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
Adobe Sys Inc COM 00724F101 261,103 1,489,976 SH   SOLE None 1,489,976 0 0
Alleghany Corp Del COM 017175100 193,103 323,949 SH   SOLE None 323,949 0 0
Comcast Corp New CL A 20030N101 370,757 9,257,352 SH   SOLE None 9,257,352 0 0
Berkshire Hathaway Inc Del CL B NEW 084670702 311,855 1,573,279 SH   SOLE None 1,573,279 0 0
Becton Dickinson & Co COM 075887109 364,972 1,705,000 SH   SOLE None 1,705,000 0 0
Coca Cola Co COM 191216100 380,632 8,296,259 SH   SOLE None 8,296,259 0 0
Credicorp Ltd COM G2519Y108 23,462 113,116 SH   SOLE None 113,116 0 0
Danaher Corp Del COM 235851102 382,172 4,117,348 SH   SOLE None 4,117,348 0 0
Fiserv Inc COM 337738108 124,574 950,000 SH   SOLE None 950,000 0 0
Home Depot Inc COM 437076102 69,857 368,580 SH   SOLE None 368,580 0 0
Martin Marietta Matls Inc COM 573284106 158,542 717,253 SH   SOLE None 717,253 0 0
Microsoft Corp COM 594918104 619,887 7,246,750 SH   SOLE None 7,246,750 0 0
BRF SA SPONSORED ADR 10552T107 10,214 907,068 SH   SOLE None 907,068 0 0
Grupo Financiero Galicia S A SP ADR 10 SH B 399909100 7,573 115,000 SH   SOLE None 115,000 0 0
Wells Fargo Co New COM 949746101 155,096 2,556,393 SH   SOLE None 2,556,393 0 0
Brown & Brown Inc COM 115236101 65,421 1,271,295 SH   SOLE None 1,271,295 0 0
PPG Inds Inc COM 693506107 96,119 822,798 SH   SOLE None 822,798 0 0
Sherwin Williams Co COM 824348106 242,063 590,341 SH   SOLE None 590,341 0 0
Texas Instrs Inc COM 882508104 190,373 1,822,798 SH   SOLE None 1,822,798 0 0
Thermo Fisher Scientific Inc COM 883556102 394,409 2,077,151 SH   SOLE None 2,077,151 0 0
Union Pac Corp COM 907818108 246,486 1,838,076 SH   SOLE None 1,838,076 0 0
Banco Macro SA SPON ADR B 05961W105 10,864 93,755 SH   SOLE None 93,755 0 0
Mastercard Incorporated CL A 57636Q104 79,464 525,000 SH   SOLE None 525,000 0 0
Visa Inc COM CL A 92826C839 243,527 2,135,825 SH   SOLE None 2,135,825 0 0
Pampa Energia S A SPONS ADR LVL I 697660207 17,136 254,691 SH   SOLE None 254,691 0 0
Accenture PLC Ireland SHS CLASS A G1151C101 385,454 2,517,829 SH   SOLE None 2,517,829 0 0
American Tower Corp New COM 03027X100 116,815 818,779 SH   SOLE None 818,779 0 0
Facebook Inc CL A 30303M102 196,779 1,115,148 SH   SOLE None 1,115,148 0 0
Zoetis Inc CL A 98978V103 70,689 981,247 SH   SOLE None 981,247 0 0
Intercontinental Exchange In COM 45866F104 129,102 1,829,682 SH   SOLE None 1,829,682 0 0
Grupo Aval Acciones Y Valore SPONSORED ADS 40053W101 5,754 676,998 SH   SOLE None 676,998 0 0
Waste Connections Inc COM 94106B101 292,607 4,124,712 SH   SOLE None 4,124,712 0 0
Alphabet Inc CAP STK CL C 02079K107 255,923 244,575 SH   SOLE None 244,575 0 0
Ambev SA SPONSORED ADR 02319V103 20,653 3,197,000 SH   SOLE None 3,197,000 0 0
American Express Co COM 025816109 436,736 4,397,704 SH   SOLE None 4,397,704 0 0
MSCI Inc COM 55354G100 193,668 1,530,489 SH   SOLE None 1,530,489 0 0
Northern Tr Corp COM 665859104 195,631 1,958,467 SH   SOLE None 1,958,467 0 0
Time Warner Inc COM NEW 887317303 153,996 1,683,570 SH   SOLE None 1,683,570 0 0
3M Co COM 88579Y101 480,155 2,040,000 SH   SOLE None 2,040,000 0 0
Booz Allen Hamilton Hldg Cor CL A 099502106 77,794 2,040,231 SH   SOLE None 2,040,231 0 0
CDK Global Inc COM 12508E101 99,792 1,400,000 SH   SOLE None 1,400,000 0 0
Grupo Supervielle S A SPONSORED ADR 40054A108 7,037 240,000 SH   SOLE None 240,000 0 0
Schwab Charles Corp New COM 808513105 295,340 5,749,274 SH   SOLE None 5,749,274 0 0
Snap On Inc COM 833034101 154,256 885,000 SH   SOLE None 885,000 0 0
EOG Res Inc COM 26875P101 143,170 1,326,750 SH   SOLE None 1,326,750 0 0
Fidelity Natl Information SV COM 31620M106 239,930 2,550,000 SH   SOLE None 2,550,000 0 0
SS&C Technologies Hldgs Inc COM 78467J100 91,131 2,251,253 SH   SOLE None 2,251,253 0 0
Air Prods & Chems Inc COM 009158106 492,240 3,000,000 SH   SOLE None 3,000,000 0 0
AON PLC SHS CLA A G0408V102 71,267 531,840 SH   SOLE None 531,840 0 0
Autodesk Inc COM 052769106 124,366 1,186,355 SH   SOLE None 1,186,355 0 0
Marsh & Mclennan Cos Inc COM 571748102 93,455 1,148,232 SH   SOLE None 1,148,232 0 0
Schlumberger Ltd COM 806857108 121,302 1,800,000 SH   SOLE None 1,800,000 0 0
Allegion Pub Ltd Co ORD SHS G0176J109 60,877 765,171 SH   SOLE None 765,171 0 0
Altria Group Inc COM 02209S103 128,498 1,799,439 SH   SOLE None 1,799,439 0 0
Black Knight Inc COM 09215C105 126,814 2,872,337 SH   SOLE None 2,872,337 0 0
Harley Davidson Inc COM 412822108 91,584 1,800,000 SH   SOLE None 1,800,000 0 0
Kraft Heinz Co COM 500754106 64,152 825,000 SH   SOLE None 825,000 0 0
Prosperity Bancshares Inc COM 743606105 77,077 1,100,000 SH   SOLE None 1,100,000 0 0