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
ADECOAGRO S A COM L00849106 23,771 3,803,332 SH   SOLE   3,803,332 0 0
ADOBE SYS INC COM 00724F101 70,704 1,551,838 SH   SOLE   1,551,838 0 0
AGCO CORP COM 001084102 154,340 3,075,086 SH   SOLE   3,075,086 0 0
AGRIUM INC COM 008916108 62,739 721,457 SH   SOLE   721,457 0 0
APPLE INC COM 037833100 183,996 464,541 SH   SOLE   464,541 0 0
ASHLAND INC NEW COM 044209104 76,452 915,610 SH   SOLE   915,610 0 0
BANK OF AMERICA CORPORATION COM 060505104 101,839 7,919,208 SH   SOLE   7,919,208 0 0
BRASKEM S A SP ADR PFD A 105532105 71,304 4,791,862 SH   SOLE   4,791,862 0 0
BUNGE LIMITED COM G16962105 339,823 4,801,832 SH   SOLE   4,801,832 0 0
CALPINE CORP COM NEW 131347304 233,095 10,979,452 SH   SOLE   10,979,452 0 0
CATERPILLAR INC DEL COM 149123101 116,436 1,411,517 SH   SOLE   1,411,517 0 0
CF INDS HLDGS INC COM 125269100 344,850 2,010,796 SH   SOLE   2,010,796 0 0
COMPANHIA DE BEBIDAS DAS AME SPON ADR PFD 20441W203 227,309 6,085,880 SH   SOLE   6,085,880 0 0
CREDICORP LTD COM G2519Y108 74,044 578,661 SH   SOLE   578,661 0 0
CRESUD S A C I F Y A SPONSORED ADR 226406106 11,796 1,587,407 SH   SOLE   1,587,407 0 0
CSX CORP COM 126408103 186,980 8,062,948 SH   SOLE   8,062,948 0 0
DARLING INTL INC COM 237266101 32,762 1,755,749 SH   SOLE   1,755,749 0 0
DOW CHEM CO COM 260543103 375,576 11,674,810 SH   SOLE   11,674,810 0 0
ENERGY TRANSFER PRTNRS L P UNIT LTD PARTN 29273R109 115,971 2,294,680 SH   SOLE   2,294,680 0 0
FEDEX CORP COM 31428X106 103,581 1,050,695 SH   SOLE   1,050,695 0 0
FREEPORT-MCMORAN COPPER & GO COM 35671D857 147,650 5,347,773 SH   SOLE   5,347,773 0 0
FRESH MKT INC COM 35804H106 44,669 898,408 SH   SOLE   898,408 0 0
GRUPO TELEVISA SA SPON ADR REP ORD 40049J206 68,361 2,752,071 SH   SOLE   2,752,071 0 0
HAIN CELESTIAL GROUP INC COM 405217100 156,606 2,410,467 SH   SOLE   2,410,467 0 0
HARLEY DAVIDSON INC COM 412822108 26,266 479,097 SH   SOLE   479,097 0 0
HILLSHIRE BRANDS CO COM 432589109 16,968 512,948 SH   SOLE   512,948 0 0
HOME INNS & HOTELS MGMT INC SPON ADR 43713W107 46,314 1,733,988 SH   SOLE   1,733,988 0 0
ICICI BK LTD ADR 45104G104 261,422 6,834,554 SH   SOLE   6,834,554 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 186,519 14,436,448 SH   SOLE   14,436,448 0 0
LABORATORY CORP AMER HLDGS COM NEW 50540R409 219,646 2,194,272 SH   SOLE   2,194,272 0 0
LAZARD LTD SHS A G54050102 68,577 2,133,125 SH   SOLE   2,133,125 0 0
MINDRAY MEDICAL INTL LTD SPON ADR 602675100 41,803 1,116,226 SH   SOLE   1,116,226 0 0
MONDELEZ INTL INC CL A 609207105 80,772 2,831,271 SH   SOLE   2,831,271 0 0
MOSAIC CO NEW COM 61945C103 573,795 10,663,323 SH   SOLE   10,663,323 0 0
NAVISTAR INTL CORP NEW COM 63934E108 63,321 2,280,950 SH   SOLE   2,280,950 0 0
NCR CORP NEW COM 62886E108 222,303 6,738,542 SH   SOLE   6,738,542 0 0
NIKE INC CL B 654106103 66,010 1,036,618 SH   SOLE   1,036,618 0 0
ORACLE CORP COM 68389X105 170,717 5,557,242 SH   SOLE   5,557,242 0 0
PERKINELMER INC COM 714046109 4,204 129,343 SH   SOLE   129,343 0 0
POTASH CORP SASK INC COM 73755L107 503,359 13,201,109 SH   SOLE   13,201,109 0 0
QUEST DIAGNOSTICS INC COM 74834L100 75,011 1,237,205 SH   SOLE   1,237,205 0 0
SAFEWAY INC COM NEW 786514208 38,723 1,636,685 SH   SOLE   1,636,685 0 0
SENOMYX INC COM 81724Q107 2,628 1,204,597 SH   SOLE   1,204,597 0 0
STANLEY BLACK & DECKER INC COM 854502101 55,495 717,891 SH   SOLE   717,891 0 0
STARWOOD HOTELS&RESORTS WRLD COM 85590A401 85,651 1,355,412 SH   SOLE   1,355,412 0 0
SUNOPTA INC COM 8676EP108 28,481 3,752,448 SH   SOLE   3,752,448 0 0
TEEKAY CORPORATION COM Y8564W103 27,918 687,133 SH   SOLE   687,133 0 0
TESORO CORP COM 881609101 74,288 1,419,836 SH   SOLE   1,419,836 0 0
THERMO FISHER SCIENTIFIC INC COM 883556102 108,280 1,279,447 SH   SOLE   1,279,447 0 0
TREEHOUSE FOODS INC COM 89469A104 41,924 639,679 SH   SOLE   639,679 0 0
TUMI HLDGS INC COM 89969Q104 46,122 1,921,762 SH   SOLE   1,921,762 0 0
V F CORP COM 918204108 57,200 296,290 SH   SOLE   296,290 0 0
VALERO ENERGY CORP NEW COM 91913Y100 50,687 1,457,748 SH   SOLE   1,457,748 0 0
WESTERN REFNG INC COM 959319104 37,815 1,347,207 SH   SOLE   1,347,207 0 0
WEYERHAEUSER CO COM 962166104 72,374 2,540,424 SH   SOLE   2,540,424 0 0
YUM BRANDS INC COM 988498101 93,130 1,343,100 SH   SOLE   1,343,100 0 0
ZOETIS INC CL A 98978V103 16,536 535,288 SH   SOLE   535,288 0 0