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 Ltd COM G1150G111 2,458 21,300 SH   SOLE   21,000 0 300
Affiliated Managers Group Inc COM 008252108 9,250 56,957 SH   SOLE   56,957 0 0
Air Liquide ADR COM 009126202 383 17,140 SH   SOLE   17,140 0 0
Allergan plc COM g0177j108 11,978 44,690 SH   SOLE   43,840 0 850
Alliance Data Sys Corp COM 018581108 1,187 5,395 SH   SOLE   4,995 0 400
Alphabet Inc. CL A COM 02079k305 17,097 22,410 SH   SOLE   22,080 0 330
Alphabet Inc. Cl C COM 02079k107 17,507 23,500 SH   SOLE   23,120 0 380
Amazon.com COM 023135106 1,214 2,045 SH   SOLE   1,935 0 110
Anheuser Busch Inbev Spn COM 03524A108 610 4,897 SH   SOLE   4,897 0 0
Apple Inc COM 037833100 2,331 21,390 SH   SOLE   20,340 0 1,050
Basf SE Adr COM 055262505 279 3,700 SH   SOLE   3,700 0 0
Bayer A G Sponsored Adr COM 072730302 616 5,250 SH   SOLE   5,250 0 0
Blackstone Group L.P. COM 09253U108 1,056 37,650 SH   SOLE   36,050 0 1,600
CVS Health Corporation COM 126650100 1,179 11,370 SH   SOLE   10,770 0 600
Carnival Cruise Lines Inc COM 143658300 211 4,000 SH   SOLE   4,000 0 0
Celgene Corp COM 151020104 200 2,000 SH   SOLE   2,000 0 0
Cognizant Technology Solutions COM 192446102 28,382 452,666 SH   SOLE   445,566 0 7,100
Compass Group Plc ADS COM 20449x203 422 23,657 SH   SOLE   23,657 0 0
Deutsche Telekom AG COM 251566105 645 36,000 SH   SOLE   36,000 0 0
Diageo Plc Sponsored Adr New COM 25243Q205 626 5,800 SH   SOLE   5,800 0 0
Epam Systems Inc COM 29414B104 33,427 447,662 SH   SOLE   442,962 0 4,700
Essilor Intl SA ADR COM 297284200 588 9,484 SH   SOLE   9,484 0 0
Exxon Mobil Corp COM 30231G102 6,698 80,126 SH   SOLE   79,126 0 1,000
Facebook Inc-A COM 30303M102 32,845 287,865 SH   SOLE   285,065 0 2,800
Fleetmatics Group PLC COM g35569105 3,255 79,950 SH   SOLE   78,550 0 1,400
Fomento Economico Mexicano SA COM 344419106 323 3,350 SH   SOLE   3,350 0 0
Fresenius Medical Care A COM 358029106 745 16,900 SH   SOLE   16,900 0 0
Goldman Sachs Group COM 38141G104 597 3,800 SH   SOLE   3,800 0 0
Grupo Televisa SA COM 40049j206 354 12,890 SH   SOLE   12,890 0 0
Heineken N.V. COM 423012301 620 13,700 SH   SOLE   13,700 0 0
Henkel AG and Co. ADR COM 42550u208 302 2,750 SH   SOLE   2,750 0 0
Home Depot Inc COM 437076102 22,376 167,698 SH   SOLE   165,248 0 2,450
Honeywell Inc. COM 438516106 550 4,912 SH   SOLE   4,912 0 0
Infosys Technologies Ltd COM 456788108 209 11,000 SH   SOLE   11,000 0 0
Johnson & Johnson COM 478160104 3,883 35,891 SH   SOLE   35,891 0 0
Kimberly Clark Corp COM 494368103 3,285 24,423 SH   SOLE   24,423 0 0
LVMH Moet Hennessy ADR COM 502441306 465 13,600 SH   SOLE   13,600 0 0
Lilly Eli & Co. COM 532457108 217 3,019 SH   SOLE   3,019 0 0
Lowes Companies Inc. COM 548661107 1,649 21,775 SH   SOLE   21,075 0 700
Luxoft Holding Inc COM G57279104 21,305 387,145 SH   SOLE   381,945 0 5,200
Luxottica Group ADS COM 55068r202 643 11,700 SH   SOLE   11,700 0 0
Mastercard Inc-Class A COM 57636Q104 14,246 150,750 SH   SOLE   146,800 0 3,950
Medidata Solutions Inc COM 58471A105 403 10,400 SH   SOLE   9,600 0 800
Merck & Co. COM 589331107 369 6,971 SH   SOLE   6,971 0 0
Microsoft Corporation COM 594918104 22,756 412,024 SH   SOLE   409,024 0 3,000
Millicom International Cellula COM SE0001174 12,951 236,945 SH   SOLE   236,945 0 0
Millicom International Cellula COM l6388f110 54,756 993,218 SH   SOLE   993,218 0 0
Nestle Sa Spon Adr Repstg Reg COM 641069406 711 9,535 SH   SOLE   9,535 0 0
Netease, Inc COM 64110W102 492 3,430 SH   SOLE   3,430 0 0
Nidec Corp Adr COM 654090109 782 45,600 SH   SOLE   45,600 0 0
Nintendo Co, Ltd. COM 654445303 209 11,800 SH   SOLE   11,800 0 0
Noble Energy Inc COM 655044105 281 8,945 SH   SOLE   8,945 0 0
Novartis Ag-Adr COM 66987V109 670 9,253 SH   SOLE   9,253 0 0
Novo Nordisk A/S Adr COM 670100205 585 10,800 SH   SOLE   10,800 0 0
Nq Mobile Inc COM 64118U108 490 107,000 SH   SOLE   107,000 0 0
Olympus Corporation COM 68163W109 455 11,700 SH   SOLE   11,700 0 0
OneMain Holdings COM 68268w103 296 10,800 SH   SOLE   10,800 0 0
Orange SA COM 684060106 216 12,400 SH   SOLE   12,400 0 0
Palo Alto Networks Inc COM 697435105 4,499 27,575 SH   SOLE   27,225 0 350
Procter & Gamble Co COM 742718109 728 8,844 SH   SOLE   8,844 0 0
Prudential PLC COM 74435k204 569 15,300 SH   SOLE   15,300 0 0
Pure Cycle Corp COM 746228303 833 184,733 SH   SOLE   184,733 0 0
Reckitt Benckiser Group COM 756255204 595 30,500 SH   SOLE   30,500 0 0
Roche Holdings Ltd Sponsored A COM 771195104 465 15,200 SH   SOLE   15,200 0 0
S&P Depositary Receipts COM 78462F103 411 2,000 SH   SOLE   2,000 0 0
Sap SE COM 803054204 556 6,910 SH   SOLE   6,910 0 0
Shire Plc COM 82481R106 619 3,600 SH   SOLE   3,600 0 0
Silicon Motion COM 82706C108 202 5,200 SH   SOLE   5,200 0 0
Syngenta AG COM 87160a100 530 6,400 SH   SOLE   6,400 0 0
Tencent Holdings Ltd-Uns Adr COM 88032Q109 628 30,700 SH   SOLE   30,700 0 0
Teva Pharmaceutical Inds Adr COM 881624209 556 10,390 SH   SOLE   10,390 0 0
The Priceline Group Inc COM 741503403 33,035 25,629 SH   SOLE   25,374 0 255
Thermo Fisher Scientific COM 883556102 799 5,645 SH   SOLE   5,645 0 0
UBS Ag COM H8920M855 189 11,800 SH   SOLE   11,800 0 0
Unilever N.V. COM 904784709 760 17,000 SH   SOLE   17,000 0 0
Virtusa Corp COM 92827P102 8,359 223,150 SH   SOLE   223,150 0 0
Visa Inc-Class A COM 92826C839 14,366 187,835 SH   SOLE   184,235 0 3,600
Vodafone Group plc ADS COM 92857w308 410 12,789 SH   SOLE   12,789 0 0
WPP plc. COM 92937A102 536 4,600 SH   SOLE   4,600 0 0
Wal-mart De Mexico SAB COM 93114w107 449 19,000 SH   SOLE   19,000 0 0
Walt Disney Company COM 254687106 1,318 13,274 SH   SOLE   12,274 0 1,000