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 125,206 811,445 SH   SOLE NONE 663,240 0 148,205
ABBOTT LABORATORIES COM 002824100 111,442 2,270,610 SH   SOLE NONE 1,844,000 0 426,610
ABBVIE COM 00287Y109 6,417 95,500 SH   SOLE NONE 0 0 95,500
AMBEV ADR COM 02319V103 36,225 5,938,500 SH   SOLE NONE 1,020,000 0 4,918,500
AMGEN COM 031162100 166,519 1,084,670 SH   SOLE NONE 833,900 0 250,770
APPLE COM 037833100 136,659 1,089,568 SH   SOLE NONE 886,238 0 203,330
AT & T COM 00206R102 254 7,150 SH   SOLE NONE 0 0 7,150
BAIDU ADR COM 056752108 35,154 176,580 SH   SOLE NONE 9,500 0 167,080
BARRICK GOLD COM 067901108 27,458 2,575,640 SH   SOLE NONE 750,000 0 1,825,640
BAXTER INTERNATIONAL COM 071813109 2,868 75,500 SH   SOLE NONE 0 0 75,500
BERKSHIRE HATHAWAY A COM 084670108 410 2 SH   SOLE NONE 0 0 2
BERKSHIRE HATHAWAY B COM 084670702 343,166 2,521,240 SH   SOLE NONE 2,364,600 0 156,640
CERVECERIAS UNIDAS ADR COM 204429104 1,207 57,000 SH   SOLE NONE 20,000 0 37,000
CHINA MOBILE ADR COM 16941M109 22,383 349,250 SH   SOLE NONE 236,400 0 112,850
CISCO SYSTEMS COM 17275R102 48,319 1,759,610 SH   SOLE NONE 1,017,200 0 742,410
CISCO SYSTEMS CALL COM 17275R902 3,570 1,300 SH Call SOLE NONE 0 0 0
COACH COM 189754104 37,565 1,085,380 SH   SOLE NONE 48,800 0 1,036,580
COCA-COLA COM 191216100 479,661 12,226,890 SH   SOLE NONE 10,631,600 0 1,595,290
COLGATE-PALMOLIVE COM 194162103 25,976 397,120 SH   SOLE NONE 24,000 0 373,120
CONOCOPHILLIPS COM 20825C104 11,361 185,000 SH   SOLE NONE 0 0 185,000
CREDICORP COM G2519Y108 1,007 7,250 SH   SOLE NONE 2,500 0 4,750
DANAHER COM 235851102 47,965 560,407 SH   SOLE NONE 466,277 0 94,130
DEERE & CO. COM 244199105 349 3,600 SH   SOLE NONE 0 0 3,600
DIAMOND OFFSH. DRILLING COM 25271C102 516 20,000 SH   SOLE NONE 20,000 0 0
DILLARDS COM 254067101 13,459 127,950 SH   SOLE NONE 122,300 0 5,650
DR REDDY'S LABORATORIES ADR COM 256135203 1,272 23,000 SH   SOLE NONE 8,000 0 15,000
EBAY COM 278642103 120,266 1,996,445 SH   SOLE NONE 110,500 0 1,885,945
EMC COM 268648102 14,902 564,690 SH   SOLE NONE 136,000 0 428,690
EMERSON ELECTRIC COM 291011104 126,616 2,284,250 SH   SOLE NONE 2,032,000 0 252,250
EXXON MOBIL COM 30231G102 28,085 337,560 SH   SOLE NONE 50,000 0 287,560
GOLDCORP COM 380956409 366 22,600 SH   SOLE NONE 0 0 22,600
GOOGLE - CLASS A COM 38259P508 289,451 535,980 SH   SOLE NONE 380,500 0 155,480
GOOGLE - CLASS C COM 38259P706 1,823 3,502 SH   SOLE NONE 0 0 3,502
GRUPO PAO DE ACUCAR ADR COM 20440T201 899 38,000 SH   SOLE NONE 12,500 0 25,500
GRUPO SANTANDER MEXICO ADR COM 40053C105 1,121 122,500 SH   SOLE NONE 42,500 0 80,000
HONEYWELL INTERNATIONAL COM 438516106 5,099 50,000 SH   SOLE NONE 0 0 50,000
IBM COM 459200101 85,689 526,801 SH   SOLE NONE 32,000 0 494,801
INTEL COM 458140100 9,950 327,150 SH   SOLE NONE 0 0 327,150
INTL FLAVORS & FRAGRANCES COM 459506101 820 7,500 SH   SOLE NONE 0 0 7,500
JOHNSON & JOHNSON COM 478160104 323,125 3,315,460 SH   SOLE NONE 2,256,400 0 1,059,060
JOHNSON & JOHNSON CALL COM 478160904 7,797 800 SH Call SOLE NONE 0 0 0
KELLOGG COM 487836108 16,426 261,976 SH   SOLE NONE 0 0 261,976
L BRANDS COM 501797104 814 9,500 SH   SOLE NONE 0 0 9,500
LIBERTY INTERACTIVE A COM 53071M104 7,132 257,000 SH   SOLE NONE 30,000 0 227,000
MASTERCARD COM 57636Q104 121,724 1,302,144 SH   SOLE NONE 329,000 0 973,144
MASTERCARD CALL COM 57636Q904 2,804 300 SH Call SOLE NONE 0 0 0
MCDONALDS COM 580135101 18,570 195,330 SH   SOLE NONE 0 0 195,330
MEDTRONIC COM G5960L103 116,084 1,566,590 SH   SOLE NONE 443,200 0 1,123,390
MICHAEL KORS COM G60754101 324,755 7,715,720 SH   SOLE NONE 6,742,600 0 973,120
MICHAEL KORS HOLDINGS CALL COM G60754901 1,263 300 SH Call SOLE NONE 0 0 0
MICRON TECHNOLOGY COM 595112103 19,335 1,026,300 SH   SOLE NONE 395,300 0 631,000
MICROSOFT COM 594918104 375,370 8,502,149 SH   SOLE NONE 5,445,924 0 3,056,225
MICROSOFT CALL COM 594918904 4,415 1,000 SH Call SOLE NONE 0 0 0
MONDELEZ INT. COM 609207105 4,114 100,000 SH   SOLE NONE 0 0 100,000
NATIONAL OILWELL VARCO COM 637071101 30,366 628,950 SH   SOLE NONE 212,500 0 416,450
NETEASE ADR COM 64110W102 5,635 38,900 SH   SOLE NONE 15,000 0 23,900
NEWMONT MINING COM 651639106 15,230 651,950 SH   SOLE NONE 0 0 651,950
OCCIDENTAL PETROLEUM COM 674599105 319 4,100 SH   SOLE NONE 0 0 4,100
ORACLE COM 68389X105 42,996 1,066,905 SH   SOLE NONE 305,300 0 761,605
PARKER HANNIFIN COM 701094104 291 2,500 SH   SOLE NONE 0 0 2,500
PEPSICO COM 713448108 75,697 810,980 SH   SOLE NONE 726,000 0 84,980
PFIZER COM 717081103 64,910 1,935,880 SH   SOLE NONE 733,200 0 1,202,680
PHILIP MORRIS INTL. COM 718172109 158,121 1,972,318 SH   SOLE NONE 1,556,338 0 415,980
PHILLIPS 66 COM 718546104 806 10,000 SH   SOLE NONE 0 0 10,000
POTASH CORP SASKATCHEWAN COM 73755L107 25,070 809,500 SH   SOLE NONE 0 0 809,500
PRICELINE GROUP COM 741503403 88,919 77,229 SH   SOLE NONE 16,600 0 60,629
PROCTER & GAMBLE COM 742718109 200,142 2,558,058 SH   SOLE NONE 2,207,593 0 350,465
QIAGEN COM N72482107 16,174 658,500 SH   SOLE NONE 82,000 0 576,500
QUALCOMM COM 747525103 275,946 4,405,965 SH   SOLE NONE 2,932,500 0 1,473,465
ROSS STORES COM 778296103 2,596 53,400 SH   SOLE NONE 16,000 0 37,400
SCHLUMBERGER COM 806857108 14,023 162,700 SH   SOLE NONE 56,000 0 106,700
SEAGATE TECHNOLOGY COM G7945M107 21,660 456,000 SH   SOLE NONE 30,000 0 426,000
STRYKER COM 863667101 20,624 215,800 SH   SOLE NONE 126,000 0 89,800
TAIWAN SEMICONDUCTOR ADR COM 874039100 2,385 105,000 SH   SOLE NONE 37,000 0 68,000
THERMO FISHER SCIENTIFIC COM 883556102 5,408 41,680 SH   SOLE NONE 0 0 41,680
TJX COMPANIES COM 872540109 29,892 451,750 SH   SOLE NONE 0 0 451,750
ULTRAPAR ADR COM 90400P101 872 41,500 SH   SOLE NONE 14,000 0 27,500
UNION PACIFIC COM 907818108 29,293 307,150 SH   SOLE NONE 0 0 307,150
UNITED TECHNOLOGIES COM 913017109 171,089 1,542,312 SH   SOLE NONE 1,270,000 0 272,312
VERIZON COMMUNICATIONS COM 92343V104 16,322 350,179 SH   SOLE NONE 91,000 0 259,179
WAL-MART STORES COM 931142103 2,617 36,900 SH   SOLE NONE 0 0 36,900
WELLS FARGO COM 949746101 10,967 195,000 SH   SOLE NONE 0 0 195,000
WESTERN DIGITAL COM 958102105 9,222 117,600 SH   SOLE NONE 76,900 0 40,700
WESTERN UNION COM 959802109 1,738 85,500 SH   SOLE NONE 0 0 85,500
WW GRAINGER COM 384802104 840 3,550 SH   SOLE NONE 0 0 3,550
XEROX COM 984121103 12,925 1,214,710 SH   SOLE NONE 0 0 1,214,710
YAHOO! COM 984332106 10,671 271,599 SH   SOLE NONE 0 0 271,599
YANDEX COM N97284108 868 57,000 SH   SOLE NONE 20,000 0 37,000
YUM! BRANDS COM 988498101 1,149 12,750 SH   SOLE NONE 0 0 12,750
ZIMMER BIOMET HOLDINGS COM 98956P102 9,186 84,100 SH   SOLE NONE 33,000 0 51,100
SPDR GOLD TRUST GOLD SHS 78463V107 3,371 30,000 SH   SOLE NONE 0 0 0
0,350% PRICELINE 15.06.2020 NOTE 741503AS5 27,368 24,500,000 PRN   SOLE NONE 0 0 0
0,500% CITRIX SYSTEMS 15.04.2019 NOTE 177376AD2 4,237 4,000,000 PRN   SOLE NONE 0 0 0
0,500% SANDISK 15.10.2020 NOTE 80004CAF8 3,890 4,000,000 PRN   SOLE NONE 0 0 0
0,500% TOLL BROTHERS 15.09.2032 NOTE 88947EAM2 6,268 6,000,000 PRN   SOLE NONE 0 0 0
0,625% JDS UNIPHASE 15.08.2033 NOTE 46612JAF8 5,879 6,000,000 PRN   SOLE NONE 0 0 0
1,000% NVIDIA 01.12.2018 NOTE 67066GAC8 2,303 2,000,000 PRN   SOLE NONE 0 0 0
1,000% SINA 01.12.2018 NOTE 82922RAD5 4,295 4,500,000 PRN   SOLE NONE 0 0 0
1,125% YANDEX 15.12.2018 NOTE 98474TAB3 3,461 4,000,000 PRN   SOLE NONE 0 0 0
1,375% LIBERTY MEDIA 15.10.2023 NOTE 531229AB8 9,514 10,000,000 PRN   SOLE NONE 0 0 0
2,950% INTEL 15.12.2035 NOTE 458140AD2 6,624 5,500,000 PRN   SOLE NONE 0 0 0
3,000% MICRON TECHNOLOGY 15.11.2043 NOTE 595112AY9 4,557 5,000,000 PRN   SOLE NONE 0 0 0
7,500% WELLS FARGO 15.12.2049 NOTE 949746804 1,175 1,000 PRN   SOLE NONE 0 0 0