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 121,632 635,715 SH   SOLE   635,715 0 0
51JOB INC SP ADR REP COM 316827104 161,940 4,417,345 SH   SOLE   4,417,345 0 0
ABBOTT LABS COM 002824100 112,451 2,532,099 SH   SOLE   2,532,099 0 0
ALLSTATE CORP COM 020002101 249 3,058 SH   SOLE   3,058 0 0
ALPHABET INC CAP STK CL A 02079K305 457,417 539,534 SH   SOLE   539,534 0 0
AMAZON COM INC COM 023135106 168,522 190,089 SH   SOLE   190,089 0 0
AMBEV SA SPONSORED ADR 02319V103 137,685 23,903,614 SH   SOLE   23,903,614 0 0
AMERISOURCEBERGEN CORP COM 03073E105 154,990 1,751,305 SH   SOLE   1,751,305 0 0
BAIDU INC SPON ADR REP A 056752108 755,236 4,377,670 SH   SOLE   4,377,670 0 0
BANCO BILBAO VIZCAYA ARGENTA SPONSORED ADR 05946K101 196,367 25,803,741 SH   SOLE   25,803,741 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 216,839 21,175,686 SH   SOLE   21,175,686 0 0
BANCO MACRO SA SPON ADR B 05961W105 11,100 128,032 SH   SOLE   128,032 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 154,246 6,150,156 SH   SOLE   6,150,156 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 159,821 4,008,551 SH   SOLE   4,008,551 0 0
BUNGE LIMITED COM G16962105 82,532 1,041,276 SH   SOLE   1,041,276 0 0
CANADIAN NATL RY CO COM 136375102 424,112 5,736,670 SH   SOLE   5,736,670 0 0
CHECK POINT SOFTWARE TECH LT ORD M22465104 571,391 5,565,861 SH   SOLE   5,565,861 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 174,676 3,162,700 SH   SOLE   3,162,700 0 0
CNOOC LTD SPONSORED ADR 126132109 259,250 2,164,022 SH   SOLE   2,164,022 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 17,377 242,360 SH   SOLE   242,360 0 0
COGNEX CORP COM 192422103 165,480 1,971,182 SH   SOLE   1,971,182 0 0
COLGATE PALMOLIVE CO COM 194162103 189,613 2,590,699 SH   SOLE   2,590,699 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 121,757 6,341,490 SH   SOLE   6,341,490 0 0
CREDICORP LTD COM G2519Y108 166,589 1,020,138 SH   SOLE   1,020,138 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 365,879 7,444,121 SH   SOLE   7,444,121 0 0
ECOPETROL S A SPONSORED ADS 279158109 8,525 914,710 SH   SOLE   914,710 0 0
EXXON MOBIL CORP COM 30231G102 137,013 1,670,682 SH   SOLE   1,670,682 0 0
F5 NETWORKS INC COM 315616102 271,992 1,907,775 SH   SOLE   1,907,775 0 0
FACEBOOK INC CL A 30303M102 191,514 1,348,212 SH   SOLE   1,348,212 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 217,397 2,317,418 SH   SOLE   2,317,418 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 69,338 783,306 SH   SOLE   783,306 0 0
FRESENIUS MED CARE AG&CO KGA SPONSORED ADR 358029106 148,675 3,528,960 SH   SOLE   3,528,960 0 0
GRIFOLS S A SP ADR REP B NVT 398438408 288,690 15,294,851 SH   SOLE   15,294,851 0 0
GRUPO AEROPORTUARIO DEL SURE SPON ADR SER B 40051E202 219,487 1,266,954 SH   SOLE   1,266,954 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 4,906 129,590 SH   SOLE   129,590 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 487,983 18,811,990 SH   SOLE   18,811,990 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 95,077 1,263,991 SH   SOLE   1,263,991 0 0
HSBC HLDGS PLC SPON ADR NEW 404280406 83,364 2,042,223 SH   SOLE   2,042,223 0 0
ICICI BK LTD ADR 45104G104 386,443 44,935,192 SH   SOLE   44,935,192 0 0
IPG PHOTONICS CORP COM 44980X109 190,729 1,580,188 SH   SOLE   1,580,188 0 0
ISHARES TR MSCI INDIA ETF 46429B598 25,686 815,805 SH   SOLE   815,805 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 693,553 57,460,819 SH   SOLE   57,460,819 0 0
JD COM INC SPON ADR CL A 47215P106 195,204 6,274,634 SH   SOLE   6,274,634 0 0
LUXOTTICA GROUP S P A SPONSORED ADR 55068R202 4,195 76,203 SH   SOLE   76,203 0 0
MASTERCARD INCORPORATED CL A 57636Q104 149,505 1,329,284 SH   SOLE   1,329,284 0 0
MERCADOLIBRE INC COM 58733R102 116,389 550,380 SH   SOLE   550,380 0 0
MICROSOFT CORP COM 594918104 98,349 1,493,302 SH   SOLE   1,493,302 0 0
MONSANTO CO NEW COM 61166W101 112,851 996,921 SH   SOLE   996,921 0 0
NIKE INC CL B 654106103 358,488 6,432,586 SH   SOLE   6,432,586 0 0
PAYPAL HLDGS INC COM 70450Y103 274,245 6,374,813 SH   SOLE   6,374,813 0 0
PRICELINE GRP INC COM NEW 741503403 361,776 203,248 SH   SOLE   203,248 0 0
PRICESMART INC COM 741511109 6,306 68,398 SH   SOLE   68,398 0 0
REGENERON PHARMACEUTICALS COM 75886F107 215,998 557,400 SH   SOLE   557,400 0 0
ROPER TECHNOLOGIES INC COM 776696106 324,226 1,570,179 SH   SOLE   1,570,179 0 0
ROYAL DUTCH SHELL PLC SPON ADR B 780259107 218,001 3,904,714 SH   SOLE   3,904,714 0 0
SAP SE SPON ADR 803054204 543,050 5,531,732 SH   SOLE   5,531,732 0 0
SASOL LTD SPONSORED ADR 803866300 68,698 2,336,671 SH   SOLE   2,336,671 0 0
SCHLUMBERGER LTD COM 806857108 742,374 9,505,429 SH   SOLE   9,505,429 0 0
SHIRE PLC SPONSORED ADR 82481R106 66,775 383,256 SH   SOLE   383,256 0 0
SIGNATURE BK NEW YORK N Y COM 82669G104 117,058 788,858 SH   SOLE   788,858 0 0
SVB FINL GROUP COM 78486Q101 302,559 1,625,877 SH   SOLE   1,625,877 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 473,614 14,421,861 SH   SOLE   14,421,861 0 0
TENARIS S A SPONSORED ADR 88031M109 488,777 14,316,816 SH   SOLE   14,316,816 0 0
UNILEVER PLC SPON ADR NEW 904767704 121,332 2,459,108 SH   SOLE   2,459,108 0 0
VERISK ANALYTICS INC COM 92345Y106 253,426 3,123,318 SH   SOLE   3,123,318 0 0
WABCO HLDGS INC COM 92927K102 119,329 1,016,257 SH   SOLE   1,016,257 0 0
WALGREENS BOOTS ALLIANCE INC COM 931427108 133,059 1,602,155 SH   SOLE   1,602,155 0 0
WATERS CORP COM 941848103 147,688 944,836 SH   SOLE   944,836 0 0
WEIBO CORP SPONSORED ADR 948596101 147,853 2,833,520 SH   SOLE   2,833,520 0 0
WPP PLC NEW ADR 92937A102 189,946 1,736,252 SH   SOLE   1,736,252 0 0
YANDEX N V SHS CLASS A N97284108 117,439 5,355,151 SH   SOLE   5,355,151 0 0