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
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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
3M COMPANY COMMON 88579Y101   12,999,689 123,677 SH   SOLE   123,677 0 0
ALPHABET INC CLASS A 02079K305   2,433,713 23,462 SH   SOLE   23,462 0 0
AMBEV SA ADR REP 1 COM SHS 02319V103   244,020,409 86,532,060 SH   SOLE   59,244,960 0 27,287,100
AMERICAN EXPRESS CO COMMON 025816109   10,251,643 62,150 SH   SOLE   62,150 0 0
BANCO BRADESCO S A ADR (1 PFD) 059460303   230,847,453 88,109,715 SH   SOLE   55,524,539 0 32,585,176
BECTON DICKINSON COMMON 075887109   4,084,410 16,500 SH   SOLE   16,500 0 0
BERKSHIRE HATHAWAY CLASS B 084670702   28,542,699 92,440 SH   SOLE   92,440 0 0
BIOGEN INC COMMON 09062X103   19,851,342 71,400 SH   SOLE   71,400 0 0
BORG WARNER INC COMMON 099724106   22,261,563 453,300 SH   SOLE   453,300 0 0
C H ROBINSON WLDWIDE COMMON 12541W209   23,818,989 239,700 SH   SOLE   239,700 0 0
CHECK POINT SOFTWARE ORDINARY M22465104   57,408,000 441,600 SH   SOLE   261,600 0 180,000
COMMERCIAL INTL BK GDR REP 1 ORD EGP10 201712205   39,978,905 30,991,399 SH   SOLE   30,991,399 0 0
COPA HOLDINGS CLASS A P31076105   275,270,877 2,980,735 SH   SOLE   1,924,906 0 1,055,829
CULLEN FROST BANKERS COMMON 229899109   12,398,518 117,700 SH   SOLE   117,700 0 0
DONALDSON INC COMMON 257651109   11,003,321 168,401 SH   SOLE   168,401 0 0
EAGLE MATERIALS COMMON 26969P108   12,429,725 84,700 SH   SOLE   84,700 0 0
EXXON MOBIL CORP COMMON 30231G102   8,937,290 81,500 SH   SOLE   81,500 0 0
GENTEX CORP COMMON 371901109   8,650,058 308,600 SH   SOLE   308,600 0 0
GILEAD SCIENCES INC COMMON 375558103   8,263,812 99,600 SH   SOLE   99,600 0 0
HENRY SCHEIN INC COM 806407102   19,765,296 242,400 SH   SOLE   242,400 0 0
INTEL CORP COMMON 458140100   14,640,734 448,140 SH   SOLE   448,140 0 0
IPG PHOTONICS CORP COMMON 44980X109   16,733,167 135,700 SH   SOLE   135,700 0 0
JOHNSON & JOHNSON COMMON 478160104   9,501,500 61,300 SH   SOLE   61,300 0 0
MARKEL CORP COMMON 570535104   18,463,684 14,454 SH   SOLE   14,454 0 0
MARTIN MARIETTA MATL COMMON 573284106   3,692,624 10,400 SH   SOLE   10,400 0 0
META PLATFORMS INC COM USD0.000006 CL A 30303M102   19,943,554 94,100 SH   SOLE   94,100 0 0
MSC INDL DIRECT INC CLASS A 553530106   14,632,800 174,200 SH   SOLE   174,200 0 0
PRICE T ROWE GROUP COM 74144T108   18,205,802 161,256 SH   SOLE   161,256 0 0
RAYTHEON TECHNOLOGIE COM USD1 75513E101   19,380,347 197,900 SH   SOLE   197,900 0 0
RYANAIR HLDGS PLC ADR EACH REPR 5 ORD 783513203   264,287,704 2,802,924 SH   SOLE   1,536,974 0 1,265,950
SAMSUNG ELECTRONIC GDR REP 1/2 ORD REGS 796050888   326,220,804 265,544 SH   SOLE   172,835 0 92,709
STATE BK OF INDIA GDR(2 INR10 REG S) 856552203   11,277,528 178,160 SH   SOLE   0 0 178,160
WALGREENS BOOTS ALNC COMMON 931427108   17,357,431 501,950 SH   SOLE   501,950 0 0
WALT DISNEY CO COM 254687106   22,809,614 227,800 SH   SOLE   227,800 0 0
WELLS FARGO & CO COMMON 949746101   8,831,399 236,260 SH   SOLE   236,260 0 0