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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
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
BAIDU INC SPON ADR REP A 056752108 81,589 548,568 SH   SOLE   548,568 0 0
CREDICORP LTD COM G2519Y108 21,541 179,643 SH   SOLE   179,643 0 0
DR. REDDYS LABS LTD ADR 256135203 266 4,800 SH   SOLE   4,800 0 0
ICICI BANK LIMITED ADR 45104G104 248 14,000 SH   SOLE   14,000 0 0
KINROSS GOLD CORP COM 496902404 15,953 4,456,063 SH   SOLE   4,456,063 0 0
LUFAX HOLDING LTD ADS REP SHS CL A 54975P102 13,715 2,285,826 SH   SOLE   2,285,826 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 6,727 632,820 SH   SOLE   632,820 0 0
TERNIUM SA SPONSORED ADS 880890108 30,903 856,285 SH   SOLE   856,285 0 0
VALE S A SPONSORED ADS 91912E105 2,707 185,000 SH   SOLE   185,000 0 0