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 72,892 489,600 SH   SOLE   489,600 0 0
ALPHABET INC CLASS A 02079K305 12,227 4,396 SH   SOLE   4,396 0 0
AMBEV SA ADR REP 1 COM SHS 02319V103 372,697 115,386,037 SH   SOLE   86,046,337 0 29,339,700
AMERICAN EXPRESS CO COMMON 025816109 37,755 201,900 SH   SOLE   201,900 0 0
BANCO BRADESCO S A ADR (1 PFD) 059460303 344,803 74,310,898 SH   SOLE   51,536,235 0 22,774,663
BECTON DICKINSON COMMON 075887109 22,025 82,800 SH   SOLE   82,800 0 0
BERKSHIRE HATHAWAY CLASS B 084670702 107,299 304,040 SH   SOLE   304,040 0 0
BIOGEN INC COMMON 09062X103 55,641 264,200 SH   SOLE   264,200 0 0
BORG WARNER INC COMMON 099724106 59,404 1,527,100 SH   SOLE   1,527,100 0 0
C H ROBINSON WLDWIDE COMMON 12541W209 92,254 856,500 SH   SOLE   856,500 0 0
CARLISLE COS INC COMMON 142339100 2,533 10,300 SH   SOLE   10,300 0 0
CARNIVAL CORP COMMON 143658300 19,582 968,442 SH   SOLE   968,442 0 0
CHECK POINT SOFTWARE ORDINARY M22465104 73,126 528,900 SH   SOLE   352,500 0 176,400
COMMERCIAL INTL BK GDR REP 1 ORD EGP10 201712205 67,049 28,653,447 SH   SOLE   28,653,447 0 0
COPA HOLDINGS CLASS A P31076105 301,448 3,604,110 SH   SOLE   2,518,953 0 1,085,157
CULLEN FROST BANKERS COMMON 229899109 56,915 411,207 SH   SOLE   411,207 0 0
DONALDSON INC COMMON 257651109 21,115 406,601 SH   SOLE   406,601 0 0
EAGLE MATERIALS COMMON 26969P108 41,332 322,000 SH   SOLE   322,000 0 0
EXXON MOBIL CORP COMMON 30231G102 61,587 745,700 SH   SOLE   745,700 0 0
GENTEX CORP COMMON 371901109 23,327 799,700 SH   SOLE   799,700 0 0
GILEAD SCIENCES INC COMMON 375558103 16,765 282,000 SH   SOLE   282,000 0 0
HENRY SCHEIN INC COM 806407102 61,725 707,942 SH   SOLE   707,942 0 0
INTEL CORP COMMON 458140100 71,021 1,433,040 SH   SOLE   1,433,040 0 0
IPG PHOTONICS CORP COMMON 44980X109 43,303 394,522 SH   SOLE   394,522 0 0
JOHNSON & JOHNSON COMMON 478160104 29,668 167,400 SH   SOLE   167,400 0 0
MARKEL CORP COMMON 570535104 72,117 48,885 SH   SOLE   48,885 0 0
MARTIN MARIETTA MATL COMMON 573284106 4,734 12,300 SH   SOLE   12,300 0 0
META PLATFORMS INC COM USD0.000006 CL A 30303M102 17,033 76,600 SH   SOLE   76,600 0 0
MSC INDL DIRECT INC CLASS A 553530106 47,880 561,910 SH   SOLE   561,910 0 0
RAYTHEON TECHNOLOGIE COM USD1 75513E101 76,215 769,300 SH   SOLE   769,300 0 0
RYANAIR HLDGS PLC ADR EACH REPR 5 ORD 783513203 149,975 1,721,474 SH   SOLE   936,074 0 785,400
SAMSUNG ELECTRONIC GDR REP 1/2 ORD REGS 796050888 392,468 276,581 SH   SOLE   190,975 0 85,606
STATE BK OF INDIA GDR(2 INR10 REG S) 856552203 20,140 313,217 SH   SOLE   140,967 0 172,250
T ROWE PRICE GRP COMMON 74144T108 76,321 504,800 SH   SOLE   504,800 0 0
WALGREENS BOOTS ALNC COMMON 931427108 74,128 1,655,750 SH   SOLE   1,655,750 0 0
WALT DISNEY CO COM 254687106 66,440 484,400 SH   SOLE   484,400 0 0
WELLS FARGO & CO COMMON 949746101 48,371 998,160 SH   SOLE   998,160 0 0