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
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 112,422 973,354 SH   DFND 1 0 973,354 0
ANGLOGOLD ASHANTI LTD SPONSORED ADR 035128206 7,626 667,219 SH   DFND 1 0 667,219 0
BAIDU INC SPON ADR REP A 056752108 26,620 147,698 SH   DFND 1 0 147,698 0
BAOZUN INC SPONSORED ADR 06684L103 8,444 552,986 SH   DFND 1 0 552,986 0
CHINA BIOLOGIC PRODS INC COM 16938C106 33,341 282,550 SH   DFND 1 0 282,550 0
CHINA MOBILE LIMITED SPONSORED ADR 16941M109 17,764 333,152 SH   DFND 1 0 333,152 0
CHINA ONLINE ED GROUP SPONSORED ADR 16954L105 439 26,837 SH   DFND 1 0 26,837 0
COACH INC COM 189754104 40,114 1,018,382 SH   DFND 1 0 1,018,382 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 45,114 749,029 SH   DFND 1 0 749,029 0
COSAN LTD SHS A G25343107 8,172 1,062,666 SH   DFND 1 0 1,062,666 0
CTRIP COM INTL LTD AMERICAN DEP SHS 22943F100 23,233 459,965 SH   DFND 1 0 459,965 0
EHI CAR SVCS LTD SPON ADS CL A 26853A100 561 55,427 SH   DFND 1 0 55,427 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 17,497 194,326 SH   DFND 1 0 194,326 0
GERDAU S A SPON ADR REP PFD 373737105 9,562 3,135,193 SH   DFND 1 0 3,135,193 0
GRUPO SUPERVIELLE S A SPONSORED ADR 40054A108 595 35,005 SH   DFND 1 0 35,005 0
HERBALIFE LTD COM USD SHS G4412G101 51,817 819,115 SH   DFND 1 0 819,115 0
HERBALIFE LTD COM USD SHS G4412G101 29,169 461,100 SH Call DFND 1 0 461,100 0
HUTCHISON CHINA MEDITECH LTD SPONSORED ADR 44842L103 435 22,300 SH   DFND 1 0 22,300 0
ICICI BK LTD ADR 45104G104 15,181 1,771,403 SH   DFND 1 0 1,771,403 0
JAMBA INC COM NEW 47023A309 11,080 1,300,500 SH   DFND 1 0 1,300,500 0
MARVELL TECHNOLOGY GROUP LTD ORD G5876H105 7,510 500,000 SH   DFND 1 0 500,000 0
ISHARES TR MSCI EMG MKT ETF 464287234 1,803 45,000 SH Put DFND 1 0 45,000 0
NETEASE INC SPONSORED ADR 64110W102 6,729 25,356 SH   DFND 1 0 25,356 0
NEW ORIENTAL ED & TECH GRP I SPON ADR 647581107 13,553 210,000 SH   DFND 1 0 210,000 0
NEW YORK TIMES CO CL A 650111107 1,445 100,000 SH Call DFND 1 0 100,000 0
NVIDIA CORP COM 67066G104 11,473 110,000 SH   DFND 1 0 110,000 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 16,820 1,866,816 SH   DFND 1 0 1,866,816 0
QUALCOMM INC COM 747525103 8,061 150,000 SH   DFND 1 0 150,000 0
SEAWORLD ENTMT LTD COM 81282V100 9,270 528,824 SH   DFND 1 0 528,824 0
SPDR S&P 500 ETF TR TR UNIT 78462F103 130,468 548,000 SH Put DFND 1 0 548,000 0
SPDR GOLD TRUST GOLD SHS 78463V107 2,657 22,000 SH Call DFND 1 0 22,000 0
SVB FINL GROUP COM 78486Q101 1,408 8,000 SH Put DFND 1 0 8,000 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADR 874039100 3,593 108,634 SH   DFND 1 0 108,634 0
TATA MTRS LTD SPONSORED ADR 876568502 61,616 1,727,401 SH   DFND 1 0 1,727,401 0
VALEANT PHARMACEUTICALS INTL COM 91911K102 155 16,800 SH   DFND 1 0 16,800 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 15,974 1,151,669 SH   DFND 1 0 1,151,669 0
WEIGHT WATCHERS INTL INC NEW COM 948626106 5,005 239,684 SH   DFND 1 0 239,684 0
WORLD ACCEP CORP DEL COM 981419104 2,948 55,734 SH   DFND 1 0 55,734 0
ZTO EXPRESS CAYMAN INC SPONSORED ADR 98980A105 162 11,600 SH   DFND 1 0 11,600 0