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
51JOB INC SPONSORED ADS 316827104 10,272 164,091 SH   DFND 1 164,091 0 0
ABBVIE INC COM 00287Y109 319 2,944 SH   DFND 1 2,944 0 0
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 338,361 1,492,353 SH   DFND 1 1,492,353 0 0
ALPHABET INC CAP STK CL A 02079K305 41,168 19,960 SH   DFND 1 19,960 0 0
ALTICE USA INC CL A 02156K103 15,530 477,402 SH   DFND 1 477,402 0 0
AMAZON COM INC COM 023135106 13,413 4,335 SH   DFND 1 4,335 0 0
ANALOG DEVICES INC COM 032654105 534 3,443 SH   DFND 1 3,443 0 0
ANGLOGOLD ASHANTI LIMITED SPONSORED ADR 035128206 30,539 1,390,030 SH   DFND 1 1,390,030 0 0
ANTHEM INC COM 036752103 23,757 66,184 SH   DFND 1 66,184 0 0
AUTOHOME INC SP ADS RP CL A 05278C107 49,118 526,617 SH   DFND 1 526,617 0 0
AUTOMATIC DATA PROCESSING IN COM 053015103 253 1,341 SH   DFND 1 1,341 0 0
AVALONBAY CMNTYS INC COM 053484101 2,767 14,999 SH   DFND 1 14,999 0 0
BARRICK GOLD CORP COM 067901108 5,623 284,009 SH   DFND 1 284,009 0 0
CANADIAN PAC RY LTD COM 13645T100 16,039 42,287 SH   DFND 1 42,287 0 0
CAPRI HOLDINGS LIMITED SHS G1890L107 6,834 134,002 SH   DFND 1 134,002 0 0
CHARTER COMMUNICATIONS INC N CL A 16119P108 40,860 66,221 SH   DFND 1 66,221 0 0
CME GROUP INC COM 12572Q105 2,429 11,892 SH   DFND 1 11,892 0 0
COMCAST CORP NEW CL A 20030N101 2,766 51,124 SH   DFND 1 51,124 0 0
COMPANHIA BRASILEIRA DE DIST SPONSORED ADR 20440T300 33,329 5,726,662 SH   DFND 1 5,726,662 0 0
EQUIFAX INC COM 294429105 12,556 69,323 SH   DFND 1 69,323 0 0
FACEBOOK INC CL A 30303M102 40,256 136,680 SH   DFND 1 136,680 0 0
FIDELITY NATL INFORMATION SV COM 31620M106 213 1,513 SH   DFND 1 1,513 0 0
FISERV INC COM 337738108 23,749 199,505 SH   DFND 1 199,505 0 0
FOMENTO ECONOMICO MEXICANO S SPON ADR UNITS 344419106 102,617 1,362,227 SH   DFND 1 1,362,227 0 0
HDFC BANK LTD SPONSORED ADS 40415F101 86,125 1,108,575 SH   DFND 1 1,108,575 0 0
INFOSYS LTD SPONSORED ADR 456788108 28,157 1,504,090 SH   DFND 1 1,504,090 0 0
INTERCONTINENTAL EXCHANGE IN COM 45866F104 300 2,684 SH   DFND 1 2,684 0 0
ISHARES GOLD TR ISHARES 464285105 1,136 69,870 SH   DFND 1 69,870 0 0
JD.COM INC SPON ADR CL A 47215P106 382,481 4,535,533 SH   DFND 1 4,535,533 0 0
JOHNSON & JOHNSON COM 478160104 241 1,469 SH   DFND 1 1,469 0 0
LIBERTY MEDIA CORP DEL COM SER C FRMLA 531229854 14,579 336,766 SH   DFND 1 336,766 0 0
LINDE PLC SHS G5494J103 253 904 SH   DFND 1 904 0 0
MAKEMYTRIP LIMITED MAURITIUS SHS V5633W109 5,897 186,742 SH   DFND 1 186,742 0 0
MASTERCARD INCORPORATED CL A 57636Q104 2,759 7,748 SH   DFND 1 7,748 0 0
MELCO RESORTS AND ENTMNT LTD ADR 585464100 110,936 5,571,849 SH   DFND 1 5,571,849 0 0
MERCADOLIBRE INC COM 58733R102 104,267 70,827 SH   DFND 1 70,827 0 0
MGM GROWTH PPTYS LLC CL A COM 55303A105 3,177 97,393 SH   DFND 1 97,393 0 0
MICROSOFT CORP COM 594918104 24,961 105,871 SH   DFND 1 105,871 0 0
MOODYS CORP COM 615369105 13,674 45,791 SH   DFND 1 45,791 0 0
NETEASE INC SPONSORED ADS 64110W102 177,578 1,719,715 SH   DFND 1 1,719,715 0 0
NETFLIX INC COM 64110L106 23,250 44,570 SH   DFND 1 44,570 0 0
NEW ORIENTAL ED & TECHNOLOGY SPON ADR 647581107 145,380 10,384,272 SH   DFND 1 10,384,272 0 0
PAGSEGURO DIGITAL LTD COM CL A G68707101 54,752 1,182,538 SH   DFND 1 1,182,538 0 0
PAYPAL HLDGS INC COM 70450Y103 541 2,227 SH   DFND 1 2,227 0 0
PHILIP MORRIS INTL INC COM 718172109 154,110 1,736,650 SH   DFND 1 1,736,650 0 0
PINTEREST INC CL A 72352L106 2,080 28,092 SH   DFND 1 28,092 0 0
RYANAIR HOLDINGS PLC SPONSORED ADS 783513203 24,719 214,947 SH   DFND 1 214,947 0 0
S&P GLOBAL INC COM 78409V104 9,530 27,006 SH   DFND 1 27,006 0 0
SALESFORCE COM INC COM 79466L302 13,934 65,769 SH   DFND 1 65,769 0 0
SCHWAB CHARLES CORP COM 808513105 10,367 159,050 SH   DFND 1 159,050 0 0
SEA LTD SPONSORD ADS 81141R100 2,218 9,936 SH   DFND 1 9,936 0 0
SENDAS DISTRIBUIDORA S A SPON ADS 81689T104 118,604 9,123,400 SH   DFND 1 9,123,400 0 0
SPOTIFY TECHNOLOGY S A SHS L8681T102 5,822 21,728 SH   DFND 1 21,728 0 0
STONECO LTD COM CL A G85158106 35,461 579,231 SH   DFND 1 579,231 0 0
TAIWAN SEMICONDUCTOR MFG LTD SPONSORED ADS 874039100 116,325 983,474 SH   DFND 1 983,474 0 0
TAL EDUCATION GROUP SPONSORED ADS 874080104 30,566 567,611 SH   DFND 1 567,611 0 0
TENCENT MUSIC ENTMT GROUP SPON ADS 88034P109 138,597 6,764,130 SH   DFND 1 6,764,130 0 0
TRIP COM GROUP LTD ADS 89677Q107 40,855 1,030,909 SH   DFND 1 1,030,909 0 0
UBER TECHNOLOGIES INC COM 90353T100 2,719 49,873 SH   DFND 1 49,873 0 0
UNION PAC CORP COM 907818108 14,523 65,890 SH   DFND 1 65,890 0 0
UNITEDHEALTH GROUP INC COM 91324P102 21,918 58,907 SH   DFND 1 58,907 0 0
VANGUARD SCOTTSDALE FDS SHRT TRM CORP BD 92206C409 510 6,181 SH   DFND 1 6,181 0 0
VISA INC COM CL A 92826C839 33,265 157,111 SH   DFND 1 157,111 0 0
WORLD WRESTLING ENTMT INC CL A 98156Q108 2,996 55,207 SH   DFND 1 55,207 0 0
XP INC CL A G98239109 25,976 689,573 SH   DFND 1 689,573 0 0
YANDEX N V SHS CLASS A N97284108 99,250 1,549,333 SH   DFND 1 1,549,333 0 0
YOUDAO INC SPONSORED ADS 98741T104 59,301 2,489,556 SH   DFND 1 2,489,556 0 0
YUM CHINA HLDGS INC COM 98850P109 73,905 1,248,191 SH   DFND 1 1,248,191 0 0