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 COM 88579Y101 35,222 213,530 SH   SOLE NONE 111,500 0 102,030
ABBOTT LABORATORIES COM 002824100 119,530 2,579,960 SH   SOLE NONE 2,145,000 0 434,960
ABBVIE COM 00287Y109 5,591 95,500 SH   SOLE NONE 0 0 95,500
AMBEV ADR COM 02319V103 27,994 4,860,000 SH   SOLE NONE 1,010,000 0 3,850,000
AMGEN COM 031162100 149,939 938,000 SH   SOLE NONE 760,500 0 177,500
APPLE COM 037833100 22,450 180,419 SH   SOLE NONE 47,000 0 133,419
AT & T COM 00206R102 233 7,150 SH   SOLE NONE 0 0 7,150
BARRICK GOLD COM 067901108 23,794 2,171,140 SH   SOLE NONE 750,000 0 1,421,140
BAXTER INTERNATIONAL COM 071813109 17,033 248,650 SH   SOLE NONE 0 0 248,650
BERKSHIRE HATHAWAY A COM 084670108 435 2 SH   SOLE NONE 0 0 2
BERKSHIRE HATHAWAY B COM 084670702 248,199 1,719,780 SH   SOLE NONE 1,609,800 0 109,980
CERVECERIAS UNIDAS ADR COM 204429104 1,246 60,000 SH   SOLE NONE 20,000 0 40,000
CHINA MOBILE ADR COM 16941M109 18,017 277,050 SH   SOLE NONE 197,700 0 79,350
CISCO SYSTEMS COM 17275R102 27,928 1,014,640 SH   SOLE NONE 627,000 0 387,640
CISCO SYSTEMS CALL COM 17275R902 3,578 1,300 SH Call SOLE NONE 0 0 0
COACH COM 189754104 40,139 968,830 SH   SOLE NONE 48,800 0 920,030
COCA-COLA COM 191216100 192,465 4,746,370 SH   SOLE NONE 3,868,500 0 877,870
COLGATE-PALMOLIVE COM 194162103 19,381 279,500 SH   SOLE NONE 19,000 0 260,500
CONOCOPHILLIPS COM 20825C104 11,518 185,000 SH   SOLE NONE 0 0 185,000
CREDICORP COM G2519Y108 1,160 8,250 SH   SOLE NONE 2,500 0 5,750
DEERE & CO. COM 244199105 316 3,600 SH   SOLE NONE 0 0 3,600
DEUTSCHE BANK COM D18190898 220 6,330 SH   SOLE NONE 0 0 6,330
DILLARDS COM 254067101 2,252 16,500 SH   SOLE NONE 11,000 0 5,500
DR REDDY'S LABORATORIES ADR COM 256135203 1,399 24,500 SH   SOLE NONE 8,000 0 16,500
EBAY COM 278642103 196,492 3,406,593 SH   SOLE NONE 1,621,138 0 1,785,455
EMC COM 268648102 15,308 598,890 SH   SOLE NONE 136,000 0 462,890
EMERSON ELECTRIC COM 291011104 228,765 4,040,350 SH   SOLE NONE 2,915,000 0 1,125,350
EXXON MOBIL COM 30231G102 26,585 312,760 SH   SOLE NONE 50,000 0 262,760
GENERAL MILLS COM 370334104 45,697 807,362 SH   SOLE NONE 807,362 0 0
GOLDCORP COM 380956409 272 15,000 SH   SOLE NONE 0 0 15,000
GOOGLE - CLASS A COM 38259P508 278,703 502,440 SH   SOLE NONE 373,100 0 129,340
GOOGLE - CLASS C COM 38259P706 1,918 3,500 SH   SOLE NONE 0 0 3,500
GRUPO PAO DE ACUCAR ADR COM 20440T201 1,193 40,000 SH   SOLE NONE 12,500 0 27,500
GRUPO SANTANDER MEXICO ADR COM 40053C105 1,174 107,500 SH   SOLE NONE 35,000 0 72,500
IBM COM 459200101 74,355 463,271 SH   SOLE NONE 30,000 0 433,271
INTEL COM 458140100 15,111 483,250 SH   SOLE NONE 213,100 0 270,150
INTL FLAVORS & FRAGRANCES COM 459506101 1,068 9,100 SH   SOLE NONE 0 0 9,100
JOHNSON & JOHNSON COM 478160104 294,141 2,923,870 SH   SOLE NONE 2,033,200 0 890,670
JOHNSON & JOHNSON CALL COM 478160904 2,656 264 SH Call SOLE NONE 0 0 0
KELLOGG COM 487836108 14,995 227,376 SH   SOLE NONE 0 0 227,376
L BRANDS COM 501797104 896 9,500 SH   SOLE NONE 0 0 9,500
MASTERCARD COM 57636Q104 84,631 979,644 SH   SOLE NONE 317,700 0 661,944
MASTERCARD CALL COM 57636Q904 2,592 300 SH Call SOLE NONE 0 0 0
MCDONALDS COM 580135101 43,700 448,480 SH   SOLE NONE 18,000 0 430,480
MEDTRONIC COM G5960L103 103,883 1,332,010 SH   SOLE NONE 364,400 0 967,610
MICHAEL KORS COM G60754101 324,853 4,940,730 SH   SOLE NONE 4,369,360 0 571,370
MICHAEL KORS HOLDINGS CALL COM G60754901 1,973 300 SH Call SOLE NONE 0 0 0
MICRON TECHNOLOGY COM 595112103 22,002 811,000 SH   SOLE NONE 439,800 0 371,200
MICROSOFT COM 594918104 354,156 8,711,265 SH   SOLE NONE 6,002,000 0 2,709,265
MICROSOFT CALL COM 594918904 4,066 1,000 SH Call SOLE NONE 0 0 0
MONDELEZ INT. COM 609207105 3,609 100,000 SH   SOLE NONE 0 0 100,000
NATIONAL OILWELL VARCO COM 637071101 27,659 553,300 SH   SOLE NONE 205,300 0 348,000
NETEASE ADR COM 64110W102 8,277 78,600 SH   SOLE NONE 40,600 0 38,000
NEWMONT MINING COM 651639106 14,246 656,180 SH   SOLE NONE 0 0 656,180
NUANCE COMMUNICATIONS COM 67020Y100 2,386 166,300 SH   SOLE NONE 81,300 0 85,000
OCCIDENTAL PETROLEUM COM 674599105 299 4,100 SH   SOLE NONE 0 0 4,100
ORACLE COM 68389X105 40,422 936,785 SH   SOLE NONE 221,500 0 715,285
PARKER HANNIFIN COM 701094104 297 2,500 SH   SOLE NONE 0 0 2,500
PEPSICO COM 713448108 76,105 795,910 SH   SOLE NONE 713,300 0 82,610
PFIZER COM 717081103 70,023 2,012,730 SH   SOLE NONE 738,700 0 1,274,030
PHILIP MORRIS INTL. COM 718172109 115,277 1,530,300 SH   SOLE NONE 1,159,000 0 371,300
PHILLIPS 66 COM 718546104 786 10,000 SH   SOLE NONE 0 0 10,000
POTASH CORP SASKATCHEWAN COM 73755L107 25,913 803,500 SH   SOLE NONE 0 0 803,500
PRICELINE GROUP COM 741503403 55,354 47,549 SH   SOLE NONE 12,530 0 35,019
PROCTER & GAMBLE COM 742718109 138,770 1,693,560 SH   SOLE NONE 1,419,300 0 274,260
QIAGEN COM N72482107 17,542 696,500 SH   SOLE NONE 82,000 0 614,500
QUALCOMM COM 747525103 240,289 3,465,375 SH   SOLE NONE 2,214,900 0 1,250,475
ROSS STORES COM 778296103 3,066 29,100 SH   SOLE NONE 8,000 0 21,100
SCHLUMBERGER COM 806857108 28,355 339,825 SH   SOLE NONE 56,000 0 283,825
SEAGATE TECHNOLOGY COM G7945M107 21,514 413,500 SH   SOLE NONE 30,000 0 383,500
STRYKER COM 863667101 16,909 183,300 SH   SOLE NONE 126,000 0 57,300
TAIWAN SEMICONDUCTOR ADR COM 874039100 2,501 106,500 SH   SOLE NONE 35,000 0 71,500
TERADATA CORP COM 88076W103 220 4,980 SH   SOLE NONE 0 0 4,980
THERMO FISHER SCIENTIFIC COM 883556102 5,069 37,730 SH   SOLE NONE 0 0 37,730
TJX COMPANIES COM 872540109 24,938 356,000 SH   SOLE NONE 0 0 356,000
ULTRAPAR ADR COM 90400P101 1,121 55,500 SH   SOLE NONE 18,000 0 37,500
UNION PACIFIC COM 907818108 21,126 195,050 SH   SOLE NONE 0 0 195,050
UNITED TECHNOLOGIES COM 913017109 179,390 1,530,635 SH   SOLE NONE 1,281,300 0 249,335
VERIZON COMMUNICATIONS COM 92343V104 14,454 297,229 SH   SOLE NONE 96,000 0 201,229
WAL-MART STORES COM 931142103 2,953 35,900 SH   SOLE NONE 0 0 35,900
WELLS FARGO COM 949746101 8,432 155,000 SH   SOLE NONE 0 0 155,000
WESTERN DIGITAL COM 958102105 10,498 115,350 SH   SOLE NONE 68,100 0 47,250
WESTERN UNION COM 959802109 22,694 1,090,530 SH   SOLE NONE 150,000 0 940,530
WW GRAINGER COM 384802104 696 2,950 SH   SOLE NONE 0 0 2,950
XEROX COM 984121103 15,699 1,221,710 SH   SOLE NONE 0 0 1,221,710
YAHOO! COM 984332106 12,664 284,999 SH   SOLE NONE 0 0 284,999
YANDEX COM N97284108 986 65,000 SH   SOLE NONE 20,000 0 45,000
YUM! BRANDS COM 988498101 1,004 12,750 SH   SOLE NONE 0 0 12,750
ZIMMER HOLDINGS COM 98956P102 7,639 65,000 SH   SOLE NONE 33,000 0 32,000
SPDR GOLD TRUST GOLD SHS 78463V107 3,410 30,000 SH   SOLE NONE 0 0 0
0,350% PRICELINE 15.06.2020 NOTE 741503AS5 28,012 24,500,000 PRN   SOLE NONE 0 0 0
0,500% SANDISK 15.10.2020 NOTE 80004CAF8 3,021 3,000,000 PRN   SOLE NONE 0 0 0
0,500% TOLL BROTHERS 15.09.2032 NOTE 88947EAM2 6,344 6,000,000 PRN   SOLE NONE 0 0 0
0,625% JDS UNIPHASE 15.08.2033 NOTE 46612JAF8 6,207 6,000,000 PRN   SOLE NONE 0 0 0
1,000% SINA 01.12.2018 NOTE 82922RAD5 4,103 4,500,000 PRN   SOLE NONE 0 0 0
1,125% YANDEX 15.12.2018 NOTE 98474TAB3 3,315 4,000,000 PRN   SOLE NONE 0 0 0
1,375% LIBERTY MEDIA 15.10.2023 NOTE 531229AB8 10,091 10,000,000 PRN   SOLE NONE 0 0 0
2,950% INTEL 15.12.2035 NOTE 458140AD2 4,405 3,500,000 PRN   SOLE NONE 0 0 0
3,000% MICRON TECHNOLOGY 15.11.2043 NOTE 595112AY9 5,599 5,000,000 PRN   SOLE NONE 0 0 0
7,500% WELLS FARGO 15.12.2049 NOTE 949746804 1,220 1,000 PRN   SOLE NONE 0 0 0