The Securities and Exchange Commission has not necessarily
reviewed the information in this filing and has not determined
if it is accurate and complete.
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 FORM 13F FORM 13F INFORMATION TABLE |
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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 |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 | 170,695,016 | 1,587,270 | SH | DFND | 1 | 1,558,143 | 0 | 29,127 | |
| ALIBABA GROUP HLDG LTD | SPONSORED ADS | 01609W102 | 182,742,722 | 1,699,300 | SH | Call | DFND | 1 | 1,578,500 | 0 | 120,800 |
| ARCELORMITTAL SA LUXEMBOURG | NY REGISTRY SH | 03938L203 | 14,845,646 | 222,440 | SH | DFND | 1 | 206,530 | 0 | 15,910 | |
| ASE TECHNOLOGY HLDG CO LTD | SPONSORED ADS | 00215W100 | 65,119,539 | 1,464,677 | SH | DFND | 1 | 1,439,494 | 0 | 25,183 | |
| BP PLC | SPONSORED ADR | 055622104 | 59,270,894 | 1,347,372 | SH | DFND | 1 | 1,261,672 | 0 | 85,700 | |
| COPA HOLDINGS SA | CL A | P31076105 | 29,860,729 | 226,475 | SH | DFND | 1 | 220,561 | 0 | 5,914 | |
| ELDORADO GOLD CORP NEW | COM | 284902509 | 198,210,721 | 5,149,668 | SH | DFND | 1 | 4,988,164 | 0 | 161,504 | |
| EMBRAER S.A. | SPONSORED ADS | 29082A107 | 30,359,308 | 403,071 | SH | DFND | 1 | 392,548 | 0 | 10,523 | |
| GDS HLDGS LTD | SPONSORED ADS | 36165L108 | 107,250,066 | 3,434,200 | SH | DFND | 1 | 3,287,455 | 0 | 146,745 | |
| HALLIBURTON CO | COM | 406216101 | 14,057,794 | 442,069 | SH | DFND | 1 | 413,443 | 0 | 28,626 | |
| ICICI BK LTD | ADR | 45104G104 | 63,967,601 | 2,321,873 | SH | DFND | 1 | 2,302,033 | 0 | 19,840 | |
| INTEL CORP | COM | 458140100 | 23,700,098 | 197,123 | SH | DFND | 1 | 182,103 | 0 | 15,020 | |
| INVESCO QQQ TR | UNIT SER 1 | 46090E103 | 724,012,899 | 978,700 | SH | Put | DFND | 1 | 978,700 | 0 | 0 |
| ISHARES INC | MSCI STH KOR ETF | 464286772 | 54,048,046 | 295,700 | SH | Call | DFND | 1 | 295,700 | 0 | 0 |
| ISHARES SILVER TR | ISHARES | 46428Q109 | 119,365,998 | 2,189,800 | SH | Call | DFND | 1 | 2,189,800 | 0 | 0 |
| ISHARES TR | 20 YR TR BD ETF | 464287432 | 29,306,337 | 376,785 | SH | DFND | 1 | 376,785 | 0 | 0 | |
| ISHARES TR | MSCI EMG MKT ETF | 464287234 | 162,099,330 | 2,427,000 | SH | Put | DFND | 1 | 2,427,000 | 0 | 0 |
| ITAU UNIBANCO HLDG S A | SPON ADR REP PFD | 465562106 | 185,230,682 | 21,715,203 | SH | DFND | 1 | 21,002,350 | 0 | 712,853 | |
| KRANESHARES TRUST | CSI CHI INTERNET | 500767306 | 27,328,650 | 1,115,000 | SH | Call | DFND | 1 | 1,115,000 | 0 | 0 |
| MAKEMYTRIP LIMITED MAURITIUS | SHS | V5633W109 | 16,023,645 | 339,484 | SH | DFND | 1 | 309,321 | 0 | 30,163 | |
| MICRON TECHNOLOGY INC | COM | 595112103 | 45,799,730 | 43,000 | SH | Put | DFND | 1 | 41,100 | 0 | 1,900 |
| NXP SEMICONDUCTORS N V | COM | N6596X109 | 16,979,357 | 71,483 | SH | DFND | 1 | 64,690 | 0 | 6,793 | |
| PETROLEO BRASILEIRO S A | SPONSORED ADR | 71654V408 | 84,687,204 | 4,057,844 | SH | DFND | 1 | 3,871,433 | 0 | 186,411 | |
| SEA LTD | SPONSORD ADS | 81141R100 | 120,235,511 | 1,234,958 | SH | DFND | 1 | 1,168,464 | 0 | 66,494 | |
| SHELL PLC | SPON ADS | 780259305 | 53,964,447 | 567,748 | SH | DFND | 1 | 532,200 | 0 | 35,548 | |
| SPDR GOLD TR | GOLD SHS | 78463V107 | 225,304,944 | 591,600 | SH | Call | DFND | 1 | 591,600 | 0 | 0 |
| TAIWAN SEMICONDUCTOR MANUFAC | SPONSORED ADS | 874039100 | 231,338,511 | 507,110 | SH | DFND | 1 | 495,905 | 0 | 11,205 | |
| TENARIS S A | SPONSORED ADS | 88031M109 | 16,106,269 | 291,886 | SH | DFND | 1 | 270,786 | 0 | 21,100 | |
| VANECK ETF TRUST | GOLD MINERS ETF | 92189F106 | 22,197,508 | 252,819 | SH | DFND | 1 | 252,819 | 0 | 0 | |
| VNET GROUP INC | SPONSORED ADS A | 90138A103 | 8,142,932 | 1,467,195 | SH | DFND | 1 | 1,395,437 | 0 | 71,758 | |