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
ADOBE INC COM 00724F101 2,280 5,004 SH   SOLE   5,004 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 273,967 12,953,545 SH   SOLE   9,942,038 0 3,011,507
AMERICAN TOWER CORP COM 03027X100 3,011 11,986 SH   SOLE   11,986 0 0
BECTON DICKINSON AND COMPANY COM 075887109 7,257 27,281 SH   SOLE   27,281 0 0
CBRE GROUP INC COM 125043109 3,874 42,330 SH   SOLE   42,330 0 0
COLGATE-PALMOLIVE COMPANY COM 194162103 1,899 25,046 SH   SOLE   25,046 0 0
DOLLAR GENERAL CORP COM 256677105 7,113 31,951 SH   SOLE   31,951 0 0
ELECTRONIC ARTS INC COM 285512109 7,347 58,077 SH   SOLE   58,077 0 0
ESTEE LAUDER COMPANIES INC COM 518439104 814 2,988 SH   SOLE   2,988 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 6,943 83,802 SH   SOLE   83,802 0 0
GRUPO AEROPORTUARIO CTR NORT SPON ADR 400506101 12,242 75,928 SH   SOLE   75,928 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 154,853 2,524,912 SH   SOLE   1,678,236 0 846,676
HOME DEPOT INC COM 437076102 1,328 4,436 SH   SOLE   4,436 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 41,578 7,281,549 SH   SOLE   4,589,706 0 2,691,843
MARSH & MCLENNAN COS INC COM 571748102 6,378 37,425 SH   SOLE   37,425 0 0
MASTERCARD INCORPORATED COM 57636Q104 600 1,680 SH   SOLE   1,680 0 0
MERCADOLIBRE INC COM 58733R102 157,829 132,687 SH   SOLE   93,002 0 39,685
NIKE INC COM 654106103 540 4,012 SH   SOLE   4,012 0 0
NVIDIA CORP COM 67066G104 4,663 17,089 SH   SOLE   17,089 0 0
PAYPAL HOLDINGS INC COM 70450Y103 2,267 19,598 SH   SOLE   19,598 0 0
P T TELEKOMUNIKASI INDONESIA SPONSORED ADR 715684106 13,002 406,960 SH   SOLE   406,960 0 0
S&P GLOBAL INC COM 78409V104 6,443 15,708 SH   SOLE   15,708 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 252,272 2,419,642 SH   SOLE   1,943,354 0 476,288
UNITED RENTALS, INC. COM 911363109 4,591 12,924 SH   SOLE   12,924 0 0
VISA INC COM 92826C839 5,116 23,067 SH   SOLE   23,067 0 0