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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
Expires: July 31, 2015
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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
CREDICORP LTD COM G2519Y108 38,877,795 102,345 SH SOLE 102,345 0 0
KINROSS GOLD CORP COM 496902404 83,789,105 3,479,614 SH SOLE 3,479,614 0 0
TERNIUM SA SPONSORED ADS 880890108 53,676,853 988,524 SH SOLE 988,524 0 0
LAUREATE ED INC COMMON STOCK 518613203 257,084 6,737 SH SOLE 6,737 0 0
BANCO MACRO SA SPON ADR B 05961W105 29,209,457 436,418 SH SOLE 436,418 0 0
COPA HOLDINGS SA CL A P31076105 26,324,644 199,656 SH SOLE 199,656 0 0
ERO COPPER CORP COM 296006109 74,752,389 2,037,405 SH SOLE 2,037,405 0 0
VISTA ENERGY S.A.B. DE C.V. SPONSORED ADS 92837L109 74,818,758 1,144,893 SH SOLE 1,144,893 0 0
KASPI KZ JSC SPONSORED ADS 48581R205 15,311,087 162,780 SH SOLE 162,780 0 0
PETROLEO BRASILEIRO SA SP ADR NON VTG 71654V101 13,707,229 721,813 SH SOLE 721,813 0 0
ELDORADO GOLD CORP NEW COM 284902509 35,632,733 925,766 SH SOLE 925,766 0 0
TENCENT MUSIC ENTMT GROUP SPON ADS 88034P109 34,824,088 4,391,436 SH SOLE 4,391,436 0 0