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
ARCOS DORADOS HOLDINGS INC SHS CL A G0457F107 118,330 11,739,067 SH   SOLE NONE 11,739,067 0 0
GERDAU SA SPON ADR REP PFD 373737105 35,594 5,552,810 SH   SOLE NONE 5,552,810 0 0
FORTRESS INVESTMENT GRP-CL A CL A 34958B106 19,615 2,650,646 SH   SOLE NONE 2,650,646 0 0
COMPANHIA BRASILEIRA DE DIST SPN ADR PFD CL A 20440T201 108,738 2,484,866 SH   SOLE NONE 2,484,866 0 0
NETEASE INC. SPON ADR 64110W102 116,063 1,724,556 SH   SOLE NONE 1,724,556 0 0
SOHU.COM INC COM 83408W103 103,233 1,586,010 SH   SOLE NONE 1,586,010 0 0
KKR & CO L P DEL COM UNITS 48248M102 25,119 1,099,802 SH   SOLE NONE 1,099,802 0 0
BLACKSTONE GROUP LP COM UNIT LTD 09253U108 29,471 886,356 SH   SOLE NONE 886,356 0 0
EMPIRE STATE REALTY TRUST CL A 292104106 11,706 774,715 SH   SOLE NONE 774,715 0 0
DOLLAR GENERAL CORP NEW COM 256677105 40,742 734,360 SH   SOLE NONE 734,360 0 0
TWENTY-FIRST CENTURY FOX CL A 90130A101 19,380 606,200 SH   SOLE NONE 606,200 0 0
CREDICORP LTD COM G2519Y108 77,928 565,020 SH   SOLE NONE 565,020 0 0
BRIXMOR PROPERTY GROUP INC COM 11120U105 8,191 384,000 SH   SOLE NONE 384,000 0 0
BAIDU INC SPON ADR REP A 056752108 56,345 370,032 SH   SOLE NONE 370,032 0 0
WAL-MART STORES INC COM 931142103 20,164 263,829 SH   SOLE NONE 263,829 0 0
MARKET VECTORS ETF TR GOLD MINER ETF 57060U100 6,168 261,310 SH   SOLE NONE 261,310 0 0
COLGATE-PALMOLIVE CO COM 194162103 15,388 237,217 SH   SOLE NONE 237,217 0 0
DOLLAR TREE INC COM 256746108 12,203 233,870 SH   SOLE NONE 233,870 0 0
GANNETT CO COM 364730101 5,048 182,900 SH   SOLE NONE 182,900 0 0
DIRECTV COM 25490A309 13,802 180,610 SH   SOLE NONE 180,610 0 0
MCDONALD'S CORP COM 580135101 15,377 156,860 SH   SOLE NONE 156,860 0 0
YUM BRANDS INC COM 988498101 10,673 141,568 SH   SOLE NONE 141,568 0 0
WALT DISNEY CO COM DISNEY 254687106 10,780 134,630 SH   SOLE NONE 134,630 0 0
PHILIP MORRIS INTERNATIONAL COM 718172109 10,872 132,800 SH   SOLE NONE 132,800 0 0
DISCOVERY COMMUNICATIONS NEW COM SER A 25470F104 9,783 118,300 SH   SOLE NONE 118,300 0 0
EMBOTELLADORA ANDINA S A SPON ADR A 29081P204 2,096 118,262 SH   SOLE NONE 118,262 0 0
RALPH LAUREN CORP CL A 751212101 14,424 89,630 SH   SOLE NONE 89,630 0 0
COCA-COLA CO COM 191216100 3,149 81,462 SH   SOLE NONE 81,462 0 0
EBAY INC COM 278642103 4,258 77,080 SH   SOLE NONE 77,080 0 0
CONSTELLATION BRANDS INC-A CL A 21036P108 6,415 75,500 SH   SOLE NONE 75,500 0 0
APPLE INC COM 037833100 14,649 27,293 SH   SOLE NONE 27,293 0 0
TRONOX LTD SHS CL A Q9235V101 559 23,500 SH   SOLE NONE 23,500 0 0
YANDEX NV SHS CL A N97284108 509 16,850 SH   SOLE NONE 16,850 0 0
GUESS INC COM 401617105 464 16,800 SH   SOLE NONE 16,800 0 0
COGNIZANT TECHNOLOGY SOLUTIONS CL A 192446102 753 14,878 SH   SOLE NONE 14,878 0 0
NIKE INC CL B 654106103 1,095 14,830 SH   SOLE NONE 14,830 0 0
BANCO SANTANDER BRASIL S A ADS REP I UNIT 05967A107 62 11,100 SH   SOLE NONE 11,100 0 0
BERKSHIRE HATHAWAY INC DEL CL B NEW 084670702 1,250 10,000 SH   SOLE NONE 10,000 0 0
CVS CAREMARK CORPORATION COM 126650100 332 4,440 SH   SOLE NONE 4,440 0 0