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
ACM RESEARCH INC COM CL A 00108J109 78,167 1,131,216 SH   DFND   0 1,131,216 0
AGORA INC ADS 00851L103 529 12,303 SH   DFND   0 12,303 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 71,877 244,497 SH   DFND   0 244,497 0
AMBEV SA SPONSORED ADR 02319V103 5,853 2,589,696 SH   DFND   0 2,589,696 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 916 223,376 SH   DFND   0 223,376 0
ARGENX SE SPONSORED ADR 04016X101 11,695 44,550 SH   DFND   0 44,550 0
BAIDU INC SPON ADR REP A 056752108 8,884 70,177 SH   DFND   0 70,177 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 9,852 2,872,192 SH   DFND   0 2,872,192 0
BAOZUN INC SPONSORED ADR 06684L103 8,015 246,681 SH   DFND   0 246,681 0
BEIGENE LTD SPONSORED ADR 07725L102 27,017 94,321 SH   DFND   0 94,321 0
BRIGHT SCHOLAR ED HLDGS LTD SPONSORED ADS 109199109 30,011 4,696,558 SH   DFND   0 4,696,558 0
CHINA ONLINE ED GROUP SPONSORED ADR 16954L105 4,769 250,101 SH   DFND   0 250,101 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 8,824 127,108 SH   DFND   0 127,108 0
DADA NEXUS LTD ADS 23344D108 6,842 258,494 SH   DFND   0 258,494 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 3,747 66,678 SH   DFND   0 66,678 0
FUTU HLDGS LTD SPON ADS CL A 36118L106 564 19,700 SH   DFND   0 19,700 0
GDS HLDGS LTD SPONSORED ADS 36165L108 37,516 458,464 SH   DFND   0 458,464 0
GENETRON HLDGS LTD ADS 37186H100 574 48,090 SH   DFND   0 48,090 0
GRAFTECH INTL LTD COM 384313508 25,102 3,669,934 SH   DFND   0 3,669,934 0
GRAFTECH INTL LTD COM 384313508 499 73,000 SH Call DFND   0 73,000 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 8,768 1,418,749 SH   DFND   0 1,418,749 0
HDFC BANK LTD SPONSORED ADS 40415F101 12,339 246,976 SH   DFND   0 246,976 0
HUYA INC ADS REP SHS A 44852D108 11,566 482,917 SH   DFND   0 482,917 0
I MAB SPONSORED ADS 44975P103 4,767 101,353 SH   DFND   0 101,353 0
ICICI BANK LIMITED ADR 45104G104 11,384 1,158,089 SH   DFND   0 1,158,089 0
INVESCO QQQ TR UNIT SER 1 46090E103 31,258 112,500 SH Put DFND   0 112,500 0
IPG PHOTONICS CORP COM 44980X109 10,233 60,206 SH   DFND   0 60,206 0
JD.COM INC SPON ADR CL A 47215P106 8,572 110,446 SH   DFND   0 110,446 0
KE HLDGS INC SPONSORED ADS 482497104 53,033 865,135 SH   DFND   0 865,135 0
LI AUTO INC SPONSORED ADS 50202M102 8,548 491,550 SH   DFND   0 491,550 0
NETEASE INC SPONSORED ADS 64110W102 2,694 5,925 SH   DFND   0 5,925 0
NEW ORIENTAL ED & TECHNOLOGY SPON ADR 647581107 5,015 33,542 SH   DFND   0 33,542 0
ONESMART INTL ED GROUP LTD SPONSORED ADS 68276W103 14,588 3,249,002 SH   DFND   0 3,249,002 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 5,654 794,157 SH   DFND   0 794,157 0
SEA LTD SPONSORD ADS 81141R100 16,020 103,996 SH   DFND   0 103,996 0
SECOO HLDG LTD ADR 81367P101 8,591 3,217,483 SH   DFND   0 3,217,483 0
TELEFONICA BRASIL SA SPONSORED ADR 87936R106 5,986 780,437 SH   DFND   0 780,437 0
TRIP COM GROUP LTD ADS 89677Q107 6,932 222,600 SH   DFND   0 222,600 0
UNITY SOFTWARE INC COM 91332U101 1,247 14,293 SH   DFND   0 14,293 0
VALE S A SPONSORED ADS 91912E105 4,572 432,160 SH   DFND   0 432,160 0
VIPSHOP HOLDINGS LIMITED SPONSORED ADS A 92763W103 18,153 1,160,662 SH   DFND   0 1,160,662 0
YUM CHINA HLDGS INC COM 98850P109 37,175 702,080 SH   DFND   0 702,080 0
ZAI LAB LTD ADR 98887Q104 48,130 578,692 SH   DFND   0 578,692 0