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 64,447 793,199 SH   DFND   0 793,199 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 65,173 280,037 SH   DFND   0 280,037 0
AMBEV SA SPONSORED ADR 02319V103 9,152 2,990,876 SH   DFND   0 2,990,876 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 1,432 284,687 SH   DFND   0 284,687 0
ARGENX SE SPONSORED ADR 04016X101 8,159 27,742 SH   DFND   0 27,742 0
BAIDU INC SPON ADR REP A 056752108 10,303 47,647 SH   DFND   0 47,647 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 15,051 2,861,447 SH   DFND   0 2,861,447 0
BAOZUN INC SPONSORED ADR 06684L103 7,525 219,081 SH   DFND   0 219,081 0
BEIGENE LTD SPONSORED ADR 07725L102 26,863 103,963 SH   DFND   0 103,963 0
BRIGHT SCHOLAR ED HLDGS LTD SPONSORED ADS 109199109 27,928 4,848,659 SH   DFND   0 4,848,659 0
BURNING ROCK BIOTECH LTD SPONSORED ADS 12233L107 3,340 144,580 SH   DFND   0 144,580 0
CHINA ONLINE ED GROUP SPONSORED ADR 16954L105 4,023 148,391 SH   DFND   0 148,391 0
COGNIZANT TECHNOLOGY SOLUTIO CL A 192446102 2,731 33,320 SH   DFND   0 33,320 0
COMPANHIA BRASILEIRA DE DIST SPONSORED ADR 20440T300 4,768 332,969 SH   DFND   0 332,969 0
DADA NEXUS LTD ADS 23344D108 8,064 220,928 SH   DFND   0 220,928 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 4,255 56,163 SH   DFND   0 56,163 0
FUTU HLDGS LTD SPON ADS CL A 36118L106 3,935 86,000 SH   DFND   0 86,000 0
GDS HLDGS LTD SPONSORED ADS 36165L108 42,301 451,741 SH   DFND   0 451,741 0
GENETRON HLDGS LTD ADS 37186H100 2,494 178,175 SH   DFND   0 178,175 0
GERDAU SA SPON ADR REP PFD 373737105 6,832 1,463,040 SH   DFND   0 1,463,040 0
GRAFTECH INTL LTD COM 384313508 29,749 2,790,710 SH   DFND   0 2,790,710 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 9,947 1,207,162 SH   DFND   0 1,207,162 0
HDFC BANK LTD SPONSORED ADS 40415F101 13,139 181,836 SH   DFND   0 181,836 0
I MAB SPONSORED ADS 44975P103 6,249 132,536 SH   DFND   0 132,536 0
ICICI BANK LIMITED ADR 45104G104 26,477 1,781,787 SH   DFND   0 1,781,787 0
INVESCO QQQ TR UNIT SER 1 46090E103 2,196 7,000 SH Put DFND   0 7,000 0
JD.COM INC SPON ADR CL A 47215P106 7,523 85,588 SH   DFND   0 85,588 0
KE HLDGS INC SPONSORED ADS 482497104 55,812 906,929 SH   DFND   0 906,929 0
LI AUTO INC SPONSORED ADS 50202M102 4,764 165,250 SH   DFND   0 165,250 0
LUMENTUM HLDGS INC COM 55024U109 7,330 77,321 SH   DFND   0 77,321 0
ONESMART INTL ED GROUP LTD SPONSORED ADS 68276W103 9,798 2,578,344 SH   DFND   0 2,578,344 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 10,687 951,639 SH   DFND   0 951,639 0
SEA LTD SPONSORD ADS 81141R100 13,230 66,467 SH   DFND   0 66,467 0
SECOO HLDG LTD ADR 81367P101 6,529 2,838,574 SH   DFND   0 2,838,574 0
TELEFONICA BRASIL SA NEW ADR 87936R205 8,231 930,038 SH   DFND   0 930,038 0
TRIP COM GROUP LTD ADS 89677Q107 8,252 244,662 SH   DFND   0 244,662 0
VALE S A SPONSORED ADS 91912E105 741 44,218 SH   DFND   0 44,218 0
VIPSHOP HOLDINGS LIMITED SPONSORED ADS A 92763W103 10,816 384,774 SH   DFND   0 384,774 0
XP INC CL A G98239109 1,288 32,467 SH   DFND   0 32,467 0
YATSEN HLDG LTD ADS 985194109 3,720 218,800 SH   DFND   0 218,800 0
YUM CHINA HLDGS INC COM 98850P109 28,278 495,321 SH   DFND   0 495,321 0
ZAI LAB LTD ADR 98887Q104 61,714 455,990 SH   DFND   0 455,990 0