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
AFFILIATED MANAGERS GROUP INC COM 008252108 7,990 56,757 SH   SOLE   56,757 0 0
Accenture Plc-Cl A COM G1151C101 2,753 24,300 SH   SOLE   24,000 0 300
Allergan PLC COM G0177J108 2,817 12,190 SH   SOLE   11,790 0 400
Alliance Data Systems COM 018581108 880 4,490 SH   SOLE   4,290 0 200
Alphabet Inc-CL A COM 02079K305 15,625 22,210 SH   SOLE   21,880 0 330
Alphabet Inc-CL C COM 02079K107 16,230 23,450 SH   SOLE   23,070 0 380
Amazon.com COM 023135106 1,481 2,070 SH   SOLE   1,960 0 110
Anadarko Petroleum Corp COM 032511107 426 8,000 SH   SOLE   8,000 0 0
Anheuser-Busch Inbev SPN COM 03524A108 645 4,897 SH   SOLE   4,897 0 0
Apple Inc COM 037833100 605 6,325 SH   SOLE   5,725 0 600
BASF SE ADR COM 055262505 284 3,700 SH   SOLE   3,700 0 0
Blackstone Group LP COM 09253U108 924 37,650 SH   SOLE   36,050 0 1,600
CVS Health Corp COM 126650100 1,127 11,770 SH   SOLE   11,170 0 600
Cabot Oil & Gas COM 127097103 206 8,000 SH   SOLE   8,000 0 0
Celgene Corp COM 151020104 565 5,725 SH   SOLE   5,725 0 0
Cognizant Technology Solutions COM 192446102 25,882 452,166 SH   SOLE   445,066 0 7,100
Compass Group Plc-ADS COM 20449X302 452 23,657 SH   SOLE   23,657 0 0
Cyberark Software Ltd COM M2682V108 299 6,150 SH   SOLE   6,150 0 0
Deutsche Telekom AG COM 251566105 611 36,000 SH   SOLE   36,000 0 0
Diageo PLC ADR COM 25243Q205 655 5,800 SH   SOLE   5,800 0 0
Epam Systems Inc COM 29414B104 28,313 440,262 SH   SOLE   436,062 0 4,200
Essilor Intl SA ADR COM 297284200 628 9,484 SH   SOLE   9,484 0 0
Exxon Mobil Corp COM 30231G102 7,511 80,126 SH   SOLE   79,126 0 1,000
Facebook Inc Cl A COM 30303M102 32,440 283,865 SH   SOLE   281,065 0 2,800
Fomento Economico Mexicano SA COM 344419106 324 3,500 SH   SOLE   3,500 0 0
Fresenius Medical Care A COM 358029106 736 16,900 SH   SOLE   16,900 0 0
Grupo Televisa SA COM 40049J206 336 12,890 SH   SOLE   12,890 0 0
Heineken NV-ADR COM 423012301 635 13,700 SH   SOLE   13,700 0 0
Henkel AG and CO. KGAA. COM 42550U208 334 2,750 SH   SOLE   2,750 0 0
Home Depot Inc. COM 437076102 21,567 168,898 SH   SOLE   166,448 0 2,450
Honeywell Inc. COM 438516106 571 4,912 SH   SOLE   4,912 0 0
Infosys Limited COM 456788108 3,308 185,300 SH   SOLE   183,700 0 1,600
Johnson & Johnson COM 478160104 4,354 35,891 SH   SOLE   35,891 0 0
Kimberly Clark Corp COM 494368103 3,358 24,423 SH   SOLE   24,423 0 0
LVMH Moet Hennessy -ADR COM 502441306 413 13,600 SH   SOLE   13,600 0 0
Lilly Eli & Co. COM 532457108 238 3,019 SH   SOLE   3,019 0 0
Lowes Companies Inc. COM 548661107 4,867 61,475 SH   SOLE   60,075 0 1,400
Luxoft Holding Inc COM G57279104 19,966 383,820 SH   SOLE   379,220 0 4,600
Luxottica Group ADS COM 55068R202 572 11,700 SH   SOLE   11,700 0 0
Mastercard Inc. COM 57636Q104 12,967 147,250 SH   SOLE   143,300 0 3,950
Medidata Solutions Inc COM 58471A105 487 10,400 SH   SOLE   9,600 0 800
Merck & Co. COM 589331107 402 6,971 SH   SOLE   6,971 0 0
Microsoft Corporation COM 594918104 21,246 415,199 SH   SOLE   410,999 0 4,200
Millicom International Cellula COM SE0001174 14,382 236,945 SH   SOLE   236,945 0 0
Millicom International Cellula COM l6388f110 60,712 993,818 SH   SOLE   993,818 0 0
NQ Mobile Inc COM 64118U108 692 187,000 SH   SOLE   187,000 0 0
Nestle SA ADR COM 641069406 737 9,535 SH   SOLE   9,535 0 0
Netease, Inc COM 64110W102 663 3,430 SH   SOLE   3,430 0 0
Nidec Corp ADR COM 654090109 857 45,600 SH   SOLE   45,600 0 0
Nintendo Co. Ltd. COM 654445303 210 11,800 SH   SOLE   11,800 0 0
Noble Energy Inc COM 655044105 534 14,900 SH   SOLE   14,900 0 0
Novartis Ag-Adr COM 66987V109 763 9,253 SH   SOLE   9,253 0 0
Novo Nordisk A/S Adr COM 670100205 581 10,800 SH   SOLE   10,800 0 0
Olympus Corporation COM 68163W109 434 11,700 SH   SOLE   11,700 0 0
Orange ADR COM 684060106 217 13,200 SH   SOLE   13,200 0 0
PURE CYCLE CORP COM 746228303 823 174,733 SH   SOLE   174,733 0 0
Procter & Gamble Co COM 742718109 749 8,844 SH   SOLE   8,844 0 0
Prudential PLC COM 74435K204 520 15,300 SH   SOLE   15,300 0 0
Radcom Inc COM m81865111 116 10,000 SH   SOLE   10,000 0 0
Reckitt Benckiser ADR COM 756255204 620 30,500 SH   SOLE   30,500 0 0
Roche Holdings Ltd Sponsored A COM 771195104 501 15,200 SH   SOLE   15,200 0 0
Royal Caribbean Cruises COM V7780T103 212 3,150 SH   SOLE   3,150 0 0
SAP SE COM 803054204 518 6,910 SH   SOLE   6,910 0 0
Shire Plc COM 82481R106 663 3,600 SH   SOLE   3,600 0 0
Silicon Motion COM 82706C108 249 5,200 SH   SOLE   5,200 0 0
Symantec Corp COM 871503108 2,013 98,000 SH   SOLE   96,600 0 1,400
Syngenta AG ADR COM 87160A100 491 6,400 SH   SOLE   6,400 0 0
Tencent Holdings Ltd. COM 88032Q109 705 30,700 SH   SOLE   30,700 0 0
Teva Pharmaceutical Inds Adr COM 881624209 522 10,390 SH   SOLE   10,390 0 0
The Priceline Group Inc. COM 741503403 31,777 25,454 SH   SOLE   25,199 0 255
Thermo Fisher Scientific COM 883556102 834 5,645 SH   SOLE   5,645 0 0
Unilever N.V. COM 904784709 798 17,000 SH   SOLE   17,000 0 0
United Healthcare Corp. COM 91324P102 989 7,005 SH   SOLE   6,645 0 360
Virtusa Corp COM 92827P102 6,990 242,050 SH   SOLE   240,050 0 2,000
Visa Inc. COM 92826C839 13,861 186,885 SH   SOLE   183,285 0 3,600
Vodafone Group PLC ADS COM 92857W308 395 12,789 SH   SOLE   12,789 0 0
WPP plc ADS COM 92937A102 481 4,600 SH   SOLE   4,600 0 0
Wal-mart de Mexico SAB COM 93114W107 457 19,000 SH   SOLE   19,000 0 0