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
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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
Cia Cervecerias ADR ADR 204429104 642 30,931 SH   SOLE NONE 30,931 0 0
FEMSA ADR 344419106 93,250 997,330 SH   SOLE NONE 462,237 0 535,093
ICICI Bank ADR ADR 45104G104 31,279 3,019,190 SH   SOLE NONE 183,712 0 2,835,478
Infosys Limited ADR ADR 456788108 35,113 1,000,945 SH   SOLE NONE 46,225 0 954,720
Netease Inc-Adr ADR 64110W102 1,053 10,000 SH   SOLE NONE 170 0 9,830
Copa Holdings STK P31076105 19,012 188,298 SH   SOLE NONE 150,525 0 37,773
IShares MSCI Emerging Markets STK 464287234 51,303 1,278,429 SH   SOLE NONE 32,736 0 1,245,693
IShares MSCI India ETF STK 46429B598 13,417 419,491 SH   SOLE NONE 290,049 0 129,442
IShares S&P India Nifty 50 DTC STK 464289529 9,499 303,090 SH   SOLE NONE 42,254 0 260,836
Proshares Short MSCI ETF STK 74347R396 402 15,775 SH   SOLE NONE 15,775 0 0
Yandex Nv-A STK N97284108 31,603 2,083,924 SH   SOLE NONE 864,848 0 1,219,076