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
YPF SOCIEDAD ANONIMA D ADR COMMON STOCK 984245100 20,023 612,700 SH   DFND 1,2 612,700 0 0
YANDEX NV A COMMON STOCK B5BSZB3 152,520 4,279,450 SH   DFND 1,2 4,279,450 0 0
WHIRLPOOL CORP COMMON STOCK 963320106 6,919 49,700 SH   DFND 1,2 49,700 0 0
WELLS FARGO & CO COMMON STOCK 949746101 14,785 281,300 SH   DFND 1,2 281,300 0 0
VISA INC CL A COMMON STOCK 92826C839 15,287 72,550 SH   DFND 1,2 72,550 0 0
VERISIGN INC COMMON STOCK 92343E102 21,540 441,300 SH   DFND 1,2 441,300 0 0
VALE SA PNA ADR COMMON STOCK 91912E204 4,101 344,600 SH   DFND 1,2 344,600 0 0
VALE SA ON ADR COMMON STOCK 91912E105 28,655 2,165,900 SH   DFND 1,2 2,165,900 0 0
UNITED TECHNOLOGIES CORP COMMON STOCK 913017109 4,375 37,891 SH   DFND 1,2 37,891 0 0
UBS AG NAMEN COMMON STOCK B18YFJ4 4,001 218,085 SH   DFND 1,2 218,085 0 0
TOWERS WATSON & CO CL A COMMON STOCK 891894107 21 200 SH   DFND 1,2 200 0 0
TIM PARTICIPACOES SA ON ADR COMMON STOCK 88706P205 3,066 105,600 SH   DFND 1,2 105,600 0 0
TENARIS SA ADR COMMON STOCK 88031M109 21,130 448,146 SH   DFND 1,2 448,146 0 0
TAIWAN SEMICONDUCTOR MFG CO ADR COMMON STOCK 874039100 1,625 75,948 SH   DFND 1,2 75,948 0 0
TABLEAU SOFTWARE INC CL A COMMON STOCK 87336U105 3,024 42,400 SH   DFND 1,2 42,400 0 0
STARBUCKS CORP COMMON STOCK 855244109 13,186 170,400 SH   DFND 1,2 170,400 0 0
SEATTLE GENETICS INC COMMON STOCK 812578102 11,972 313,000 SH   DFND 1,2 313,000 0 0
SEADRILL LTD COMMON STOCK B09RMQ1 12,341 311,256 SH   DFND 1,2 311,256 0 0
SCRIPPS NETWORKS INTERACTIVE INC CL A COMMON STOCK 811065101 2,556 31,500 SH   DFND 1,2 31,500 0 0
SCHLUMBERGER LTD COMMON STOCK 806857108 21,517 182,422 SH   DFND 1,2 182,422 0 0
ROYAL CARIBBEAN CRUISES LTD COMMON STOCK 2754907 12,744 229,200 SH   DFND 1,2 229,200 0 0
QUEST DIAGNOSTICS INC COMMON STOCK 74834L100 763 13,000 SH   DFND 1,2 13,000 0 0
PROCTER & GAMBLE CO COMMON STOCK 742718109 13,753 175,000 SH   DFND 1,2 175,000 0 0
PRAXAIR INC COMMON STOCK 74005P104 10,574 79,600 SH   DFND 1,2 79,600 0 0
POLYPORE INTERNATIONAL INC COMMON STOCK 73179V103 10,625 222,600 SH   DFND 1,2 222,600 0 0
PHILIP MORRIS INTERNATIONAL COMMON STOCK 718172109 9,396 111,449 SH   DFND 1,2 111,449 0 0
ORACLE CORP COMMON STOCK 68389X105 18,012 444,400 SH   DFND 1,2 444,400 0 0
ON SEMICONDUCTOR CORP COMMON STOCK 682189105 2,850 311,800 SH   DFND 1,2 311,800 0 0
OI SA ON ADR COMMON STOCK 670851104 304 314,523 SH   DFND 1,2 314,523 0 0
NORFOLK SOUTHERN CORP COMMON STOCK 655844108 1,265 12,278 SH   DFND 1,2 12,278 0 0
NOBLE ENERGY INC COMMON STOCK 655044105 11,177 144,300 SH   DFND 1,2 144,300 0 0
NIELSEN NV COMMON STOCK B4NTRF5 20,598 425,500 SH   DFND 1,2 425,500 0 0
NEWELL RUBBERMAID INC COMMON STOCK 651229106 6,576 212,200 SH   DFND 1,2 212,200 0 0
NEW ORIENTAL EDU & TECH GRP INC ADR COMMON STOCK 647581107 31,932 1,201,800 SH   DFND 1,2 1,201,800 0 0
MOSAIC COMPANY (THE) COMMON STOCK 61945C103 9,717 196,500 SH   DFND 1,2 196,500 0 0
MONSANTO CO COMMON STOCK 61166W101 3,871 31,029 SH   DFND 1,2 31,029 0 0
MONDELEZ INTERNATIONAL INC COMMON STOCK 609207105 2,535 67,400 SH   DFND 1,2 67,400 0 0
MINDRAY MEDICAL INTL LTD CL A ADR COMMON STOCK 602675100 18,793 596,600 SH   DFND 1,2 596,600 0 0
MERCK & CO INC COMMON STOCK 58933Y105 6,265 108,300 SH   DFND 1,2 108,300 0 0
MERCADOLIBRE INC COMMON STOCK 58733R102 26,397 276,700 SH   DFND 1,2 276,700 0 0
MELCO CROWN ENTERTAINMENT LTD ADR COMMON STOCK 585464100 108,223 3,030,600 SH   DFND 1,2 3,030,600 0 0
MARSH & MCLENNAN COMPANIES INC COMMON STOCK 571748102 20,749 400,400 SH   DFND 1,2 400,400 0 0
LULULEMON ATHLETICA INC COMMON STOCK 550021109 6,129 151,400 SH   DFND 1,2 151,400 0 0
LIBERTY GLOBAL PLC CL A COMMON STOCK B8W6766 7,553 170,800 SH   DFND 1,2 170,800 0 0
JPMORGAN CHASE & CO COMMON STOCK 46625H100 10,178 176,643 SH   DFND 1,2 176,643 0 0
JABIL CIRCUIT INC COMMON STOCK 466313103 3,135 150,000 SH   DFND 1,2 150,000 0 0
ITAU UNIBANCO HOLDING SA PN ADR COMMON STOCK 465562106 80,795 5,618,597 SH   DFND 1,2 5,618,597 0 0
IRON MOUNTAIN INC COMMON STOCK 462846106 5,150 145,276 SH   DFND 1,2 145,276 0 0
INTERCONTINENTAL EXCHANGE INC COMMON STOCK 45866F104 5,044 26,700 SH   DFND 1,2 26,700 0 0
INFOSYS LTD ADR COMMON STOCK 456788108 6,350 118,100 SH   DFND 1,2 118,100 0 0
IDEX CORP COMMON STOCK 45167R104 6,295 77,966 SH   DFND 1,2 77,966 0 0
ICICI BANK LTD ADR COMMON STOCK 45104G104 90,778 1,819,200 SH   DFND 1,2 1,819,200 0 0
HOME DEPOT INC COMMON STOCK 437076102 9,982 123,300 SH   DFND 1,2 123,300 0 0
HEXCEL CORPORATION COMMON STOCK 428291108 8,417 205,800 SH   DFND 1,2 205,800 0 0
HDFC BANK LTD ADR COMMON STOCK 40415F101 3,259 69,600 SH   DFND 1,2 69,600 0 0
HALLIBURTON CO COMMON STOCK 406216101 12,722 179,155 SH   DFND 1,2 179,155 0 0
GRANA Y MONTERO SAA ADR COMMON STOCK 38500P208 11,562 640,900 SH   DFND 1,2 640,900 0 0
GOOGLE INC CL A COMMON STOCK 38259P508 17,822 30,483 SH   DFND 1,2 30,483 0 0
GOLDMAN SACHS GROUP INC COMMON STOCK 38141G104 37,100 221,570 SH   DFND 1,2 221,570 0 0
GILEAD SCIENCES INC COMMON STOCK 375558103 59,380 716,200 SH   DFND 1,2 716,200 0 0
GERDAU SA PN ADR COMMON STOCK 373737105 55,764 9,467,500 SH   DFND 1,2 9,467,500 0 0
FREESCALE SEMICONDUCTOR LTD COMMON STOCK B4349B0 3,551 151,100 SH   DFND 1,2 151,100 0 0
FREEPORT-MCMORAN INC COMMON STOCK 35671D857 3,696 101,254 SH   DFND 1,2 101,254 0 0
EXPRESS SCRIPTS HOLDING CO COMMON STOCK 30219G108 5,921 85,400 SH   DFND 1,2 85,400 0 0
ENSCO PLC CL A COMMON STOCK B4VLR19 5,368 96,600 SH   DFND 1,2 96,600 0 0
ENERSIS SA ADR COMMON STOCK 29274F104 45,352 2,691,531 SH   DFND 1,2 2,691,531 0 0
ENBRIDGE INC COMMON STOCK 29250N105 12,321 259,200 SH   DFND 1,2 259,200 0 0
EATON CORP PLC COMMON STOCK B8KQN82 24,520 317,700 SH   DFND 1,2 317,700 0 0
DREAMWORKS ANIMATION SKG INC CL A COMMON STOCK 26153C103 1,753 75,384 SH   DFND 1,2 75,384 0 0
DEUTSCHE BANK AG NAMEN COMMON STOCK 5750355 6,702 190,514 SH   DFND 1,2 190,514 0 0
DELPHI AUTOMOTIVE PLC COMMON STOCK B783TY6 15,247 221,800 SH   DFND 1,2 221,800 0 0
DANAHER CORP COMMON STOCK 235851102 22,670 287,948 SH   DFND 1,2 287,948 0 0
CTRIP.COM INTL ADR COMMON STOCK 22943F100 10,065 157,173 SH   DFND 1,2 157,173 0 0
CONOCOPHILLIPS COMMON STOCK 20825C104 12,448 145,200 SH   DFND 1,2 145,200 0 0
COMCAST CORP CL A COMMON STOCK 20030N101 11,085 206,500 SH   DFND 1,2 206,500 0 0
COCA-COLA CO COMMON STOCK 191216100 445 10,500 SH   DFND 1,2 10,500 0 0
COBALT INTERNATIONAL ENERGY INC COMMON STOCK 19075F106 93,755 5,109,250 SH   DFND 1,2 5,109,250 0 0
COACH INC COMMON STOCK 189754104 1,207 35,300 SH   DFND 1,2 35,300 0 0
CME GROUP INC CL A COMMON STOCK 12572Q105 13,175 185,700 SH   DFND 1,2 185,700 0 0
CIA ENERGETICA DE MINAS GERAIS PN ADR (CEMIG) COMMON STOCK 204409601 5,847 731,800 SH   DFND 1,2 731,800 0 0
CHEVRON CORP COMMON STOCK 166764100 36,031 275,997 SH   DFND 1,2 275,997 0 0
CERNER CORPORATION COMMON STOCK 156782104 1,544 29,936 SH   DFND 1,2 29,936 0 0
CENOVUS ENERGY INC COMMON STOCK 15135U109 19,243 592,567 SH   DFND 1,2 592,567 0 0
CEMEX SAB DE CV CPO UNIT ADR (2 A SHRS + 1 B SHR) COMMON STOCK 151290889 80,864 6,112,150 SH   DFND 1,2 6,112,150 0 0
CATERPILLAR INC COMMON STOCK 149123101 11,063 101,800 SH   DFND 1,2 101,800 0 0
CAMECO CORP COMMON STOCK 13321L108 1,276 64,935 SH   DFND 1,2 64,935 0 0
BROADCOM CORP CL A COMMON STOCK 111320107 8,797 237,000 SH   DFND 1,2 237,000 0 0
BRISTOL-MYERS SQUIBB CO COMMON STOCK 110122108 19,967 411,600 SH   DFND 1,2 411,600 0 0
BRF SA ON ADR COMMON STOCK 10552T107 16,861 693,600 SH   DFND 1,2 693,600 0 0
BOEING CO COMMON STOCK 097023105 17,850 140,300 SH   DFND 1,2 140,300 0 0
BLACKROCK INC COMMON STOCK 09247X101 2,651 8,296 SH   DFND 1,2 8,296 0 0
BANCO BRADESCO SA PN ADR COMMON STOCK 059460303 81,399 5,605,975 SH   DFND 1,2 5,605,975 0 0
B/E AEROSPACE INC COMMON STOCK 073302101 2,793 30,200 SH   DFND 1,2 30,200 0 0
AVAGO TECHNOLOGIES LTD COMMON STOCK B3WS2X9 5,852 81,200 SH   DFND 1,2 81,200 0 0
ASML HOLDING NV (USD) COMMON STOCK B908F01 1,817 19,484 SH   DFND 1,2 19,484 0 0
ARCOS DORADOS HOLDINGS INC CL A COMMON STOCK B529PQ0 46,144 4,120,032 SH   DFND 1,2 4,120,032 0 0
APPLE INC COMMON STOCK 037833100 17,985 193,530 SH   DFND 1,2 193,530 0 0
AON PLC CL A COMMON STOCK B5BT0K0 3,919 43,500 SH   DFND 1,2 43,500 0 0
AMERICAN TOWER CORP (REIT) COMMON STOCK 03027X100 23,718 263,592 SH   DFND 1,2 263,592 0 0
AMAZON.COM INC COMMON STOCK 023135106 7,015 21,600 SH   DFND 1,2 21,600 0 0
ALLEGHENY TECHNOLOGIES INC COMMON STOCK 01741R102 3,073 68,137 SH   DFND 1,2 68,137 0 0
AES CORP (THE) COMMON STOCK 00130H105 21,010 1,351,156 SH   DFND 1,2 1,351,156 0 0
ACE LTD COMMON STOCK B3BQMF6 9,499 91,600 SH   DFND 1,2 91,600 0 0
ACCENTURE PLC CL A COMMON STOCK B4BNMY3 4,850 60,000 SH   DFND 1,2 60,000 0 0
ABBVIE INC COMMON STOCK 00287Y109 6,863 121,600 SH   DFND 1,2 121,600 0 0