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exchangeRt="50.85"/><valUSD>870337</valUSD><pctVal>1.3372</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>PH</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Voltronic Power Technology Cor</name><lei>N/A</lei><title>Voltronic Power Technology Corp</title><cusip>Y937BE103</cusip><identifiers><isin value="TW0006409006"/><ticker value="6409"/><other otherDesc="B96HCH8" value="Sedol"/></identifiers><balance>46000</balance><units>NS</units><currencyConditional curCd="TWD" 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exchangeRt="7.7525"/><valUSD>940934</valUSD><pctVal>1.4456</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>KY</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>WULIANGYE YIBIN CO. LTD.</name><lei>N/A</lei><title>WULIANGYE YIBIN CO. LTD.</title><cusip>Y9718N106</cusip><identifiers><isin value="CNE000000VQ8"/><ticker value="858"/><other otherDesc="BD5CPG2" value="Sedol"/></identifiers><balance>44259</balance><units>NS</units><currencyConditional curCd="CNY" exchangeRt="7.0933"/><valUSD>722211</valUSD><pctVal>1.1096</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>CN</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Ivanhoe Mines Ltd</name><lei>5299006XZISURYIA4G32</lei><title>Ivanhoe Mines Ltd</title><cusip>46579R104</cusip><identifiers><isin value="CA46579R1047"/><ticker value="IVN"/><other otherDesc="BD73C40" value="Sedol"/></identifiers><balance>530515</balance><units>NS</units><currencyConditional curCd="CAD" 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exchangeRt="7.7525"/><valUSD>867130</valUSD><pctVal>1.3322</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>KY</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Logan Property Holdings Co Ltd</name><lei>549300NJ0E6Q0S1VOG90</lei><title>Logan Property Holdings Co Ltd</title><cusip>G55555109</cusip><identifiers><isin value="KYG555551095"/><ticker value="3380"/><other otherDesc="BH6X937" value="Sedol"/></identifiers><balance>746000</balance><units>NS</units><currencyConditional curCd="HKD" exchangeRt="7.7525"/><valUSD>1143376</valUSD><pctVal>1.7566</pctVal><payoffProfile>Long</payoffProfile><assetCat>EC</assetCat><issuerCat>CORP</issuerCat><invCountry>KY</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>CONCH VENTURE</name><lei>30030033WV20E49PWI57</lei><title>China Conch Venture Holdings Ltd</title><cusip>G2116J108</cusip><identifiers><isin value="KYG2116J1085"/><ticker value="586"/><other otherDesc="BH7HM06" value="Sedol"/></identifiers><balance>212500</balance><units>NS</units><currencyConditional curCd="HKD" 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exchangeRt="5.1953"/><valUSD>791898</valUSD><pctVal>1.2166</pctVal><payoffProfile>Long</payoffProfile><assetCat>EP</assetCat><issuerCat>CORP</issuerCat><invCountry>BR</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>Alibaba Group Holding Ltd</name><lei>5493001NTNQJDH60PM02</lei><title>Alibaba Group Holding Ltd (ADR)</title><cusip>01609W102</cusip><identifiers><isin value="US01609W1027"/><ticker value="BABA"/><other otherDesc="BP41ZD1" value="Sedol"/></identifiers><balance>28492</balance><units>NS</units><curCd>USD</curCd><valUSD>5541124</valUSD><pctVal>8.5132</pctVal><payoffProfile>Long</payoffProfile><assetConditional assetCat="OTHER" desc="GDR"/><issuerCat>CORP</issuerCat><invCountry>KY</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>NetEase Inc</name><lei>5299004AF4DSJDB0PA32</lei><title>NetEase Inc (ADR)</title><cusip>64110W102</cusip><identifiers><isin value="US64110W1027"/><ticker value="NTES"/><other otherDesc="2606440" value="Sedol"/></identifiers><balance>3010</balance><units>NS</units><curCd>USD</curCd><valUSD>966090</valUSD><pctVal>1.4843</pctVal><payoffProfile>Long</payoffProfile><assetConditional assetCat="OTHER" desc="GDR"/><issuerCat>CORP</issuerCat><invCountry>KY</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>1</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>X5 Retail Group NV</name><lei>213800J17UJJJDGUVF56</lei><title>X5 Retail Group NV (GDR)</title><cusip>98387E205</cusip><identifiers><isin value="US98387E2054"/><ticker value="FIVE"/><other otherDesc="B07T3T9" value="Sedol"/></identifiers><balance>18569</balance><units>NS</units><curCd>USD</curCd><valUSD>498718</valUSD><pctVal>0.7662</pctVal><payoffProfile>Long</payoffProfile><assetConditional assetCat="OTHER" desc="GDR"/><issuerCat>CORP</issuerCat><invCountry>NL</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec><invstOrSec><name>LUKOIL PJSC</name><lei>549300LCJ1UJXHYBWI24</lei><title>LUKOIL PJSC (ADR)</title><cusip>69343P105</cusip><identifiers><isin value="US69343P1057"/><ticker value="LKOD"/><other otherDesc="BYZDW27" value="Sedol"/></identifiers><balance>18294</balance><units>NS</units><curCd>USD</curCd><valUSD>1090304</valUSD><pctVal>1.6751</pctVal><payoffProfile>Long</payoffProfile><assetConditional assetCat="OTHER" desc="GDR"/><issuerCat>CORP</issuerCat><invCountry>RU</invCountry><isRestrictedSec>N</isRestrictedSec><fairValLevel>2</fairValLevel><securityLending><isCashCollateral>N</isCashCollateral><isNonCashCollateral>N</isNonCashCollateral><isLoanByFund>N</isLoanByFund></securityLending></invstOrSec></invstOrSecs><explntrNotes><explntrNote note="Monthly returns presented in Item B.5(a) have been calculated without deducting any applicable sales loads or redemption fees." noteItem="B.5.a"/></explntrNotes><signature><ncom:dateSigned>2020-05-15</ncom:dateSigned><ncom:nameOfApplicant>JESPER NERGAARD</ncom:nameOfApplicant><ncom:signature>JESPER NERGAARD</ncom:signature><ncom:signerName>JESPER NERGAARD</ncom:signerName><ncom:title>VP, CFO, TREASURER, AND PRINCIPAL ACCOUNTING OFFICER</ncom:title></signature></nport:formData></nport:edgarSubmission>
