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 Co COM 88579Y101 229,596 1,200,000 SH   SOLE None 1,200,000 0 0
Accenture PLC Ireland SHS CLASS A G1151C101 369,415 3,081,540 SH   SOLE None 3,081,540 0 0
Adobe Sys Inc COM 00724F101 287,075 2,206,061 SH   SOLE None 2,206,061 0 0
Alleghany Corp Del COM 017175100 100,133 162,908 SH   SOLE None 162,908 0 0
Alphabet Inc CAP STK CL C 02079K107 220,685 266,027 SH   SOLE None 266,027 0 0
Ambev SA SPONSORED ADR 02319V103 17,280 3,000,000 SH   SOLE None 3,000,000 0 0
American Express Co COM 025816109 260,483 3,292,669 SH   SOLE None 3,292,669 0 0
American Tower Corp New COM 03027X100 126,375 1,039,781 SH   SOLE None 1,039,781 0 0
Banco Macro SA SPON ADR B 05961W105 12,138 140,000 SH   SOLE None 140,000 0 0
Bard C R Inc COM 067383109 176,463 710,000 SH   SOLE None 710,000 0 0
Becton Dickinson & Co COM 075887109 170,977 932,058 SH   SOLE None 932,058 0 0
Berkshire Hathaway Inc Del CL B NEW 084670702 351,867 2,111,033 SH   SOLE None 2,111,033 0 0
Booz Allen Hamilton Hldg Cor CL A 099502106 86,306 2,438,708 SH   SOLE None 2,438,708 0 0
BRF SA SPONSORED ADR 10552T107 10,075 822,477 SH   SOLE None 822,477 0 0
Brown & Brown Inc COM 115236101 174,026 4,171,295 SH   SOLE None 4,171,295 0 0
CDK Global Inc COM 12508E101 50,383 775,000 SH   SOLE None 775,000 0 0
Charter Communications Inc N CL A 16119P108 86,834 265,289 SH   SOLE None 265,289 0 0
Cisco Sys Inc COM 17275R102 119,788 3,544,026 SH   SOLE None 3,544,026 0 0
Coca Cola Co COM 191216100 202,333 4,767,500 SH   SOLE None 4,767,500 0 0
Comcast Corp New CL A 20030N101 378,169 10,060,372 SH   SOLE None 10,060,372 0 0
Cooper Cos Inc COM NEW 216648402 55,664 278,472 SH   SOLE None 278,472 0 0
Credicorp Ltd COM G2519Y108 24,366 149,206 SH   SOLE None 149,206 0 0
Danaher Corp Del COM 235851102 230,277 2,692,348 SH   SOLE None 2,692,348 0 0
Equifax Inc COM 294429105 254,631 1,862,152 SH   SOLE None 1,862,152 0 0
Facebook Inc CL A 30303M102 173,180 1,219,148 SH   SOLE None 1,219,148 0 0
Fiserv Inc COM 337738108 294,041 2,550,000 SH   SOLE None 2,550,000 0 0
Flir Sys Inc COM 302445101 56,778 1,565,000 SH   SOLE None 1,565,000 0 0
Grupo Aval Acciones Y Valore SPONSORED ADS 40053W101 13,182 1,613,698 SH   SOLE None 1,613,698 0 0
Grupo Financiero Galicia S A SP ADR 10 SH B 399909100 6,815 180,000 SH   SOLE None 180,000 0 0
Grupo Supervielle S A SPONSORED ADR 40054A108 5,100 300,000 SH   SOLE None 300,000 0 0
Home Depot Inc COM 437076102 195,331 1,330,319 SH   SOLE None 1,330,319 0 0
Intercontinental Exchange In COM 45866F104 126,944 2,120,320 SH   SOLE None 2,120,320 0 0
Intuit COM 461202103 70,564 608,360 SH   SOLE None 608,360 0 0
Itau Unibanco Hldg SA SPON ADR REP PFD 465562106 6,447 534,170 SH   SOLE None 534,170 0 0
Martin Marietta Matls Inc COM 573284106 117,541 538,560 SH   SOLE None 538,560 0 0
Mastercard Incorporated CL A 57636Q104 309,045 2,747,800 SH   SOLE None 2,747,800 0 0
Medtronic PLC SHS G5960L103 120,840 1,500,000 SH   SOLE None 1,500,000 0 0
Microsoft Corp COM 594918104 549,717 8,346,750 SH   SOLE None 8,346,750 0 0
MSCI Inc COM 55354G100 86,547 890,489 SH   SOLE None 890,489 0 0
National Instrs Corp COM 636518102 155,280 4,769,035 SH   SOLE None 4,769,035 0 0
Northern Tr Corp COM 665859104 237,458 2,742,643 SH   SOLE None 2,742,643 0 0
Pampa Energia S A SPONS ADR LVL I 697660207 13,555 250,000 SH   SOLE None 250,000 0 0
PPG Inds Inc COM 693506107 154,762 1,472,798 SH   SOLE None 1,472,798 0 0
Praxair Inc COM 74005P104 83,943 707,786 SH   SOLE None 707,786 0 0
Procter and Gamble Co COM 742718109 83,371 927,893 SH   SOLE None 927,893 0 0
S&P Global Inc COM 78409V104 57,847 442,455 SH   SOLE None 442,455 0 0
Schein Henry Inc COM 806407102 110,185 648,260 SH   SOLE None 648,260 0 0
Schwab Charles Corp New COM 808513105 218,669 5,358,214 SH   SOLE None 5,358,214 0 0
Sherwin Williams Co COM 824348106 128,835 415,341 SH   SOLE None 415,341 0 0
Snap On Inc COM 833034101 73,371 435,000 SH   SOLE None 435,000 0 0
Texas Instrs Inc COM 882508104 168,302 2,089,157 SH   SOLE None 2,089,157 0 0
Thermo Fisher Scientific Inc COM 883556102 312,138 2,032,151 SH   SOLE None 2,032,151 0 0
Time Warner Inc COM NEW 887317303 48,445 495,799 SH   SOLE None 495,799 0 0
Union Pac Corp COM 907818108 108,734 1,026,564 SH   SOLE None 1,026,564 0 0
Visa Inc COM CL A 92826C839 259,945 2,925,000 SH   SOLE None 2,925,000 0 0
Wabco Hldgs Inc COM 92927K102 121,459 1,034,395 SH   SOLE None 1,034,395 0 0
Wabtec Corp COM 929740108 35,075 449,677 SH   SOLE None 449,677 0 0
Waste Connections Inc COM 94106B101 338,934 3,841,917 SH   SOLE None 3,841,917 0 0
Wells Fargo & Co New COM 949746101 327,899 5,891,107 SH   SOLE None 5,891,107 0 0
Whirlpool Corp COM 963320106 111,365 650,000 SH   SOLE None 650,000 0 0
Zoetis Inc CL A 98978V103 142,831 2,676,247 SH   SOLE None 2,676,247 0 0