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
AMBEV SA SPONSORED ADR 02319V103 2,646 375,900 SH   SOLE   375,900 0 0
AMERICAN AIRLS GROUP INC COM 02376R102 15,362 357,600 SH   SOLE   357,600 0 0
ANHEUSER BUSCH INBEV SA/NV SPONSORED ADR 03524A108 1,023 8,900 SH   SOLE   8,900 0 0
AVIANCA HLDGS SA SPON ADR REP PFD 05367G100 9,831 612,550 SH   SOLE   612,550 0 0
BANCO BRADESCO S A SP ADR PFD NEW 059460303 5,586 384,700 SH   SOLE   384,700 0 0
BANCO MACRO SA SPON ADR B 05961W105 16,402 455,245 SH   SOLE   455,245 0 0
BANCOLOMBIA S A SPON ADR PREF 05968L102 12,606 218,100 SH   SOLE   218,100 0 0
BRASKEM S A SP ADR PFD A 105532105 162 12,600 SH   SOLE   12,600 0 0
CEMENTOS PACASMAYO S A A SPON ADR REP 5 15126Q109 1,528 181,278 SH   SOLE   181,278 0 0
CEMEX SAB DE CV SPON ADR NEW 151290889 24,247 1,832,749 SH   SOLE   1,832,749 0 0
COPA HOLDINGS SA CL A P31076105 27,126 190,261 SH   SOLE   190,261 0 0
CREDICORP LTD COM G2519Y108 9,033 58,100 SH   SOLE   58,100 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 848 65,000 SH   SOLE   65,000 0 0
CROWN HOLDINGS INC COM 228368106 10,241 205,800 SH   SOLE   205,800 0 0
EMBRAER S A SP ADR REP 4 COM 29082A107 175 4,800 SH   SOLE   4,800 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 1,770 18,900 SH   SOLE   18,900 0 0
GRUPO FINANCIERO GALICIA S A SP ADR 10 SH B 399909100 30,583 2,087,555 SH   SOLE   2,087,555 0 0
GT ADVANCED TECHNOLOGIES INC COM 36191U106 27,599 1,483,800 SH   SOLE   1,483,800 0 0
IRSA INVERSIONES Y REP S A GLOBL DEP RCPT 450047204 511 31,200 SH   SOLE   31,200 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 2,854 198,500 SH   SOLE   198,500 0 0
KAPSTONE PAPER & PACKAGING C COM 48562P103 9,730 293,700 SH   SOLE   293,700 0 0
NXP SEMICONDUCTORS N V COM N6596X109 21,409 323,500 SH   SOLE   323,500 0 0
OCCIDENTAL PETE CORP DEL COM 674599105 6,045 58,900 SH   SOLE   58,900 0 0
PAMPA ENERGIA S A SPONS ADR LVL I 697660207 1,402 143,100 SH   SOLE   143,100 0 0
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 1,166 79,700 SH   SOLE   79,700 0 0
POWERSHARES ETF TRUST II SENIOR LN PORT 73936Q769 31,834 1,280,000 SH   SOLE   1,280,000 0 0
PRICESMART INC COM 741511109 13,042 149,844 SH   SOLE   149,844 0 0
QIHOO 360 TECHNOLOGY CO LTD ADS 74734M109 55,527 603,294 SH   SOLE   603,294 0 0
SOUTHERN COPPER CORP COM 84265V105 1,433 47,200 SH   SOLE   47,200 0 0
SUNEDISON INC COM 86732Y109 19,328 855,200 SH   SOLE   855,200 0 0
SUNPOWER CORP COM 867652406 16,445 401,300 SH   SOLE   401,300 0 0
TELECOM ARGENTINA S A SPON ADR REP B 879273209 6,803 288,869 SH   SOLE   288,869 0 0
VIPSHOP HLDGS LTD SPONSORED ADR 92763W103 32,460 172,900 SH   SOLE   172,900 0 0
XPO LOGISTICS INC COM 983793100 11,059 386,400 SH   SOLE   386,400 0 0
YPF SOCIEDAD ANONIMA SPON ADR CL D 984245100 48,138 1,473,011 SH   SOLE   1,473,011 0 0