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 122,320 697,300 SH   SOLE   697,300 0 0
ALPHABET INC CLASS A 02079K305 29,286 10,954 SH   SOLE   10,954 0 0
AMBEV SA ADR REP 1 COM SHS 02319V103 346,368 125,495,637 SH   SOLE   98,457,137 0 27,038,500
AMERICAN EXPRESS CO COMMON 025816109 59,105 352,800 SH   SOLE   352,800 0 0
BANCO BRADESCO S A ADR (1 PFD) 059460303 286,558 74,819,198 SH   SOLE   55,594,735 0 19,224,463
BECTON DICKINSON COMMON 075887109 38,200 155,400 SH   SOLE   155,400 0 0
BERKSHIRE HATHAWAY CLASS B 084670702 145,597 533,440 SH   SOLE   533,440 0 0
BIOGEN INC COMMON 09062X103 66,220 234,000 SH   SOLE   234,000 0 0
BORG WARNER INC COMMON 099724106 105,877 2,450,300 SH   SOLE   2,450,300 0 0
BUCKLE INC COMMON 118440106 13,139 331,875 SH   SOLE   331,875 0 0
C H ROBINSON WLDWIDE COMMON 12541W209 123,340 1,417,700 SH   SOLE   1,417,700 0 0
CARLISLE COS INC COMMON 142339100 5,805 29,200 SH   SOLE   29,200 0 0
CARNIVAL CORP COMMON 143658300 42,513 1,699,842 SH   SOLE   1,699,842 0 0
CHECK POINT SOFTWARE ORDINARY M22465104 57,922 512,400 SH   SOLE   348,100 0 164,300
COMMERCIAL INTL BK GDR REP 1 ORD EGP10 201712205 65,163 24,405,741 SH   SOLE   24,405,741 0 0
COPA HOLDINGS CLASS A P31076105 319,308 3,923,664 SH   SOLE   2,910,407 0 1,013,257
CULLEN FROST BANKERS COMMON 229899109 102,548 864,507 SH   SOLE   864,507 0 0
DONALDSON INC COMMON 257651109 26,610 463,501 SH   SOLE   463,501 0 0
EAGLE MATERIALS COMMON 26969P108 102,961 785,000 SH   SOLE   785,000 0 0
EXXON MOBIL CORP COMMON 30231G102 77,054 1,310,000 SH   SOLE   1,310,000 0 0
GENTEX CORP COMMON 371901109 44,543 1,350,600 SH   SOLE   1,350,600 0 0
GILEAD SCIENCES INC COMMON 375558103 19,202 274,900 SH   SOLE   274,900 0 0
HENRY SCHEIN INC COM 806407102 92,979 1,220,842 SH   SOLE   1,220,842 0 0
INTEL CORP COMMON 458140100 125,317 2,352,040 SH   SOLE   2,352,040 0 0
IPG PHOTONICS CORP COMMON 44980X109 38,922 245,722 SH   SOLE   245,722 0 0
JOHNSON & JOHNSON COMMON 478160104 45,898 284,200 SH   SOLE   284,200 0 0
MARKEL CORP COMMON 570535104 78,681 65,835 SH   SOLE   65,835 0 0
MARTIN MARIETTA MATL COMMON 573284106 4,681 13,700 SH   SOLE   13,700 0 0
MSC INDL DIRECT INC CLASS A 553530106 78,683 981,210 SH   SOLE   981,210 0 0
RAYTHEON TECHNOLOGIE COM USD1 75513E101 113,080 1,315,500 SH   SOLE   1,315,500 0 0
RYANAIR HLDGS PLC ADR EACH REPR 5 ORD 783513203 224,960 2,043,974 SH   SOLE   1,232,774 0 811,200
SAMSUNG ELECTRONIC GDR REP 1/2 ORD REGS 796050888 478,189 306,041 SH   SOLE   226,185 0 79,856
SCHLUMBERGER LTD COMMON 806857108 33,828 1,141,300 SH   SOLE   1,141,300 0 0
STATE BK OF INDIA GDR(2 INR10 REG S) 856522203 20,392 331,570 SH   SOLE   159,320 0 172,250
T ROWE PRICE GRP COMMON 74144T108 138,241 702,800 SH   SOLE   702,800 0 0
WALGREENS BOOTS ALNC COMMON 931427108 132,058 2,806,750 SH   SOLE   2,806,750 0 0
WALT DISNEY CO COM 254687106 139,447 824,300 SH   SOLE   824,300 0 0
WELLS FARGO & CO COMMON 949746101 118,163 2,546,060 SH   SOLE   2,546,060 0 0