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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 FIGI (to the nearest dollar) PRN AMT PRN CALL DISCRETION MANAGER SOLE SHARED NONE
ALPHABET INC CLASS A 02079K305   4,030,069 22,125 SH   SOLE   22,125 0 0
AMBEV SA ADR REP 1 COM SHS 02319V103   144,094,443 70,289,972 SH   SOLE   46,844,672 0 23,445,300
AMERICAN EXPRESS CO COMMON 025816109   14,471,180 62,497 SH   SOLE   62,497 0 0
BANCO BRADESCO S A ADR (1 PFD) 059460303   162,936,258 72,739,401 SH   SOLE   46,051,725 0 26,687,676
BECTON DICKINSON COMMON 075887109   13,019,750 55,709 SH   SOLE   55,709 0 0
BERKSHIRE HATHAWAY CLASS B 084670702   31,008,330 76,225 SH   SOLE   76,225 0 0
BIOGEN INC COMMON 09062X103   22,731,110 98,055 SH   SOLE   98,055 0 0
BORG WARNER INC COMMON 099724106   20,105,734 623,627 SH   SOLE   623,627 0 0
C H ROBINSON WLDWIDE COMMON 12541W209   16,571,671 188,058 SH   SOLE   188,058 0 0
COMMERCIAL INTL BK GDR REP 1 ORD EGP10 201712205   45,002,592 30,284,382 SH   SOLE   30,284,382 0 0
COPA HOLDINGS CLASS A P31076105   293,743,469 3,086,189 SH   SOLE   2,070,260 0 1,015,929
CULLEN FROST BANKERS COMMON 229899109   19,032,962 187,277 SH   SOLE   187,277 0 0
DONALDSON INC COMMON 257651109   22,021,230 307,731 SH   SOLE   307,731 0 0
EXXON MOBIL CORP COMMON 30231G102   3,488,136 30,300 SH   SOLE   30,300 0 0
GENTEX CORP COMMON 371901109   16,496,393 489,362 SH   SOLE   489,362 0 0
GILEAD SCIENCES INC COMMON 375558103   18,542,950 270,266 SH   SOLE   270,266 0 0
HENRY SCHEIN INC COM 806407102   26,280,423 409,991 SH   SOLE   409,991 0 0
INTEL CORP COMMON 458140100   18,084,746 583,944 SH   SOLE   583,944 0 0
JOHNSON & JOHNSON COMMON 478160104   16,009,636 109,535 SH   SOLE   109,535 0 0
MARKEL GROUP INC COMMON 570535104   28,648,650 18,182 SH   SOLE   18,182 0 0
META PLATFORMS INC COM USD0.000006 CL A 30303M102   25,132,342 49,844 SH   SOLE   49,844 0 0
MSC INDL DIRECT INC CLASS A 553530106   19,051,848 240,220 SH   SOLE   240,220 0 0
PRICE T ROWE GROUP COM 74144T108   26,129,477 226,602 SH   SOLE   226,602 0 0
QUALCOMM INC COMMON 747525103   31,219,075 156,738 SH   SOLE   156,738 0 0
RTX CORPORATION COM USD1 75513E101   21,887,329 218,023 SH   SOLE   218,023 0 0
RYANAIR HLDGS PLC ADR EACH REPR 5 ORD 783513203   368,900,783 3,168,162 SH   SOLE   1,772,412 0 1,395,750
SAMSUNG ELECTRONIC GDR REP 1/2 ORD REGS 796050888   334,031,560 225,697 SH   SOLE   147,041 0 78,656
SNAP-ON INC COMMON 833034101   2,117,259 8,100 SH   SOLE   8,100 0 0
TORONTO DOMINION BK COMMON 891160509   106,957,656 1,946,100 SH   SOLE   1,001,600 0 944,500
WALT DISNEY CO COM 254687106   24,156,165 243,289 SH   SOLE   243,289 0 0
WELLS FARGO & CO COMMON 949746101   18,299,663 308,127 SH   SOLE   308,127 0 0
STATE BK OF INDIA GDR(2 INR10 REG S) 856552203   11,878,105 117,605 SH   SOLE   0 0 117,605
TAIWAN SEMICONDUCTOR SP ADR (5 ORD) 874039100   3,389,295 19,500 SH   SOLE   0 0 19,500