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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
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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
Cia Cervecerias ADR ADR 204429104 355 16,036 SH   SOLE NONE 16,036 0 0
FEMSA ADR 344419106 110,104 1,233,655 SH   SOLE NONE 682,905 0 550,750
ICICI Bank ADR ADR 45104G104 36,908 4,404,225 SH   SOLE NONE 1,639,137 0 2,765,088
Infosys Limited ADR ADR 456788108 55,595 2,912,241 SH   SOLE NONE 1,002,801 0 1,909,440
Copa Holdings STK P31076105 10,341 246,618 SH   SOLE NONE 206,492 0 40,126
IShares MSCI India ETF STK 46429B598 3,003 105,124 SH   SOLE NONE 105,124 0 0
IShares S&P India Nifty 50 DTC STK 464289529 9,496 340,366 SH   SOLE NONE 49,500 0 290,866
Proshares Short MSCI ETF STK 74347R396 471 15,775 SH   SOLE NONE 15,775 0 0
Yandex Nv-A STK N97284108 25,872 2,411,182 SH   SOLE NONE 1,200,754 0 1,210,428