143,980 481,540 SH   SOLE   481,540 0 0
BIOGEN INC COMMON 09062X103 77,614 323,500 SH   SOLE   323,500 0 0
BORG WARNER INC COMMON 099724106 99,898 2,216,500 SH   SOLE   2,216,500 0 0
BUCKLE INC COMMON 118440106 4,920 116,275 SH   SOLE   116,275 0 0
C H ROBINSON WLDWIDE COMMON 12541W209 139,628 1,297,300 SH   SOLE   1,297,300 0 0
CARLISLE COS INC COMMON 142339100 3,672 14,800 SH   SOLE   14,800 0 0
CARNIVAL CORP COMMON 143658300 30,917 1,536,642 SH   SOLE   1,536,642 0 0
CHECK POINT SOFTWARE ORDINARY M22465104 60,786 521,500 SH   SOLE   349,200 0 172,300
COMMERCIAL INTL BK GDR REP 1 ORD EGP10 201712205 95,292 28,876,334 SH   SOLE   28,876,334 0 0
COPA HOLDINGS CLASS A P31076105 324,036 3,920,110 SH   SOLE   2,858,853 0 1,061,257
CULLEN FROST BANKERS COMMON 229899109 92,650 734,907 SH   SOLE   734,907 0 0
DONALDSON INC COMMON 257651109 26,311 444,001 SH   SOLE   444,001 0 0
EAGLE MATERIALS COMMON 26969P108 105,785 635,500 SH   SOLE   635,500 0 0
EXXON MOBIL CORP COMMON 30231G102 72,253 1,180,800 SH   SOLE   1,180,800 0 0
GENTEX CORP COMMON 371901109 42,639 1,223,500 SH   SOLE   1,223,500 0 0
GILEAD SCIENCES INC COMMON 375558103 18,007 248,000 SH   SOLE   248,000 0 0
HENRY SCHEIN INC COM 806407102 85,953 1,108,642 SH   SOLE   1,108,642 0 0
INTEL CORP COMMON 458140100 109,378 2,123,840 SH   SOLE   2,123,840 0 0
IPG PHOTONICS CORP COMMON 44980X109 47,480 275,822 SH   SOLE   275,822 0 0
JOHNSON & JOHNSON COMMON 478160104 44,393 259,500 SH   SOLE   259,500 0 0
MARKEL CORP COMMON 570535104 82,684 67,005 SH   SOLE   67,005 0 0
MARTIN MARIETTA MATL COMMON 573284106 5,462 12,400 SH   SOLE   12,400 0 0
MSC INDL DIRECT INC CLASS A 553530106 74,495 886,210 SH   SOLE   886,210 0 0
RAYTHEON TECHNOLOGIE COM USD1 75513E101 102,678 1,193,100 SH   SOLE   1,193,100 0 0
RYANAIR HLDGS PLC ADR EACH REPR 5 ORD 783513203 190,515 1,861,774 SH   SOLE   1,094,674 0 767,100
SAMSUNG ELECTRONIC GDR REP 1/2 ORD REGS 796050888 501,726 304,261 SH   SOLE   220,515 0 83,746
SCHLUMBERGER LTD COMMON 806857108 23,412 781,700 SH   SOLE   781,700 0 0
STATE BK OF INDIA GDR(2 INR10 REG S) 586552203 20,589 333,700 SH   SOLE   161,450 0 172,250
T ROWE PRICE GRP COMMON 74144T108 124,729 634,300 SH   SOLE   634,300 0 0
WALGREENS BOOTS ALNC COMMON 931427108 137,084 2,628,150 SH   SOLE   2,628,150 0 0
WALT DISNEY CO COM 254687106 115,285 744,300 SH   SOLE   744,300 0 0
WELLS FARGO & CO COMMON 949746101 110,400 2,300,960 SH   SOLE   2,300,960 0 0