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
ADVANCED MICRO DEVICES INC COMMON 007903107 16,848 1,350,000 SH   SOLE   1,350,000 0 0
ALIBABA GROUP HLDG LTD COMMON 01609W102 56,783 403,000 SH   SOLE   403,000 0 0
APPLIED MATLS INC COMMON 038222105 31,809 770,000 SH   SOLE   770,000 0 0
APPLIED OPTOELECTRONICS INC COMMON 03823U102 2,657 43,000 SH   SOLE   43,000 0 0
BANCO BRADESCO S A COMMON 059460303 63,750 7,500,000 SH   SOLE   7,500,000 0 0
BANK OF AMERICA CORPORATION COMMON 060505104 180,009 7,420,000 SH   SOLE   7,420,000 0 0
BRINKS CO COMMON 109696104 670 10,000 SH   SOLE   10,000 0 0
CENTENE CORP DEL COMMON 15135B101 22,366 280,000 SH   SOLE   280,000 0 0
CENTURY CMNTYS INC COMMON 156504300 1,984 80,000 SH   SOLE   80,000 0 0
CHOICE HOTELS INTL INC COMMON 169905106 21,845 340,000 SH   SOLE   340,000 0 0
CITIGROUP INC COMMON 172967424 177,901 2,660,000 SH   SOLE   2,660,000 0 0
CONSTELLATION BRANDS INC COMMON 21036P108 50,370 260,000 SH   SOLE   260,000 0 0
CORESITE RLTY CORP COMMON 21870Q105 35,200 340,000 SH   SOLE   340,000 0 0
CYRUSONE INC COMMON 23283R100 37,074 665,000 SH   SOLE   665,000 0 0
D R HORTON INC COMMON 23331A109 44,941 1,300,000 SH   SOLE   1,300,000 0 0
EAGLE PHARMACEUTICALS INC COMMON 269796108 1,972 25,000 SH   SOLE   25,000 0 0
EQUINIX INC COMMON 29444U700 23,175 54,000 SH   SOLE   54,000 0 0
EQUITY LIFESTYLE PPTYS INC COMMON 29472R108 4,317 50,000 SH   SOLE   50,000 0 0
FINISAR CORP COMMON 31787A507 520 20,000 SH   SOLE   20,000 0 0
FREEPORT-MCMORAN INC. COMMON 35671D857 50,562 4,210,000 SH   SOLE   4,210,000 0 0
GEO GROUP INC NEW COMMON 36162J106 3,548 120,000 SH   SOLE   120,000 0 0
GRAND CANYON ED INC COMMON 38526M106 2,901 37,000 SH   SOLE   37,000 0 0
HILTON WORLDWIDE HLDGS COMMON 43300A203 40,821 660,000 SH   SOLE   660,000 0 0
ITAU UNIBANCO HOLDING S. A. COMMON 465562106 55,802 5,050,000 SH   SOLE   5,050,000 0 0
JP MORGAN CHASE & CO COMMON 46625H100 20,565 225,000 SH   SOLE   225,000 0 0
KLA-TENCOR CORP COMMON 482480100 18,760 205,000 SH   SOLE   205,000 0 0
KB HOME COMMON 48666K109 2,397 100,000 SH   SOLE   100,000 0 0
LGI HOMES INC COMMON 50187T106 8,840 220,000 SH   SOLE   220,000 0 0
LAM RESEARCH CORP COMMON 512807108 51,198 362,000 SH   SOLE   362,000 0 0
LENNAR CORP CL A 526057104 45,322 850,000 SH   SOLE   850,000 0 0
MARRIOTT VACATIONS WRLDWD COMMON 57164Y107 30,615 260,000 SH   SOLE   260,000 0 0
MARRIOTT INTL INC NEW COMMON 571903202 13,542 135,000 SH   SOLE   135,000 0 0
MERITAGE HOME CORP. COMMON 59001A102 844 20,000 SH   SOLE   20,000 0 0
MICRON TECHNOLOGY INC COMMON 595112103 67,185 2,250,000 SH   SOLE   2,250,000 0 0
MORGAN STANLEY COMMON 617446448 120,312 2,700,000 SH   SOLE   2,700,000 0 0
NVR INC COMMON 62944T105 45,802 19,000 SH   SOLE   19,000 0 0
NETEASE COM INC COMMON 64110W102 43,591 145,000 SH   SOLE   145,000 0 0
NUTRI SYS INC NEW COMMON 67069D108 520 10,000 SH   SOLE   10,000 0 0
PRUDENTIAL FINL INC COMMON 744320102 48,663 450,000 SH   SOLE   450,000 0 0
PULTE HOMES INC COMMON 745867101 24,530 1,000,000 SH   SOLE   1,000,000 0 0
RIO TINTO PLC COMMON 767204100 4,231 100,000 SH   SOLE   100,000 0 0
SCHWAB CHARLES CORP NEW COMMON 808513105 38,234 890,000 SH   SOLE   890,000 0 0
SKECHERS U S A INC COMMON 830566105 2,360 80,000 SH   SOLE   80,000 0 0
SOUTHERN COPPER CORP COMMON 84265V105 45,019 1,300,000 SH   SOLE   1,300,000 0 0
SUN CMNTYS INC COMMON 866674104 25,430 290,000 SH   SOLE   290,000 0 0
TAYLOR MORRISON HOME CORP COMMON 87724P106 1,801 75,000 SH   SOLE   75,000 0 0
TECH DATA CORP COMMON 878237106 1,010 10,000 SH   SOLE   10,000 0 0
THOR INDS INC COMMON 885160101 47,034 450,000 SH   SOLE   450,000 0 0
TOLL BROTHERS INC COMMON 889478103 45,832 1,160,000 SH   SOLE   1,160,000 0 0
TURQUOISE HILL RES LTD COMMON 900435108 19,080 7,200,000 SH   SOLE   7,200,000 0 0
VALE S A COMMON 91912E105 168,875 19,300,000 SH   SOLE   19,300,000 0 0
WEIGHT WATCHERS INTL INC COMMON 948626106 2,506 75,000 SH   SOLE   75,000 0 0
WESTERN DIGITAL CORP COMMON 958102105 62,906 710,000 SH   SOLE   710,000 0 0
WYNDHAM WORLDWIDE CORP COMMON 98310W108 31,629 315,000 SH   SOLE   315,000 0 0
WYNN RESORTS LTD COMMON 983134107 36,212 270,000 SH   SOLE   270,000 0 0
FERRARI N V COMMON N3167Y103 37,849 440,000 SH   SOLE   440,000 0 0
COPA HOLDINGS SA COMMON P31076105 72,435 619,100 SH   SOLE   619,100 0 0
GRUPO MEXICO SA DE CV COMMON P49538112 10,728 3,800,000 SH   SOLE   3,800,000 0 0
ROYAL CARIBBEAN CRUISES LTD COMMON V7780T103 61,933 567,000 SH   SOLE   567,000 0 0