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
Affiliated Managers Group Inc COM 008252108 9,099 56,957 SH   SOLE   56,957 0 0
Air Liquide ADR COM 009126202 392 17,497 SH   SOLE   17,497 0 0
Allergan plc COM g0177j108 2,148 6,875 SH   SOLE   6,475 0 400
Alliance Data Sys Corp COM 018581108 11,713 42,352 SH   SOLE   41,552 0 800
Alphabet Inc. CL A COM 02079k305 17,443 22,420 SH   SOLE   22,090 0 330
Alphabet Inc. Cl C COM 02079k107 17,322 22,825 SH   SOLE   22,445 0 380
Amazon.com COM 023135106 1,700 2,515 SH   SOLE   2,435 0 80
Ambev S.A. COM 02319v103 245 55,000 SH   SOLE   55,000 0 0
Anheuser Busch Inbev Spn COM 03524A108 637 5,097 SH   SOLE   5,097 0 0
Apple Inc COM 037833100 11,473 108,995 SH   SOLE   106,795 0 2,200
Basf SE Adr COM 055262505 281 3,700 SH   SOLE   3,700 0 0
Bayer A G Sponsored Adr COM 072730302 655 5,250 SH   SOLE   5,250 0 0
Blackhawk Network Holdings I COM 09238E104 376 8,500 SH   SOLE   6,800 0 1,700
Blackstone Group L.P. COM 09253U108 572 19,550 SH   SOLE   19,550 0 0
CVS Health Corporation COM 126650100 1,031 10,545 SH   SOLE   10,545 0 0
Cognizant Technology Solutions COM 192446102 27,182 452,886 SH   SOLE   445,786 0 7,100
Compass Group Plc ADS COM 20449x203 417 23,657 SH   SOLE   23,657 0 0
Deutsche Telekom AG COM 251566105 644 36,000 SH   SOLE   36,000 0 0
Diageo Plc Sponsored Adr New COM 25243Q205 633 5,800 SH   SOLE   5,800 0 0
Epam Systems Inc COM 29414B104 35,297 448,962 SH   SOLE   444,262 0 4,700
Essilor Intl SA ADR COM 297284200 620 9,884 SH   SOLE   9,884 0 0
Exxon Mobil Corp COM 30231G102 6,246 80,126 SH   SOLE   79,126 0 1,000
Facebook Inc-A COM 30303M102 29,681 283,590 SH   SOLE   280,790 0 2,800
First Data Corp. COM 319963104 748 46,700 SH   SOLE   46,700 0 0
Fleetmatics Group PLC COM g35569105 5,843 115,050 SH   SOLE   113,650 0 1,400
Fomento Economico Mexicano SA COM 344419106 309 3,350 SH   SOLE   3,350 0 0
Fresenius Medical Care A COM 358029106 749 17,900 SH   SOLE   17,900 0 0
Goldman Sachs Group COM 38141G104 505 2,800 SH   SOLE   2,800 0 0
Grupo Televisa SA COM 40049j206 351 12,890 SH   SOLE   12,890 0 0
Heineken N.V. COM 423012301 804 18,800 SH   SOLE   18,800 0 0
Henkel AG and Co. ADR COM 42550u208 306 2,750 SH   SOLE   2,750 0 0
Home Depot Inc COM 437076102 15,665 118,448 SH   SOLE   116,248 0 2,200
Honeywell Inc. COM 438516106 509 4,912 SH   SOLE   4,912 0 0
Johnson & Johnson COM 478160104 3,379 32,891 SH   SOLE   32,891 0 0
Kimberly Clark Corp COM 494368103 1,734 13,623 SH   SOLE   13,623 0 0
LVMH Moet Hennessy ADR COM 502441306 428 13,600 SH   SOLE   13,600 0 0
Lilly Eli & Co. COM 532457108 254 3,019 SH   SOLE   3,019 0 0
Lowes Companies Inc. COM 548661107 810 10,650 SH   SOLE   10,650 0 0
Luxoft Holding Inc COM G57279104 29,984 388,740 SH   SOLE   383,540 0 5,200
Luxottica Group ADS COM 55068r202 798 12,300 SH   SOLE   12,300 0 0
Mastercard Inc-Class A COM 57636Q104 14,843 152,450 SH   SOLE   148,500 0 3,950
Medidata Solutions Inc COM 58471A105 497 10,090 SH   SOLE   9,290 0 800
Merck & Co. COM 589331107 368 6,971 SH   SOLE   6,971 0 0
Microsoft Corporation COM 594918104 22,645 408,174 SH   SOLE   405,174 0 3,000
Millicom International Cellula COM SE0001174 13,666 236,945 SH   SOLE   236,945 0 0
Millicom International Cellula COM l6388f110 57,319 993,218 SH   SOLE   993,218 0 0
Nestle Sa Spon Adr Repstg Reg COM 641069406 747 10,035 SH   SOLE   10,035 0 0
Netease, Inc COM 64110W102 912 5,030 SH   SOLE   5,030 0 0
Nidec Corp Adr COM 654090109 1,273 69,800 SH   SOLE   69,800 0 0
Nintendo Co, Ltd. COM 654445303 204 11,800 SH   SOLE   11,800 0 0
Noble Energy Inc COM 655044105 361 10,955 SH   SOLE   10,955 0 0
Novartis Ag-Adr COM 66987V109 1,218 14,153 SH   SOLE   14,153 0 0
Novo Nordisk A/S Adr COM 670100205 685 11,800 SH   SOLE   11,800 0 0
Nq Mobile Inc COM 64118U108 291 80,000 SH   SOLE   80,000 0 0
Olympus Corporation COM 68163W109 659 16,700 SH   SOLE   16,700 0 0
Palo Alto Networks Inc COM 697435105 5,125 29,095 SH   SOLE   28,745 0 350
Procter & Gamble Co COM 742718109 702 8,844 SH   SOLE   8,844 0 0
Prudential PLC COM 74435k204 690 15,300 SH   SOLE   15,300 0 0
Pure Cycle Corp COM 746228303 887 184,733 SH   SOLE   184,733 0 0
Reckitt Benckiser Group COM 756255204 572 30,500 SH   SOLE   30,500 0 0
Roche Holdings Ltd Sponsored A COM 771195104 524 15,200 SH   SOLE   15,200 0 0
Royal Caribbean Cruises COM V7780T103 314 3,100 SH   SOLE   3,100 0 0
Sap SE COM 803054204 578 7,310 SH   SOLE   7,310 0 0
Shire Plc COM 82481R106 779 3,800 SH   SOLE   3,800 0 0
Syngenta AG COM 87160a100 701 8,900 SH   SOLE   8,900 0 0
Teekay Tankers Cl A COM y8565n102 633 92,000 SH   SOLE   92,000 0 0
Tencent Holdings Ltd-Uns Adr COM 88032Q109 661 33,700 SH   SOLE   33,700 0 0
Teva Pharmaceutical Inds Adr COM 881624209 682 10,390 SH   SOLE   10,390 0 0
The Priceline Group Inc COM 741503403 32,505 25,495 SH   SOLE   25,240 0 255
Thermo Fisher Scientific COM 883556102 787 5,545 SH   SOLE   5,545 0 0
Toyota Motor Corp COM 892331307 781 6,350 SH   SOLE   6,350 0 0
Tripadvisor Inc COM 896945201 315 3,700 SH   SOLE   3,700 0 0
UBS Ag COM H8920M855 229 11,800 SH   SOLE   11,800 0 0
UltraShort S&P500 ProShares COM 74347R883 359 18,000 SH   SOLE   18,000 0 0
Unilever N.V. COM 904784709 736 17,000 SH   SOLE   17,000 0 0
Virtusa Corp COM 92827P102 8,850 214,075 SH   SOLE   214,075 0 0
Visa Inc-Class A COM 92826C839 14,644 188,835 SH   SOLE   185,235 0 3,600
Vodafone Group plc ADS COM 92857w308 413 12,789 SH   SOLE   12,789 0 0
WPP plc. COM 92937A102 528 4,600 SH   SOLE   4,600 0 0
Wal-mart De Mexico SAB COM 93114w107 478 19,000 SH   SOLE   19,000 0 0
Walt Disney Company COM 254687106 2,086 19,854 SH   SOLE   18,854 0 1,000
Whiting Petroleum Corp COM 966387102 134 14,200 SH   SOLE   14,200 0 0