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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
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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 347 16,036 SH   SOLE NONE 16,036 0 0
FEMSA ADR 344419106 109,928 1,190,343 SH   SOLE NONE 631,707 0 558,636
ICICI Bank ADR ADR 45104G104 31,001 3,959,242 SH   SOLE NONE 1,105,995 0 2,853,247
Infosys Limited ADR ADR 456788108 44,871 2,678,854 SH   SOLE NONE 709,762 0 1,969,092
Copa Holdings STK B0TNJH9 11,611 240,588 SH   SOLE NONE 208,878 0 31,710
IShares MSCI India ETF STK B6XGR72 2,891 105,124 SH   SOLE NONE 105,124 0 0
IShares S&P India Nifty 50 DTC STK 46429B598 9,255 340,366 SH   SOLE NONE 49,500 0 290,866
Proshares Short MSCI ETF STK 74347R396 465 15,775 SH   SOLE NONE 15,775 0 0
Yandex Nv-A STK B5BSZB3 37,532 2,387,502 SH   SOLE NONE 1,171,206 0 1,216,296