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
Expires: July 31, 2015
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
ALIBABA GROUP HLDG LTD SPONSORED ADS 01609W102 30,002,370 278,988 SH SOLE 273,112 0 5,876
CORPORACION AMER ARPTS S A COM L1995B107 2,094,399 82,327 SH SOLE 0 0 82,327
EMBRAER S.A. SPONSORED ADS 29082A107 28,600,134 379,715 SH SOLE 349,190 0 30,525
GOLD FIELDS LTD SPONSORED ADR 38059T106 48,030,353 1,329,744 SH SOLE 1,220,363 0 109,381
GRUPO AEROMEXICO SAB DE CV SPONSORED ADS 40054J109 1,459,185 92,412 SH SOLE 0 0 92,412
GRUPO FINANCIERO GALICIA S.A SPONSORED ADR 399909100 15,039,933 403,865 SH SOLE 315,516 0 88,349
INFOSYS LTD SPONSORED ADR 456788108 23,489,693 2,183,057 SH SOLE 2,183,057 0 0
LOMA NEGRA C I A S A MTN 14 SPONSORED ADS 54150E104 1,327,698 144,315 SH SOLE 0 0 144,315
MERCADOLIBRE INC COM 58733R102 17,987,083 10,406 SH SOLE 10,406 0 0
PETROLEO BRASILEIRO S A SPONSORED ADR 71654V408 92,020,108 4,409,205 SH SOLE 4,409,205 0 0
SOUTHERN COPPER CORP COM 84265V105 15,713,719 77,545 SH SOLE 77,545 0 0
TAIWAN SEMICONDUCTOR MANUFAC SPONSORED ADS 874039100 39,500,580 86,588 SH SOLE 75,723 0 10,865
VALE S A SPONSORED ADS 91912E105 32,315,914 2,409,837 SH SOLE 2,409,837 0 0
VISTA ENERGY S.A.B. DE C.V. SPONSORED ADS 92837L109 29,780,322 455,705 SH SOLE 455,705 0 0