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 COM 88579Y101 34,952 212,700 SH   SOLE NONE 110,000 0 102,700
ABBOTT LABORATORIES COM 002824100 132,384 2,940,550 SH   SOLE NONE 2,109,700 0 830,850
ABBVIE COM 00287Y109 7,951 121,500 SH   SOLE NONE 0 0 121,500
ADT CALL COM 00101J906 5,435 1,500 SH Call SOLE NONE 0 0 0
AMBEV ADR COM 02319V103 6,407 1,030,000 SH   SOLE NONE 430,000 0 600,000
AMGEN COM 031162100 24,140 151,550 SH   SOLE NONE 59,100 0 92,450
ANHEUSER-BUSCH INBEV ADR COM 03524A108 243 2,160 SH   SOLE NONE 0 0 2,160
APPLE COM 037833100 18,786 170,194 SH   SOLE NONE 52,500 0 117,694
AT & T COM 00206R102 240 7,150 SH   SOLE NONE 0 0 7,150
BARRICK GOLD COM 067901108 29,923 2,783,790 SH   SOLE NONE 750,000 0 2,033,790
BAXTER INTERNATIONAL COM 071813109 117,337 1,601,000 SH   SOLE NONE 1,136,800 0 464,200
BERKSHIRE HATHAWAY A COM 084670108 452 2 SH   SOLE NONE 0 0 2
BERKSHIRE HATHAWAY B COM 084670702 153,476 1,022,150 SH   SOLE NONE 933,200 0 88,950
CERVECERIAS UNIDAS ADR COM 204429104 1,252 67,500 SH   SOLE NONE 17,500 0 50,000
CHEVRON COM 166764100 876 7,810 SH   SOLE NONE 0 0 7,810
CHINA MOBILE ADR COM 16941M109 16,761 284,950 SH   SOLE NONE 205,600 0 79,350
CISCO SYSTEMS COM 17275R102 19,260 692,440 SH   SOLE NONE 300,000 0 392,440
CNH INDUSTRIAL COM N20944109 182 22,500 SH   SOLE NONE 0 0 22,500
COACH COM 189754104 32,308 860,180 SH   SOLE NONE 60,000 0 800,180
COCA-COLA COM 191216100 207,218 4,908,060 SH   SOLE NONE 3,810,000 0 1,098,060
COLGATE-PALMOLIVE COM 194162103 22,950 331,700 SH   SOLE NONE 24,000 0 307,700
CONOCOPHILLIPS COM 20825C104 12,776 185,000 SH   SOLE NONE 0 0 185,000
COVIDIEN COM G2554F113 7,978 78,000 SH   SOLE NONE 35,000 0 43,000
CREDICORP COM G2519Y108 1,602 10,000 SH   SOLE NONE 2,500 0 7,500
DEERE & CO. COM 244199105 495 5,600 SH   SOLE NONE 0 0 5,600
DILLARDS COM 254067101 8,950 71,500 SH   SOLE NONE 66,000 0 5,500
DR REDDY'S LABORATORIES ADR COM 256135203 1,110 22,000 SH   SOLE NONE 7,000 0 15,000
EBAY COM 278642103 210,631 3,753,230 SH   SOLE NONE 2,050,855 0 1,702,375
EMC COM 268648102 12,606 423,890 SH   SOLE NONE 60,000 0 363,890
EMERSON ELECTRIC COM 291011104 145,785 2,361,660 SH   SOLE NONE 1,511,400 0 850,260
EXXON MOBIL COM 30231G102 43,950 475,390 SH   SOLE NONE 127,200 0 348,190
GENERAL ELECTRIC COM 369604103 253 10,000 SH   SOLE NONE 0 0 10,000
GENERAL MILLS COM 370334104 42,363 794,362 SH   SOLE NONE 794,362 0 0
GILEAD SCIENCES COM 375558103 283 3,000 SH   SOLE NONE 0 0 3,000
GOOGLE - CLASS A COM 38259P508 256,797 483,920 SH   SOLE NONE 371,800 0 112,120
GOOGLE - CLASS C COM 38259P706 3,422 6,500 SH   SOLE NONE 3,000 0 3,500
GRUPO PAO DE ACUCAR ADR COM 20440T201 1,639 44,500 SH   SOLE NONE 12,000 0 32,500
GRUPO SANTANDER MEXICO ADR COM 40053C105 1,140 110,000 SH   SOLE NONE 35,000 0 75,000
IBM COM 459200101 125,459 781,971 SH   SOLE NONE 393,500 0 388,471
INTL FLAVORS & FRAGRANCES COM 459506101 507 5,000 SH   SOLE NONE 0 0 5,000
JOHNSON & JOHNSON COM 478160104 194,944 1,864,240 SH   SOLE NONE 1,196,400 0 667,840
KELLOGG COM 487836108 2,261 34,550 SH   SOLE NONE 10,000 0 24,550
L BRANDS COM 501797104 649 7,500 SH   SOLE NONE 0 0 7,500
MASTERCARD COM 57636Q104 58,766 682,060 SH   SOLE NONE 179,900 0 502,160
MCDONALDS COM 580135101 64,190 685,055 SH   SOLE NONE 148,100 0 536,955
MEDTRONIC COM 585055106 96,124 1,331,360 SH   SOLE NONE 366,200 0 965,160
MICHAEL KORS COM G60754101 319,879 4,259,370 SH   SOLE NONE 3,804,860 0 454,510
MICHAEL KORS HOLDINGS CALL COM G60754901 2,253 300 SH Call SOLE NONE 0 0 0
MICRON TECHNOLOGY COM 595112103 15,961 455,900 SH   SOLE NONE 335,700 0 120,200
MICROSOFT COM 594918104 247,031 5,318,174 SH   SOLE NONE 3,164,299 0 2,153,875
MONDELEZ INT. COM 609207105 3,633 100,000 SH   SOLE NONE 0 0 100,000
NATIONAL OILWELL VARCO COM 637071101 71,280 1,087,750 SH   SOLE NONE 524,000 0 563,750
NETEASE ADR COM 64110W102 9,418 95,000 SH   SOLE NONE 50,000 0 45,000
NEWMONT MINING COM 651639106 12,232 647,180 SH   SOLE NONE 50,000 0 597,180
NUANCE COMMUNICATIONS COM 67020Y100 2,640 185,000 SH   SOLE NONE 100,000 0 85,000
OCCIDENTAL PETROLEUM COM 674599105 734 9,100 SH   SOLE NONE 0 0 9,100
ORACLE COM 68389X105 47,490 1,056,035 SH   SOLE NONE 229,900 0 826,135
PARKER HANNIFIN COM 701094104 322 2,500 SH   SOLE NONE 0 0 2,500
PEPSICO COM 713448108 85,566 904,854 SH   SOLE NONE 820,254 0 84,600
PETSMART COM 716768106 150,595 1,852,450 SH   SOLE NONE 1,703,600 0 148,850
PFIZER COM 717081103 68,293 2,192,400 SH   SOLE NONE 789,400 0 1,403,000
PHILIP MORRIS INTL. COM 718172109 119,107 1,462,330 SH   SOLE NONE 1,124,000 0 338,330
PHILLIPS 66 COM 718546104 717 10,000 SH   SOLE NONE 0 0 10,000
POTASH CORP SASKATCHEWAN COM 73755L107 28,380 803,500 SH   SOLE NONE 0 0 803,500
PRICELINE GROUP COM 741503403 20,648 18,109 SH   SOLE NONE 7,665 0 10,444
PROCTER & GAMBLE COM 742718109 146,702 1,610,517 SH   SOLE NONE 1,384,900 0 225,617
QIAGEN COM N72482107 15,240 650,662 SH   SOLE NONE 100,000 0 550,662
QUALCOMM COM 747525103 251,940 3,389,480 SH   SOLE NONE 2,243,800 0 1,145,680
ROSS STORES COM 778296103 19,447 206,310 SH   SOLE NONE 8,000 0 198,310
SCHLUMBERGER COM 806857108 56,853 665,650 SH   SOLE NONE 133,500 0 532,150
SEAGATE TECHNOLOGY COM G7945M107 20,914 314,500 SH   SOLE NONE 16,000 0 298,500
STAPLES COM 855030102 231 12,760 SH   SOLE NONE 0 0 12,760
STRYKER COM 863667101 17,574 186,300 SH   SOLE NONE 129,000 0 57,300
TAIWAN SEMICONDUCTOR ADR COM 874039100 2,070 92,500 SH   SOLE NONE 27,500 0 65,000
TERADATA CORP COM 88076W103 218 4,980 SH   SOLE NONE 0 0 4,980
THERMO FISHER SCIENTIFIC COM 883556102 4,871 38,880 SH   SOLE NONE 0 0 38,880
TJX COMPANIES COM 872540109 19,820 289,000 SH   SOLE NONE 0 0 289,000
ULTRAPAR ADR COM 90400P101 1,573 82,500 SH   SOLE NONE 22,500 0 60,000
UNION PACIFIC COM 907818108 16,738 140,500 SH   SOLE NONE 0 0 140,500
UNITED TECHNOLOGIES COM 913017109 174,922 1,521,065 SH   SOLE NONE 1,250,300 0 270,765
VERIZON COMMUNICATIONS COM 92343V104 10,001 213,789 SH   SOLE NONE 90,000 0 123,789
WAL-MART STORES COM 931142103 3,500 40,750 SH   SOLE NONE 0 0 40,750
WESTERN DIGITAL COM 958102105 17,627 159,230 SH   SOLE NONE 68,800 0 90,430
WESTERN UNION COM 959802109 25,352 1,415,530 SH   SOLE NONE 200,000 0 1,215,530
WW GRAINGER COM 384802104 752 2,950 SH   SOLE NONE 0 0 2,950
XEROX COM 984121103 20,027 1,444,960 SH   SOLE NONE 0 0 1,444,960
YAHOO! COM 984332106 18,305 362,399 SH   SOLE NONE 0 0 362,399
YANDEX COM N97284108 1,212 67,500 SH   SOLE NONE 20,000 0 47,500
YUM! BRANDS COM 988498101 929 12,750 SH   SOLE NONE 0 0 12,750
ZIMMER HOLDINGS COM 98956P102 8,166 72,000 SH   SOLE NONE 37,000 0 35,000
SPDR GOLD TRUST GOLD SHS 78463V107 3,407 30,000 SH   SOLE NONE 0 0 0
0,350% PRICELINE 15.06.2020 NOTE 741503AS5 26,340 23,500,000 PRN   SOLE NONE 0 0 0
0,500% SANDISK 15.10.2020 NOTE 80004CAF8 2,412 2,000,000 PRN   SOLE NONE 0 0 0
0,500% TOLL BROTHERS 15.09.2032 NOTE 88947EAM2 6,161 6,000,000 PRN   SOLE NONE 0 0 0
0,625% JDS UNIPHASE 15.08.2033 NOTE 46612JAF8 6,353 6,000,000 PRN   SOLE NONE 0 0 0
1,000% SINA 01.12.2018 NOTE 82922RAD5 4,161 4,500,000 PRN   SOLE NONE 0 0 0
1,125% YANDEX 144A 15.12.2018 NOTE N97284AA6 4,137 5,000,000 PRN   SOLE NONE 0 0 0
1,375% LIBERTY MEDIA 15.10.2023 NOTE 531229AB8 9,892 10,000,000 PRN   SOLE NONE 0 0 0
2,750% NUANCE 01.11.2031 NOTE 67020YAF7 3,508 3,500,000 PRN   SOLE NONE 0 0 0
2,950% INTEL 15.12.2035 NOTE 458140AD2 4,615 3,500,000 PRN   SOLE NONE 0 0 0
3,000% MICRON TECHNOLOGY 15.11.2043 NOTE 595112AY9 2,663 2,000,000 PRN   SOLE NONE 0 0 0