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
ARCOS DORADOS HOLDINGS INC SHS CLASS -A - G0457F107 573 211,000 SH   SOLE   211,000 0 0
COSAN LTD SHS A G25343107 4,060 1,404,800 SH   SOLE   1,404,800 0 0
WEATHERFORD INTL PLC ORD SHS G48833100 68,076 8,027,800 SH   SOLE   673,200 0 7,354,600
MICHAEL KORS HLDGS LTD SHS G60754101 43,768 1,036,200 SH   SOLE   65,500 0 970,700
RENAISSANCERE HOLDINGS LTD COM G7496G103 42,624 400,900 SH   SOLE   32,300 0 368,600
COPA HOLDINGS SA CL A P31076105 1,354 32,300 SH   SOLE   32,300 0 0
AFLAC INC COM 001055102 2,151 37,000 SH   SOLE   37,000 0 0
AMERICAN INTL GROUP INC COM NEW 026874784 2,001 35,224 SH   SOLE   35,224 0 0
APACHE CORP COM 037411105 3,056 78,029 SH   SOLE   78,029 0 0
ARCELORMITTAL SA LUXEMBOURG NY REGISTRY SH 03938L104 200 38,800 SH   SOLE   11,900 0 26,900
BP PLC SPONSORED ADR 055622104 66,677 2,181,828 SH   SOLE   149,151 0 2,032,677
BARCLAYS PLC ADR 06738E204 2,080 140,748 SH   SOLE   140,730 0 18
CTC MEDIA INC COM 12642X106 327 187,100 SH   SOLE   187,100 0 0
CITIGROUP INC COM NEW 172967424 1,319 26,602 SH   SOLE   26,602 0 0
COACH INC COM 189754104 4,385 151,591 SH   SOLE   151,591 0 0
COCA COLA FEMSA S A B DE C V SPON ADR REP L 191241108 4,904 70,700 SH   SOLE   70,700 0 0
COMPANHIA DE SANEAMENTO BASI SPONSORED ADR 20441A102 3,894 1,003,688 SH   SOLE   1,003,688 0 0
CREDIT SUISSE GROUP SPONSORED ADR 225401108 2,271 94,517 SH   SOLE   75,515 0 19,002
EXXON MOBIL CORP COM 30231G102 1,584 21,300 SH   SOLE   21,300 0 0
GENWORTH FINL INC COM CL A 37247D106 1,965 425,500 SH   SOLE   425,500 0 0
GOLDMAN SACHS GROUP INC COM 38141G104 1,285 7,398 SH   SOLE   7,398 0 0
GOOGLE INC CL A 38259P508 2,809 4,400 SH   SOLE   4,400 0 0
GUESS INC COM 401617105 1,479 69,299 SH   SOLE   69,299 0 0
ICICI BK LTD ADR 45104G104 2,326 277,600 SH   SOLE   277,600 0 0
ICONIX BRAND GROUP INC COM 451055107 1,777 131,500 SH   SOLE   131,500 0 0
INFOSYS LTD SPONSORED ADR 456788108 2,578 135,100 SH   SOLE   135,100 0 0
INTEL CORP COM 458140100 1,531 50,800 SH   SOLE   50,800 0 0
ITAU UNIBANCO HLDG SA SPON ADR REP PFD 465562106 3,181 480,450 SH   SOLE   480,450 0 0
KBR INC COM 48242W106 689 41,376 SH   SOLE   41,376 0 0
METLIFE INC COM 59156R108 1,335 28,294 SH   SOLE   28,294 0 0
MICROSOFT CORP COM 594918104 2,903 65,600 SH   SOLE   65,600 0 0
PETROLEO BRASILEIRO SA PETRO SP ADR NON VTG 71654V101 20,830 5,660,464 SH   SOLE   1,310,564 0 4,349,900
PETROLEO BRASILEIRO SA PETRO SPONSORED ADR 71654V408 1,858 427,149 SH   SOLE   378,449 0 48,700
RALPH LAUREN CORP CL A 751212101 3,580 30,300 SH   SOLE   30,300 0 0
SANDISK CORP COM 80004C101 2,037 37,500 SH   SOLE   37,500 0 0
SOUTHWESTERN ENERGY CO COM 845467109 1,600 126,100 SH   SOLE   126,100 0 0
TERADATA CORP DEL COM 88076W103 2,808 96,963 SH   SOLE   96,963 0 0
ULTRA PETROLEUM CORP COM 903914109 31,738 4,966,924 SH   SOLE   336,475 0 4,630,449
VALE S A ADR 91912E105 5,541 1,319,059 SH   SOLE   1,319,059 0 0