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
58 COM INC SPON ADR REP A 31680Q104 1,933 42,127 SH   SOLE   42,127 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 38,809 487,976 SH   SOLE   487,976 0 0
AMBEV SA SPONSORED ADR 02319V103 350 59,200 SH   SOLE   59,200 0 0
AMERICA MOVIL SAB DE CV SPON ADR L SHS 02364W105 10,923 890,923 SH   SOLE   890,923 0 0
ANTERO RES CORP COM 03674X106 1,723 66,304 SH   SOLE   66,304 0 0
AUTONATION INC COM 05329W102 2,349 50,000 SH Put SOLE   50,000 0 0
BAIDU INC SPON ADR REP A 056752108 21,497 130,166 SH   SOLE   130,166 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 541 69,249 SH   SOLE   69,249 0 0
BANCO SANTANDER CHILE NEW SP ADR REP COM 05965X109 252 12,987 SH   SOLE   12,987 0 0
BARCLAYS BK PLC IPMS INDIA ETN 06739F291 4,828 74,213 SH   SOLE   74,213 0 0
BARCLAYS BK PLC IPATH S&P500 VIX 06742E711 13,800 1,000,000 SH Put SOLE   1,000,000 0 0
BRF SA SPONSORED ADR 10552T107 141 10,148 SH   SOLE   10,148 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 3,582 580,614 SH   SOLE   580,614 0 0
CHINA BIOLOGIC PRODS INC COM 16938C106 4,285 40,300 SH   SOLE   40,300 0 0
CHINA LIFE INS CO LTD SPON ADR REP H 16939P106 1,310 121,713 SH   SOLE   121,713 0 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 4,894 84,525 SH   SOLE   84,525 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 1,370 16,513 SH   SOLE   16,513 0 0
COMPANIA DE MINAS BUENAVENTU SPONSORED ADR 204448104 1,974 165,159 SH   SOLE   165,159 0 0
CONCHO RES INC COM 20605P101 502 4,213 SH   SOLE   4,213 0 0
CREDICORP LTD COM G2519Y108 10,829 70,171 SH   SOLE   70,171 0 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 6,707 162,785 SH   SOLE   162,785 0 0
DIREXION SHS ETF TR CSI300 CHINA1X 25459Y116 2,622 60,000 SH   SOLE   60,000 0 0
EMBRAER S A SP ADR REP 4 COM 29082A107 363 16,700 SH   SOLE   16,700 0 0
EMPRESA NACIONAL DE ELCTRCID SPONSORED ADR 29244T101 735 26,490 SH   SOLE   26,490 0 0
ENERSIS AMERICAS S A SPONSORED ADR 29274F104 786 91,652 SH   SOLE   91,652 0 0
EOG RES INC COM 26875P101 484 5,804 SH   SOLE   5,804 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 9,780 105,742 SH   SOLE   105,742 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 4,631 177,850 SH   SOLE   177,850 0 0
HESS CORP COM 42809H107 516 8,592 SH   SOLE   8,592 0 0
HOWARD HUGHES CORP COM 44267D107 37,840 331,000 SH   SOLE   331,000 0 0
INFOSYS LTD SPONSORED ADR 456788108 1,428 80,000 SH   SOLE   80,000 0 0
ISHARES MSCI STH KOR ETF 464286772 41,717 801,162 SH   SOLE   801,162 0 0
ISHARES MSCI MALAYSI ETF 464286830 2,470 297,940 SH   SOLE   297,940 0 0
ISHARES TR CHINA LG-CAP ETF 464287184 2,285 66,782 SH   SOLE   66,782 0 0
ISHARES TR CORE S&P500 ETF 464287200 25,682 121,889 SH   SOLE   121,889 0 0
ISHARES TR CORE S&P MCP ETF 464287507 8,976 60,086 SH   SOLE   60,086 0 0
ISHARES TR US HLTHCARE ETF 464287762 1,958 13,200 SH Call SOLE   13,200 0 0
ISHARES TR IBOXX HI YD ETF 464288513 122,253 1,443,540 SH   SOLE   1,443,540 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 662 70,096 SH   SOLE   70,096 0 0
JD COM INC SPON ADR CL A 47215P106 7,152 336,871 SH   SOLE   336,871 0 0
KB FINANCIAL GROUP INC SPONSORED ADR 48241A105 817 28,712 SH   SOLE   28,712 0 0
KT CORP SPONSORED ADR 48268K101 487 34,184 SH   SOLE   34,184 0 0
LATAM AIRLS GROUP S A SPONSORED ADR 51817R106 74 11,282 SH   SOLE   11,282 0 0
LENDINGCLUB CORP COM 52603A109 903 210,000 SH   SOLE   210,000 0 0
LG DISPLAY CO LTD SPONS ADR REP 50186V102 679 58,589 SH   SOLE   58,589 0 0
MOBILE TELESYSTEMS PJSC SPONSORED ADR 607409109 4,689 566,356 SH   SOLE   566,356 0 0
NETEASE INC SPONSORED ADR 64110W102 7,241 37,478 SH   SOLE   37,478 0 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 2,674 63,849 SH   SOLE   63,849 0 0
P T TELEKOMUNIKASI INDONESIA SPONSORED ADR 715684106 1,298 21,121 SH   SOLE   21,121 0 0
PHILIPPINE LONG DISTANCE TEL SPONSORED ADR 718252604 401 9,000 SH   SOLE   9,000 0 0
PIONEER NAT RES CO COM 723787107 472 3,124 SH   SOLE   3,124 0 0
POWERSHS DB MULTI SECT COMM PS DB AGRICUL FD 73936B408 4,444 201,338 SH   SOLE   201,338 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 2,927 40,065 SH   SOLE   40,065 0 0
QIHOO 360 TECHNOLOGY CO LTD NOTE 1.750% 8/1 74734MAF6 6,812 7,000,000 PRN   SOLE   7,000,000 0 0
QUNAR CAYMAN IS LTD SPNS ADR CL B 74906P104 497 16,682 SH   SOLE   16,682 0 0
SELECT SECTOR SPDR TR SBI INT-ENERGY 81369Y506 2,628 38,504 SH   SOLE   38,504 0 0
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y605 2,283 100,000 SH Put SOLE   100,000 0 0
SERVICE CORP INTL COM 817565104 541 20,000 SH   SOLE   20,000 0 0
SOCIEDAD QUIMICA MINERA DE C SPON ADR SER B 833635105 742 30,000 SH   SOLE   30,000 0 0
SOUFUN HLDGS LTD ADR 836034108 707 140,529 SH   SOLE   140,529 0 0
SOUTHERN COPPER CORP COM 84265V105 1,811 67,111 SH   SOLE   67,111 0 0
SPDR GOLD TRUST GOLD SHS 78463V107 1,322 10,450 SH   SOLE   10,450 0 0
SPDR SER TR SPDR RUSSEL 2000 78468R853 5,467 81,343 SH   SOLE   81,343 0 0
SUNRUN INC COM 86771W105 274 46,200 SH   SOLE   46,200 0 0
TAL ED GROUP ADS REPSTG COM 874080104 1,166 18,790 SH   SOLE   18,790 0 0
TATA MTRS LTD SPONSORED ADR 876568502 366 10,570 SH   SOLE   10,570 0 0
VANGUARD INTL EQUITY INDEX F FTSE EMR MKT ETF 922042858 5,229 148,461 SH   SOLE   148,461 0 0
VANGUARD SPECIALIZED PORTFOL DIV APP ETF 921908844 3,647 43,808 SH   SOLE   43,808 0 0
VANGUARD TAX MANAGED INTL FD FTSE DEV MKT ETF 921943858 13,159 372,136 SH   SOLE   372,136 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 1,676 150,000 SH   SOLE   150,000 0 0
VIPSHOP HLDGS LTD NOTE 1.500% 3/1 92763WAA1 33,405 34,000,000 PRN   SOLE   34,000,000 0 0
YY INC ADS REPCOM CLA 98426T106 432 12,753 SH   SOLE   12,753 0 0