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 57,442 711,010 SH   DFND   0 711,010 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 60,240 265,689 SH   DFND   0 265,689 0
AMBEV SA SPONSORED ADR 02319V103 4,998 1,823,992 SH   DFND   0 1,823,992 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 1,449 284,687 SH   DFND   0 284,687 0
ARGENX SE SPONSORED ADR 04016X101 9,675 35,132 SH   DFND   0 35,132 0
BAIDU INC SPON ADR REP A 056752108 11,962 54,983 SH   DFND   0 54,983 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 9,514 2,024,210 SH   DFND   0 2,024,210 0
BAOZUN INC SPONSORED ADR 06684L103 5,700 149,462 SH   DFND   0 149,462 0
BEIGENE LTD SPONSORED ADR 07725L102 21,177 60,840 SH   DFND   0 60,840 0
BILIBILI INC SPONS ADS REP Z 090040106 4,908 45,847 SH   DFND   0 45,847 0
BRIGHT SCHOLAR ED HLDGS LTD SPONSORED ADS 109199109 27,428 4,728,946 SH   DFND   0 4,728,946 0
BURNING ROCK BIOTECH LTD SPONSORED ADS 12233L107 3,805 141,350 SH   DFND   0 141,350 0
CANAAN INC SPONSORED ADS 134748102 4,769 230,736 SH   DFND   0 230,736 0
COMPANHIA BRASILEIRA DE DIST SPONSORED ADR 20440T300 6,422 1,103,386 SH   DFND   0 1,103,386 0
COUPANG INC CL A 22266T109 6,268 127,020 SH   DFND   0 127,020 0
DADA NEXUS LTD ADS 23344D108 6,680 246,139 SH   DFND   0 246,139 0
EHANG HLDGS LTD ADS 26853E102 986 26,633 SH   DFND   0 26,633 0
FUTU HLDGS LTD SPON ADS CL A 36118L106 10,078 63,453 SH   DFND   0 63,453 0
GDS HLDGS LTD SPONSORED ADS 36165L108 30,789 379,690 SH   DFND   0 379,690 0
GENETRON HLDGS LTD ADS 37186H100 7,008 326,575 SH   DFND   0 326,575 0
GRACELL BIOTECHNOLOGIES INC SPONSORED ADS 38406L103 1,329 86,315 SH   DFND   0 86,315 0
GRAFTECH INTL LTD COM 384313508 31,451 2,571,603 SH   DFND   0 2,571,603 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 8,232 929,134 SH   DFND   0 929,134 0
GSX TECHEDU INC SPONSORED ADS 36257Y109 2,236 66,000 SH   DFND   0 66,000 0
HDFC BANK LTD SPONSORED ADS 40415F101 14,830 190,881 SH   DFND   0 190,881 0
HUTCHISON CHINA MEDITECH LTD SPONSORED ADR 44842L103 581 20,553 SH   DFND   0 20,553 0
I MAB SPONSORED ADS 44975P103 24,041 495,989 SH   DFND   0 495,989 0
ICICI BANK LIMITED ADR 45104G104 14,654 914,152 SH   DFND   0 914,152 0
JD.COM INC SPON ADR CL A 47215P106 9,062 107,459 SH   DFND   0 107,459 0
KE HLDGS INC SPONSORED ADS 482497104 22,598 396,588 SH   DFND   0 396,588 0
LI AUTO INC SPONSORED ADS 50202M102 4,774 190,950 SH   DFND   0 190,950 0
LUMENTUM HLDGS INC COM 55024U109 13,816 151,241 SH   DFND   0 151,241 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 12,802 1,509,688 SH   DFND   0 1,509,688 0
RLX TECHNOLOGY INC SPONSORED ADS 74969N103 13,789 1,330,969 SH   DFND   0 1,330,969 0
SEA LTD SPONSORD ADS 81141R100 13,132 58,826 SH   DFND   0 58,826 0
SECOO HLDG LTD ADR 81367P101 1,790 707,366 SH   DFND   0 707,366 0
SENDAS DISTRIBUIDORA S A SPON ADS 81689T104 5,351 411,628 SH   DFND   0 411,628 0
TELEFONICA BRASIL SA NEW ADR 87936R205 5,113 649,667 SH   DFND   0 649,667 0
TRIP COM GROUP LTD ADS 89677Q107 9,831 248,066 SH   DFND   0 248,066 0
YALLA GROUP LTD ADS 98459U103 4,847 193,800 SH   DFND   0 193,800 0
YATSEN HLDG LTD ADS 985194109 2,551 206,589 SH   DFND   0 206,589 0
YUM CHINA HLDGS INC COM 98850P109 20,090 339,307 SH   DFND   0 339,307 0
ZAI LAB LTD ADR 98887Q104 51,148 383,331 SH   DFND   0 383,331 0