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 249,242 1,654,555 SH   SOLE NONE 1,393,131 0 261,424
ABBOTT LABORATORIES COM 002824100 193,876 4,316,995 SH   SOLE NONE 3,638,365 0 678,630
ABBVIE COM 00287Y109 2,992 50,500 SH   SOLE NONE 0 0 50,500
ALPHABET - CLASS A COM 02079K305 132,915 170,840 SH   SOLE NONE 43,880 0 126,960
AMBEV ADR COM 02319V103 33,680 7,551,500 SH   SOLE NONE 1,065,000 0 6,486,500
AMETEK COM 031100100 15,005 280,000 SH   SOLE NONE 0 0 280,000
AMGEN COM 031162100 143,318 882,882 SH   SOLE NONE 614,950 0 267,932
APPLE COM 037833100 347,416 3,300,551 SH   SOLE NONE 2,636,001 0 664,550
AT & T COM 00206R102 246 7,150 SH   SOLE NONE 0 0 7,150
BAIDU ADR COM 056752108 38,935 205,960 SH   SOLE NONE 2,750 0 203,210
BARRICK GOLD COM 067901108 13,644 1,848,640 SH   SOLE NONE 750,000 0 1,098,640
BERKSHIRE HATHAWAY A COM 084670108 989 5 SH   SOLE NONE 0 0 5
BERKSHIRE HATHAWAY B COM 084670702 380,225 2,879,622 SH   SOLE NONE 2,618,912 0 260,710
CHINA MOBILE ADR COM 16941M109 12,201 216,600 SH   SOLE NONE 72,000 0 144,600
CISCO SYSTEMS COM 17275R102 47,580 1,752,160 SH   SOLE NONE 964,400 0 787,760
CISCO SYSTEMS CALL COM 17275R902 3,530 1,300 SH Call SOLE NONE 0 0 0
COACH COM 189754104 27,964 854,380 SH   SOLE NONE 90,000 0 764,380
COCA-COLA COM 191216100 520,121 12,107,103 SH   SOLE NONE 10,121,013 0 1,986,090
COLGATE-PALMOLIVE COM 194162103 43,392 651,340 SH   SOLE NONE 22,000 0 629,340
CONOCOPHILLIPS COM 20825C104 11,873 254,300 SH   SOLE NONE 29,000 0 225,300
CREDICORP COM G2519Y108 876 9,000 SH   SOLE NONE 3,250 0 5,750
DANAHER COM 235851102 164,704 1,773,297 SH   SOLE NONE 1,554,377 0 218,920
DEERE & CO. COM 244199105 275 3,600 SH   SOLE NONE 0 0 3,600
DILLARDS COM 254067101 12,984 197,600 SH   SOLE NONE 137,600 0 60,000
DR REDDY'S LABORATORIES ADR COM 256135203 1,620 35,000 SH   SOLE NONE 13,000 0 22,000
EBAY COM 278642103 10,607 386,000 SH   SOLE NONE 0 0 386,000
EMC COM 268648102 14,060 547,500 SH   SOLE NONE 145,000 0 402,500
EMERSON ELECTRIC COM 291011104 177,193 3,704,639 SH   SOLE NONE 3,243,119 0 461,520
EXXON MOBIL COM 30231G102 28,452 365,000 SH   SOLE NONE 20,000 0 345,000
GOLDCORP COM 380956409 388 33,600 SH   SOLE NONE 0 0 33,600
GRUPO PAO DE ACUCAR ADR COM 20440T201 589 56,000 SH   SOLE NONE 22,000 0 34,000
GRUPO SANTANDER MEXICO ADR COM 40053C105 1,279 147,500 SH   SOLE NONE 55,000 0 92,500
HDFC BANK ADR COM 40415F101 690 11,200 SH   SOLE NONE 4,000 0 7,200
HONEYWELL INTERNATIONAL COM 438516106 5,515 53,250 SH   SOLE NONE 0 0 53,250
IBM COM 459200101 163,133 1,185,385 SH   SOLE NONE 778,735 0 406,650
INTEL COM 458140100 15,232 442,150 SH   SOLE NONE 0 0 442,150
INTL FLAVORS & FRAGRANCES COM 459506101 897 7,500 SH   SOLE NONE 0 0 7,500
JOHNSON & JOHNSON COM 478160104 369,794 3,600,020 SH   SOLE NONE 2,371,900 0 1,228,120
JOHNSON & JOHNSON CALL COM 478160904 8,218 800 SH Call SOLE NONE 0 0 0
L BRANDS COM 501797104 2,156 22,500 SH   SOLE NONE 0 0 22,500
LIBERTY INTERACTIVE A COM 53071M104 10,264 375,700 SH   SOLE NONE 0 0 375,700
MARATHON OIL COM 565849106 4,029 320,000 SH   SOLE NONE 120,000 0 200,000
MASTERCARD COM 57636Q104 158,194 1,624,835 SH   SOLE NONE 361,700 0 1,263,135
MASTERCARD CALL COM 57636Q904 2,921 300 SH Call SOLE NONE 0 0 0
MCDONALDS COM 580135101 20,864 176,603 SH   SOLE NONE 0 0 176,603
MEAD JOHNSON NUTRITION COM 582839106 12,237 155,000 SH   SOLE NONE 0 0 155,000
MEDTRONIC COM G5960L103 135,422 1,760,550 SH   SOLE NONE 459,500 0 1,301,050
MICHAEL KORS COM G60754101 327,145 8,166,375 SH   SOLE NONE 7,011,125 0 1,155,250
MICHAEL KORS HOLDINGS CALL COM G60754901 1,202 300 SH Call SOLE NONE 0 0 0
MICRON TECHNOLOGY COM 595112103 9,452 667,500 SH   SOLE NONE 80,000 0 587,500
MICROSOFT COM 594918104 299,523 5,398,765 SH   SOLE NONE 3,030,800 0 2,367,965
NATIONAL OILWELL VARCO COM 637071101 23,483 701,200 SH   SOLE NONE 226,100 0 475,100
NEWMONT MINING COM 651639106 11,831 657,630 SH   SOLE NONE 0 0 657,630
NEWMONT MINING CALL COM 651639906 1,259 700 SH Call SOLE NONE 0 0 0
OCCIDENTAL PETROLEUM COM 674599105 2,197 32,500 SH   SOLE NONE 21,000 0 11,500
ORACLE COM 68389X105 53,064 1,452,601 SH   SOLE NONE 454,346 0 998,255
PAYPAL COM 70450Y103 92,054 2,542,925 SH   SOLE NONE 80,500 0 2,462,425
PEPSICO COM 713448108 19,902 199,180 SH   SOLE NONE 106,500 0 92,680
PFIZER COM 717081103 36,361 1,126,430 SH   SOLE NONE 185,000 0 941,430
PHILIP MORRIS INTL. COM 718172109 176,225 2,004,608 SH   SOLE NONE 1,742,114 0 262,494
POTASH CORP SASKATCHEWAN COM 73755L107 7,541 440,500 SH   SOLE NONE 0 0 440,500
PRICELINE GROUP COM 741503403 123,257 96,676 SH   SOLE NONE 16,695 0 79,981
PROCTER & GAMBLE COM 742718109 315,202 3,969,303 SH   SOLE NONE 3,432,293 0 537,010
QIAGEN COM N72482107 12,487 458,000 SH   SOLE NONE 82,000 0 376,000
QUALCOMM COM 747525103 227,519 4,551,750 SH   SOLE NONE 3,025,900 0 1,525,850
ROSS STORES COM 778296103 1,711 31,800 SH   SOLE NONE 0 0 31,800
SCHLUMBERGER COM 806857108 8,802 126,200 SH   SOLE NONE 30,000 0 96,200
SEAGATE TECHNOLOGY COM G7945M107 18,092 493,500 SH   SOLE NONE 75,000 0 418,500
STAPLES COM 855030102 128 13,530 SH   SOLE NONE 0 0 13,530
STRYKER COM 863667101 14,898 160,300 SH   SOLE NONE 58,000 0 102,300
TAIWAN SEMICONDUCTOR ADR COM 874039100 2,787 122,500 SH   SOLE NONE 45,000 0 77,500
THERMO FISHER SCIENTIFIC COM 883556102 7,310 51,530 SH   SOLE NONE 0 0 51,530
TJX COMPANIES COM 872540109 74,782 1,054,600 SH   SOLE NONE 0 0 1,054,600
ULTRAPAR ADR COM 90400P101 1,029 67,500 SH   SOLE NONE 25,000 0 42,500
UNION PACIFIC COM 907818108 37,755 482,800 SH   SOLE NONE 0 0 482,800
UNITED TECHNOLOGIES COM 913017109 164,930 1,716,770 SH   SOLE NONE 1,511,400 0 205,370
VERIZON COMMUNICATIONS COM 92343V104 27,898 603,589 SH   SOLE NONE 85,000 0 518,589
VISA - CLASS A COM 92826C839 49,050 632,500 SH   SOLE NONE 36,000 0 596,500
WAL-MART STORES COM 931142103 3,177 51,820 SH   SOLE NONE 0 0 51,820
WALT DISNEY COM 254687106 5,359 51,000 SH   SOLE NONE 0 0 51,000
WELLS FARGO COM 949746101 17,069 314,000 SH   SOLE NONE 0 0 314,000
WESTERN DIGITAL COM 958102105 5,705 95,000 SH   SOLE NONE 0 0 95,000
WESTERN UNION COM 959802109 11,650 650,500 SH   SOLE NONE 100,000 0 550,500
WW GRAINGER COM 384802104 820 4,050 SH   SOLE NONE 0 0 4,050
XEROX COM 984121103 5,233 492,310 SH   SOLE NONE 0 0 492,310
YUM! BRANDS COM 988498101 931 12,750 SH   SOLE NONE 0 0 12,750
ZIMMER BIOMET HOLDINGS COM 98956P102 5,540 54,000 SH   SOLE NONE 20,000 0 34,000
SPDR GOLD TRUST GOLD SHS 78463V107 2,334 23,000 SH   SOLE NONE 0 0 0
0,350% PRICELINE 15.06.2020 NOTE 741503AS5 29,311 24,600,000 PRN   SOLE NONE 0 0 0
0,500% CITRIX SYSTEMS 15.04.2019 NOTE 177376AD2 2,193 2,000,000 PRN   SOLE NONE 0 0 0
0,500% SANDISK 15.10.2020 NOTE 80004CAF8 4,182 4,000,000 PRN   SOLE NONE 0 0 0
0,500% TOLL BROTHERS 15.09.2032 NOTE 88947EAM2 6,078 6,000,000 PRN   SOLE NONE 0 0 0
0,900% PRICELINE 15.09.2021 NOTE 741503AX4 42,250 41,760,000 PRN   SOLE NONE 0 0 0
1,000% SINA 01.12.2018 NOTE 82922RAD5 4,374 4,500,000 PRN   SOLE NONE 0 0 0
1,375% LIBERTY MEDIA 15.10.2023 NOTE 531229AB8 9,970 10,000,000 PRN   SOLE NONE 0 0 0
1,625% NEWMONT MINING 15.07.2017 NOTE 651639AJ5 3,986 4,000,000 PRN   SOLE NONE 0 0 0
1,875% JAZZ INVESTMENTS 15.08.2021 NOTE 472145AB7 2,107 2,000,000 PRN   SOLE NONE 0 0 0
2,950% INTEL 15.12.2035 NOTE 458140AD2 7,737 6,000,000 PRN   SOLE NONE 0 0 0
3,000% MICRON TECHNOLOGY 15.11.2043 NOTE 595112AY9 4,184 5,000,000 PRN   SOLE NONE 0 0 0