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
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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
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 116,520 1,647,511 SH   SOLE   1,647,511 0 0
ALTRIA GROUP INC COM 02209S103 139,770 3,940,978 SH   SOLE   3,940,978 0 0
AMAZON COM INC COM 023135106 93,390 332,319 SH   SOLE   332,319 0 0
BALLY TECHNOLOGIES INC COM 05874B107 28,895 512,128 SH   SOLE   512,128 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 35,740 632,597 SH   SOLE   632,597 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 30,350 180 SH   SOLE   180 0 0
CAPITAL ONE FINL CORP COM 14040H105 59,610 937,267 SH   SOLE   937,267 0 0
CASEYS GEN STORES INC COM 147528103 13,825 229,825 SH   SOLE   229,825 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 55,510 150,417 SH   SOLE   150,417 0 0
CITIGROUP INC COM NEW 172967424 60,435 1,245,314 SH   SOLE   1,245,314 0 0
COCA COLA CO COM 191216100 250,635 6,159,053 SH   SOLE   6,159,053 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 186,570 1,341,626 SH   SOLE   1,341,626 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 62,310 984,362 SH   SOLE   984,362 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 737,595 19,926,039 SH   SOLE   19,926,039 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 183,005 12,494,027 SH   SOLE   12,494,027 0 0
CORE LABORATORIES N V COM N22717107 280,800 1,865,799 SH   SOLE   1,865,799 0 0
COVIDIEN PLC SHS G2554F113 30,665 480,970 SH   SOLE   480,970 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 44,345 385,793 SH   SOLE   385,793 0 0
ECOPETROL S A SPONSORED ADS 279158109 182,875 4,360,007 SH   SOLE   4,360,007 0 0
FASTENAL CO COM 311900104 19,770 431,225 SH   SOLE   431,225 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 22,710 590,250 SH   SOLE   590,250 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 648,165 6,340,647 SH   SOLE   6,340,647 0 0
GOOGLE INC CL A 38259P508 59,100 67,134 SH   SOLE   67,134 0 0
GRAINGER W W INC COM 384802104 25,300 100,329 SH   SOLE   100,329 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 699,585 49,659,397 SH   SOLE   49,659,397 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 395,055 16,015,674 SH   SOLE   16,015,674 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 484,270 13,340,399 SH   SOLE   13,340,399 0 0
INTERNATIONAL BUSINESS MACHS COM 459200101 21,000 109,878 SH   SOLE   109,878 0 0
JOHNSON & JOHNSON COM 478160104 121,670 1,398,386 SH   SOLE   1,398,386 0 0
JPM (AXIS BANK WTS) P-NOTE 8/10/2014 48125D480 2,350 105,700 SH   SOLE   105,700 0 0
JPM (HDFC LTD) P-NOTE 29/9/2014 48125D183 51,155 3,411,216 SH   SOLE   3,411,216 0 0
JPM (INDRAPRASTHA GAS LTD) P-NOTE 9/08/2016 48124F791 755 167,847 SH   SOLE   167,847 0 0
JPM (NESTLE INDIA LTD) COM CL A STK 48124F395 11,740 144,199 SH   SOLE   144,199 0 0
JPMORGAN CHASE & CO COM 46625H100 763,835 1,427,266 SH   SOLE   1,427,266 0 0
LAS VEGAS SANDS CORP COM 517834107 82,355 1,534,264 SH   SOLE   1,534,264 0 0
MASTERCARD INC CL A 57636Q104 225,390 386,247 SH   SOLE   386,247 0 0
MCDONALDS CORP COM 580135101 14,810 149,613 SH   SOLE   149,613 0 0
MEAD JOHNSON NUTRITION CO COM 582839106 76,500 953,572 SH   SOLE   953,572 0 0
MONDELEZ INTL INC CL A 609207105 38,085 1,334,950 SH   SOLE   1,334,950 0 0
MOODYS CORP COM 615369105 30,575 501,800 SH   SOLE   501,800 0 0
MOTOROLA SOLUTIONS INC COM NEW 620076307 38,695 670,275 SH   SOLE   670,275 0 0
NETEASE INC SPONSORED ADR 64110W102 65,985 1,044,577 SH   SOLE   1,044,577 0 0
NEWCREST MNG LTD SPONSORED ADR 651191108 12,185 1,286,835 SH   SOLE   1,286,835 0 0
NEWMONT MINING CORP COM 651639106 50,890 1,699,176 SH   SOLE   1,699,176 0 0
PHILIP MORRIS INTL INC COM 718172109 624,745 7,222,067 SH   SOLE   7,222,067 0 0
PHILIPPINE LONG DISTANCE TEL SPONSORED ADR 718252604 19,900 293,229 SH   SOLE   293,229 0 0
PRICE T ROWE GROUP INC COM 74144T108 28,775 393,375 SH   SOLE   393,375 0 0
PRICELINE COM INC COM NEW 741503403 55,035 65,703 SH   SOLE   65,703 0 0
RANDGOLD RES LTD ADR 752344309 146,820 2,333,746 SH   SOLE   2,333,746 0 0
REYNOLDS AMERICAN INC COM 761713106 37,120 767,475 SH   SOLE   767,475 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 71,600 1,775,372 SH   SOLE   1,775,372 0 0
STARBUCKS CORP COM 855244109 14,255 217,700 SH   SOLE   217,700 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 189,360 10,336,365 SH   SOLE   10,336,365 0 0
TJX COS INC NEW COM 872540109 92,100 1,816,709 SH   SOLE   1,816,709 0 0
TRANSDIGM GROUP INC COM 893641100 46,970 299,600 SH   SOLE   299,600 0 0
TRIMBLE NAVIGATION LTD COM 896239100 25,280 971,900 SH   SOLE   971,900 0 0
VISA INC COM CL A 92826C839 166,230 897,365 SH   SOLE   897,365 0 0
WAL-MART DE MEX SAB DE CV ADR 93114W107 545 19,510 SH   SOLE   19,510 0 0
WAL-MART STORES INC COM 931142103 80,345 1,064,478 SH   SOLE   1,064,478 0 0
WATERS CORP COM 941848103 27,160 271,483 SH   SOLE   271,483 0 0
WELLS FARGO & CO NEW COM 949746101 199,650 4,756,977 SH   SOLE   4,756,977 0 0
WHOLE FOODS MKT INC COM 966837106 60,270 1,156,728 SH   SOLE   1,156,728 0 0
YANDEX N V SHS CLASS A N97284108 25,225 921,955 SH   SOLE   921,955 0 0