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 38,538 297,800 SH   SOLE   297,800 0 0
ALPHABET INC CLASS A 02079K305 4,592 2,107 SH   SOLE   2,107 0 0
AMBEV SA ADR REP 1 COM SHS 02319V103 265,295 105,695,097 SH   SOLE   76,335,697 0 29,359,400
AMERICAN EXPRESS CO COMMON 025816109 17,508 126,300 SH   SOLE   126,300 0 0
BANCO BRADESCO S A ADR (1 PFD) 059460303 248,942 76,362,691 SH   SOLE   51,296,266 0 25,066,425
BECTON DICKINSON COMMON 075887109 10,576 42,900 SH   SOLE   42,900 0 0
BERKSHIRE HATHAWAY CLASS B 084670702 52,294 191,540 SH   SOLE   191,540 0 0
BIOGEN INC COMMON 09062X103 34,568 169,500 SH   SOLE   169,500 0 0
BORG WARNER INC COMMON 099724106 29,863 894,900 SH   SOLE   894,900 0 0
C H ROBINSON WLDWIDE COMMON 12541W209 54,314 535,800 SH   SOLE   535,800 0 0
CARNIVAL CORP COMMON 143658300 4,856 561,342 SH   SOLE   561,342 0 0
CHECK POINT SOFTWARE ORDINARY M22465104 61,085 501,600 SH   SOLE   321,800 0 179,800
COMMERCIAL INTL BK GDR REP 1 ORD EGP10 201712205 47,878 28,842,255 SH   SOLE   28,842,255 0 0
COPA HOLDINGS CLASS A P31076105 225,669 3,561,135 SH   SOLE   2,441,006 0 1,120,129
CULLEN FROST BANKERS COMMON 229899109 30,091 258,407 SH   SOLE   258,407 0 0
DONALDSON INC COMMON 257651109 19,165 398,101 SH   SOLE   398,101 0 0
EAGLE MATERIALS COMMON 26969P108 20,361 185,200 SH   SOLE   185,200 0 0
EXXON MOBIL CORP COMMON 30231G102 28,801 336,300 SH   SOLE   336,300 0 0
GENTEX CORP COMMON 371901109 14,307 511,500 SH   SOLE   511,500 0 0
GILEAD SCIENCES INC COMMON 375558103 8,505 137,600 SH   SOLE   137,600 0 0
HENRY SCHEIN INC COM 806407102 32,702 426,142 SH   SOLE   426,142 0 0
INTEL CORP COMMON 458140100 33,521 896,040 SH   SOLE   896,040 0 0
IPG PHOTONICS CORP COMMON 44980X109 26,603 282,622 SH   SOLE   282,622 0 0
JOHNSON & JOHNSON COMMON 478160104 18,923 106,600 SH   SOLE   106,600 0 0
MARKEL CORP COMMON 570535104 37,071 28,665 SH   SOLE   28,665 0 0
MARTIN MARIETTA MATL COMMON 573284106 3,621 12,100 SH   SOLE   12,100 0 0
META PLATFORMS INC COM USD0.000006 CL A 30303M102 13,287 82,400 SH   SOLE   82,400 0 0
MSC INDL DIRECT INC CLASS A 553530106 26,695 355,410 SH   SOLE   355,410 0 0
PRICE T ROWE GROUP COM 74144T108 38,275 336,900 SH   SOLE   336,900 0 0
RAYTHEON TECHNOLOGIE COM USD1 75513E101 45,450 472,900 SH   SOLE   472,900 0 0
RYANAIR HLDGS PLC ADR EACH REPR 5 ORD 783513203 115,823 1,722,274 SH   SOLE   901,974 0 820,300
SAMSUNG ELECTRONIC GDR REP 1/2 ORD REGS 796050888 278,693 255,447 SH   SOLE   169,791 0 85,656
STATE BK OF INDIA GDR(2 INR10 REG S) 856552203 17,108 293,951 SH   SOLE   127,671 0 166,280
WALGREENS BOOTS ALNC COMMON 931427108 42,776 1,128,650 SH   SOLE   1,128,650 0 0
WALT DISNEY CO COM 254687106 40,063 424,400 SH   SOLE   424,400 0 0
WELLS FARGO & CO COMMON 949746101 24,209 618,060 SH   SOLE   618,060 0 0