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
ACCENTURE PLC IRELAND SHS CLASS A G1151C101 14,480 190,215 SH   SOLE   190,215 0 0
AIR LEASE CORP CL A 00912X302 37,590 1,008,075 SH   SOLE   1,008,075 0 0
ALTRIA GROUP INC COM 02209S103 145,385 3,902,793 SH   SOLE   3,902,793 0 0
AMAZON COM INC COM 023135106 14,420 43,097 SH   SOLE   43,097 0 0
AMBEV SA SPONSORED ADR 02319V103 631,620 86,241,985 SH   SOLE   86,241,985 0 0
AUTOHOME INC SP ADR RP CL A 05278C107 1,705 44,400 SH   SOLE   44,400 0 0
BAIDU INC SPON ADR REP A 056752108 430,300 2,847,665 SH   SOLE   2,847,665 0 0
BALLY TECHNOLOGIES INC COM 05874B107 45,195 682,002 SH   SOLE   682,002 0 0
BERKSHIRE HATHAWAY INC DEL CL A 084670108 48,900 261 SH   SOLE   261 0 0
BIOGEN IDEC INC COM 09062X103 89,660 295,085 SH   SOLE   295,085 0 0
BITAUTO HLDGS LTD SPONSORED ADS 091727107 63,455 1,785,412 SH   SOLE   1,785,412 0 0
CAPITAL ONE FINL CORP COM 14040H105 17,165 222,475 SH   SOLE   222,475 0 0
CELGENE CORP COM 151020104 90,635 652,961 SH   SOLE   652,961 0 0
CHEVRON CORP NEW COM 166764100 33,165 280,180 SH   SOLE   280,180 0 0
CHIPOTLE MEXICAN GRILL INC COM 169656105 30,345 53,738 SH   SOLE   53,738 0 0
CITIGROUP INC COM NEW 172967424 15,830 332,578 SH   SOLE   332,578 0 0
COCA COLA CO COM 191216100 188,535 4,902,059 SH   SOLE   4,902,059 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 128,130 1,228,857 SH   SOLE   1,228,857 0 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 108,105 2,149,709 SH   SOLE   2,149,709 0 0
CORE LABORATORIES N V COM N22717107 194,455 988,207 SH   SOLE   988,207 0 0
COVIDIEN PLC SHS G2554F113 224,010 3,049,768 SH   SOLE   3,049,768 0 0
CSL LTD ADR 12637N105 12,525 389,638 SH   SOLE   389,638 0 0
DIAGEO P L C SPON ADR NEW 25243Q205 57,990 465,443 SH   SOLE   465,443 0 0
E HOUSE CHINA HLDGS LTD ADR 26852W103 3,130 258,800 SH   SOLE   258,800 0 0
ECOPETROL S A SPONSORED ADS 279158109 5,045 123,639 SH   SOLE   123,639 0 0
FIRST REP BK SAN FRANCISCO C COM 33616C100 19,395 359,225 SH   SOLE   359,225 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 534,135 5,794,776 SH   SOLE   5,794,776 0 0
GOOGLE INC CL A 38259P508 159,745 144,048 SH   SOLE   144,048 0 0
GRANA Y MONTERO S A A SPONSORED ADR 38500P208 16,330 883,817 SH   SOLE   883,817 0 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 305,250 25,103,903 SH   SOLE   25,103,903 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 443,505 13,442,565 SH   SOLE   13,442,565 0 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 427,900 10,466,569 SH   SOLE   10,466,569 0 0
HENRY JACK & ASSOC INC COM 426281101 23,850 427,725 SH   SOLE   427,725 0 0
ILLUMINA INC COM 452327109 13,430 90,336 SH   SOLE   90,336 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 423,560 28,766,632 SH   SOLE   28,766,632 0 0
JOHNSON & JOHNSON COM 478160104 128,695 1,315,858 SH   SOLE   1,315,858 0 0
JPM (AXIS BANK WTS) P-NOTE 8/10/14 48125D480 5,190 214,000 SH   SOLE   214,000 0 0
JPM (HDFC LTD) P-NOTE 29/9/14 48125D183 31,840 2,170,390 SH   SOLE   2,170,390 0 0
JPM (NESTLE INDIA LTD) P-NOTE 9/8/15 48124F395 6,125 73,379 SH   SOLE   73,379 0 0
LAS VEGAS SANDS CORP COM 517834107 196,640 2,448,152 SH   SOLE   2,448,152 0 0
MASTERCARD INC CL A 57636Q104 289,070 3,895,160 SH   SOLE   3,895,160 0 0
MCDONALDS CORP COM 580135101 20,465 208,788 SH   SOLE   208,788 0 0
MEAD JOHNSON NUTRITION CO COM 582839106 24,145 290,425 SH   SOLE   290,425 0 0
MICHAEL KORS HLDGS LTD SHS G60754101 37,505 403,972 SH   SOLE   403,972 0 0
MOTOROLA SOLUTIONS INC COM NEW 620076307 23,310 362,575 SH   SOLE   362,575 0 0
NASPERS LTD SPONSORED ADR 631512100 525 4,800 SH   SOLE   4,800 0 0
NETEASE INC SPONSORED ADR 64110W102 137,540 2,065,340 SH   SOLE   2,065,340 0 0
NEWMONT MINING CORP COM 651639106 27,910 1,190,601 SH   SOLE   1,190,601 0 0
OIL CO LUKOIL SPONSORED ADR 677862104 10,835 193,718 SH   SOLE   193,718 0 0
P T TELEKOMUNIKASI INDONESIA SPONSORED ADR 715684106 305 7,800 SH   SOLE   7,800 0 0
PHILIP MORRIS INTL INC COM 718172109 659,185 8,099,046 SH   SOLE   8,099,046 0 0
PHILIPPINE LONG DISTANCE TEL SPONSORED ADR 718252604 8,155 133,629 SH   SOLE   133,629 0 0
PRECISION CASTPARTS CORP COM 740189105 23,430 92,700 SH   SOLE   92,700 0 0
PRICELINE COM INC COM NEW 741503403 203,290 170,632 SH   SOLE   170,632 0 0
RANDGOLD RES LTD ADR 752344309 156,090 2,120,337 SH   SOLE   2,120,337 0 0
REYNOLDS AMERICAN INC COM 761713106 38,900 728,150 SH   SOLE   728,150 0 0
ROYAL GOLD INC COM 780287108 26,255 419,287 SH   SOLE   419,287 0 0
SEMPRA ENERGY COM 816851109 24,215 250,250 SH   SOLE   250,250 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 9,980 314,467 SH   SOLE   314,467 0 0
SOUFUN HLDGS LTD ADR 836034108 103,690 1,532,015 SH   SOLE   1,532,015 0 0
STARBUCKS CORP COM 855244109 27,870 379,800 SH   SOLE   379,800 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 82,600 4,045,966 SH   SOLE   4,045,966 0 0
TJX COS INC NEW COM 872540109 119,845 1,985,989 SH   SOLE   1,985,989 0 0
TRANSDIGM GROUP INC COM 893641100 105,000 569,380 SH   SOLE   569,380 0 0
TRIMBLE NAVIGATION LTD COM 896239100 34,385 884,606 SH   SOLE   884,606 0 0
TWENTY FIRST CENTY FOX INC CL A 90130A101 161,660 5,082,859 SH   SOLE   5,082,859 0 0
VISA INC COM CL A 92826C839 198,785 929,171 SH   SOLE   929,171 0 0
WAL-MART DE MEX SAB DE CV ADR 93114W107 520 21,910 SH   SOLE   21,910 0 0
WAL-MART STORES INC COM 931142103 32,125 420,350 SH   SOLE   420,350 0 0
WATERS CORP COM 941848103 23,290 214,833 SH   SOLE   214,833 0 0
WELLS FARGO & CO NEW COM 949746101 183,660 3,715,776 SH   SOLE   3,715,776 0 0
WHOLE FOODS MKT INC COM 966837106 62,435 1,237,478 SH   SOLE   1,237,478 0 0
YANDEX N V SHS CLASS A N97284108 302,160 10,131,350 SH   SOLE   10,131,350 0 0
ZOETIS INC CL A 98978V103 106,795 3,710,953 SH   SOLE   3,710,953 0 0