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
3M COMPANY COMMON 88579Y101 102,707 587,600 SH   SOLE   587,600 0 0
ALPHABET INC CLASS A 02079K305 42,640 24,329 SH   SOLE   24,329 0 0
AMBEV SA ADR REP 1 COM SHS 02319V103 309,668 101,198,637 SH   SOLE   78,146,637 0 23,052,000
AMERICAN EXPRESS CO COMMON 025816109 42,439 351,000 SH   SOLE   351,000 0 0
BANCO BRADESCO S A ADR (1 PFD) 059460303 295,321 56,144,587 SH   SOLE   40,725,618 0 15,418,969
BECTON DICKINSON COMMON 075887109 44,364 177,300 SH   SOLE   177,300 0 0
BERKSHIRE HATHAWAY CLASS B 084670702 128,859 555,740 SH   SOLE   555,740 0 0
BORG WARNER INC COMMON 099724106 91,561 2,369,600 SH   SOLE   2,369,600 0 0
BUCKLE INC COMMON 118440106 52,063 1,782,975 SH   SOLE   1,782,975 0 0
C H ROBINSON WLDWIDE COMMON 12541W209 93,729 998,500 SH   SOLE   998,500 0 0
CARLISLE COS INC COMMON 142339100 10,605 67,900 SH   SOLE   67,900 0 0
CARNIVAL CORP COMMON 143658300 56,547 2,610,642 SH   SOLE   2,610,642 0 0
CHECK POINT SOFTWARE ORDINARY M22465104 67,013 504,200 SH   SOLE   340,000 0 164,200
COMMERCIAL INTL BK GDR REP 1 ORD EGP10 201712205 33,902 9,040,540 SH   SOLE   9,040,540 0 0
COPA HOLDINGS CLASS A P31076105 240,715 3,116,864 SH   SOLE   2,102,907 0 1,013,957
CULLEN FROST BANKERS COMMON 229899109 82,276 943,207 SH   SOLE   943,207 0 0
DONALDSON INC COMMON 257651109 28,884 516,901 SH   SOLE   516,901 0 0
EAGLE MATERIALS COMMON 26969P108 92,543 913,100 SH   SOLE   913,100 0 0
EXXON MOBIL CORP COMMON 30231G102 56,405 1,368,400 SH   SOLE   1,368,400 0 0
GENTEX CORP COMMON 371901109 54,817 1,615,600 SH   SOLE   1,615,600 0 0
GILEAD SCIENCES INC COMMON 375558103 17,624 302,500 SH   SOLE   302,500 0 0
HENRY SCHEIN INC COM 806407102 68,210 1,020,184 SH   SOLE   1,020,184 0 0
INFOSYS LIMITED ADR 456788108 22,096 1,303,600 SH   SOLE   1,303,600 0 0
INTEL CORP COMMON 458140100 79,654 1,598,840 SH   SOLE   1,598,840 0 0
IPG PHOTONICS CORP COMMON 44980X109 65,067 290,751 SH   SOLE   290,751 0 0
JOHNSON & JOHNSON COMMON 478160104 42,367 269,200 SH   SOLE   269,200 0 0
MARKEL CORP COMMON 570535104 54,574 52,815 SH   SOLE   52,815 0 0
MARTIN MARIETTA MATL COMMON 573284106 6,645 23,400 SH   SOLE   23,400 0 0
MSC INDL DIRECT INC CLASS A 553530106 86,813 1,028,710 SH   SOLE   1,028,710 0 0
RAYTHEON TECHNOLOGIE COM USD1 75513E101 65,653 918,100 SH   SOLE   918,100 0 0
RYANAIR HLDGS PLC ADR EACH REPR 5 ORD 783513203 236,355 2,149,074 SH   SOLE   1,338,874 0 810,200
SAMSUNG ELECTRONIC GDR REP 1/2 ORD REGS 796050888 618,458 338,881 SH   SOLE   252,015 0 86,866
SCHLUMBERGER LTD COMMON 806857108 82,100 3,760,900 SH   SOLE   3,760,900 0 0
STATE BK OF INDIA GDR(2 INR10 REG S) 856552203 12,500 333,790 SH   SOLE   164,230 0 169,560
T ROWE PRICE GRP COMMON 74144T108 115,283 761,500 SH   SOLE   761,500 0 0
WALGREENS BOOTS ALNC COMMON 931427108 106,394 2,667,850 SH   SOLE   2,667,850 0 0
WALT DISNEY CO COMMON 254687106 167,139 922,500 SH   SOLE   922,500 0 0
WELLS FARGO & CO COMMON 949746101 80,184 2,656,860 SH   SOLE   2,656,860 0 0