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
Cia Cervecerias ADR ADR 2217596 340 16,036 SH   SOLE NONE 16,036 0 0
FEMSA ADR 2246039 98,007 1,100,094 SH   SOLE NONE 545,541 0 554,553
ICICI Bank ADR ADR 2569286 36,259 3,479,794 SH   SOLE NONE 692,975 0 2,786,819
Infosys Limited ADR ADR 2398822 37,273 2,351,636 SH   SOLE NONE 442,196 0 1,909,440
Copa Holdings STK B0TNJH9 21,414 259,276 SH   SOLE NONE 206,492 0 52,784
IShares MSCI Emerging Markets STK 2582409 16,988 428,780 SH   SOLE NONE 0 0 428,780
IShares MSCI India ETF STK B6XGR72 31,409 1,037,973 SH   SOLE NONE 860,582 0 177,391
IShares S&P India Nifty 50 DTC STK B42LT12 11,055 370,214 SH   SOLE NONE 49,500 0 320,714
Proshares Short MSCI ETF STK B28ZL96 400 15,775 SH   SOLE NONE 15,775 0 0
Yandex Nv-A STK B5BSZB3 33,995 2,233,599 SH   SOLE NONE 1,007,823 0 1,225,776