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
RENAISSANCERE HOLDINGS LTD COM G7496G103 43,003 431,200 SH   SOLE   40,100 0 391,100
WEATHERFORD INTL PLC ORD SHS G48833100 79,381 6,453,800 SH   SOLE   553,600 0 5,900,200
COSAN LTD SHS A G25343107 2,390 377,600 SH   SOLE   377,600 0 0
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 465 94,200 SH   SOLE   94,200 0 0
AFLAC INC COM 001055102 4,647 72,600 SH   SOLE   72,600 0 0
AGCO CORP COM 001084102 1,921 40,300 SH   SOLE   40,300 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 4,616 84,224 SH   SOLE   84,224 0 0
APACHE CORP COM 037411105 4,304 71,329 SH   SOLE   71,329 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 548 58,200 SH   SOLE   31,300 0 26,900
BP PLC SPONSORED ADR 055622104 65,299 1,669,647 SH   SOLE   161,090 0 1,508,557
BANCO SANTANDER SA ADR 05964H105 141 18,943 SH   SOLE   18,943 0 0
BARCLAYS PLC ADR 06738E204 3,250 223,043 SH   SOLE   217,849 0 5,194
BED BATH & BEYOND INC COM 075896100 998 12,997 SH   SOLE   12,997 0 0
CTC MEDIA INC COM 12642X106 718 181,300 SH   SOLE   181,300 0 0
CACI INTL INC CL A 127190304 2,000 22,233 SH   SOLE   22,233 0 0
CITIGROUP INC COM NEW 172967424 3,601 69,902 SH   SOLE   69,902 0 0
COACH INC COM 189754104 7,295 176,091 SH   SOLE   176,091 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 2,976 548,988 SH   SOLE   548,988 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 3,409 126,569 SH   SOLE   110,360 0 16,209
EXPRESS INC COM 30219E103 3,837 232,111 SH   SOLE   232,111 0 0
EXXON MOBIL CORP COM 30231G102 4,073 47,900 SH   SOLE   47,900 0 0
GENWORTH FINL INC COM CL A 37247D106 1,571 215,000 SH   SOLE   215,000 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 4,532 24,109 SH   SOLE   24,109 0 0
GUESS INC COM 401617105 1,755 94,400 SH   SOLE   94,400 0 0
ICONIX BRAND GROUP INC COM 451055107 1,676 49,800 SH   SOLE   49,800 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 1,420 128,500 SH   SOLE   128,500 0 0
KBR INC COM 48242W106 1,202 82,976 SH   SOLE   82,976 0 0
MICROSOFT CORP COM 594918104 2,557 62,900 SH   SOLE   62,900 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 34,118 5,602,264 SH   SOLE   653,364 0 4,948,900
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 2,895 481,749 SH   SOLE   438,949 0 42,800
QIWI PLC SPON ADR REP B 74735M108 3,101 129,100 SH   SOLE   129,100 0 0
SOUTHWESTERN ENERGY CO COM 845467109 3,072 132,500 SH   SOLE   132,500 0 0
TERADATA CORP DEL COM 88076W103 4,012 90,863 SH   SOLE   90,863 0 0
ULTRA PETROLEUM CORP COM 903914109 45,174 2,890,292 SH   SOLE   285,343 0 2,604,949
VALE S A ADR 91912E105 3,782 669,359 SH   SOLE   669,359 0 0
VIMPELCOM LTD SPONSORED ADR 92719A106 1,425 272,100 SH   SOLE   272,100 0 0
YOUKU TUDOU INC SPONSORED ADR 98742U100 403 32,200 SH   SOLE   32,200 0 0