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
ARCOS DORADADOS HOLDINGS INC SHS CLASS A G0457F107 4,549 375,305 SH   DFND 1 0 375,305 0
BAIDU INC SPON ADR REP A 056752108 32,552 183,000 SH   DFND 1 0 183,000 0
CEMEX SAB DE CV SPON ADR NEW 151290889 8,457 714,876 SH   DFND 1 0 714,876 0
COMPANHIA ENERGETICA DE MINA SP ADR N-V PFD 204409601 3,199 536,920 SH   DFND 1 0 536,920 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 5,060 113,277 SH   DFND 1 0 113,277 0
CONTROLADORA VUELA CIA DE AV SPON ADR RP10 21240E105 81 6,000 SH   DFND 1 0 6,000 0
COSAN LTD SHS A G25343107 6,332 461,480 SH   DFND 1 0 461,480 0
E TRADE FINANCIAL CORP COM NEW 269246401 15,712 800,000 SH   DFND 1 0 800,000 0
ISHARES MSCI EAFE ETF 464287465 118,087 1,760,000 SH Call DFND 1 0 1,760,000 0
E HOUSE CHINA HLDGS LTD ADR 26852W103 13,284 880,900 SH   DFND 1 0 880,900 0
EMBRAER S A SP ADR REP 4 COM 29082A107 6,598 205,034 SH   DFND 1 0 205,034 0
EROS INTL PLC SHS NEW G3788M114 8,425 758,324 SH   DFND 1 0 758,324 0
ISHARES MSCI BRZ CAP ETF 464286400 447 10,000 SH Call DFND 1 0 10,000 0
ISHARES MSCI BRZ CAP ETF 464286400 6,255 140,000 SH Put DFND 1 0 140,000 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 6,831 69,800 SH   DFND 1 0 69,800 0
ISHARES CHINA LG-CAP ETF 464287184 1,266 33,000 SH Call DFND 1 0 33,000 0
GAFISA S A SPONS ADR 362607301 122 39,000 SH   DFND 1 0 39,000 0
GRAHAM HLDGS CO COM 384637104 11,759 17,727 SH   DFND 1 0 17,727 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 8,034 265,500 SH   DFND 1 0 265,500 0
GRUPO FINANCIERO SANTANDER M SPON ADR SHS B 40053C105 6,498 476,377 SH   DFND 1 0 476,377 0
HDFC BANK LTD ADR REPS 3 SHS 40415F101 27,552 800,000 SH   DFND 1 0 800,000 0
HESS CORP COM 42809H107 16,507 198,884 SH   DFND 1 0 198,884 0
INTEL CORP COM 458140100 39,593 1,525,430 SH   DFND 1 0 1,525,430 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 6,025 443,971 SH   DFND 1 0 443,971 0
MELCO CROWN ENTMT LTD ADR 585464100 43,142 1,100,000 SH   DFND 1 0 1,100,000 0
NETEASE INC SPONSORED ADR 64110W102 4,598 58,500 SH   DFND 1 0 58,500 0
NUSTAR ENERGY LP UNIT COM 67058H102 25,495 500,000 SH   DFND 1 0 500,000 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 6,920 502,200 SH   DFND 1 0 502,200 0
ROCKWOOD HLDGS INC COM 774415103 10,932 152,000 SH   DFND 1 0 152,000 0
SINA CORP(SINA) ORD G81477104 35,807 425,000 SH Call DFND 1 0 425,000 0
SINA CORP(SINA) ORD G81477104 131,874 1,565,267 SH   DFND 1 0 1,565,267 0
SK TELECOM LTD SPONSORED ADR 78440P108 17,814 723,545 SH   DFND 1 0 723,545 0
SPRINT CORP COM SER 1 85207U105 24,192 2,250,421 SH   DFND 1 0 2,250,421 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 18,469 100,000 SH Put DFND 1 0 100,000 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 168,992 915,000 SH Call DFND 1 0 915,000 0
SUNEDISON INC COM 86732Y109 146,771 11,246,805 SH   DFND 1 0 11,246,805 0
TAIWAN SEMICONDUCTOR MFG LTF SPONSORED ADR 874039100 9,018 517,100 SH   DFND 1 0 517,100 0
TATA MTRS LTD SPONSORED ADR 876568502 2,033 66,000 SH   DFND 1 0 66,000 0
P T TELEKOMUNIKASI INDONESIA SPONSORED ADR 715684106 5,955 166,100 SH   DFND 1 0 166,100 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 198 11,500 SH Call DFND 1 0 11,500 0
TURQUOISE HILL RES LTD COM 900435108 5,476 1,659,500 SH   DFND 1 0 1,659,500 0
YOUKU TUDOU INC SPONSORED ADR 98742U100 24,174 797,835 SH   DFND 1 0 797,835 0
YUM BRANDS INC COM 988498101 26,464 350,000 SH   DFND 1 0 350,000 0